Shopify (SHOP) Cost of Revenue (2024 - 2026)

Shopify's Cost of Revenue history runs 3 years deep, the most recent figure standing at $1.6 billion for Q1 2026.

• On a quarterly basis, Cost of Revenue rose 36.36% year-over-year to $1.6 billion in Q1 2026; TTM through Mar 2026 was $6.4 billion, a 37.04% increase from a year earlier, with the FY2025 full-year figure at $6.0 billion, up 36.14% from the prior year.
• Cost of Revenue eased to $1.6 billion in Q1 2026 per SHOP's latest filing, from $2.0 billion in the prior quarter.
• Across five years, Cost of Revenue topped out at $2.0 billion in Q4 2025 and bottomed at $904.0 million in Q1 2024.
• The 3-year median for Cost of Revenue is $1.4 billion (2025), against an average of $1.3 billion.
• Biggest YoY gain for Cost of Revenue was 39.18% in 2025; the steepest drop was 31.75% in 2025.
• Year by year, Cost of Revenue stood at $1.5 billion in 2024, then surged by 35.55% to $2.0 billion in 2025, then fell by 17.94% to $1.6 billion in 2026.
• Per Business Quant, the three latest SHOP Cost of Revenue figures stand at $1.6 billion (Q1 2026), $2.0 billion (Q4 2025), and $1.5 billion (Q3 2025).