Shopify (SHOP) Cost of Revenue (2024 - 2026)
Shopify (SHOP) reported Cost of Revenue of $1.96 billion for Q3 2026, up 35.0% from $1.45 billion a year earlier and up 4.6% from the prior quarter.
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Analysis
Shopify (SHOP) Cost of Revenue (2024 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Shopify's Cost of Revenue came in at $7.44 billion, up 35.7% year-over-year; for FY2025, it was $6 billion, up 36.1% from FY2024.
- Cost of Revenue has increased for 12 consecutive years, with a five-year compound annual growth rate of 34.0% (FY2020 to FY2025).
- By year, Cost of Revenue came in at $4.41 billion in FY2024 (+24.3%), $3.55 billion in FY2023 (+24.6%), $2.85 billion in FY2022 (+33.6%) and $2.13 billion in FY2021 (+53.5%).
- Five-year quarterly Cost of Revenue spans a low of $904 million in Q1 2024 and a high of $1.98 billion in Q4 2025.
- Year over year, Cost of Revenue has now increased in each of the last seven quarters, with growth averaging 36.0% over the last seven quarters.
- Per Business Quant data, the three quarters before Q3 2026 came in at $1.88 billion (Q2 2026), $1.62 billion (Q1 2026) and $1.98 billion (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn | 51.42 Bn |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn | 13.37 Bn |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn | 6.08 Bn |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn | 24.48 Bn |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn | 1.96 Bn |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn | 8.35 Bn |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn | 240.77 Mn |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn | 3.83 Bn |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - | - |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn | 7.08 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 1.96 Bn |
| Jun 30, 2026 | 1.88 Bn |
| Mar 31, 2026 | 1.62 Bn |
| Dec 31, 2025 | 1.98 Bn |
| Sep 30, 2025 | 1.45 Bn |
| Jun 30, 2025 | 1.38 Bn |
| Mar 31, 2025 | 1.19 Bn |
| Dec 31, 2024 | 1.46 Bn |
| Sep 30, 2024 | 1.04 Bn |
| Jun 30, 2024 | 1.00 Bn |
| Mar 31, 2024 | 904.00 Mn |
API Access
Shopify Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=SHOP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "SHOP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=SHOP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();