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.

• In Q1 2026, Cost of Revenue rose 36.36% year-over-year to $1.6 billion; the TTM figure through Mar 2026 stood at $6.4 billion (up 37.04% YoY), while the FY2025 annual figure was $6.0 billion, up 36.14% from the prior year.
• Cost of Revenue for Q1 2026 stood at $1.6 billion, down from $2.0 billion in the prior quarter.
• The five-year high for Cost of Revenue was $2.0 billion in Q4 2025, with the low 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.
• Peak annual rise in Cost of Revenue reached 39.18% in 2025, while the deepest fall reached 31.75% in 2025.
• Shopify's Cost of Revenue stood at $1.5 billion in 2024, then jumped by 35.55% to $2.0 billion in 2025, then declined by 17.94% to $1.6 billion in 2026.
• Business Quant data shows SHOP's Cost of Revenue at $1.6 billion in Q1 2026, $2.0 billion in Q4 2025, and $1.5 billion in Q3 2025.