Growth Metrics

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

Shopify (SHOP) has disclosed Cost of Revenue for 2 consecutive years, with -$2.4 billion as the latest value for Q4 2025.

  • For Q4 2025, Cost of Revenue fell 261.58% year-over-year to -$2.4 billion; the TTM value through Dec 2025 reached $1.7 billion, down 54.99%, while the annual FY2025 figure was $1.7 billion, 62.27% down from the prior year.
  • Cost of Revenue hit -$2.4 billion in Q4 2025 for Shopify, down from $1.5 billion in the prior quarter.
  • Across five years, Cost of Revenue topped out at $1.5 billion in Q4 2024 and bottomed at -$2.4 billion in Q4 2025.