Shopify (SHOP) Operating Expenses (2024 - 2026)

Shopify's Operating Expenses history runs 3 years deep, the most recent figure standing at $1.2 billion for Q1 2026.

• In Q1 2026, Operating Expenses rose 20.5% year-over-year to $1.2 billion; the TTM figure through Mar 2026 stood at $4.3 billion (up 22.71% YoY), while the FY2025 annual figure was $4.1 billion, up 20.31% from the prior year.
• Operating Expenses was $1.2 billion for Q1 2026 at Shopify, up from $1.1 billion in the prior quarter.
• In the past five years, Operating Expenses ranged from a high of $1.2 billion in Q1 2026 to a low of $804.0 million in Q2 2024.
• Historically, Operating Expenses has averaged $960.9 million across 3 years, with a median of $966.0 million in 2025.
• Biggest YoY gain for Operating Expenses was 25.75% in 2025; the steepest drop was 10.91% in 2025.
• A 3-year view of Operating Expenses shows it stood at $887.0 million in 2024, then climbed by 19.73% to $1.1 billion in 2025, then advanced by 9.6% to $1.2 billion in 2026.
• The last three Operating Expenses figures came in at $1.2 billion (Q1 2026), $1.1 billion (Q4 2025), and $1.0 billion (Q3 2025), per Business Quant data.