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.

• On a quarterly basis, Operating Expenses rose 20.5% year-over-year to $1.2 billion in Q1 2026; TTM through Mar 2026 was $4.3 billion, a 22.71% increase from a year earlier, with the FY2025 full-year figure at $4.1 billion, up 20.31% from the prior year.
• Operating Expenses rose to $1.2 billion in Q1 2026 per SHOP's latest filing, from $1.1 billion in the prior quarter.
• Across five years, Operating Expenses topped out at $1.2 billion in Q1 2026 and bottomed at $804.0 million in Q2 2024.
• The 3-year median for Operating Expenses is $966.0 million (2025), against an average of $960.9 million.
• Biggest YoY gain for Operating Expenses was 25.75% in 2025; the steepest drop was 10.91% in 2025.
• Year by year, Operating Expenses 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.
• Per Business Quant, the three latest SHOP Operating Expenses figures stand at $1.2 billion (Q1 2026), $1.1 billion (Q4 2025), and $1.0 billion (Q3 2025).