Shopify (SHOP) Operating Expenses (2024 - 2026)
Shopify's Operating Expenses was $1.22 billion in Q2 2026, up 20.7% from $1.01 billion a year earlier and up 4.8% from the prior quarter.
Powered by 
Analysis
Shopify (SHOP) Operating Expenses (2024 - 2026) Analysis & Trends
On a trailing twelve-month basis, Shopify's Operating Expenses was $4.49 billion through Jun 30, 2026, up 21.5% year-over-year; for FY2025, it came in at $4.09 billion, up 20.3% from FY2024.
- Operating Expenses shows a five-year compound annual growth rate of 23.0% (FY2020 to FY2025).
- In earlier years, Operating Expenses was $3.4 billion in FY2024 (-31.1%), $4.93 billion in FY2023 (+37.9%), $3.58 billion in FY2022 (+61.6%) and $2.21 billion in FY2021 (+52.4%).
- The Q2 2026 figure marks the highest quarterly Operating Expenses in data going back to Q1 2024.
- Compared with a year earlier, Operating Expenses has increased for six straight quarters, with growth averaging 20.5% over the last six quarters.
- Per Business Quant data, SHOP's Operating Expenses in the three quarters before Q2 2026 was $1.16 billion (Q1 2026), $1.06 billion (Q4 2025) and $1.05 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,178.97 Bn | 3,936.50 Bn | 73.85 Bn | 79.03 Bn |
| 2 | Meta Platforms | 1,981.30 Bn | 1,683.82 Bn | 49.47 Bn | 42.03 Bn |
| 3 | Netflix | 296.22 Bn | 256.42 Bn | 6.52 Bn | 1.51 Bn |
| 4 | Alibaba Group Holding | 254.92 Bn | 72.79 Bn | 15.11 Bn | -5.17 Bn |
| 5 | Shopify | 184.25 Bn | 161.43 Bn | 1.71 Bn | 1.22 Bn |
| 6 | Uber Technologies | 142.00 Bn | 113.98 Bn | 6.38 Bn | 12.30 Bn |
| 7 | Booking Holdings | 123.19 Bn | 56.24 Bn | - | 4.85 Bn |
| 8 | PDD Holdings | 110.41 Bn | -141.52 Bn | 9.45 Bn | -5.39 Bn |
| 9 | Spotify Technology | 104.89 Bn | 62.12 Bn | 1.86 Bn | 640.46 Mn |
| 10 | AppLovin | 104.19 Bn | 94.23 Bn | 1.70 Bn | 429.41 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.22 Bn |
| Mar 31, 2026 | 1.16 Bn |
| Dec 31, 2025 | 1.06 Bn |
| Sep 30, 2025 | 1.05 Bn |
| Jun 30, 2025 | 1.01 Bn |
| Mar 31, 2025 | 966.00 Mn |
| Dec 31, 2024 | 887.00 Mn |
| Sep 30, 2024 | 835.00 Mn |
| Jun 30, 2024 | 804.00 Mn |
| Mar 31, 2024 | 871.00 Mn |
API Access
Shopify Operating Expenses 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=operating-expenses&ticker=SHOP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=SHOP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();