Shopify (SHOP) Operating Expenses (2024 - 2026)
Shopify (SHOP) posted quarterly Operating Expenses of $1.2 billion for Q1 2026, up 20.5% year-over-year from $966.0 million in Q1 2025, and up 9.6% quarter-over-quarter from $1.1 billion in Q4 2025.
Shopify (SHOP) Operating Expenses (2024 - 2026) Analysis & Trends
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 for Q1 2026 stood at $1.2 billion, up from $1.1 billion in the prior quarter.
- The five-year high for Operating Expenses was $1.2 billion in Q1 2026, with the low 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.
- Peak annual rise in Operating Expenses reached 25.75% in 2025, while the deepest fall reached 10.91% in 2025.
- Shopify's Operating Expenses stood at $887.0 million in 2024, then advanced by 19.73% to $1.1 billion in 2025, then gained by 9.6% to $1.2 billion in 2026.
- Business Quant data shows SHOP's Operating Expenses at $1.2 billion in Q1 2026, $1.1 billion in Q4 2025, and $1.0 billion in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 255.48 Bn | 234.41 Bn | 16.51 Bn | -16.33 Bn |
| 2 | Shopify | 198.95 Bn | 194.00 Bn | 1.71 Bn | 1.22 Bn |
| 3 | Salesforce | 160.70 Bn | 148.86 Bn | 8.56 Bn | 6.22 Bn |
| 4 | Uber Technologies | 154.94 Bn | 149.73 Bn | 6.38 Bn | 12.30 Bn |
| 5 | ServiceNow | 128.25 Bn | 123.58 Bn | 2.82 Bn | 2.66 Bn |
| 6 | Snowflake | 114.00 Bn | 111.05 Bn | 926.45 Mn | 1.25 Bn |
| 7 | Automatic Data Processing | 108.58 Bn | 104.35 Bn | 2.51 Bn | 4.34 Bn |
| 8 | Adobe | 105.34 Bn | 99.72 Bn | 5.90 Bn | 3.67 Bn |
| 9 | Intuit | 94.55 Bn | 87.77 Bn | 7.24 Bn | 4.54 Bn |
| 10 | Datadog | 91.70 Bn | 86.71 Bn | 881.34 Mn | 875.89 Mn |
Historic Data
Download 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 |