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Shopify (SHOP) Operating Leases (2018 - 2025)

Shopify has reported Operating Leases over the past 8 years, most recently at $171.0 million for Q4 2025.

  • Quarterly results put Operating Leases at $171.0 million for Q4 2025, down 10.0% from a year ago — trailing twelve months through Dec 2025 was $171.0 million (down 10.0% YoY), and the annual figure for FY2025 was $171.0 million, down 10.0%.
  • Operating Leases for Q4 2025 was $171.0 million at Shopify, down from $176.0 million in the prior quarter.
  • Over the last five years, Operating Leases for SHOP hit a ceiling of $465.0 million in Q4 2022 and a floor of $171.0 million in Q4 2025.
  • Median Operating Leases over the past 5 years was $200.0 million (2025), compared with a mean of $233.2 million.
  • Biggest five-year swings in Operating Leases: surged 88.43% in 2022 and later crashed 53.33% in 2023.
  • Shopify's Operating Leases stood at $246.8 million in 2021, then surged by 88.43% to $465.0 million in 2022, then crashed by 53.33% to $217.0 million in 2023, then fell by 12.44% to $190.0 million in 2024, then dropped by 10.0% to $171.0 million in 2025.
  • The last three reported values for Operating Leases were $171.0 million (Q4 2025), $176.0 million (Q3 2025), and $200.0 million (Q2 2025) per Business Quant data.