Shopify (SHOP) Operating Leases (2018 - 2026)
Shopify (SHOP) posted Operating Leases of $168.0 million for Q2 2026, up 3.07% on a QoQ basis from $163.0 million in Q1 2026, and down 16.0% year-over-year from $200.0 million in Q2 2025.
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Analysis
Shopify (SHOP) Operating Leases (2018 - 2026) Analysis & Trends
Shopify has reported Operating Leases for 9 years, with the latest figure at $168.0 million in Q2 2026.
- On a quarterly basis, Operating Leases fell 16.0% year-over-year to $168.0 million in Q2 2026; TTM through Jun 2026 was $168.0 million, a 16.0% decrease from a year earlier, with the FY2025 full-year figure at $171.0 million, down 10.0% from the prior year.
- Operating Leases was $168.0 million for Q2 2026 at Shopify, up from $163.0 million in the prior quarter.
- The five-year high for Operating Leases was $465.0 million in Q4 2022, with the low at $163.0 million in Q1 2026.
- Average Operating Leases over 5 years is $216.7 million, with a median of $190.0 million recorded in 2024.
- The sharpest annual moves came in 2022 and 2023: Operating Leases jumped 88.43% in 2022, then tumbled 53.33% in 2023.
- Over 5 years, Operating Leases stood at $465.0 million in 2022, then sank by 53.33% to $217.0 million in 2023, then slipped by 12.44% to $190.0 million in 2024, then retreated by 10.0% to $171.0 million in 2025, then decreased by 1.75% to $168.0 million in 2026.
- The last three Operating Leases figures came in at $168.0 million (Q2 2026), $163.0 million (Q1 2026), and $171.0 million (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Alphabet | 4,144.46 Bn | 3,901.99 Bn | 73.85 Bn |
| 2 | Meta Platforms | 1,981.30 Bn | 1,683.82 Bn | 49.47 Bn |
| 3 | Netflix | 296.22 Bn | 256.42 Bn | 6.52 Bn |
| 4 | Alibaba Group Holding | 254.92 Bn | 72.79 Bn | 15.11 Bn |
| 5 | Shopify | 184.25 Bn | 161.43 Bn | 1.71 Bn |
| 6 | Uber Technologies | 142.00 Bn | 113.98 Bn | 6.38 Bn |
| 7 | Booking Holdings | 123.19 Bn | 56.24 Bn | - |
| 8 | PDD Holdings | 110.41 Bn | -141.52 Bn | 9.45 Bn |
| 9 | Spotify Technology | 104.89 Bn | 62.12 Bn | 1.86 Bn |
| 10 | AppLovin | 104.19 Bn | 94.23 Bn | 1.70 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 168.00 Mn |
| Mar 31, 2026 | 163.00 Mn |
| Dec 31, 2025 | 171.00 Mn |
| Sep 30, 2025 | 176.00 Mn |
| Jun 30, 2025 | 200.00 Mn |
| Mar 31, 2025 | 200.00 Mn |
| Dec 31, 2024 | 190.00 Mn |
| Dec 31, 2023 | 217.00 Mn |
| Dec 31, 2022 | 465.00 Mn |
| Dec 31, 2021 | 246.78 Mn |
| Dec 31, 2020 | 144.84 Mn |
| Dec 31, 2019 | 142.64 Mn |
| Dec 31, 2018 | 22.32 Mn |
API Access
Shopify Operating Leases 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-leases&ticker=SHOP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-leases", "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-leases&ticker=SHOP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();