Shopify (SHOP) Operating Leases (2018 - 2026)
Shopify (SHOP) posted Operating Leases of $181 million for Q3 2026, up 2.8% from $176 million a year earlier and up 7.7% from the prior quarter.
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Analysis
Shopify (SHOP) Operating Leases (2018 - 2026) Analysis & Trends
At the end of FY2025, Shopify's Operating Leases came in at $171 million, down 10.0% from FY2024.
- Annual Operating Leases has declined for three consecutive years, though with a five-year compound annual growth rate of 3.4% (FY2020 to FY2025).
- In prior years, Shopify's Operating Leases was $190 million in FY2024 (-12.4%), $217 million in FY2023 (-53.3%), $465 million in FY2022 (+88.4%) and $246.78 million in FY2021 (+70.4%).
- The Q3 2026 figure stands as the highest quarterly Operating Leases since Q2 2025.
- On a year-over-year basis, Operating Leases increased in 1 of the last five quarters, with an average decline of 10.8%.
- The strongest year-over-year quarter for Operating Leases in the past five years was Q4 2022, with growth of 88.4%; the weakest was Q4 2023, with a decline of 53.3%.
- According to Business Quant data, Operating Leases for the three prior quarters was $168 million (Q2 2026), $163 million (Q1 2026) and $171 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 181.00 Mn |
| 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();