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SHOPIFY INC. Cost of Revenue 2017-2026 | SHOP

Annual FY2017–FY2025 · quarterly through Q1 FY2026

Latest annual · FY2025

$6.00B

+36.1%YoY vs FY2024Source: 10-KFY2025

From $293.1M in FY2017 to $6.00B in FY2025: 20.5× in 8 years.

By quarter▲▼ vs a year before
Fiscal yearQ1Q2Q3Q4
FY26$1.6B+36.4%Not reportedNot reportedNot reported
FY25$1.2B+31.7%$1.4B+37.8%$1.5B+39.2%$2.0B+35.5%
FY24$904M$1.0B$1.0B$1.5B
Share20%23%24%33%

Shaded by size: darkest is the largest quarter shown; ringed is the latest reported; a dash marks a quarter with no separate figure. Each quarter sits by its period-end date. Share: its typical part of the fiscal year.

Key Statistics

Trend DirectionGrowing
CAGR

+34.0%

FY2020
$1.39B
FY2025
$6.00B

5 years selected · on the chart

Cost of Revenue History

Year-over-year comparison from 10-K annual reports

  1. $6.00B
YoY changeLargest recent move+94.8%in FY20Latest +36.1%

Cost of Revenue, period by period

PeriodValueChangeSource
FY2025$6.00B+36.1%10-K
FY2024$4.41B+24.3%10-K
FY2023$3.54B+24.6%10-K
FY2022$2.85B+33.6%10-K
FY2021$2.13B+53.5%10-K
FY2020$1.39B+94.8%10-K
FY2019$712.5M+49.4%10-K
FY2018$477.0M+62.8%10-K
FY2017$293.1M—10-K

What is cost of revenue?

Cost of revenue includes the direct costs attributable to producing goods or delivering services sold by the company.

What is SHOPIFY INC.'s current cost of revenue?

SHOPIFY INC. (SHOP) annual cost of revenue for 2025 was $6.00B, a 36.14% increase from 2024. SHOPIFY INC. cost of revenue for the quarter ending March 31, 2026 was $1.62B.

What was SHOPIFY INC.'s cost of revenue in 2024?

SHOPIFY INC. annual cost of revenue for 2024 was $4.41B, a 24.34% increase from 2023.

What was SHOPIFY INC.'s cost of revenue in 2023?

SHOPIFY INC. annual cost of revenue for 2023 was $3.54B, a 24.56% increase from 2022.

What is SHOPIFY INC.'s 5-year cost of revenue CAGR?

SHOPIFY INC. cost of revenue grew at a compound annual growth rate (CAGR) of 34.02% from FY2020 to FY2025, going from $1.39B to $6.00B over 5 years.

Company
SHOPIFY INC.
Ticker
SHOP
Sector
Technology
Industry
Services-Prepackaged Software