Operating Expenses
Operating Lease Cost
Shopify Operating Lease Cost remained flat by 0.0% to $5.75M in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 43.8%, from $4.00M to $5.75M. Over 3 years (FY 2022 to FY 2025), Operating Lease Cost shows a downward trend with a -11.3% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
StatementIncome Statement
SectionOperating Expenses
CategoryEfficiency
SignalLower is better
VolatilityStable
First reportedQ1 2022
Last reportedQ4 2025Feb 11, 2026
How to read this metric
Increasing costs signal higher recurring operational overhead related to leased assets.
Detailed definition
The portion of total lease expense specifically attributable to operating leases, recognized on a straight-line basis ov...
Peer comparison
Standard metric for comparing rental and leasing overhead across retail, manufacturing, and logistics sectors.
Metric ID:
cat_operating_lease_costHistorical Data
4 years
| FY'22 | FY'23 | FY'24 | FY'25 | |
|---|---|---|---|---|
| Value | $33.00M | $31.00M | $16.00M | $23.00M |
| YoY Change | — | -6.1% | -48.4% | +43.8% |
Range$16.00M – $33.00M
CAGR-11.3%
Avg YoY Growth-3.6%
Median YoY Growth-6.1%
Operating Lease Cost at Other Companies
Frequently Asked Questions
- What is Shopify's operating lease cost?
- Shopify (SHOP) reported operating lease cost of $5.75M in Q4 2025.
- How has Shopify's operating lease cost changed year-over-year?
- Shopify's operating lease cost increased by 43.8% year-over-year, from $4.00M to $5.75M.
- What is the long-term trend for Shopify's operating lease cost?
- Over 3 years (2022 to 2025), Shopify's operating lease cost has grown at a -11.3% compound annual growth rate (CAGR), from $33.00M to $23.00M.
- What does operating lease cost mean?
- The expense recognized for operating leases.