Operating Expenses

Variable Lease Expense

Shopify Variable Lease Expense remained flat by 0.0% to $3.75M in Q4 2025 compared to the prior quarter. Year-over-year, this metric declined by 40.0%, from $6.25M to $3.75M. Over 3 years (FY 2022 to FY 2025), Variable Lease Expense shows relatively stable performance with a 2.3% CAGR.

Analysis

StatementIncome Statement
SectionOperating Expenses
First reportedQ1 2022
Last reportedQ4 2025Feb 11, 2026
Metric ID: tmusz_variable_lease_expense

Historical Data

4 years
 FY'22FY'23FY'24FY'25
Value$14.00M$17.00M$25.00M$15.00M
YoY Change—+21.4%+47.1%-40.0%
Range$14.00M – $25.00M
CAGR+2.3%
Avg YoY Growth+9.5%
Median YoY Growth+21.4%

Frequently Asked Questions

What is Shopify's variable lease expense?
Shopify (SHOP) reported variable lease expense of $3.75M in Q4 2025.
How has Shopify's variable lease expense changed year-over-year?
Shopify's variable lease expense decreased by 40.0% year-over-year, from $6.25M to $3.75M.
What is the long-term trend for Shopify's variable lease expense?
Over 3 years (2022 to 2025), Shopify's variable lease expense has grown at a 2.3% compound annual growth rate (CAGR), from $14.00M to $15.00M.