What is Shopify's capex?

Shopify (SHOP) reported capex of $5M in Q1 2026.

How has Shopify's capex changed year-over-year?

Shopify's capex increased by 25.0% year-over-year, from $4M to $5M.

What is the long-term trend for Shopify's capex?

Over 3 years (2022 to 2025), Shopify's capex has grown at a -19.6% compound annual growth rate (CAGR), from $50M to $26M.

What does capex mean?

Cash spent on property, plant, and equipment — the primary measure of investment in productive capacity and infrastructure.

Shopify SHOP CapEx

CapEx at other companies

AdobeADBE

$58M+23.4%

eBayEBAY

$72M-35.1%

SalesforceCRM

$145M-19.0%

Global PaymentsGPN

$261.34M+105%

EtsyETSY

$1.48M-54.3%

BlockXYZ

$30.57M-4.1%

Other financials

Income statement

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Revenue$3.2B+34.3%

Gross profit$1.5B+32.2%

Operating income$382.0M+88.2%

Net income-$581.0M+14.8%

EPS (diluted)-$0.45+15.1%

Balance sheet

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Cash & equivalents$1.8B+41.2%

Total debt$179.0M-84.3%

Total equity$12.5B+13.1%

Total assets$14.1B+5.4%

Cash flow

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Operating cash flow$481.0M+31.1%

Free cash flow$476.0M+31.1%

Valuation

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Market cap$144.84B+4.9%

Enterprise value$143.18B+3.8%

P/E108.7×+23.0×

P/S11.7×-3.0×

Profitability

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Gross margin48%-2.0pp

Operating margin13.3%+0.6pp

Net margin10.8%-6.4pp

FCF margin17.1%-1.3pp

Returns & leverage

See full

Return on equity11.3%-4.8pp

Debt / equity0×-0.1×

Current ratio6.2×+2.5×

Where this comes from

Reported directly by Shopify in its filing.

Tagged under the XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

The official record: Shopify’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Shopify's capex?: Shopify (SHOP) reported capex of $5M in Q1 2026.
How has Shopify's capex changed year-over-year?: Shopify's capex increased by 25.0% year-over-year, from $4M to $5M.
What is the long-term trend for Shopify's capex?: Over 3 years (2022 to 2025), Shopify's capex has grown at a -19.6% compound annual growth rate (CAGR), from $50M to $26M.
What does capex mean?: Cash spent on property, plant, and equipment — the primary measure of investment in productive capacity and infrastructure.