Investing
CapEx
Shopify CapEx increased by 66.7% to $10.00M in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 150.0%, from $4.00M to $10.00M. Over 3 years (FY 2022 to FY 2025), CapEx shows a downward trend with a -19.6% CAGR.
Analysis
StatementCash Flow Statement
SectionInvesting
CategoryGrowth
SignalContext dependent
VolatilityModerate
First reportedQ4 2013
Last reportedQ4 2025
How to read this metric
An increase signals growth investment or infrastructure modernization; a decrease might suggest cost-cutting or a transition to an asset-light model.
Detailed definition
Funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technolog...
Peer comparison
Hardware-focused tech firms typically have higher CapEx relative to revenue than pure software companies due to manufacturing and supply chain needs.
Metric ID:
cf_capital_expendituresHistorical Data
16 periods
| Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $12.50M | $12.50M | $12.50M | $12.50M | $9.75M | $9.75M | $9.75M | $9.75M | $6.00M | $7.00M | $2.00M | $4.00M | $4.00M | $6.00M | $6.00M | $10.00M |
| QoQ Change | — | +0.0% | +0.0% | +0.0% | -22.0% | +0.0% | +0.0% | +0.0% | -38.5% | +16.7% | -71.4% | +100.0% | +0.0% | +50.0% | +0.0% | +66.7% |
| YoY Change | — | — | — | — | -22.0% | -22.0% | -22.0% | -22.0% | -38.5% | -28.2% | -79.5% | -59.0% | -33.3% | -14.3% | +200.0% | +150.0% |
Range$2.00M – $12.50M
CAGR-5.8%
Avg YoY Growth+0.8%
Median YoY Growth-22.0%
Current Streak5 quarters growth
CapEx at Other Companies
Frequently Asked Questions
- What is Shopify's capex?
- Shopify (SHOP) reported capex of $10.00M in Q4 2025.
- How has Shopify's capex changed year-over-year?
- Shopify's capex increased by 150.0% year-over-year, from $4.00M to $10.00M.
- 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 $50.00M to $26.00M.
- What does capex mean?
- The money spent on long-term physical assets like machinery, data centers, and office buildings.