Operating Expenses
Total Operating Expenses
Shopify Total Operating Expenses increased by 1.3% to $1.06B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 19.7%, from $887.00M to $1.06B. Over 3 years (FY 2022 to FY 2025), Total Operating Expenses shows an upward trend with a 4.6% CAGR. This is a positive signal — lower values indicate better performance for this metric.
Analysis
StatementIncome Statement
SectionOperating Expenses
CategoryEfficiency
SignalLower is better
VolatilityStable
First reportedQ4 2013
Last reportedQ4 2025
How to read this metric
Rising expenses without a corresponding rise in revenue can indicate operational bloat or aggressive expansion efforts.
Detailed definition
The sum of all costs required to run the business that are not directly tied to production, including R&D and SG&A. It r...
Peer comparison
Investors compare this to revenue to assess the 'operating leverage' of a business model.
Metric ID:
is_total_operating_expensesHistorical 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 | $894.00M | $894.00M | $894.00M | $894.00M | $1.23B | $1.23B | $1.23B | $1.23B | $871.00M | $804.00M | $835.00M | $887.00M | $966.00M | $1.01B | $1.05B | $1.06B |
| QoQ Change | — | +0.0% | +0.0% | +0.0% | +37.9% | +0.0% | +0.0% | +0.0% | -29.4% | -7.7% | +3.9% | +6.2% | +8.9% | +4.7% | +3.7% | +1.3% |
| YoY Change | — | — | — | — | +37.9% | +37.9% | +37.9% | +37.9% | -29.4% | -34.8% | -32.3% | -28.1% | +10.9% | +25.7% | +25.5% | +19.7% |
Range$804.00M – $1.23B
CAGR+4.7%
Avg YoY Growth+9.1%
Median YoY Growth+22.6%
Current Streak6 quarters growth
Total Operating Expenses at Other Companies
Frequently Asked Questions
- What is Shopify's total operating expenses?
- Shopify (SHOP) reported total operating expenses of $1.06B in Q4 2025.
- How has Shopify's total operating expenses changed year-over-year?
- Shopify's total operating expenses increased by 19.7% year-over-year, from $887.00M to $1.06B.
- What is the long-term trend for Shopify's total operating expenses?
- Over 3 years (2022 to 2025), Shopify's total operating expenses has grown at a 4.6% compound annual growth rate (CAGR), from $3.58B to $4.09B.
- What does total operating expenses mean?
- The total cost of running the day-to-day business, excluding the direct cost of making products.