What is Shopify's variable lease cost?

Shopify (SHOP) reported variable lease cost of $3.75M in Q4 2025.

How has Shopify's variable lease cost changed year-over-year?

Shopify's variable lease cost decreased by 40.0% year-over-year, from $6.25M to $3.75M.

What is the long-term trend for Shopify's variable lease cost?

Over 3 years (2022 to 2025), Shopify's variable lease cost has grown at a 2.3% compound annual growth rate (CAGR), from $14.00M to $15.00M.

What does variable lease cost mean?

Lease expenses that change based on usage or other performance-based factors.

Discontinued — last reported Q4 '25

Operating Expenses

Variable Lease Cost

Shopify Variable Lease Cost 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 Cost shows relatively stable performance with a 2.3% CAGR.

Analysis

StatementIncome Statement

SectionOperating Expenses

CategoryEfficiency

SignalContext dependent

VolatilityModerate

First reportedQ1 2019

Last reportedQ4 2025

How to read this metric

An increase suggests higher utilization of leased assets, which may correlate with increased production or sales volume.

Detailed definition

This metric captures lease payments that are not fixed but fluctuate based on usage, performance, or other indices. Unli...

Peer comparison

Reported as 'Variable Lease Payments' in the lease disclosure notes of most large-cap industrial companies.

Metric ID: is_wmt_variable_lease_cost

Historical Data

4 years

	FY'22	FY'23	FY'24	FY'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 cost?: Shopify (SHOP) reported variable lease cost of $3.75M in Q4 2025.
How has Shopify's variable lease cost changed year-over-year?: Shopify's variable lease cost decreased by 40.0% year-over-year, from $6.25M to $3.75M.
What is the long-term trend for Shopify's variable lease cost?: Over 3 years (2022 to 2025), Shopify's variable lease cost has grown at a 2.3% compound annual growth rate (CAGR), from $14.00M to $15.00M.
What does variable lease cost mean?: Lease expenses that change based on usage or other performance-based factors.