What is Shopify's lease cost?

Shopify (SHOP) reported lease cost of $9.50M in Q4 2025.

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

Shopify's lease cost decreased by 7.3% year-over-year, from $10.25M to $9.50M.

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

Over 3 years (2022 to 2025), Shopify's lease cost has grown at a -6.8% compound annual growth rate (CAGR), from $47.00M to $38.00M.

Operating Expenses

Lease Cost

Shopify Lease Cost remained flat by 0.0% to $9.50M in Q4 2025 compared to the prior quarter. Year-over-year, this metric declined by 7.3%, from $10.25M to $9.50M. Over 3 years (FY 2022 to FY 2025), Lease Cost shows a downward trend with a -6.8% CAGR.

Analysis

StatementIncome Statement

SectionOperating Expenses

First reportedQ1 2022

Last reportedQ4 2025Feb 11, 2026

Metric ID: ms_lease_cost_total

Historical Data

4 years

	FY'22	FY'23	FY'24	FY'25
Value	$47.00M	$48.00M	$41.00M	$38.00M
YoY Change	—	+2.1%	-14.6%	-7.3%

Range$38.00M – $48.00M

CAGR-6.8%

Avg YoY Growth-6.6%

Median YoY Growth-7.3%

Current Streak2 years decline

Lease Cost at Other Companies

PayPal Holdings, Inc.PYPL View metric

Frequently Asked Questions

What is Shopify's lease cost?: Shopify (SHOP) reported lease cost of $9.50M in Q4 2025.
How has Shopify's lease cost changed year-over-year?: Shopify's lease cost decreased by 7.3% year-over-year, from $10.25M to $9.50M.
What is the long-term trend for Shopify's lease cost?: Over 3 years (2022 to 2025), Shopify's lease cost has grown at a -6.8% compound annual growth rate (CAGR), from $47.00M to $38.00M.