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. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
StatementIncome Statement
SectionOperating Expenses
CategoryEfficiency
SignalLower is better
VolatilityModerate
First reportedQ1 2022
Last reportedQ4 2025Feb 11, 2026
How to read this metric
Higher variable costs may indicate increased operational activity or sensitivity to inflationary indices in lease contracts.
Detailed definition
Lease payments that are not fixed but depend on an index, rate, or usage-based performance criteria. These costs fluctua...
Peer comparison
Common in logistics and retail where lease terms are tied to sales volume or usage metrics.
Metric ID:
ms_variable_lease_costHistorical 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%
Variable Lease Cost at Other Companies
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 costs that change based on usage or market indices.