What is Shopify's variable costs?

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

How has Shopify's variable costs changed year-over-year?

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

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

Over 3 years (2022 to 2025), Shopify's variable costs has grown at a 2.3% compound annual growth rate (CAGR), from $14M to $15M.

Shopify SHOP Variable costs

Variable costs at other companies

Carnival CorporationCCL

$52.25M-0.9%

Devon EnergyDVN

$0—

Iron MountainIRM

$59.9M+74.1%

Las Vegas SandsLVS

$0—

Medline, Inc. MDLN

$500K0.0%

Granite Point Mortgage TrustGPMT

——

Other financials

Income statement

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Revenue$3.2B+34.3%

Gross profit$1.5B+32.3%

Operating income$382.0M+88.2%

Net income-$581.0M+14.8%

EPS (diluted)-$0.45+15.1%

Balance sheet

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Cash & equivalents$1.8B+41.2%

Total debt$179.0M-84.3%

Total equity$12.5B+13.1%

Total assets$14.1B+5.4%

Cash flow

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Operating cash flow$481.0M+31.1%

CapEx$5.0M+25.0%

Free cash flow$476.0M+31.1%

Valuation

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Market cap$141.25B+25.1%

Enterprise value$139.58B+23.9%

P/E106×+35.9×

P/S11.4×-0.6×

Profitability

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Gross margin48%-2.0pp

Operating margin13.3%+0.6pp

Net margin10.8%-6.4pp

Returns & leverage

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Return on equity11.3%-4.8pp

Debt / equity0×-0.1×

Current ratio6.2×+2.5×

Where this comes from

Reported directly by Shopify in its filing.

Tagged under the XBRL concept us-gaap:VariableLeaseCost.

The official record: Shopify’s 10-K, filed February 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Shopify's variable costs?: Shopify (SHOP) reported variable costs of $3.75M in Q4 2025.
How has Shopify's variable costs changed year-over-year?: Shopify's variable costs decreased by 40.0% year-over-year, from $6.25M to $3.75M.
What is the long-term trend for Shopify's variable costs?: Over 3 years (2022 to 2025), Shopify's variable costs has grown at a 2.3% compound annual growth rate (CAGR), from $14M to $15M.