Shopify SHOP Merchant solutions — Cost of revenues

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FAQ

What is Shopify's merchant solutions — cost of revenues?

Shopify (SHOP) reported merchant solutions — cost of revenues of $1.48B in Q1 2026.

How has Shopify's merchant solutions — cost of revenues changed year-over-year?

Shopify's merchant solutions — cost of revenues increased by 38.2% year-over-year, from $1.07B to $1.48B.

What is the long-term trend for Shopify's merchant solutions — cost of revenues?

Over 3 years (2022 to 2025), Shopify's merchant solutions — cost of revenues has grown at a 29.7% compound annual growth rate (CAGR), from $2.52B to $5.48B.

What does merchant solutions — cost of revenues mean?

This metric captures the direct costs associated with providing merchant-focused services, including payment processing fees paid to third-party providers, shipping costs, and infrastructure expenses related to transaction support. It reflects the variable costs required to maintain and scale the merchant solutions ecosystem. Monitoring this helps assess the direct profitability and margin profile of the company's transaction-based business model.