What is Shopify's total cost of revenue?

Shopify (SHOP) reported total cost of revenue of $1.62B in Q1 2026.

How has Shopify's total cost of revenue changed year-over-year?

Shopify's total cost of revenue increased by 36.4% year-over-year, from $1.19B to $1.62B.

What is the long-term trend for Shopify's total cost of revenue?

Over 3 years (2022 to 2025), Shopify's total cost of revenue has grown at a 28.2% compound annual growth rate (CAGR), from $2.85B to $6B.

What does total cost of revenue mean?

The aggregate of all direct costs attributable to producing goods and delivering services that generated the company's revenue, including materials, labor, and overhead.

Shopify SHOP Total Cost of Revenue

Total Cost of Revenue at other companies

AdobeADBE

$715M+12.1%

eBayEBAY

$802M+15.1%

SalesforceCRM

$2.57B+13.5%

Global PaymentsGPN

$1.27B+157%

EtsyETSY

$175.68M+4.7%

BlockXYZ

$3.15B-9.6%

Segments

By product

See full

Merchant solutions$1.48B+38.2%

Subscription solutions$148M+20.3%

Other financials

Income statement

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Revenue$3.2B+34.3%

Gross profit$1.5B+32.2%

Operating income$382.0M+88.2%

Net income-$581.0M+14.8%

EPS (diluted)-$0.45+15.1%

Balance sheet

See full

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

See full

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$144.84B+4.9%

Enterprise value$143.18B+3.8%

P/E108.7×+23.0×

P/S11.7×-3.0×

Profitability

See full

Gross margin48%-2.0pp

Operating margin13.3%+0.6pp

Net margin10.8%-6.4pp

FCF margin17.1%-1.3pp

Returns & leverage

See full

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:CostOfGoodsAndServicesSold.

The official record: Shopify’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Shopify's total cost of revenue?: Shopify (SHOP) reported total cost of revenue of $1.62B in Q1 2026.
How has Shopify's total cost of revenue changed year-over-year?: Shopify's total cost of revenue increased by 36.4% year-over-year, from $1.19B to $1.62B.
What is the long-term trend for Shopify's total cost of revenue?: Over 3 years (2022 to 2025), Shopify's total cost of revenue has grown at a 28.2% compound annual growth rate (CAGR), from $2.85B to $6B.
What does total cost of revenue mean?: The aggregate of all direct costs attributable to producing goods and delivering services that generated the company's revenue, including materials, labor, and overhead.