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.
Analysis
StatementIncome Statement
SectionOperating Expenses
CategoryEfficiency
SignalContext dependent
VolatilityModerate
First reportedQ1 2022
Last reportedQ4 2025Feb 11, 2026
How to read this metric
Higher variable costs indicate greater exposure to operational volume or market-linked pricing in lease agreements.
Detailed definition
These are lease payments that depend on an index, rate, or usage-based factor rather than a fixed amount. Because these...
Peer comparison
Standard metric for retail and manufacturing firms with significant leased facility footprints.
Metric ID:
wmt_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 payments that fluctuate based on usage or external market indices.