Company / Cost of Revenue
SHOPIFY INC. Cost of Revenue History
FY2022-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest Cost of Revenue
$6.0B
FY2025
5-year range
$2.8B / $6.0B
FY2022-FY2025
Trend
+36.1%
vs FY2024
Sector context
#32 of 266
Information Technology
What the data says
SHOPIFY INC.'s cost of revenue of $6.0B is higher than 88% of companies in the Information Technology sector (FY2025). Cost of Revenue has increased for 3 consecutive years, from $2.8B in FY2022 to $6.0B in FY2025.
Based on SEC 10-K filings.
$6.0B in FY2025 with a 3-year CAGR of +28.2%. Top quartile in the Information Technology sector.
Increased from $3.5B to $6.0B over the past 2 years.
Information Technology sector context is included.
Cost of Revenue over time
Growth rates
- 3-Year CAGR
- +28.2%
- 5-Year CAGR
- -
- 10-Year CAGR
- -
Sector benchmark
+31.1% above sector average
Key checks
Key Insights
- SHOPIFY INC.'s cost of revenue has grown for 3 consecutive years.
- 3-year CAGR of +28.2%, indicating consistent growth.
- In FY2025, cost of revenue increased 36.1% year-over-year.
- Ranks #32 out of 266 companies in the Information Technology sector.
Company context
Key Data Points
- Altman Z-Score 4.84 (safe zone, above 2.9 threshold)
- Strong profit margin: 22.7%
- High earnings quality (cash-backed earnings)
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | Cost of RevenueValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $6.0B | +36.1% |
| FY2024 | $4.4B | +24.3% |
| FY2023 | $3.5B | +24.6% |
| FY2022 | $2.8B | - |
As of FY2025 · SEC 10-K · Updated Feb 28, 2026