Shopify Inc.
SHOPNasdaqServices-Prepackaged SoftwareFiscal year ends December 31
$156.22−1.27 (-0.81%)
Close on Nov 2, 2026Market cap $201.00BP/E 104.8Yield –
Shopify Merchant Solutions Cost of Revenues by Year
Merchant Solutions Cost of Revenues (% of Total Revenue) (%) (%)
Shopify Merchant Solutions Cost of Revenues: 47.0% in FY2025, up 2.0 pts from a year earlier. That is the highest of the 12 years on record here.
Latest, FY2025
47.0%
Period ended Dec 31, 2025
Change on a year earlier
+2.0 pts
45.0% in FY2024
History
12 years
Since FY2014
Sources
10
Documents cited below
Where the FY2025 figure comes from
“|| Cost of merchant solutions | 47 | % | 45 | % | 45 | %”
Annual history
Hover a value to see the sentence it was read from; calculated values show their formula
| Period | Ended | Merchant Solutions Cost of Revenues (% of Total Revenue) (%) (%) | Year on year | Source |
|---|---|---|---|---|
| FY2025 | Dec 31, 2025 | 47.0% | +2.0 pts | Form 10-K FY2025 (filed 2026-02-11) ↗ |
| FY2024 | Dec 31, 2024 | 45.0% | 0.0 pts | Form 10-K FY2025 (filed 2026-02-11) ↗ |
| FY2023 | Dec 31, 2023 | 45.0% | 0.0 pts | Form 10-K FY2025 (filed 2026-02-11) ↗ |
| FY2022 | Dec 31, 2022 | 45.0% | +5.0 pts | Form 10-K FY2024 (filed 2025-02-11) ↗ |
| FY2021 | Dec 31, 2021 | 40.0% | -0.8 pts | Form 40-F FY2023 (filed 2024-02-13) ↗ |
| FY2020 | Dec 31, 2020 | 40.8% | +3.8 pts | Form 40-F FY2022 (filed 2023-02-16) ↗ |
| FY2019 | Dec 31, 2019 | 37.0% | +2.0 pts | Form 40-F FY2021 (filed 2022-02-16) ↗ |
| FY2018 | Dec 31, 2018 | 35.0% | +0.6 pts | Form 40-F FY2020 (filed 2021-02-17) ↗ |
| FY2017 | Dec 31, 2017 | 34.4% | -1.7 pts | Form 40-F FY2019 (filed 2020-02-12) ↗ |
| FY2016 | Dec 31, 2016 | 36.1% | +3.2 pts | Form 40-F FY2018 (filed 2019-02-12) ↗ |
| FY2015 | Dec 31, 2015 | 32.9% | +8.5 pts | Form 40-F FY2017 (filed 2018-02-15) ↗ |
| FY2014 | Dec 31, 2014 | 24.4% | – | Form 40-F FY2016 (filed 2017-02-15) ↗ |
Cite this data
StockData. (2026). Shopify Merchant Solutions Cost of Revenues (%), annual FY2014–FY2025 [Data set]. Compiled from Shopify SEC filings and investor materials. https://stockdatahq.com/stocks/shop/kpis/merchant-cost-pct-revenue
See every metric in the Shopify KPI table. Data updated Oct 25, 2026.