Want to see SHOP full AI Analyst Report?
Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently Shopify runs and where it’s prioritizing investment.Shopify shifted from a one‑off mid‑2023 impairment to sustained investment: Sales & Marketing and R&D have ramped steadily into 2025–Q1 2026 to drive AI, payments and enterprise momentum, while transaction and loan losses have meaningfully increased as financial products scale. Management frames this as healthy — expecting OpEx as a percent of revenue to improve to 35–36% because revenue is accelerating faster than spend — but rising credit losses and higher LLM/AI costs are the primary near‑term margin risks to watch.
Date | Sales and Marketing | Research and Development | General and Administrative | Transaction and Loan Losses | Impairments |
|---|---|---|---|---|---|
Jun 30, 2026 | $498.00M | $445.00M | $136.00M | $141.00M | $0.00 |
Mar 31, 2026 | $496.00M | $437.00M | $115.00M | $116.00M | $0.00 |
Dec 31, 2025 | $433.00M | $390.00M | $125.00M | $114.00M | $0.00 |
Sep 30, 2025 | $410.00M | $375.00M | $115.00M | $148.00M | $0.00 |
Jun 30, 2025 | $415.00M | $394.00M | $122.00M | $80.00M | $0.00 |
Mar 31, 2025 | $405.00M | $377.00M | $109.00M | $75.00M | $0.00 |
Dec 31, 2024 | $348.00M | $351.00M | $112.00M | $76.00M | $0.00 |
Sep 30, 2024 | $331.00M | $332.00M | $114.00M | $58.00M | $0.00 |
Jun 30, 2024 | $353.00M | $349.00M | $60.00M | $42.00M | $0.00 |
Mar 31, 2024 | $361.00M | $335.00M | $124.00M | $51.00M | $0.00 |