Shopify advertising spend, FY2025

Shopify (SHOP) reported $753M of advertising expense for the fiscal year ended Dec 31, 2025. That is 6.5% of revenue of $11.6B. Up 37.9% from FY2024.

Ad spend, FY2025
$753M
year ended Dec 31, 2025
Change vs prior year
+37.9%
vs FY2024
Share of revenue
6.5%
of $11.6B revenue
Rank by ad spend
#96
of 336 companies

Key facts

  • Ad spend is 20x its FY2015 level ($38M).
  • FY2025 is the highest year on file, going back to FY2013.
  • Largest increase +115.2% in FY2014; largest cut -1.6% in FY2023.
  • Ad spend has risen 2 years in a row.
  • Ad spend is 6.5% of revenue, down from 8.2% in FY2020.
  • Shopify spends more on advertising than 72% of the 336 US-listed companies tracked. Its ad-to-revenue ratio is 1.3x the median of 5.2%.

Ad spend by fiscal year

$0 $200M $400M $600M $800M FY2013 (ended 2013-12-31): $14.4M 2013 FY2014 (ended 2014-12-31): $31.1M FY2015 (ended 2015-12-31): $38M 2015 FY2016 (ended 2016-12-31): $58.3M FY2017 (ended 2017-12-31): $92M 2017 FY2018 (ended 2018-12-31): $131M FY2019 (ended 2019-12-31): $178M 2019 FY2020 (ended 2020-12-31): $241M FY2021 (ended 2021-12-31): $420M 2021 FY2022 (ended 2022-12-31): $505M FY2023 (ended 2023-12-31): $497M 2023 FY2024 (ended 2024-12-31): $546M FY2025 (ended 2025-12-31): $753M 2025 $753M

Ad spend as % of revenue

0% 5% 10% 15% FY2013 (ended 2013-12-31): n/a 2013 FY2014 (ended 2014-12-31): n/a FY2015 (ended 2015-12-31): n/a 2015 FY2016 (ended 2016-12-31): n/a FY2017 (ended 2017-12-31): 13.7% 2017 FY2018 (ended 2018-12-31): 12.2% FY2019 (ended 2019-12-31): 11.3% 2019 FY2020 (ended 2020-12-31): 8.2% FY2021 (ended 2021-12-31): 9.1% 2021 FY2022 (ended 2022-12-31): 9.0% FY2023 (ended 2023-12-31): 7.0% 2023 FY2024 (ended 2024-12-31): 6.1% FY2025 (ended 2025-12-31): 6.5% 2025 6.5%

History

Download CSV
Fiscal year Period end Ad spend YoY Revenue Ad / revenue Tag Filing
FY2025 Dec 31, 2025 $753M +37.9% $11.6B 6.5% AdvertisingExpense 10-K Feb 11, 2026
FY2024 Dec 31, 2024 $546M +9.9% $8.9B 6.1% AdvertisingExpense 10-K Feb 11, 2026
FY2023 Dec 31, 2023 $497M -1.6% $7.1B 7.0% AdvertisingExpense 10-K Feb 11, 2026
FY2022 Dec 31, 2022 $505M +20.2% $5.6B 9.0% AdvertisingExpense 10-K Feb 11, 2025
FY2021 Dec 31, 2021 $420M +74.6% $4.6B 9.1% AdvertisingExpense 40-F Feb 16, 2023
FY2020 Dec 31, 2020 $241M +35.4% $2.9B 8.2% AdvertisingExpense 40-F Feb 16, 2022
FY2019 Dec 31, 2019 $178M +35.1% $1.6B 11.3% AdvertisingExpense 40-F Feb 17, 2021
FY2018 Dec 31, 2018 $131M +42.8% $1.1B 12.2% AdvertisingExpense 40-F Feb 12, 2020
FY2017 Dec 31, 2017 $92M +57.7% $673M 13.7% AdvertisingExpense 40-F Feb 12, 2019
FY2016 Dec 31, 2016 $58.3M +53.6% n/a n/a AdvertisingExpense 40-F Feb 15, 2018
FY2015 Dec 31, 2015 $38M +22.2% n/a n/a AdvertisingExpense 40-F Feb 15, 2017
FY2014 Dec 31, 2014 $31.1M +115.2% n/a n/a AdvertisingExpense 20-F Feb 17, 2016
FY2013 Dec 31, 2013 $14.4M n/a n/a n/a AdvertisingExpense 20-F Feb 17, 2016

What the figure is

Advertising costs as disclosed in the annual report (XBRL tag AdvertisingExpense).

Compared with similar spenders

The 6 companies closest to Shopify in latest-year ad spend.

Rank Company Ad spend Ad / revenue YoY Fiscal year
90 Gap $778M 5.1% -0.3% FY2026
91 EchoStar $775M 5.2% +4.0% FY2025
92 LendingTree $771M 69.0% +29.3% FY2025
93 Clorox $770M 10.8% -7.5% FY2025
94 Bausch Health Companies $766M 7.5% -2.5% FY2025
95 Playtika $761M 27.6% +34.9% FY2025
96 Shopify $753M 6.5% +37.9% FY2025

Full ranking of 336 companies · Biggest increases #37

Questions

How much does Shopify spend on advertising?

Shopify spent $753M on advertising in fiscal 2025, the year ended Dec 31, 2025, according to its 10-K filed Feb 11, 2026.

What percentage of revenue does Shopify spend on advertising?

6.5% of revenue in fiscal 2025 ($753M of $11.6B). The median across the 336 companies tracked is 5.2%.

Is Shopify spending more on advertising?

Yes. Ad spend rose 37.9% in fiscal 2025 from fiscal 2024. It has risen 2 years in a row.

How does Shopify rank by advertising spend?

#96 of 336 US-listed companies with $100M or more in ad spend, ranked on each company's latest fiscal year.

What does Shopify's advertising figure include?

Advertising costs as disclosed in the annual report (XBRL tag AdvertisingExpense).

Source

Filing
10-K for FY2025, filed Feb 11, 2026
Accession number
0001594805-26-000007
Company
SHOPIFY INC., CIK 1594805, SIC 7372 (Services-Prepackaged Software)
Data
SEC EDGAR XBRL company facts, retrieved Nov 4, 2026. Methodology.
Cite
Shopify advertising spend, FY2013-FY2025. Aleksei Trudov, io.trudov.com, from SEC EDGAR XBRL company facts (latest: 10-K filed Feb 11, 2026), retrieved Nov 4, 2026. https://io.trudov.com/company/shopify/advertising-spend/
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