Public Company · SHOP · ecommerce
Annual and trailing-twelve-month customer acquisition cost for Shopify Inc. (SHOP), computed live from the company's SEC filings. Every number on this page is sourced and methodologically defended.
CAC not computable
No customer count disclosed in the latest 10-K. S&M for FY2025 was $1.66B.
TTM unavailable
TTM S&M is $1.84B (rolling 4 quarters ending Jun 30, 2026), but the latest 10-K didn't disclose a prior-period customer count to compute net-new against.
S&M expense, last 4 fiscal years
Methodology
Numerator (S&M). Shopify Inc. reports sales & marketing expense each quarter under the XBRL tag us-gaap:SellingAndMarketingExpense. We pull it directly from SEC EDGAR; the last-refreshed date is shown on the page. Annual CAC uses the FY total; trailing-12-month CAC uses a rolling sum of the last four quarters.
Denominator (net-new customers). Customer counts are extracted from the MD&A section of Shopify Inc.'s 10-K and 10-Q filings using a Claude-driven structured-extraction prompt against the exact disclosure language. Net-new is the change in the disclosed customer cohort between the current and prior reporting period.
What this number captures. Fully-loaded blended CAC. S&M includes spend on existing-customer expansion as well as new-logo acquisition; companies don't publicly split that allocation, so neither does this page. Companies with high net-revenue retention will show higher blended CAC than their true new-logo CAC. The trade-off for using only publicly-disclosed numbers is loss of granularity - we surface that explicitly rather than estimate it away.
Compare to industry
Shopify Inc. is one company. CAC varies enormously across stage and ACV inside the same industry. The industry overview page links every published cut for Ecommerce, plus the live cohort companies that share the same SEC-fed methodology.
Source
Latest 10-K: Shopify Inc., Form 10-K for fiscal year ending Dec 31, 2025 (filed Feb 11, 2026, accession 0001594805-26-000007).
S&M expense pulled from XBRL company facts API. Customer counts extracted from MD&A narrative using Claude Opus 4.7 with the disclosure quote preserved verbatim above.