Shopify (SHOP) EBIT Margin (2024 - 2026)
Shopify's (SHOP) quarterly EBIT Margin came in at 12.05% in Q1 2026, up 345.0% year-on-year from 2.71% in Q1 2025, and down 29.87% quarter-over-quarter from 17.18% in Q4 2025.
Shopify (SHOP) EBIT Margin (2024 - 2026) Analysis & Trends
Shopify's EBIT Margin history runs 3 years deep, the most recent figure standing at 12.05% for Q1 2026.
- On a quarterly basis, EBIT Margin rose 345.0% year-over-year to 12.05% in Q1 2026; TTM through Mar 2026 was 13.32%, a 61.0% increase from a year earlier, with the FY2025 full-year figure at 12.7%, up 60.0% from the prior year.
- EBIT Margin eased to 12.05% in Q1 2026 per SHOP's latest filing, from 17.18% in the prior quarter.
- Across five years, EBIT Margin topped out at 17.18% in Q4 2025 and bottomed at 4.62% in Q1 2024.
- The 3-year median for EBIT Margin is 12.05% (2026), against an average of 11.87%.
- Biggest YoY gain for EBIT Margin was 398 bps in 2025; the steepest drop was 103 bps in 2025.
- Year by year, EBIT Margin stood at 16.54% in 2024, then rose by 4 bps to 17.18% in 2025, then retreated by 30 bps to 12.05% in 2026.
- Per Business Quant, the three latest SHOP EBIT Margin figures stand at 12.05% (Q1 2026), 17.18% (Q4 2025), and 12.06% (Q3 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBIT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 208.91 Bn | 189.27 Bn | 8.16 Bn | 28.69% |
| 2 | Full Truck Alliance | 188.77 Bn | 186.13 Bn | - | - |
| 3 | Shopify | 145.98 Bn | 140.23 Bn | 1.55 Bn | 12.05% |
| 4 | Uber Technologies | 141.48 Bn | 140.44 Bn | 5.95 Bn | 14.56% |
| 5 | Salesforce | 128.51 Bn | 116.67 Bn | 8.56 Bn | 21.08% |
| 6 | ServiceNow | 98.38 Bn | 93.20 Bn | 2.82 Bn | 4.06% |
| 7 | Automatic Data Processing | 97.56 Bn | 94.34 Bn | 2.87 Bn | -22.99% |
| 8 | Snowflake | 91.55 Bn | 88.59 Bn | 926.45 Mn | -23.45% |
| 9 | Cadence Design Systems | 89.91 Bn | 88.50 Bn | 1.41 Bn | 29.26% |
| 10 | Datadog | 86.34 Bn | 81.58 Bn | 797.20 Mn | 0.73% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 12.05% |
| Dec 31, 2025 | 17.18% |
| Sep 30, 2025 | 12.06% |
| Jun 30, 2025 | 10.86% |
| Mar 31, 2025 | 8.60% |
| Dec 31, 2024 | 16.54% |
| Sep 30, 2024 | 13.09% |
| Jun 30, 2024 | 11.78% |
| Mar 31, 2024 | 4.62% |