Shopify (SHOP) EBITDA Margin (2024 - 2026)
Shopify (SHOP) recorded quarterly EBITDA Margin of 18.49% in Q1 2026, down 191.11% quarter-over-quarter from 20.29% in Q4 2025, and up 1024.0% on a YoY basis from 1.64% in Q1 2025.
Shopify (SHOP) EBITDA Margin (2024 - 2026) Analysis & Trends
Shopify's EBITDA Margin history runs 3 years deep, the most recent figure standing at 18.49% for Q1 2026.
- In Q1 2026, EBITDA Margin rose 1024.0% year-over-year to 18.49%; the TTM figure through Mar 2026 stood at 10.79% (down 636.0% YoY), while the FY2025 annual figure was 10.75%, down 1183.0% from the prior year.
- EBITDA Margin was 18.49% for Q1 2026 at Shopify, down from 20.29% in the prior quarter.
- In the past five years, EBITDA Margin ranged from a high of 45.66% in Q4 2024 to a low of 28.73% in Q1 2025.
- Historically, EBITDA Margin has averaged 10.41% across 3 years, with a median of 9.07% in 2025.
- Biggest YoY gain for EBITDA Margin was 2590 bps in 2025; the steepest drop was 2941 bps in 2025.
- A 3-year view of EBITDA Margin shows it stood at 45.66% in 2024, then slumped by 56 bps to 20.29% in 2025, then sank by 191 bps to 18.49% in 2026.
- The last three EBITDA Margin figures came in at 18.49% (Q1 2026), 20.29% (Q4 2025), and 9.07% (Q3 2025), per Business Quant data.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 238.14 Bn | 220.17 Bn | 8.16 Bn | 28.69% |
| 2 | Full Truck Alliance | 166.83 Bn | 164.28 Bn | - | - |
| 3 | Uber Technologies | 150.36 Bn | 149.32 Bn | 11.88 Bn | 14.56% |
| 4 | Shopify | 147.75 Bn | 142.01 Bn | 1.55 Bn | -18.49% |
| 5 | Salesforce | 140.39 Bn | 128.55 Bn | 8.56 Bn | 21.08% |
| 6 | Cadence Design Systems | 105.73 Bn | 104.32 Bn | 1.26 Bn | 29.26% |
| 7 | ServiceNow | 105.42 Bn | 100.24 Bn | 2.83 Bn | 12.12% |
| 8 | Automatic Data Processing | 89.57 Bn | 86.34 Bn | 2.87 Bn | -22.99% |
| 9 | Adobe | 85.05 Bn | 78.16 Bn | 5.90 Bn | 33.82% |
| 10 | Snowflake | 82.57 Bn | 79.61 Bn | 926.45 Mn | -23.45% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -18.49% |
| Dec 31, 2025 | 20.29% |
| Sep 30, 2025 | 9.07% |
| Jun 30, 2025 | 34.22% |
| Mar 31, 2025 | -28.73% |
| Dec 31, 2024 | 45.66% |
| Sep 30, 2024 | 38.48% |
| Jun 30, 2024 | 8.31% |
| Mar 31, 2024 | -15.10% |