Shopify (SHOP) EBT Margin (2024 - 2026)
Shopify (SHOP) recorded quarterly EBT Margin of 20.0% in Q1 2026, down 182.33% quarter-over-quarter from 24.29% in Q4 2025, and up 1263.0% on a YoY basis from 1.47% in Q1 2025.
Shopify (SHOP) EBT Margin (2024 - 2026) Analysis & Trends
Shopify's EBT Margin history runs 3 years deep, the most recent figure standing at 20.0% for Q1 2026.
- In Q1 2026, EBT Margin rose 1263.0% year-over-year to 20.0%; the TTM figure through Mar 2026 stood at 13.3% (down 497.0% YoY), while the FY2025 annual figure was 13.06%, down 1203.0% from the prior year.
- EBT Margin was 20.0% for Q1 2026 at Shopify, down from 24.29% in the prior quarter.
- In the past five years, EBT Margin ranged from a high of 50.53% in Q4 2024 to a low of 32.63% in Q1 2025.
- Historically, EBT Margin has averaged 12.14% across 3 years, with a median of 10.83% in 2025.
- Biggest YoY gain for EBT Margin was 3033 bps in 2025; the steepest drop was 2895 bps in 2025.
- A 3-year view of EBT Margin shows it stood at 50.53% in 2024, then plunged by 52 bps to 24.29% in 2025, then tumbled by 182 bps to 20.0% in 2026.
- The last three EBT Margin figures came in at 20.0% (Q1 2026), 24.29% (Q4 2025), and 10.83% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 238.14 Bn | 220.17 Bn | 8.16 Bn | 28.74% |
| 2 | Full Truck Alliance | 166.83 Bn | 164.28 Bn | - | - |
| 3 | Uber Technologies | 150.36 Bn | 149.32 Bn | 11.88 Bn | 3.76% |
| 4 | Shopify | 147.75 Bn | 142.01 Bn | 1.55 Bn | -20.00% |
| 5 | Salesforce | 140.39 Bn | 128.55 Bn | 8.56 Bn | 24.25% |
| 6 | Cadence Design Systems | 105.73 Bn | 104.32 Bn | 1.26 Bn | 29.04% |
| 7 | ServiceNow | 105.42 Bn | 100.24 Bn | 2.83 Bn | 17.85% |
| 8 | Automatic Data Processing | 89.57 Bn | 86.34 Bn | 2.87 Bn | 30.00% |
| 9 | Adobe | 85.05 Bn | 78.16 Bn | 5.90 Bn | 33.82% |
| 10 | Snowflake | 82.57 Bn | 79.61 Bn | 926.45 Mn | -21.33% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -20.00% |
| Dec 31, 2025 | 24.29% |
| Sep 30, 2025 | 10.83% |
| Jun 30, 2025 | 40.26% |
| Mar 31, 2025 | -32.63% |
| Dec 31, 2024 | 50.53% |
| Sep 30, 2024 | 39.78% |
| Jun 30, 2024 | 9.93% |
| Mar 31, 2024 | -13.76% |