Shopify (SHOP) EBT Margin (2024 - 2026)
Shopify's (SHOP) quarterly EBT Margin came in at 20.0% in Q1 2026, up 1263.0% year-on-year from 1.47% in Q1 2025, and down 182.33% quarter-over-quarter from 24.29% in Q4 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.
- On a quarterly basis, EBT Margin rose 1263.0% year-over-year to 20.0% in Q1 2026; TTM through Mar 2026 was 13.3%, a 497.0% decrease from a year earlier, with the FY2025 full-year figure at 13.06%, down 1203.0% from the prior year.
- EBT Margin slipped to 20.0% in Q1 2026 per SHOP's latest filing, from 24.29% in the prior quarter.
- Across five years, EBT Margin topped out at 50.53% in Q4 2024 and bottomed at 32.63% in Q1 2025.
- The 3-year median for EBT Margin is 10.83% (2025), against an average of 12.14%.
- Biggest YoY gain for EBT Margin was 3033 bps in 2025; the steepest drop was 2895 bps in 2025.
- Year by year, EBT Margin stood at 50.53% in 2024, then slumped by 52 bps to 24.29% in 2025, then sank by 182 bps to 20.0% in 2026.
- Per Business Quant, the three latest SHOP EBT Margin figures stand at 20.0% (Q1 2026), 24.29% (Q4 2025), and 10.83% (Q3 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 208.91 Bn | 189.27 Bn | 8.16 Bn | 28.74% |
| 2 | Full Truck Alliance | 188.77 Bn | 186.13 Bn | - | - |
| 3 | Shopify | 145.98 Bn | 140.23 Bn | 1.55 Bn | -20.00% |
| 4 | Uber Technologies | 141.48 Bn | 140.44 Bn | 5.95 Bn | 3.76% |
| 5 | Salesforce | 128.51 Bn | 116.67 Bn | 8.56 Bn | 24.44% |
| 6 | ServiceNow | 98.38 Bn | 93.20 Bn | 2.82 Bn | 10.99% |
| 7 | Automatic Data Processing | 97.56 Bn | 94.34 Bn | 2.87 Bn | 30.00% |
| 8 | Snowflake | 91.55 Bn | 88.59 Bn | 926.45 Mn | -21.33% |
| 9 | Cadence Design Systems | 89.91 Bn | 88.50 Bn | 1.41 Bn | 29.04% |
| 10 | Datadog | 86.34 Bn | 81.58 Bn | 797.20 Mn | 5.86% |
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% |