Shopify (SHOP) EBT Margin (2024 - 2026)
Shopify (SHOP) posted EBT Margin of 49.54% for Q2 2026, up 9.28 percentage points from 40.26% a year earlier and up 69.54 percentage points from the prior quarter.
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Analysis
Shopify (SHOP) EBT Margin (2024 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, EBT Margin at Shopify was 17.64%, down 8.22 percentage points year-over-year; for FY2025, it came in at 13.06%, down 12.03 percentage points from FY2024.
- Annual EBT Margin shows a five-year change of +4.85 percentage points (FY2020 to FY2025).
- In prior years, Shopify's EBT Margin was 25.09% in FY2024 (+22.47 pp), 2.62% in FY2023 (+67.32 pp), -64.70% in FY2022 (-132.79 pp) and 68.10% in FY2021 (+59.89 pp).
- The Q2 2026 figure stands as the highest quarterly EBT Margin since Q4 2024.
- On a year-over-year basis, EBT Margin increased in three of the last six quarters, with an average year-over-year change of -3.64 percentage points.
- According to Business Quant data, EBT Margin for the three prior quarters was -20.00% (Q1 2026), 24.29% (Q4 2025) and 10.83% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,541.13 Bn | 3,276.03 Bn | 76.16 Bn | 25.36% |
| 2 | Meta Platforms | 1,587.35 Bn | 1,251.87 Bn | 51.23 Bn | 20.13% |
| 3 | Netflix | 272.62 Bn | 233.92 Bn | 6.80 Bn | 33.53% |
| 4 | Alibaba Group Holding | 244.75 Bn | 66.83 Bn | 15.16 Bn | 8.29% |
| 5 | Shopify | 196.93 Bn | 175.73 Bn | 1.78 Bn | 13.34% |
| 6 | Uber Technologies | 142.58 Bn | 114.55 Bn | 6.38 Bn | 23.09% |
| 7 | Spotify Technology | 129.18 Bn | 86.10 Bn | 1.89 Bn | 14.19% |
| 8 | Booking Holdings | 127.15 Bn | 60.90 Bn | - | 38.49% |
| 9 | PDD Holdings | 116.93 Bn | -127.12 Bn | 9.48 Bn | 36.73% |
| 10 | Airbnb | 104.06 Bn | 57.29 Bn | 2.98 Bn | 24.86% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 13.34% |
| Jun 30, 2026 | 49.54% |
| 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% |
API Access
Shopify EBT Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=ebt-margin&ticker=SHOP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebt-margin", "ticker": "SHOP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=ebt-margin&ticker=SHOP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();