Shopify (SHOP) FCF Margin (2024 - 2026)
Shopify (SHOP) posted quarterly FCF Margin of 15.02% for Q1 2026, down 37.0% year-over-year from 23.83% in Q1 2025, and down 22.88% quarter-over-quarter from 19.47% in Q4 2025.
Shopify (SHOP) FCF Margin (2024 - 2026) Analysis & Trends
Shopify's FCF Margin history runs 3 years deep, the most recent figure standing at 15.02% for Q1 2026.
- In Q1 2026, FCF Margin fell 37.0% year-over-year to 15.02%; the TTM figure through Mar 2026 stood at 17.14% (down 128.0% YoY), while the FY2025 annual figure was 17.37%, down 62.0% from the prior year.
- FCF Margin for Q1 2026 stood at 15.02%, down from 19.47% in the prior quarter.
- The five-year high for FCF Margin was 21.73% in Q4 2024, with the low at 12.47% in Q1 2024.
- The 3-year median for FCF Margin is 16.28% (2024), against an average of 17.04%.
- Peak annual rise in FCF Margin reached 291 bps in 2025, while the deepest fall reached 226 bps in 2025.
- Shopify's FCF Margin stood at 21.73% in 2024, then fell by 10 bps to 19.47% in 2025, then slipped by 23 bps to 15.02% in 2026.
- Business Quant data shows SHOP's FCF Margin at 15.02% in Q1 2026, 19.47% in Q4 2025, and 17.83% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 255.48 Bn | 234.41 Bn | 16.51 Bn | 36.13% |
| 2 | Shopify | 198.95 Bn | 194.00 Bn | 1.71 Bn | 18.25% |
| 3 | Salesforce | 160.70 Bn | 148.86 Bn | 8.56 Bn | 58.89% |
| 4 | Uber Technologies | 154.94 Bn | 149.73 Bn | 6.38 Bn | 19.67% |
| 5 | ServiceNow | 128.25 Bn | 123.58 Bn | 2.82 Bn | 11.86% |
| 6 | Snowflake | 114.00 Bn | 111.05 Bn | 926.45 Mn | 16.73% |
| 7 | Automatic Data Processing | 108.58 Bn | 104.35 Bn | 2.51 Bn | 24.76% |
| 8 | Adobe | 105.34 Bn | 99.72 Bn | 5.90 Bn | 31.84% |
| 9 | Intuit | 94.55 Bn | 87.77 Bn | 7.24 Bn | 61.18% |
| 10 | Datadog | 91.70 Bn | 86.71 Bn | 881.34 Mn | 25.73% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 18.25% |
| Mar 31, 2026 | 15.02% |
| Dec 31, 2025 | 19.47% |
| Sep 30, 2025 | 17.83% |
| Jun 30, 2025 | 15.75% |
| Mar 31, 2025 | 15.38% |
| Dec 31, 2024 | 21.73% |
| Sep 30, 2024 | 19.47% |
| Jun 30, 2024 | 16.28% |
| Mar 31, 2024 | 12.47% |