Shopify (SHOP) FCF Margin (2024 - 2026)
Shopify (SHOP) recorded quarterly FCF Margin of 15.02% in Q1 2026, down 22.88% quarter-over-quarter from 19.47% in Q4 2025, and down 37.0% on a YoY basis from 23.83% in Q1 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 was 15.02% for Q1 2026 at Shopify, down from 19.47% in the prior quarter.
- In the past five years, FCF Margin ranged from a high of 21.73% in Q4 2024 to a low of 12.47% in Q1 2024.
- Historically, FCF Margin has averaged 17.04% across 3 years, with a median of 16.28% in 2024.
- Biggest YoY gain for FCF Margin was 291 bps in 2025; the steepest drop was 226 bps in 2025.
- A 3-year view of FCF Margin shows it stood at 21.73% in 2024, then retreated by 10 bps to 19.47% in 2025, then dropped by 23 bps to 15.02% in 2026.
- The last three FCF Margin figures came in at 15.02% (Q1 2026), 19.47% (Q4 2025), and 17.83% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 238.14 Bn | 220.17 Bn | 8.16 Bn | 36.77% |
| 2 | Full Truck Alliance | 166.83 Bn | 164.28 Bn | - | - |
| 3 | Uber Technologies | 150.36 Bn | 149.32 Bn | 11.88 Bn | 17.31% |
| 4 | Shopify | 147.75 Bn | 142.01 Bn | 1.55 Bn | 15.02% |
| 5 | Salesforce | 140.39 Bn | 128.55 Bn | 8.56 Bn | 58.89% |
| 6 | Cadence Design Systems | 105.73 Bn | 104.32 Bn | 1.26 Bn | 20.82% |
| 7 | ServiceNow | 105.42 Bn | 100.24 Bn | 2.83 Bn | 41.64% |
| 8 | Automatic Data Processing | 89.57 Bn | 86.34 Bn | 2.87 Bn | 36.83% |
| 9 | Adobe | 85.05 Bn | 78.16 Bn | 5.90 Bn | 31.84% |
| 10 | Snowflake | 82.57 Bn | 79.61 Bn | 926.45 Mn | 16.41% |
Historic Data
Download Data| Date | Value |
|---|---|
| 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% |