Shopify (SHOP) FCF Margin (2024 - 2026)
Shopify's FCF Margin was 21.81% in Q3 2026, up 3.98 percentage points from 17.83% a year earlier and up 3.55 percentage points from the prior quarter.
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Analysis
Shopify (SHOP) FCF Margin (2024 - 2026) Analysis & Trends
On a trailing twelve-month basis, Shopify's FCF Margin was 18.78% through Sep 30, 2026, up 0.99 percentage points year-over-year; for FY2025, it came in at 17.37%, down 0.62 percentage points from FY2024.
- FCF Margin shows a five-year change of +4.29 percentage points (FY2020 to FY2025).
- In earlier years, FCF Margin was 17.98% in FY2024 (+5.17 pp), 12.82% in FY2023 (+16.14 pp), -3.32% in FY2022 (-13.84 pp) and 10.51% in FY2021 (-2.57 pp).
- The Q3 2026 figure marks the highest quarterly FCF Margin in data going back to Q1 2024.
- Compared with a year earlier, FCF Margin was higher in three of the last seven quarters, with an average year-over-year change of +0.66 percentage points.
- Per Business Quant data, SHOP's FCF Margin in the three quarters before Q3 2026 was 18.25% (Q2 2026), 15.02% (Q1 2026) and 19.47% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn | -7.11% |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn | -1.79% |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn | 22.40% |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn | 33.69% |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn | 21.81% |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn | 17.17% |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn | 65.40% |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn | 15.01% |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - | 12.02% |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn | 22.77% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 21.81% |
| 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% |
API Access
Shopify FCF 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=fcf-margin&ticker=SHOP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-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=fcf-margin&ticker=SHOP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();