Shopify (SHOP) FCF Margin (2024 - 2026)
Shopify (SHOP) posted FCF Margin of 18.25% for Q2 2026, up 21.56% on a QoQ basis from 15.02% in Q1 2026, and up 251.0% year-over-year from 5.2% in Q2 2025.
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Analysis
Shopify (SHOP) FCF Margin (2024 - 2026) Analysis & Trends
Shopify has reported FCF Margin for 3 years, with the latest figure at 18.25% in Q2 2026.
- On a quarterly basis, FCF Margin rose 251.0% year-over-year to 18.25% in Q2 2026; TTM through Jun 2026 was 17.73%, a 42.0% decrease from a year earlier, with the FY2025 full-year figure at 17.37%, down 62.0% from the prior year.
- FCF Margin was 18.25% for Q2 2026 at Shopify, up from 15.02% 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.
- Average FCF Margin over 3 years is 17.16%, with a median of 17.06% recorded in 2024.
- The largest YoY upside for FCF Margin was 291 bps in 2025 against a maximum downside of 226 bps in 2025.
- Over 3 years, FCF Margin stood at 21.73% in 2024, then decreased by 10 bps to 19.47% in 2025, then declined by 6 bps to 18.25% in 2026.
- The last three FCF Margin figures came in at 18.25% (Q2 2026), 15.02% (Q1 2026), and 19.47% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,144.46 Bn | 3,901.99 Bn | 73.85 Bn | -4.89% |
| 2 | Meta Platforms | 1,981.30 Bn | 1,683.82 Bn | 49.47 Bn | 2.87% |
| 3 | Netflix | 296.22 Bn | 256.42 Bn | 6.52 Bn | 12.14% |
| 4 | Alibaba Group Holding | 254.92 Bn | 72.79 Bn | 15.11 Bn | 8.50% |
| 5 | Shopify | 184.25 Bn | 161.43 Bn | 1.71 Bn | 18.25% |
| 6 | Uber Technologies | 142.00 Bn | 113.98 Bn | 6.38 Bn | 19.67% |
| 7 | Booking Holdings | 123.19 Bn | 56.24 Bn | - | 49.55% |
| 8 | PDD Holdings | 110.41 Bn | -141.52 Bn | 9.45 Bn | 22.77% |
| 9 | Spotify Technology | 104.89 Bn | 62.12 Bn | 1.86 Bn | 17.50% |
| 10 | AppLovin | 104.19 Bn | 94.23 Bn | 1.70 Bn | 45.18% |
Historic Data
Download Data
Historic 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% |
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();