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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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 | Shopify | 187.92 Bn | 182.98 Bn | 1.71 Bn | 18.25% |
| 2 | Global-E Online | 6.49 Bn | 6.13 Bn | 131.87 Mn | 24.78% |
| 3 | Vtex | 624.51 Mn | 438.62 Mn | 51.71 Mn | 20.42% |
| 4 | Rezolve Ai | 359.91 Mn | 248.80 Mn | - | - |
| 5 | Commerce.com | 212.95 Mn | 56.62 Mn | 63.53 Mn | 0.06% |
| 6 | Baozun | 154.04 Mn | -65.26 Mn | 302.56 Mn | - |
| 7 | BeLive Holdings | 23.36 Mn | 16.74 Mn | - | - |
| 8 | Paid | 20.26 Mn | 19.18 Mn | 1.22 Mn | 3.70% |
| 9 | Caro Holdings | 11.71 Mn | 11.71 Mn | - | -1,560.10% |
| 10 | My Size | 1.36 Mn | 650,132.45 | 973,000.00 | - |
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% |