Shopify (SHOP) FCF Margin (2024 - 2026)

Shopify's FCF Margin history runs 3 years deep, the most recent figure standing at 15.02% for Q1 2026.

• On a quarterly basis, FCF Margin fell 37.0% year-over-year to 15.02% in Q1 2026; TTM through Mar 2026 was 17.14%, a 128.0% decrease from a year earlier, with the FY2025 full-year figure at 17.37%, down 62.0% from the prior year.
• FCF Margin retreated to 15.02% in Q1 2026 per SHOP's latest filing, from 19.47% in the prior quarter.
• Across five years, FCF Margin topped out at 21.73% in Q4 2024 and bottomed at 12.47% in Q1 2024.
• The 3-year median for FCF Margin is 16.28% (2024), against an average of 17.04%.
• Biggest YoY gain for FCF Margin was 291 bps in 2025; the steepest drop was 226 bps in 2025.
• Year by year, FCF Margin 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.
• Per Business Quant, the three latest SHOP FCF Margin figures stand at 15.02% (Q1 2026), 19.47% (Q4 2025), and 17.83% (Q3 2025).