Shopify (SHOP) Gross Margin (2024 - 2026)
Shopify's (SHOP) quarterly Gross Margin came in at 48.77% in Q1 2026, down 76.0% year-on-year from 203.21% in Q1 2025, and up 5.78% quarter-over-quarter from 46.11% in Q4 2025.
Shopify (SHOP) Gross Margin (2024 - 2026) Analysis & Trends
Shopify's Gross Margin history runs 3 years deep, the most recent figure standing at 48.77% for Q1 2026.
- On a quarterly basis, Gross Margin fell 76.0% year-over-year to 48.77% in Q1 2026; TTM through Mar 2026 was 47.97%, a 197.0% decrease from a year earlier, with the FY2025 full-year figure at 48.07%, down 229.0% from the prior year.
- Gross Margin rose to 48.77% in Q1 2026 per SHOP's latest filing, from 46.11% in the prior quarter.
- Across five years, Gross Margin topped out at 51.71% in Q3 2024 and bottomed at 46.11% in Q4 2025.
- The 3-year median for Gross Margin is 48.91% (2025), against an average of 49.36%.
- Across the five-year window, Gross Margin slumped 280 bps in 2025 and plunged 76 bps in 2026, its largest moves.
- Year by year, Gross Margin stood at 48.08% in 2024, then declined by 4 bps to 46.11% in 2025, then advanced by 6 bps to 48.77% in 2026.
- Per Business Quant, the three latest SHOP Gross Margin figures stand at 48.77% (Q1 2026), 46.11% (Q4 2025), and 48.91% (Q3 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 208.91 Bn | 189.27 Bn | 8.16 Bn | 72.98% |
| 2 | Full Truck Alliance | 188.77 Bn | 186.13 Bn | - | - |
| 3 | Shopify | 145.98 Bn | 140.23 Bn | 1.55 Bn | 48.77% |
| 4 | Uber Technologies | 141.48 Bn | 140.44 Bn | 5.95 Bn | 45.03% |
| 5 | Salesforce | 128.51 Bn | 116.67 Bn | 8.56 Bn | 76.92% |
| 6 | ServiceNow | 98.38 Bn | 93.20 Bn | 2.82 Bn | 70.68% |
| 7 | Automatic Data Processing | 97.56 Bn | 94.34 Bn | 2.87 Bn | 48.28% |
| 8 | Snowflake | 91.55 Bn | 88.59 Bn | 926.45 Mn | 66.61% |
| 9 | Cadence Design Systems | 89.91 Bn | 88.50 Bn | 1.41 Bn | 95.85% |
| 10 | Datadog | 86.34 Bn | 81.58 Bn | 797.20 Mn | 79.21% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 48.77% |
| Dec 31, 2025 | 46.11% |
| Sep 30, 2025 | 48.91% |
| Jun 30, 2025 | 48.58% |
| Mar 31, 2025 | 49.53% |
| Dec 31, 2024 | 48.08% |
| Sep 30, 2024 | 51.71% |
| Jun 30, 2024 | 51.10% |
| Mar 31, 2024 | 51.42% |