Shopify (SHOP) Gross Margin (2014 - 2026)
Shopify's 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 has reported Gross Margin for 10 years, with the latest figure at 48.77% in Q1 2026.
- For the quarter ending Q1 2026, Gross Margin fell 76.0% year-over-year to 48.77%; the trailing twelve-month figure through Mar 2026 stood at 47.97% (down 197.0% YoY), and the FY2025 full-year result was 48.07%, down 229.0% from the prior year.
- Gross Margin for Q1 2026 stood at 48.77%, up from 46.11% in the prior quarter.
- The five-year high for Gross Margin was 51.71% in Q3 2024, with the low at 46.11% in Q4 2025.
- Average Gross Margin over 3 years is 49.36%, with a median of 48.91% recorded in 2025.
- Year-over-year, Gross Margin slumped 280 bps in 2025 and plunged 76 bps in 2026.
- Tracing SHOP's Gross Margin over 3 years: stood at 48.08% in 2024, then fell by 4 bps to 46.11% in 2025, then climbed by 6 bps to 48.77% in 2026.
- The last three Gross Margin figures came in at 48.77% (Q1 2026), 46.11% (Q4 2025), and 48.91% (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 253.17 Bn | 235.20 Bn | 8.16 Bn | 72.98% |
| 2 | Salesforce | 171.07 Bn | 161.50 Bn | 8.69 Bn | 77.61% |
| 3 | Uber Technologies | 147.39 Bn | 146.35 Bn | 11.88 Bn | 89.96% |
| 4 | Shopify | 134.25 Bn | 128.50 Bn | 1.55 Bn | 48.77% |
| 5 | ServiceNow | 105.72 Bn | 100.54 Bn | 2.83 Bn | 75.07% |
| 6 | Cadence Design Systems | 101.64 Bn | 100.23 Bn | 1.26 Bn | 85.65% |
| 7 | Adobe | 100.35 Bn | 93.46 Bn | 5.73 Bn | 89.62% |
| 8 | Automatic Data Processing | 90.91 Bn | 87.68 Bn | 2.87 Bn | 48.28% |
| 9 | Intuit | 88.30 Bn | 81.52 Bn | 6.77 Bn | 79.05% |
| 10 | Datadog | 78.54 Bn | 73.78 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% |
| Mar 31, 2020 | 54.67% |
| Dec 31, 2019 | 52.24% |
| Sep 30, 2019 | 55.48% |
| Jun 30, 2019 | 56.57% |
| Mar 31, 2019 | 56.26% |
| Dec 31, 2018 | 54.02% |
| Sep 30, 2018 | 55.44% |
| Jun 30, 2018 | 55.91% |
| Mar 31, 2018 | 57.78% |
| Dec 31, 2017 | 54.37% |
| Sep 30, 2017 | 58.34% |
| Jun 30, 2017 | 57.26% |
| Mar 31, 2017 | 56.71% |
| Dec 31, 2016 | 52.26% |
| Sep 30, 2016 | 53.98% |
| Jun 30, 2016 | 54.85% |
| Mar 31, 2016 | 55.12% |
| Dec 31, 2015 | 51.97% |
| Sep 30, 2015 | 54.45% |
| Jun 30, 2015 | 56.21% |
| Mar 31, 2015 | 57.74% |
| Dec 31, 2014 | 55.75% |
| Sep 30, 2014 | 59.38% |
| Jun 30, 2014 | 60.45% |