Shopify (SHOP) Gross Margin (2024 - 2026)
Shopify (SHOP) posted Gross Margin of 47.67% for Q2 2026, down 2.26% on a QoQ basis from 48.77% in Q1 2026, and down 91.0% year-over-year from 529.66% in Q2 2025.
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Analysis
Shopify (SHOP) Gross Margin (2024 - 2026) Analysis & Trends
Shopify has reported Gross Margin for 3 years, with the latest figure at 47.67% in Q2 2026.
- On a quarterly basis, Gross Margin fell 91.0% year-over-year to 47.67% in Q2 2026; TTM through Jun 2026 was 47.77%, a 158.0% decrease from a year earlier, with the FY2025 full-year figure at 48.07%, down 229.0% from the prior year.
- Gross Margin was 47.67% for Q2 2026 at Shopify, down from 48.77% 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 49.19%, with a median of 48.84% recorded in 2025.
- The sharpest annual moves came in 2025 and 2026: Gross Margin sank 280 bps in 2025, then tumbled 76 bps in 2026.
- Over 3 years, Gross Margin stood at 48.08% in 2024, then fell by 4 bps to 46.11% in 2025, then advanced by 3 bps to 47.67% in 2026.
- The last three Gross Margin figures came in at 47.67% (Q2 2026), 48.77% (Q1 2026), and 46.11% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,070.34 Bn | 3,641.31 Bn | 73.85 Bn | 61.65% |
| 2 | Meta Platforms | 1,876.83 Bn | 1,786.57 Bn | 49.47 Bn | 81.37% |
| 3 | Netflix | 297.14 Bn | 288.01 Bn | 6.52 Bn | 51.93% |
| 4 | Alibaba Group Holding | 257.29 Bn | 222.03 Bn | 15.11 Bn | 38.11% |
| 5 | Shopify | 184.36 Bn | 179.41 Bn | 1.71 Bn | 47.67% |
| 6 | Uber Technologies | 141.62 Bn | 136.41 Bn | 6.38 Bn | 44.93% |
| 7 | Booking Holdings | 117.14 Bn | 99.93 Bn | 4.98 Bn | 67.75% |
| 8 | PDD Holdings | 112.73 Bn | 82.45 Bn | 9.45 Bn | 57.06% |
| 9 | AppLovin | 105.70 Bn | 102.65 Bn | 1.70 Bn | 88.26% |
| 10 | Spotify Technology | 105.08 Bn | 94.17 Bn | 1.86 Bn | 33.41% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 47.67% |
| 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% |
API Access
Shopify Gross 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=gross-margin&ticker=SHOP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-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=gross-margin&ticker=SHOP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();