Shopify (SHOP) Gross Margin (2024 - 2026)
Shopify (SHOP) recorded quarterly Gross Margin of 48.77% in Q1 2026, up 5.78% quarter-over-quarter from 46.11% in Q4 2025, and down 76.0% on a YoY basis from 203.21% in Q1 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.
- In Q1 2026, Gross Margin fell 76.0% year-over-year to 48.77%; the TTM figure through Mar 2026 stood at 47.97% (down 197.0% YoY), while the FY2025 annual figure was 48.07%, down 229.0% from the prior year.
- Gross Margin was 48.77% for Q1 2026 at Shopify, up from 46.11% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 51.71% in Q3 2024 to a low of 46.11% in Q4 2025.
- Historically, Gross Margin has averaged 49.36% across 3 years, with a median of 48.91% in 2025.
- The sharpest annual moves came in 2025 and 2026: Gross Margin slumped 280 bps in 2025, then plunged 76 bps in 2026.
- A 3-year view of Gross Margin shows it 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.
- 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.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 238.14 Bn | 220.17 Bn | 8.16 Bn | 72.98% |
| 2 | Full Truck Alliance | 166.83 Bn | 164.28 Bn | - | - |
| 3 | Uber Technologies | 150.36 Bn | 149.32 Bn | 11.88 Bn | 89.96% |
| 4 | Shopify | 147.75 Bn | 142.01 Bn | 1.55 Bn | 48.77% |
| 5 | Salesforce | 140.39 Bn | 128.55 Bn | 8.56 Bn | 76.92% |
| 6 | Cadence Design Systems | 105.73 Bn | 104.32 Bn | 1.26 Bn | 85.65% |
| 7 | ServiceNow | 105.42 Bn | 100.24 Bn | 2.83 Bn | 75.07% |
| 8 | Automatic Data Processing | 89.57 Bn | 86.34 Bn | 2.87 Bn | 48.28% |
| 9 | Adobe | 85.05 Bn | 78.16 Bn | 5.90 Bn | 89.20% |
| 10 | Snowflake | 82.57 Bn | 79.61 Bn | 926.45 Mn | 66.61% |
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% |