Shopify (SHOP) Gross Margin (2024 - 2026)
Shopify (SHOP) posted quarterly Gross Margin of 48.77% for Q1 2026, down 76.0% year-over-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.
- 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 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.
- The 3-year median for Gross Margin is 48.91% (2025), against an average of 49.36%.
- The sharpest annual moves came in 2025 and 2026: Gross Margin sank 280 bps in 2025, then tumbled 76 bps in 2026.
- Shopify's Gross Margin stood at 48.08% in 2024, then dropped by 4 bps to 46.11% in 2025, then gained by 6 bps to 48.77% in 2026.
- Business Quant data shows SHOP's Gross Margin at 48.77% in Q1 2026, 46.11% in Q4 2025, and 48.91% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 255.48 Bn | 234.41 Bn | 16.51 Bn | 73.08% |
| 2 | Shopify | 198.95 Bn | 194.00 Bn | 1.71 Bn | 47.67% |
| 3 | Salesforce | 160.70 Bn | 148.86 Bn | 8.56 Bn | 76.92% |
| 4 | Uber Technologies | 154.94 Bn | 149.73 Bn | 6.38 Bn | 44.93% |
| 5 | ServiceNow | 128.25 Bn | 123.58 Bn | 2.82 Bn | 70.68% |
| 6 | Snowflake | 114.00 Bn | 111.05 Bn | 926.45 Mn | 66.61% |
| 7 | Automatic Data Processing | 108.58 Bn | 104.35 Bn | 2.51 Bn | 45.88% |
| 8 | Adobe | 105.34 Bn | 99.72 Bn | 5.90 Bn | 89.20% |
| 9 | Intuit | 94.55 Bn | 87.77 Bn | 7.24 Bn | 84.61% |
| 10 | Datadog | 91.70 Bn | 86.71 Bn | 881.34 Mn | 78.59% |
Historic Data
Download 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% |