Shopify (SHOP) Gross Margin (2024 - 2026)
Shopify's Gross Margin came in at 47.59% for Q3 2026, down 1.32 percentage points from 48.91% a year earlier and down 0.07 percentage points from the prior quarter.
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Analysis
Shopify (SHOP) Gross Margin (2024 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Shopify reported Gross Margin of 47.49%, down 1.26 percentage points year-over-year; for FY2025, it was 48.07%, down 2.29 percentage points from FY2024.
- Gross Margin carries a five-year change of -4.55 percentage points (FY2020 to FY2025).
- Going back by year, Gross Margin was 50.36% in FY2024 (+0.57 pp), 49.79% in FY2023 (+0.61 pp), 49.18% in FY2022 (-4.62 pp) and 53.80% in FY2021 (+1.18 pp).
- The five-year range for quarterly Gross Margin is 46.11% (Q4 2025) to 51.71% (Q3 2024).
- Year-over-year, Gross Margin has declined for seven consecutive quarters, with an average year-over-year change of -1.74 percentage points over the last seven quarters.
- Business Quant data shows SHOP's Gross Margin at 47.67% (Q2 2026), 48.77% (Q1 2026) and 46.11% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,491.35 Bn | 3,226.25 Bn | 76.16 Bn | 59.70% |
| 2 | Meta Platforms | 1,580.49 Bn | 1,245.01 Bn | 51.23 Bn | 79.31% |
| 3 | Netflix | 264.92 Bn | 226.21 Bn | 6.80 Bn | 52.78% |
| 4 | Alibaba Group Holding | 252.69 Bn | 66.32 Bn | 15.16 Bn | 38.24% |
| 5 | Shopify | 191.19 Bn | 169.99 Bn | 1.78 Bn | 47.59% |
| 6 | Uber Technologies | 142.06 Bn | 112.88 Bn | 6.42 Bn | 43.46% |
| 7 | AppLovin | 127.97 Bn | 116.50 Bn | 1.94 Bn | 88.98% |
| 8 | Spotify Technology | 124.40 Bn | 81.32 Bn | 1.89 Bn | 32.98% |
| 9 | Booking Holdings | 123.48 Bn | 57.22 Bn | - | - |
| 10 | PDD Holdings | 117.26 Bn | -126.80 Bn | 9.48 Bn | 57.26% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 47.59% |
| 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();