Shopify (SHOP) Net Margin (2024 - 2026)

Shopify's Net Margin history runs 3 years deep, the most recent figure standing at 18.33% for Q1 2026.

• On a quarterly basis, Net Margin rose 1057.0% year-over-year to 18.33% in Q1 2026; TTM through Mar 2026 was 10.77%, a 639.0% decrease from a year earlier, with the FY2025 full-year figure at 10.65%, down 1208.0% from the prior year.
• Net Margin fell to 18.33% in Q1 2026 per SHOP's latest filing, from 20.23% in the prior quarter.
• Across five years, Net Margin topped out at 45.98% in Q4 2024 and bottomed at 28.9% in Q1 2025.
• The 3-year median for Net Margin is 9.28% (2025), against an average of 10.45%.
• Biggest YoY gain for Net Margin was 2544 bps in 2025; the steepest drop was 2902 bps in 2025.
• Year by year, Net Margin stood at 45.98% in 2024, then plunged by 56 bps to 20.23% in 2025, then slumped by 191 bps to 18.33% in 2026.
• Per Business Quant, the three latest SHOP Net Margin figures stand at 18.33% (Q1 2026), 20.23% (Q4 2025), and 9.28% (Q3 2025).