Shopify (SHOP) Net Margin (2014 - 2026)
Shopify's quarterly Net Margin came in at 18.33% in Q1 2026, up 1057.0% year-on-year from 1.58% in Q1 2025, and down 190.58% quarter-over-quarter from 20.23% in Q4 2025.
Shopify has reported Net Margin for 10 years, with the latest figure at 18.33% in Q1 2026.
- For the quarter ending Q1 2026, Net Margin rose 1057.0% year-over-year to 18.33%; the trailing twelve-month figure through Mar 2026 stood at 10.77% (down 639.0% YoY), and the FY2025 full-year result was 10.65%, down 1208.0% from the prior year.
- Net Margin for Q1 2026 stood at 18.33%, down from 20.23% in the prior quarter.
- The five-year high for Net Margin was 45.98% in Q4 2024, with the low at 28.9% in Q1 2025.
- Average Net Margin over 3 years is 10.45%, with a median of 9.28% recorded in 2025.
- Peak annual rise in Net Margin reached 2544 bps in 2025, while the deepest fall reached 2902 bps in 2025.
- Tracing SHOP's Net Margin over 3 years: stood at 45.98% in 2024, then sank by 56 bps to 20.23% in 2025, then tumbled by 191 bps to 18.33% in 2026.
- The last three Net Margin figures came in at 18.33% (Q1 2026), 20.23% (Q4 2025), and 9.28% (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 253.17 Bn | 235.20 Bn | 8.16 Bn | 20.22% |
| 2 | Salesforce | 171.07 Bn | 161.50 Bn | 8.69 Bn | 17.47% |
| 3 | Uber Technologies | 151.10 Bn | 150.06 Bn | 11.88 Bn | 2.29% |
| 4 | Shopify | 134.25 Bn | 128.50 Bn | 1.55 Bn | -18.33% |
| 5 | ServiceNow | 105.72 Bn | 100.54 Bn | 2.83 Bn | 12.44% |
| 6 | Cadence Design Systems | 101.64 Bn | 100.23 Bn | 1.26 Bn | 22.77% |
| 7 | Adobe | 100.35 Bn | 93.46 Bn | 5.73 Bn | 29.52% |
| 8 | Automatic Data Processing | 90.91 Bn | 87.68 Bn | 2.87 Bn | 22.90% |
| 9 | Intuit | 88.30 Bn | 81.52 Bn | 6.77 Bn | 35.80% |
| 10 | Datadog | 78.54 Bn | 73.78 Bn | 797.20 Mn | 5.22% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -18.33% |
| Dec 31, 2025 | 20.23% |
| Sep 30, 2025 | 9.28% |
| Jun 30, 2025 | 33.81% |
| Mar 31, 2025 | -28.90% |
| Dec 31, 2024 | 45.98% |
| Sep 30, 2024 | 38.30% |
| Jun 30, 2024 | 8.36% |
| Mar 31, 2024 | -14.67% |
| Mar 31, 2020 | -18.90% |
| Dec 31, 2019 | 9.91% |
| Sep 30, 2019 | 6.12% |
| Jun 30, 2019 | -7.92% |
| Mar 31, 2019 | -7.54% |
| Dec 31, 2018 | -0.44% |
| Sep 30, 2018 | -8.58% |
| Jun 30, 2018 | -12.56% |
| Mar 31, 2018 | -9.49% |
| Dec 31, 2017 | 5.20% |
| Sep 30, 2017 | -5.90% |
| Jun 30, 2017 | -10.49% |
| Mar 31, 2017 | -11.35% |
| Dec 31, 2016 | -0.21% |
| Sep 30, 2016 | -9.53% |
| Jun 30, 2016 | -9.99% |
| Mar 31, 2016 | -13.35% |
| Dec 31, 2015 | -9.29% |
| Sep 30, 2015 | -8.15% |
| Jun 30, 2015 | -7.70% |
| Mar 31, 2015 | -9.31% |
| Dec 31, 2014 | -12.78% |
| Sep 30, 2014 | -15.03% |
| Jun 30, 2014 | -29.73% |