Shopify (SHOP) Net Margin (2024 - 2026)
Shopify (SHOP) posted quarterly Net Margin of 18.33% for Q1 2026, up 1057.0% year-over-year from 1.58% in Q1 2025, and down 190.58% quarter-over-quarter from 20.23% in Q4 2025.
Shopify (SHOP) Net Margin (2024 - 2026) Analysis & Trends
Shopify's Net Margin history runs 3 years deep, the most recent figure standing at 18.33% for Q1 2026.
- In Q1 2026, Net Margin rose 1057.0% year-over-year to 18.33%; the TTM figure through Mar 2026 stood at 10.77% (down 639.0% YoY), while the FY2025 annual figure 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.
- The 3-year median for Net Margin is 9.28% (2025), against an average of 10.45%.
- Peak annual rise in Net Margin reached 2544 bps in 2025, while the deepest fall reached 2902 bps in 2025.
- Shopify's Net Margin 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.
- Business Quant data shows SHOP's Net Margin at 18.33% in Q1 2026, 20.23% in Q4 2025, and 9.28% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 255.48 Bn | 234.41 Bn | 16.51 Bn | 21.16% |
| 2 | Shopify | 198.95 Bn | 194.00 Bn | 1.71 Bn | 41.92% |
| 3 | Salesforce | 160.70 Bn | 148.86 Bn | 8.56 Bn | 18.93% |
| 4 | Uber Technologies | 154.94 Bn | 149.73 Bn | 6.38 Bn | 17.17% |
| 5 | ServiceNow | 128.25 Bn | 123.58 Bn | 2.82 Bn | 7.47% |
| 6 | Snowflake | 114.00 Bn | 111.05 Bn | 926.45 Mn | -21.25% |
| 7 | Automatic Data Processing | 108.58 Bn | 104.35 Bn | 2.51 Bn | 17.88% |
| 8 | Adobe | 105.34 Bn | 99.72 Bn | 5.90 Bn | 25.87% |
| 9 | Intuit | 94.55 Bn | 87.77 Bn | 7.24 Bn | 35.80% |
| 10 | Datadog | 91.70 Bn | 86.71 Bn | 881.34 Mn | 3.97% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 41.92% |
| 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% |