Shopify (SHOP) Net Margin (2024 - 2026)
Shopify (SHOP) posted Net Margin of 41.92% for Q2 2026, up 328.72% on a QoQ basis from 18.33% in Q1 2026, and up 811.0% year-over-year from 4.6% in Q2 2025.
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Analysis
Shopify (SHOP) Net Margin (2024 - 2026) Analysis & Trends
Shopify has reported Net Margin for 3 years, with the latest figure at 41.92% in Q2 2026.
- On a quarterly basis, Net Margin rose 811.0% year-over-year to 41.92% in Q2 2026; TTM through Jun 2026 was 14.53%, a 889.0% decrease from a year earlier, with the FY2025 full-year figure at 10.65%, down 1208.0% from the prior year.
- Net Margin was 41.92% for Q2 2026 at Shopify, up from 18.33% 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 13.6%, with a median of 14.76% recorded in 2025.
- The largest YoY upside for Net Margin was 2544 bps in 2025 against a maximum downside of 2902 bps in 2025.
- Over 3 years, Net Margin stood at 45.98% in 2024, then sank by 56 bps to 20.23% in 2025, then jumped by 107 bps to 41.92% in 2026.
- The last three Net Margin figures came in at 41.92% (Q2 2026), 18.33% (Q1 2026), and 20.23% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,144.46 Bn | 3,901.99 Bn | 73.85 Bn | 93.58% |
| 2 | Meta Platforms | 1,981.30 Bn | 1,683.82 Bn | 49.47 Bn | 26.07% |
| 3 | Netflix | 296.22 Bn | 256.42 Bn | 6.52 Bn | 27.08% |
| 4 | Alibaba Group Holding | 254.92 Bn | 72.79 Bn | 15.11 Bn | 3.92% |
| 5 | Shopify | 184.25 Bn | 161.43 Bn | 1.71 Bn | 41.92% |
| 6 | Uber Technologies | 142.00 Bn | 113.98 Bn | 6.38 Bn | 16.87% |
| 7 | Booking Holdings | 123.19 Bn | 56.24 Bn | - | 26.52% |
| 8 | PDD Holdings | 110.41 Bn | -141.52 Bn | 9.45 Bn | 24.19% |
| 9 | Spotify Technology | 104.89 Bn | 62.12 Bn | 1.86 Bn | 11.41% |
| 10 | AppLovin | 104.19 Bn | 94.23 Bn | 1.70 Bn | 65.84% |
Historic Data
Download Data
Historic 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% |
API Access
Shopify Net 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=net-margin&ticker=SHOP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-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=net-margin&ticker=SHOP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();