Shopify (SHOP) Net Margin (2024 - 2026)
Shopify (SHOP) recorded Net Margin of 12.35% in Q3 2026, up 3.06 percentage points from 9.28% a year earlier but down 29.57 percentage points from the prior quarter.
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Analysis
Shopify (SHOP) Net Margin (2024 - 2026) Analysis & Trends
On a TTM basis, Shopify's Net Margin came in at 15.01% as of Sep 30, 2026, down 1.64 percentage points year-over-year; for FY2025, it came in at 10.65%, down 12.08 percentage points from FY2024.
- Annual Net Margin has a five-year change of -0.25 percentage points (FY2020 to FY2025).
- Across earlier years, Net Margin came in at 22.74% in FY2024 (+20.87 pp), 1.87% in FY2023 (+63.66 pp), -61.79% in FY2022 (-124.98 pp) and 63.20% in FY2021 (+52.29 pp).
- Quarterly Net Margin has ranged from -28.90% in Q1 2025 to 45.98% in Q4 2024 over the past five years.
- On a year-over-year basis, Net Margin has increased for three consecutive quarters, with an average year-over-year change of -3.11 percentage points over the last seven quarters.
- Per Business Quant, the preceding three quarters came in at 41.92% (Q2 2026), -18.33% (Q1 2026) and 20.23% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn | 20.51% |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn | 15.26% |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn | 28.46% |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn | 3.92% |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn | 12.35% |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn | 3.47% |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn | 65.86% |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn | 10.42% |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - | 30.55% |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn | 25.36% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 12.35% |
| 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();