Shopify (SHOP) Net Margin (2024 - 2026)
Shopify (SHOP) recorded Net Margin of 41.92% in Q2 2026, up 8.11 percentage points from 33.81% a year earlier and up 60.25 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 14.53% as of Jun 30, 2026, down 8.89 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).
- The Q2 2026 figure is the highest quarterly Net Margin since Q4 2024.
- On a year-over-year basis, Net Margin rose in three of the last six quarters, with an average year-over-year change of -4.14 percentage points.
- Per Business Quant, the preceding three quarters came in at -18.33% (Q1 2026), 20.23% (Q4 2025) and 9.28% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,178.97 Bn | 3,936.50 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();