Shopify (SHOP) Operating Margin (2024 - 2026)
Shopify (SHOP) posted quarterly Operating Margin of 12.05% for Q1 2026, up 345.0% year-over-year from 2.71% in Q1 2025, and down 29.87% quarter-over-quarter from 17.18% in Q4 2025.
Shopify (SHOP) Operating Margin (2024 - 2026) Analysis & Trends
Shopify's Operating Margin history runs 3 years deep, the most recent figure standing at 12.05% for Q1 2026.
- In Q1 2026, Operating Margin rose 345.0% year-over-year to 12.05%; the TTM figure through Mar 2026 stood at 13.32% (up 61.0% YoY), while the FY2025 annual figure was 12.7%, up 60.0% from the prior year.
- Operating Margin for Q1 2026 stood at 12.05%, down from 17.18% in the prior quarter.
- The five-year high for Operating Margin was 17.18% in Q4 2025, with the low at 4.62% in Q1 2024.
- The 3-year median for Operating Margin is 12.05% (2026), against an average of 11.87%.
- Peak annual rise in Operating Margin reached 398 bps in 2025, while the deepest fall reached 103 bps in 2025.
- Shopify's Operating Margin stood at 16.54% in 2024, then increased by 4 bps to 17.18% in 2025, then fell by 30 bps to 12.05% in 2026.
- Business Quant data shows SHOP's Operating Margin at 12.05% in Q1 2026, 17.18% in Q4 2025, and 12.06% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 255.48 Bn | 234.41 Bn | 16.51 Bn | 27.70% |
| 2 | Shopify | 198.95 Bn | 194.00 Bn | 1.71 Bn | 13.62% |
| 3 | Salesforce | 160.70 Bn | 148.86 Bn | 8.56 Bn | 21.08% |
| 4 | Uber Technologies | 154.94 Bn | 149.73 Bn | 6.38 Bn | 13.32% |
| 5 | ServiceNow | 128.25 Bn | 123.58 Bn | 2.82 Bn | 4.06% |
| 6 | Snowflake | 114.00 Bn | 111.05 Bn | 926.45 Mn | -23.45% |
| 7 | Automatic Data Processing | 108.58 Bn | 104.35 Bn | 2.51 Bn | -33.33% |
| 8 | Adobe | 105.34 Bn | 99.72 Bn | 5.90 Bn | 33.82% |
| 9 | Intuit | 94.55 Bn | 87.77 Bn | 7.24 Bn | 46.97% |
| 10 | Datadog | 91.70 Bn | 86.71 Bn | 881.34 Mn | 0.49% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 13.62% |
| Mar 31, 2026 | 12.05% |
| Dec 31, 2025 | 17.18% |
| Sep 30, 2025 | 12.06% |
| Jun 30, 2025 | 10.86% |
| Mar 31, 2025 | 8.60% |
| Dec 31, 2024 | 16.54% |
| Sep 30, 2024 | 13.09% |
| Jun 30, 2024 | 11.78% |
| Mar 31, 2024 | 4.62% |