Shopify (SHOP) Operating Margin (2024 - 2026)
Shopify (SHOP) posted Operating Margin of 13.62% for Q2 2026, up 13.02% on a QoQ basis from 12.05% in Q1 2026, and up 276.0% year-over-year from 3.62% in Q2 2025.
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Shopify (SHOP) Operating Margin (2024 - 2026) Analysis & Trends
Shopify has reported Operating Margin for 3 years, with the latest figure at 13.62% in Q2 2026.
- On a quarterly basis, Operating Margin rose 276.0% year-over-year to 13.62% in Q2 2026; TTM through Jun 2026 was 13.9%, a 149.0% increase from a year earlier, with the FY2025 full-year figure at 12.7%, up 60.0% from the prior year.
- Operating Margin was 13.62% for Q2 2026 at Shopify, up from 12.05% 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.
- Average Operating Margin over 3 years is 12.04%, with a median of 12.06% recorded in 2025.
- The largest YoY upside for Operating Margin was 398 bps in 2025 against a maximum downside of 103 bps in 2025.
- Over 3 years, Operating Margin stood at 16.54% in 2024, then gained by 4 bps to 17.18% in 2025, then slipped by 21 bps to 13.62% in 2026.
- The last three Operating Margin figures came in at 13.62% (Q2 2026), 12.05% (Q1 2026), and 17.18% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,144.46 Bn | 3,901.99 Bn | 73.85 Bn | 34.03% |
| 2 | Meta Platforms | 1,981.30 Bn | 1,683.82 Bn | 49.47 Bn | 30.88% |
| 3 | Netflix | 296.22 Bn | 256.42 Bn | 6.52 Bn | 33.38% |
| 4 | Alibaba Group Holding | 254.92 Bn | 72.79 Bn | 15.11 Bn | 5.64% |
| 5 | Shopify | 184.25 Bn | 161.43 Bn | 1.71 Bn | 13.62% |
| 6 | Uber Technologies | 142.00 Bn | 113.98 Bn | 6.38 Bn | 13.32% |
| 7 | Booking Holdings | 123.19 Bn | 56.24 Bn | - | 34.00% |
| 8 | PDD Holdings | 110.41 Bn | -141.52 Bn | 9.45 Bn | 24.71% |
| 9 | Spotify Technology | 104.89 Bn | 62.12 Bn | 1.86 Bn | 13.71% |
| 10 | AppLovin | 104.19 Bn | 94.23 Bn | 1.70 Bn | 77.68% |
Historic Data
Download Data
Historic 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% |
API Access
Shopify Operating 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=operating-margin&ticker=SHOP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=SHOP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();