Shopify (SHOP) Operating Margin (2024 - 2026)
Shopify (SHOP) recorded quarterly Operating Margin of 12.05% in Q1 2026, down 29.87% quarter-over-quarter from 17.18% in Q4 2025, and up 345.0% on a YoY basis from 2.71% in Q1 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 was 12.05% for Q1 2026 at Shopify, down from 17.18% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 17.18% in Q4 2025 to a low of 4.62% in Q1 2024.
- Historically, Operating Margin has averaged 11.87% across 3 years, with a median of 12.05% in 2026.
- Biggest YoY gain for Operating Margin was 398 bps in 2025; the steepest drop was 103 bps in 2025.
- A 3-year view of Operating Margin shows it stood at 16.54% in 2024, then rose by 4 bps to 17.18% in 2025, then retreated by 30 bps to 12.05% in 2026.
- The last three Operating Margin figures came in at 12.05% (Q1 2026), 17.18% (Q4 2025), and 12.06% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 238.14 Bn | 220.17 Bn | 8.16 Bn | 28.69% |
| 2 | Full Truck Alliance | 166.83 Bn | 164.28 Bn | - | - |
| 3 | Uber Technologies | 150.36 Bn | 149.32 Bn | 11.88 Bn | 14.56% |
| 4 | Shopify | 147.75 Bn | 142.01 Bn | 1.55 Bn | 12.05% |
| 5 | Salesforce | 140.39 Bn | 128.55 Bn | 8.56 Bn | 21.08% |
| 6 | Cadence Design Systems | 105.73 Bn | 104.32 Bn | 1.26 Bn | 29.26% |
| 7 | ServiceNow | 105.42 Bn | 100.24 Bn | 2.83 Bn | 13.34% |
| 8 | Automatic Data Processing | 89.57 Bn | 86.34 Bn | 2.87 Bn | -22.99% |
| 9 | Adobe | 85.05 Bn | 78.16 Bn | 5.90 Bn | 33.82% |
| 10 | Snowflake | 82.57 Bn | 79.61 Bn | 926.45 Mn | -23.45% |
Historic Data
Download Data| Date | Value |
|---|---|
| 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% |