Shopify (SHOP) Operating Margin (2014 - 2026)
Shopify's quarterly Operating Margin came in at 12.05% in Q1 2026, up 345.0% year-on-year from 2.71% in Q1 2025, and down 29.87% quarter-over-quarter from 17.18% in Q4 2025.
Shopify has reported Operating Margin for 10 years, with the latest figure at 12.05% in Q1 2026.
- For the quarter ending Q1 2026, Operating Margin rose 345.0% year-over-year to 12.05%; the trailing twelve-month figure through Mar 2026 stood at 13.32% (up 61.0% YoY), and the FY2025 full-year result 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.
- Average Operating Margin over 3 years is 11.87%, with a median of 12.05% recorded in 2026.
- Peak annual rise in Operating Margin reached 398 bps in 2025, while the deepest fall reached 103 bps in 2025.
- Tracing SHOP's Operating Margin over 3 years: stood at 16.54% in 2024, then gained by 4 bps to 17.18% in 2025, then decreased 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.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 253.17 Bn | 235.20 Bn | 8.16 Bn | 28.69% |
| 2 | Salesforce | 171.07 Bn | 161.50 Bn | 8.69 Bn | 16.69% |
| 3 | Uber Technologies | 151.10 Bn | 150.06 Bn | 11.88 Bn | 14.56% |
| 4 | Shopify | 134.25 Bn | 128.50 Bn | 1.55 Bn | 12.05% |
| 5 | ServiceNow | 105.72 Bn | 100.54 Bn | 2.83 Bn | 13.34% |
| 6 | Cadence Design Systems | 101.64 Bn | 100.23 Bn | 1.26 Bn | 29.26% |
| 7 | Adobe | 100.35 Bn | 93.46 Bn | 5.73 Bn | 37.79% |
| 8 | Automatic Data Processing | 90.91 Bn | 87.68 Bn | 2.87 Bn | -22.99% |
| 9 | Intuit | 88.30 Bn | 81.52 Bn | 6.77 Bn | 46.97% |
| 10 | Datadog | 78.54 Bn | 73.78 Bn | 797.20 Mn | 0.73% |
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% |
| Mar 31, 2020 | -15.58% |
| Dec 31, 2019 | -5.95% |
| Sep 30, 2019 | -9.13% |
| Jun 30, 2019 | -10.95% |
| Mar 31, 2019 | -11.17% |
| Dec 31, 2018 | -2.75% |
| Sep 30, 2018 | -11.62% |
| Jun 30, 2018 | -12.56% |
| Mar 31, 2018 | -9.49% |
| Dec 31, 2017 | -2.74% |
| Sep 30, 2017 | -7.39% |
| Jun 30, 2017 | -10.49% |
| Mar 31, 2017 | -11.35% |
| Dec 31, 2016 | -7.14% |
| Sep 30, 2016 | -9.53% |
| Jun 30, 2016 | -9.99% |
| Mar 31, 2016 | -13.35% |
| Dec 31, 2015 | -9.29% |
| Sep 30, 2015 | -8.15% |
| Jun 30, 2015 | -7.70% |
| Mar 31, 2015 | -9.31% |
| Dec 31, 2014 | -12.78% |
| Sep 30, 2014 | -15.03% |
| Jun 30, 2014 | -29.73% |