Shopify (SHOP) Operating Margin (2013 - 2025)
Shopify (SHOP) posted annual Operating Margin of 12.7% for FY2025, up 4.94% year-over-year from 12.11% in FY2024.
Shopify (SHOP) Operating Margin (2013 - 2025) Analysis & Trends
Shopify's Operating Margin history runs 13 years deep, the most recent figure standing at 12.7% for FY2025.
- 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 FY2025 stood at 12.7%, up from 12.11% in the prior year.
- The five-year high for Operating Margin was 12.7% in FY2025, with the low at 20.08% in FY2023.
- The 5-year median for Operating Margin is 5.83% (2021), against an average of 0.83%.
- The sharpest annual moves came in 2022 and 2024: Operating Margin sank 2050 bps in 2022, then jumped 3219 bps in 2024.
- Shopify's Operating Margin stood at 5.83% in 2021, then slumped by 352 bps to 14.68% in 2022, then plunged by 37 bps to 20.08% in 2023, then soared by 160 bps to 12.11% in 2024, then rose by 5 bps to 12.7% in 2025.
- Business Quant data shows SHOP's Operating Margin at 12.7% in FY2025, 12.11% in FY2024, and 20.08% in FY2023.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Yr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 255.14 Bn | 233.48 Bn | 16.51 Bn | - |
| 2 | Shopify | 193.20 Bn | 188.25 Bn | 1.71 Bn | - |
| 3 | Salesforce | 181.45 Bn | 169.61 Bn | 8.56 Bn | - |
| 4 | Uber Technologies | 160.53 Bn | 155.14 Bn | 6.38 Bn | - |
| 5 | ServiceNow | 133.04 Bn | 128.38 Bn | 2.82 Bn | - |
| 6 | Snowflake | 114.80 Bn | 111.85 Bn | 926.45 Mn | - |
| 7 | Automatic Data Processing | 113.03 Bn | 108.80 Bn | 2.51 Bn | -29.35% |
| 8 | Adobe | 110.91 Bn | 105.29 Bn | 5.90 Bn | - |
| 9 | Intuit | 101.34 Bn | 94.56 Bn | 7.24 Bn | - |
| 10 | Cadence Design Systems | 87.39 Bn | 85.95 Bn | 1.41 Bn | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 12.70% |
| Dec 31, 2024 | 12.11% |
| Dec 31, 2023 | -20.08% |
| Dec 31, 2022 | -14.68% |
| Dec 31, 2021 | 5.83% |
| Dec 31, 2020 | 3.08% |
| Dec 31, 2019 | -8.94% |
| Dec 31, 2018 | -8.56% |
| Dec 31, 2017 | -7.30% |
| Dec 31, 2016 | -9.55% |
| Dec 31, 2015 | -19.04% |
| Dec 31, 2014 | -56.36% |
| Dec 31, 2013 | -35.83% |