Shopify (SHOP) Operating Margin (2024 - 2026)
Shopify (SHOP) posted Operating Margin of 13.62% for Q2 2026, up 2.76 percentage points from 10.86% a year earlier and up 1.57 percentage points from the prior quarter.
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Analysis
Shopify (SHOP) Operating Margin (2024 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Margin at Shopify was 13.90%, up 1.49 percentage points year-over-year; for FY2025, it came in at 12.70%, up 0.60 percentage points from FY2024.
- Annual Operating Margin shows a five-year change of +9.63 percentage points (FY2020 to FY2025).
- In prior years, Shopify's Operating Margin was 12.11% in FY2024 (+32.19 pp), -20.08% in FY2023 (-5.41 pp), -14.68% in FY2022 (-20.50 pp) and 5.83% in FY2021 (+2.75 pp).
- Quarterly Operating Margin has run from a low of 4.62% in Q1 2024 to a high of 17.18% in Q4 2025 over five years.
- On a year-over-year basis, Operating Margin has increased in each of the last three quarters, with an average year-over-year change of +1.48 percentage points over the last six quarters.
- According to Business Quant data, Operating Margin for the three prior quarters was 12.05% (Q1 2026), 17.18% (Q4 2025) and 12.06% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,541.13 Bn | 3,276.03 Bn | 76.16 Bn | 31.81% |
| 2 | Meta Platforms | 1,587.35 Bn | 1,251.87 Bn | 51.23 Bn | 20.10% |
| 3 | Netflix | 272.62 Bn | 233.92 Bn | 6.80 Bn | 34.63% |
| 4 | Alibaba Group Holding | 244.75 Bn | 66.83 Bn | 15.16 Bn | 5.64% |
| 5 | Shopify | 196.93 Bn | 175.73 Bn | 1.78 Bn | 15.18% |
| 6 | Uber Technologies | 142.58 Bn | 114.55 Bn | 6.38 Bn | 13.32% |
| 7 | Spotify Technology | 129.18 Bn | 86.10 Bn | 1.89 Bn | 13.52% |
| 8 | Booking Holdings | 127.15 Bn | 60.90 Bn | - | 38.43% |
| 9 | PDD Holdings | 116.93 Bn | -127.12 Bn | 9.48 Bn | 24.71% |
| 10 | Airbnb | 104.06 Bn | 57.29 Bn | 2.98 Bn | 21.01% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 15.18% |
| 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();