Shopify reported a gross margin of 47.67% and a net margin of 41.92% for the quarter ended Jun 2026. These financial ratios cover 19 quarters of results from Dec 2015 through Jun 2026, standardized by Business Quant from the company’s SEC filings.
| Ratios | Dec2015 | Dec2016 | Dec2017 | Dec2018 | Dec2019 | Dec2020 | Dec2021 | Dec2022 | Dec2023 | Mar2024 | Jun2024 | Sep2024 | Dec2024 | Mar2025 | Jun2025 | Sep2025 | Dec2025 | Mar2026 | Jun2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | |||||||||||||||||||
| Gross Margin | 51.42% | 51.10% | 51.71% | 48.08% | 49.53% | 48.58% | 48.91% | 46.11% | 48.77% | 47.67% | |||||||||
| EBT Margin | -13.76% | 9.93% | 39.78% | 50.53% | -32.63% | 40.26% | 10.83% | 24.29% | -20.00% | 49.54% | |||||||||
| EBIT Margin | 4.62% | 11.78% | 13.09% | 16.54% | 8.60% | 10.86% | 12.06% | 17.18% | 12.05% | 13.62% | |||||||||
| EBITDA Margin | 5.16% | 12.27% | 13.46% | 16.82% | 8.94% | 11.16% | 12.34% | 17.37% | 12.27% | 13.82% | |||||||||
| Operating Margin | 4.62% | 11.78% | 13.09% | 16.54% | 8.60% | 10.86% | 12.06% | 17.18% | 12.05% | 13.62% | |||||||||
| Net Margin | -14.67% | 8.36% | 38.30% | 45.98% | -28.90% | 33.81% | 9.28% | 20.23% | -18.33% | 41.92% | |||||||||
| FCF Margin | 12.47% | 16.28% | 19.47% | 21.73% | 15.38% | 15.75% | 17.83% | 19.47% | 15.02% | 18.25% | |||||||||
| Efficiency | |||||||||||||||||||
| Assets AverageAssets Avg. | 0.17B | 0.37B | 0.80B | 1.68B | 2.87B | 5.63B | 10.55B | 12.05B | 11.03B | 13.66B | 13.98B | 14.80B | 15.11B | 14.65B | 14.30B | ||||
| Equity AverageEquity Avg. | 0.13B | 0.30B | 0.71B | 1.55B | 2.55B | 4.71B | 8.77B | 9.69B | 8.65B | 8.98B | 9.03B | 9.64B | 10.84B | 11.30B | 11.59B | 12.32B | 12.99B | 12.99B | 12.59B |
| Invested CapitalInvested Cap. | 9.07B | 12.48B | 11.97B | 13.04B | 13.43B | 13.47B | |||||||||||||
| Asset Utilization RatioAsset Util. | 0.69 | 0.72 | 0.72 | 0.76 | 0.84 | 0.93 | |||||||||||||
| Leverage & Solvency | |||||||||||||||||||
| Debt Ratio | 0.07 | 0.07 | 0.06 | 0.06 | |||||||||||||||
| Valuation | |||||||||||||||||||
| Price to EarningsP/E | 67.93 | 76.82 | 63.84 | 108.48 | 169.86 | 116.07 | 76.71 | ||||||||||||
| Price to SalesP/S | 15.44 | 13.19 | 14.95 | 18.06 | 18.09 | 12.50 | 11.15 | ||||||||||||
| Price to BookP/B | 10.58 | 9.34 | 10.08 | 7.31 | 15.35 | 21.67 | 15.58 | 5.33 | 11.01 | 11.18 | 9.29 | 10.23 | 11.87 | 11.19 | 12.35 | 15.44 | 15.52 | 12.37 | 11.66 |
| Enterprise Value | 1.88B | 3.44B | 9.15B | 13.32B | 43.84B | 132.30B | 165.64B | 38.90B | 94.83B | 99.40B | 85.19B | 103.52B | 131.67B | 118.17B | 143.88B | 186.85B | 203.31B | 148.86B | 142.94B |
| EV to EBIT | 122.48 | 99.13 | 115.84 | 143.51 | 138.50 | 90.38 | 77.52 | ||||||||||||
| EV to EBITDA | 118.51 | 96.39 | 112.93 | 140.07 | 135.63 | 88.77 | 76.32 | ||||||||||||
| Market Capitalization | 2.07B | 3.84B | 10.09B | 15.29B | 46.29B | 138.69B | 173.41B | 43.95B | 99.83B | 99.40B | 85.19B | 103.52B | 137.15B | 123.68B | 149.70B | 193.20B | 209.09B | 154.60B | 147.89B |
| Price to FCFP/FCF | 85.88 | 71.58 | 82.39 | 101.53 | 104.18 | 72.93 | 62.88 | ||||||||||||
| EV to FCF | 82.45 | 68.38 | 79.18 | 98.19 | 101.30 | 70.22 | 60.77 | ||||||||||||
| EV to CFO | 81.48 | 67.72 | 78.49 | 97.17 | 100.01 | 69.33 | 60.14 | ||||||||||||
| Return Ratios | |||||||||||||||||||
| Return on Sales [ROS]ROS | 4.62% | 11.78% | 13.09% | 16.54% | 8.60% | 10.86% | 12.06% | 17.18% | 12.05% | 13.62% | |||||||||
| Return on Capital Employed [ROCE]ROCE | 10.23% | 10.43% | 10.34% | 10.70% | 12.40% | 14.37% | |||||||||||||
| Return on Invested Capital [ROIC]ROIC | 9.16% | 8.99% | 8.60% | 8.90% | |||||||||||||||
| Return on Assets [ROA]ROA | 11.78% | 16.77% | 12.03% | 8.14% | 9.09% | 13.49% | |||||||||||||
| Return on Equity [ROE]ROE | 18.63% | 14.24% | 20.24% | 14.46% | 9.48% | 10.26% | 15.31% |
Pull Shopify's standardized financial statements into your own models, spreadsheets and apps with the Business Quant Financial Statements API. The request below follows the statement, frequency and period selected above. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/statements?ticker=SHOP&statement=Ratios&frequency=Quarter&period=all&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/statements"
params = {"ticker": "SHOP", "statement": "Ratios", "frequency": "Quarter", "period": "all", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/statements?ticker=SHOP&statement=Ratios&frequency=Quarter&period=all&api_key=YOUR_API_KEY");
const data = await res.json();