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Shopify SHOP Free cash flow margin

Free cash flow margin at other companies

Adobe logo
AdobeADBE
40.8%-1.0pp
eBay logo
eBayEBAY
20.6%+3.5pp
Salesforce logo
SalesforceCRM
34.2%+1.5pp
Global Payments logo
Global PaymentsGPN
12%-19.4pp
Block logo
BlockXYZ
13.3%+8.3pp
Affirm Holdings, Inc. logo
Affirm Holdings, Inc.AFRM
19.8%-0.4pp

Other financials

Income statement

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Revenue$3.2B+34.3%
Gross profit$1.5B+32.3%
Operating income$382.0M+88.2%
Net income-$581.0M+14.8%
EPS (diluted)-$0.45+15.1%

Balance sheet

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Cash & equivalents$1.8B+41.2%
Total debt$179.0M-84.3%
Total equity$12.5B+13.1%
Total assets$14.1B+5.4%

Cash flow

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Operating cash flow$481.0M+31.1%
CapEx$5.0M+25.0%
Free cash flow$476.0M+31.1%

Valuation

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Market cap$140.26B+25.1%
Enterprise value$138.59B+23.9%
P/E105.3×+35.7×
P/S11.3×-0.6×

Profitability

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Gross margin48%-2.0pp
Operating margin13.3%+0.6pp
Net margin10.8%-6.4pp

Returns & leverage

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Return on equity11.3%-4.8pp
Debt / equity-0.1×
Current ratio6.2×+2.5×

Where this comes from

Calculated from Shopify’s reported figures.

Based on trailing twelve months.

The official record: Shopify’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Shopify's free cash flow margin?
Shopify (SHOP) reported free cash flow margin of 17.1% in Q1 2026.
How has Shopify's free cash flow margin changed year-over-year?
Shopify's free cash flow margin decreased by 6.9% year-over-year, from 18.4% to 17.1%.
What is the long-term trend for Shopify's free cash flow margin?
Over 2 years (2023 to 2025), Shopify's free cash flow margin has grown at a 56.2% compound annual growth rate (CAGR), from 29.4% to 71.7%.
What does free cash flow margin mean?
How much real, spendable cash each sales dollar generates after reinvestment.
How do you interpret free cash flow margin?
A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.
How does free cash flow margin compare across companies?
Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.