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Shopify SHOP Gross margin

Gross margin at other companies

Adobe logo
AdobeADBE
89.4%+0.2pp
eBay logo
eBayEBAY
72%-0.1pp
Salesforce logo
SalesforceCRM
77.6%+0.3pp
Global Payments logo
Global PaymentsGPN
67.3%-6.4pp
Etsy logo
EtsyETSY
72%-0.8pp
Block logo
BlockXYZ
44.9%+6.9pp

Other financials

Income statement

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Revenue$3.2B+34.3%
Gross profit$1.5B+32.2%
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$152.02B-6.4%
Enterprise value$150.35B-7.2%
P/E114.1×+44.9×
P/S12.3×-3.9×

Profitability

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Operating margin13.3%+0.6pp
Net margin10.8%-6.4pp
FCF margin17.1%-1.3pp

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 source filing: Shopify’s 10-Q, filed May 5, 2026. Open the filing →

Filed
May 5, 2026, 7:19 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001594805-26-000019

FAQ

What is Shopify's gross margin?
Shopify (SHOP) reported gross margin of 48% in Q1 2026.
How has Shopify's gross margin changed year-over-year?
Shopify's gross margin decreased by 3.9% year-over-year, from 49.9% to 48%.
What is the long-term trend for Shopify's gross margin?
Over 3 years (2022 to 2025), Shopify's gross margin has grown at a -0.8% compound annual growth rate (CAGR), from 49.2% to 48.1%.
What does gross margin mean?
Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.

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