What is Shopify's gross profit?

Shopify (SHOP) reported gross profit of $1.55B in Q1 2026.

How has Shopify's gross profit changed year-over-year?

Shopify's gross profit increased by 32.2% year-over-year, from $1.17B to $1.55B.

What is the long-term trend for Shopify's gross profit?

Over 3 years (2022 to 2025), Shopify's gross profit has grown at a 26.3% compound annual growth rate (CAGR), from $2.75B to $5.56B.

What does gross profit mean?

Revenue minus cost of revenue — the profit available to cover operating expenses, representing the company's pricing power and production efficiency.

Shopify SHOP Gross Profit

Gross Profit at other companies

AdobeADBE

$5.9B+12.8%

eBayEBAY

$2.29B+21.1%

SalesforceCRM

$8.56B+13.2%

EtsyETSY

$455.6M+2.5%

BlockXYZ

$2.91B+27.1%

Global PaymentsGPN

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Other financials

Income statement

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Revenue$3.2B+34.3%

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$144.84B+4.9%

Enterprise value$143.18B+3.8%

P/E108.7×+23.0×

P/S11.7×-3.0×

Profitability

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Gross margin48%-2.0pp

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 / equity0×-0.1×

Current ratio6.2×+2.5×

Where this comes from

Calculated from Shopify’s reported figures.

$3.2Btotal revenue−$1.6Btotal cost of revenue=$1.55B

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 gross profit?: Shopify (SHOP) reported gross profit of $1.55B in Q1 2026.
How has Shopify's gross profit changed year-over-year?: Shopify's gross profit increased by 32.2% year-over-year, from $1.17B to $1.55B.
What is the long-term trend for Shopify's gross profit?: Over 3 years (2022 to 2025), Shopify's gross profit has grown at a 26.3% compound annual growth rate (CAGR), from $2.75B to $5.56B.
What does gross profit mean?: Revenue minus cost of revenue — the profit available to cover operating expenses, representing the company's pricing power and production efficiency.