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Shopify SHOP Net margin

Net margin at other companies

Adobe logo
AdobeADBE
28.7%-1.7pp
eBay logo
eBayEBAY
17.6%-2.2pp
Salesforce logo
SalesforceCRM
18.7%+2.7pp
Global Payments logo
Global PaymentsGPN
-8%-28.2pp
Etsy logo
EtsyETSY
9.9%+3.2pp
Block logo
BlockXYZ
3.3%-7.6pp

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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Gross margin48%-2.0pp
Operating margin13.3%+0.6pp
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 net margin?
Shopify (SHOP) reported net margin of 10.8% in Q1 2026.
How has Shopify's net margin changed year-over-year?
Shopify's net margin decreased by 37.3% year-over-year, from 17.2% to 10.8%.
What is the long-term trend for Shopify's net margin?
Over 3 years (2022 to 2025), Shopify's net margin has grown at a -44.3% compound annual growth rate (CAGR), from -61.8% to 10.7%.
What does net margin mean?
Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.

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