What are Shopify's profit margins?

Shopify (SHOP) runs a 48.0% gross margin and a 13.3% operating margin, with a 10.8% net margin.

Where do Shopify's ratios come from?

Every ratio is computed from Shopify's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Shopify SHOP Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Gross margin	48%-2.0pp	48.1%-2.3pp	48.7%-2.3pp	49.3%-1.2pp	49.9%-0.3pp
Operating margin	13.3%+0.6pp	12.7%+0.6pp	12.2%+8.9pp	12.4%+17.5pp	12.7%+26.4pp
Net margin	10.8%-6.4pp	10.7%-12.1pp	16.7%+7.0pp	23.4%+23.9pp	17.2%+19.6pp
Returns
Return on equity	11.3%-4.8pp	9.8%-9.7pp	15.7%—	22%—	16.1%—
Return on invested capital	15.2%—	10.3%+0.1pp	——	——	——
Efficiency
Asset turnover	0.9×—	0.8×+0.1×	——	——	——
Liquidity
Current ratio	6.2×+2.5×	6×+2.3×	3.9×—	3.9×—	3.7×—
Leverage
Debt-to-equity	0×-0.1×	0×-0.1×	0.1×—	0.1×—	0.1×—
Net debt / EBITDA	-1×-0.9×	-0.9×-0.6×	-1×—	-0.3×—	-0.1×—
Per Share
Book value per share	$9.59+12.4%	$10.32+16.3%	$9.53+22.6%	$9.26+31.3%	$8.53+23.5%
Valuation
Market capitalization	$154.69B+25.1%	$209.56B+52.5%	$193.14B+87.1%	$148.45B+74.4%	$123.63B+24.3%
Price / earnings	116.1×+39.3×	170.2×+102×	108.4×-27.6×	63.3×—	76.8×—
Price / sales	12.5×-0.7×	18.1×+2.7×	18.1×+4.9×	14.8×+3.4×	13.2×-0.7×
Price / book	12.4×+1.2×	15.6×+3.7×	15.4×+5.2×	12.2×+3.0×	11.2×0.0×
EV / EBITDA	91.2×-9.5×	138.9×+15.6×	143.8×—	116.2×—	100.7×—

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Questions, answered.

What are Shopify's profit margins?: Shopify (SHOP) runs a 48.0% gross margin and a 13.3% operating margin, with a 10.8% net margin.
Where do Shopify's ratios come from?: Every ratio is computed from Shopify's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.