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%-0.1pp	48.1%-0.7pp	48.7%-0.6pp	49.3%-0.6pp	49.9%-0.4pp
Operating margin	13.3%+0.6pp	12.7%+0.5pp	12.2%-0.2pp	12.4%-0.3pp	12.7%+0.6pp
Net margin	10.8%+0.1pp	10.7%-6.0pp	16.7%-6.8pp	23.4%+6.3pp	17.2%-5.6pp
Returns
Return on equity	11.3%+1.5pp	9.8%-5.9pp	15.7%-6.3pp	22%+5.9pp	16.1%-3.4pp
Return on invested capital	15.2%+4.9pp	10.3%—	——	——	——
Efficiency
Asset turnover	0.9×+0.1×	0.8×—	——	——	——
Liquidity
Current ratio	6.2×+0.2×	6×+2.0×	3.9×+0.1×	3.9×+0.1×	3.7×0.0×
Leverage
Debt-to-equity	0×0.0×	0×-0.1×	0.1×0.0×	0.1×0.0×	0.1×0.0×
Net debt / EBITDA	-1×-0.1×	-0.9×+0.1×	-1×-0.7×	-0.3×-0.2×	-0.1×+0.2×
Per Share
Book value per share	$9.59-7.1%	$10.32+8.3%	$9.53+2.9%	$9.26+8.6%	$8.53-3.9%
Valuation
Market capitalization	$154.69B-26.2%	$209.56B+8.5%	$193.14B+30.1%	$148.45B+20.1%	$123.63B-10.0%
Price / earnings	116.1×-54.1×	170.2×+61.8×	108.4×+45.1×	63.3×-13.5×	76.8×+8.7×
Price / sales	12.5×-5.6×	18.1×+0.1×	18.1×+3.2×	14.8×+1.6×	13.2×-2.3×
Price / book	12.4×-3.2×	15.6×+0.1×	15.4×+3.2×	12.2×+1.1×	11.2×-0.7×
EV / EBITDA	91.2×-47.6×	138.9×-4.9×	143.8×+27.6×	116.2×+15.5×	100.7×-22.6×

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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.