Shopify annual gross margin
2017
2018
2019
2020
2021
2022
2023
2024
2025
Shopify Gross Margin Growth & History (SHOP)
Shopify's gross margin was 48.07% for fiscal 2025.
View full Shopify company overviewShopify annual gross margin history
| Fiscal year | Period ended | Gross margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 48.07% | −2.29 pp |
| 2024 | 2024-12-31 | 50.36% | +0.57 pp |
| 2023 | 2023-12-31 | 49.79% | +0.61 pp |
| 2022 | 2022-12-31 | 49.18% | −4.62 pp |
| 2021 | 2021-12-31 | 53.80% | +1.18 pp |
| 2020 | 2020-12-31 | 52.62% | −2.23 pp |
| 2019 | 2019-12-31 | 54.85% | −0.71 pp |
| 2018 | 2018-12-31 | 55.56% | −0.92 pp |
| 2017 | 2017-12-31 | 56.48% | — |
Shopify quarterly gross margin
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Gross margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 47.67% | −0.91 pp |
| Q1 2026 | 2026-03-31 | 48.77% | −0.76 pp |
| Q4 2025 | 2025-12-31 | 46.11% | −1.97 pp |
| Q3 2025 | 2025-09-30 | 48.91% | −2.80 pp |
| Q2 2025 | 2025-06-30 | 48.58% | −2.52 pp |
| Q1 2025 | 2025-03-31 | 49.53% | −1.89 pp |
| Q4 2024 | 2024-12-31 | 48.08% | — |
| Q3 2024 | 2024-09-30 | 51.71% | — |
| Q2 2024 | 2024-06-30 | 51.10% | — |
| Q1 2024 | 2024-03-31 | 51.42% | — |
Shopify gross margin trends
Over the last five reported fiscal years, Shopify's gross margin decreased from 52.62% to 48.07%, a change of −4.55 percentage points. The latest reported quarter, Q2 2026, shows 47.67%.
About the metric
What gross margin means
Gross margin measures the percentage of revenue remaining after the direct costs of producing goods or services. It helps show how efficiently a company turns sales into gross profit before operating expenses.
Calculation and source
How gross margin is calculated
TickerStat calculates gross margin as SEC-reported gross profit divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Shopify filings at SEC.gov ↗