Shopify annual operating margin
2017
2018
2019
2020
2021
2022
2023
2024
2025
Shopify Operating Margin Growth & History (SHOP)
Shopify's operating margin was 12.70% for fiscal 2025.
View full Shopify company overviewShopify annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 12.70% | +0.60 pp |
| 2024 | 2024-12-31 | 12.11% | +32.19 pp |
| 2023 | 2023-12-31 | −20.08% | −5.41 pp |
| 2022 | 2022-12-31 | −14.68% | −20.50 pp |
| 2021 | 2021-12-31 | 5.83% | +2.75 pp |
| 2020 | 2020-12-31 | 3.08% | +12.02 pp |
| 2019 | 2019-12-31 | −8.94% | −0.38 pp |
| 2018 | 2018-12-31 | −8.56% | −1.26 pp |
| 2017 | 2017-12-31 | −7.30% | — |
Shopify quarterly operating 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 | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 13.62% | +2.76 pp |
| Q1 2026 | 2026-03-31 | 12.05% | +3.45 pp |
| Q4 2025 | 2025-12-31 | 17.18% | +0.65 pp |
| Q3 2025 | 2025-09-30 | 12.06% | −1.03 pp |
| Q2 2025 | 2025-06-30 | 10.86% | −0.93 pp |
| Q1 2025 | 2025-03-31 | 8.60% | +3.98 pp |
| Q4 2024 | 2024-12-31 | 16.54% | — |
| Q3 2024 | 2024-09-30 | 13.09% | — |
| Q2 2024 | 2024-06-30 | 11.78% | — |
| Q1 2024 | 2024-03-31 | 4.62% | — |
Shopify operating margin trends
Over the last five reported fiscal years, Shopify's operating margin increased from 3.08% to 12.70%, a change of +9.63 percentage points. The latest reported quarter, Q2 2026, shows 13.62%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income 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 ↗