stockrowShopify Inc.
SHOP Technology Software Application
Shopify Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.6 billion, up 30.1% from fiscal 2024.
- Revenue
- +31.6%
- EPS
- +79.5%
- Free cash flow
- +61.0%
- Total debt
- −81.7%
Quarter to September 2026, against a year earlier
Follow SHOP
Alert me
Shopify Inc. (SHOP) Gross margin
Shopify Inc.'s gross margin over the twelve months to 30 September 2026 was 47.5%, down 0.6 percentage points from fiscal 2025 (48.1%). Over the past ten years it has ranged from 48.1% (fiscal 2025) to 56.5% (fiscal 2017) — the current reading is the lowest in ten years. That is below the Software Application industry median of 66.9% and in line with the Technology sector median of 46.9%.
Gross margin, annual
Embed this chart
Annual newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| FY2025 | 48.1% | (2.29) |
| FY2024 | 50.4% | 0.57 |
| FY2023 | 49.8% | 0.61 |
| FY2022 | 49.2% | (4.62) |
| FY2021 | 53.8% | 1.18 |
| FY2020 | 52.6% | (2.23) |
| FY2019 | 54.9% | (0.71) |
| FY2018 | 55.6% | (0.92) |
| FY2017 | 56.5% | 2.67 |
| FY2016 | 53.8% | (1.37) |
Quarterly newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| Sep 2026 | 47.6% | (0.08) |
| Jun 2026 | 47.7% | (1.10) |
| Mar 2026 | 48.8% | 2.66 |
| Dec 2025 | 46.1% | (2.80) |
| 43 more quarters | Free account |
Against its own ten years
Gross margin against peers
| Company | Gross margin |
|---|---|
| ADBE Adobe Inc. compare | 89.3% |
| INTU Intuit Inc. compare | 80.2% |
| CRM Salesforce, Inc. compare | 77.3% |
| NOW ServiceNow, Inc. compare | 73.1% |
| SAP SAP SE compare | 72.7% |
| SNOW Snowflake Inc. compare | 67.0% |
| SHOP Shopify Inc. | 47.5% |
| ADP Automatic Data Processing, Inc. compare | 46.6% |
| UBER Uber Technologies, Inc. compare | 43.2% |
| Software Application industry median | 66.9% |
| Technology sector median | 46.9% |
| Market median | 45.1% |
What Gross margin is
Gross Margin tells an investor how much of each sale a company keeps after paying the direct costs of making or buying what it sells.
Gross Profit ÷ Revenue
More on SHOP
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
- The full statement