Filing Flows › Shopify (SHOP) › Gross margin
Shopify (SHOP) gross margin by quarter
Shopify's gross margin was 47.6% in Q3 2026 (third quarter 2026), -0.1 pts from Q2 2026. Over the last 5 quarters it ranged from 46.1% (Q4 2025) to 48.9% (Q3 2025).
| Quarter | Gross margin | Q/Q | Y/Y |
|---|---|---|---|
| Q3 2026 | 47.6% | -0.1 pts | -1.3 pts |
| Q2 2026 | 47.7% | +1.6 pts | -0.9 pts |
| Q4 2025 | 46.1% | -2.8 pts | — |
| Q3 2025 | 48.9% | +0.3 pts | — |
| Q2 2025 | 48.6% | — | — |
Q3 2026 at a glance
Shopify, Q3 2026: revenue $3.7B (+32% year over year), operating margin 15.2%, net earnings $462M, operating cash flow $818M. The chart follows the revenue to costs, profit and cash.
Questions
What is Shopify's gross margin?
Shopify's gross margin was 47.6% in Q3 2026 (third quarter 2026), -0.1 pts from Q2 2026.
How has Shopify's gross margin changed?
Over the last 5 quarters it ranged from 46.1% (Q4 2025) to 48.9% (Q3 2025).