Filing Flows › Shopify (SHOP) › Operating margin
Shopify (SHOP) operating margin by quarter
Shopify's operating margin was 15.2% in Q3 2026 (third quarter 2026), +1.6 pts from Q2 2026. Over the last 5 quarters it ranged from 10.9% (Q2 2025) to 17.2% (Q4 2025).
| Quarter | Operating margin | Q/Q | Y/Y |
|---|---|---|---|
| Q3 2026 | 15.2% | +1.6 pts | +3.1 pts |
| Q2 2026 | 13.6% | -3.6 pts | +2.8 pts |
| Q4 2025 | 17.2% | +5.1 pts | — |
| Q3 2025 | 12.1% | +1.2 pts | — |
| Q2 2025 | 10.9% | — | — |
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 operating margin?
Shopify's operating margin was 15.2% in Q3 2026 (third quarter 2026), +1.6 pts from Q2 2026.
How has Shopify's operating margin changed?
Over the last 5 quarters it ranged from 10.9% (Q2 2025) to 17.2% (Q4 2025).