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FCF Margin for Shopify (SHOP)

As of · Reported

Metric

TTM

17.2%

YoY change

−0.62pp

Trough year (2014)

-22.4%

Peak year (2024)

18.0%

FCF Margin history chart for Shopify (SHOP) from 2012 to 2025

Latest: 17.4%

FCF Margin change chart for Shopify (SHOP) from 2012 to 2025

Latest: −0.62pp

FCF Margin history table for Shopify (SHOP) from 2012 to 2025

  • 202517.4%-0.62pp
  • 202418.0%+5.17pp
  • 202312.8%+16.14pp
  • 2022-3.3%-13.84pp
  • 202110.5%-2.56pp
  • 202013.1%+12.55pp
  • 20190.5%+3.52pp
  • 2018-3.0%-0.57pp
  • 2017-2.4%+0.71pp
  • 2016-3.1%-0.57pp
  • 2015-2.6%+19.81pp
  • 2014-22.4%-16.19pp
  • 2013-6.2%-6.29pp
  • 20120.1%—

FCF Margin values are taken from Shopify's reported income statements (interim 6-K and annual 20-F filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.

About FCF Margin at Shopify (SHOP)

According to Shopify's latest reported financial statements, the company's latest reported free cash flow margin is 17.2%. Free cash flow margin is free cash flow divided by revenue — the share of each sales dollar that converts into cash after capital expenditures. Because free cash flow cannot be inflated by non-cash accounting, FCF margin is a clean read on how efficiently a business turns revenue into deployable cash.

Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .

In 2025, Shopify (SHOP) free cash flow margin totalled 17.37% – contracted 0.6 percentage points year-over-year.

2024 marks the peak free cash flow margin at 17.98%, with the historical low of -22.38% recorded in 2014.

Shopify FCF Margin by Year

Shopify FCF Margin 2025: 17.4%

In 2025, Shopify reported free cash flow margin of 17.37%, contracted 0.6 percentage points from 2024.

Shopify FCF Margin 2024: 18.0%

Shopify free cash flow margin in 2024 was 17.98%, expanded 5.2 percentage points from 2023. This figure represents the highest annual value in the available history.

Shopify FCF Margin 2023: 12.8%

2023's free cash flow margin for Shopify came in at 12.82%, expanded 16.1 percentage points from 2022.

Shopify FCF Margin 2022: -3.3%

Shopify posted free cash flow margin of -3.32% in 2022, contracted 13.8 percentage points from 2021.

Shopify FCF Margin 2021: 10.5%

Shopify free cash flow margin in 2021 was 10.51%.

See more financial history for Shopify (SHOP).

Sector peers by FCF Margin

Technology peers of Shopify (SHOP), ranked by their latest free cash flow margin

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