TTM
48.0%
YoY change
−2.29pp
Trough year (2025)
48.1%
Peak year (2012)
79.9%
Latest annual
48.1%
Gross Margin history chart for Shopify (SHOP) from 2012 to 2025
Latest: 48.1%
Gross Margin change chart for Shopify (SHOP) from 2012 to 2025
Latest: −2.29pp
Gross Margin history table for Shopify (SHOP) from 2012 to 2025
| 2025 | 48.1% | -2.29pp | ||
| 2024 | 50.4% | +0.57pp | ||
| 2023 | 49.8% | +0.61pp | ||
| 2022 | 49.2% | -4.62pp | ||
| 2021 | 53.8% | +1.18pp | ||
| 2020 | 52.6% | -2.23pp | ||
| 2019 | 54.9% | -0.71pp | ||
| 2018 | 55.6% | -0.92pp | ||
| 2017 | 56.5% | +2.67pp | ||
| 2016 | 53.8% | -0.31pp | ||
| 2015 | 54.1% | -4.72pp | ||
| 2014 | 58.8% | -14.27pp | ||
| 2013 | 73.1% | -6.75pp | ||
| 2012 | 79.9% | — |
- 202548.1%-2.29pp
- 202450.4%+0.57pp
- 202349.8%+0.61pp
- 202249.2%-4.62pp
- 202153.8%+1.18pp
- 202052.6%-2.23pp
- 201954.9%-0.71pp
- 201855.6%-0.92pp
- 201756.5%+2.67pp
- 201653.8%-0.31pp
- 201554.1%-4.72pp
- 201458.8%-14.27pp
- 201373.1%-6.75pp
- 201279.9%—
Gross 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 Gross Margin at Shopify (SHOP)
According to Shopify's latest reported financial statements, the company's latest reported gross margin is 48.0%. Gross margin is gross profit divided by revenue, expressed as a percentage. It shows how much of each sales dollar survives the direct cost of goods sold — before operating expenses, interest, and taxes. A higher gross margin generally signals pricing power and production efficiency. Margins are most meaningful compared against sector peers and a company's own history.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
The 2025 reading of Shopify (SHOP) gross margin is 48.07% – contracted 2.3 percentage points year-over-year.
Across the available history, gross margin reached its high of 79.86% in 2012 and its low of 48.07% in 2025.
Shopify Gross Margin by Year
Shopify Gross Margin 2025: 48.1%
Shopify posted gross margin of 48.07% in 2025, contracted 2.3 percentage points from 2024. This figure represents the lowest annual value in the available history.
Shopify Gross Margin 2024: 50.4%
In 2024, Shopify reported gross margin of 50.36%, expanded 0.6 percentage points from 2023.
Shopify Gross Margin 2023: 49.8%
Shopify gross margin in 2023 was 49.79%, expanded 0.6 percentage points from 2022.
Shopify Gross Margin 2022: 49.2%
2022's gross margin for Shopify came in at 49.18%, contracted 4.6 percentage points from 2021.
Shopify Gross Margin 2021: 53.8%
Shopify gross margin in 2021 was 53.80%.
See more financial history for Shopify (SHOP).
Sector peers by Gross Margin
Technology peers of Shopify (SHOP), ranked by their latest gross margin
| 74.1% | |
| 68.3% | |
| 67.0% | |
| 61.8% | |
| 58.4% | |
| 52.6% | |
| 50.3% | |
| 47.9% |
- 74.1%
- 68.3%
- 67.0%
- 61.8%
- 52.6%
- 50.3%
- 47.9%
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Shopify (SHOP) Key Financials
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