TTM
13.3%
YoY change
+0.60pp
Trough year (2014)
-20.6%
Peak year (2025)
12.7%
Latest annual
12.7%
Operating Margin history chart for Shopify (SHOP) from 2012 to 2025
Latest: 12.7%
Operating Margin change chart for Shopify (SHOP) from 2012 to 2025
Latest: +0.60pp
Operating Margin history table for Shopify (SHOP) from 2012 to 2025
| 2025 | 12.7% | +0.60pp | ||
| 2024 | 12.1% | +32.19pp | ||
| 2023 | -20.1% | -5.41pp | ||
| 2022 | -14.7% | -20.50pp | ||
| 2021 | 5.8% | +2.75pp | ||
| 2020 | 3.1% | +12.02pp | ||
| 2019 | -8.9% | -0.38pp | ||
| 2018 | -8.6% | -1.26pp | ||
| 2017 | -7.3% | +2.25pp | ||
| 2016 | -9.5% | -0.89pp | ||
| 2015 | -8.7% | +11.93pp | ||
| 2014 | -20.6% | -12.09pp | ||
| 2013 | -8.5% | -2.11pp | ||
| 2012 | -6.4% | — |
- 202512.7%+0.60pp
- 202412.1%+32.19pp
- 2023-20.1%-5.41pp
- 2022-14.7%-20.50pp
- 20215.8%+2.75pp
- 20203.1%+12.02pp
- 2019-8.9%-0.38pp
- 2018-8.6%-1.26pp
- 2017-7.3%+2.25pp
- 2016-9.5%-0.89pp
- 2015-8.7%+11.93pp
- 2014-20.6%-12.09pp
- 2013-8.5%-2.11pp
- 2012-6.4%—
Operating 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 Operating Margin at Shopify (SHOP)
According to Shopify's latest reported financial statements, the company's latest reported operating margin is 13.3%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
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) operating margin is 12.70% – expanded 0.6 percentage points year-over-year.
The highest annual operating margin of 12.70% was reported in 2025. The lowest in the available history was -20.58% in 2014.
Shopify Operating Margin by Year
Shopify Operating Margin 2025: 12.7%
In 2025, Shopify reported operating margin of 12.70%, expanded 0.6 percentage points from 2024. This figure represents the highest annual value in the available history.
Shopify Operating Margin 2024: 12.1%
Shopify operating margin in 2024 was 12.11%, expanded 32.2 percentage points from 2023.
Shopify Operating Margin 2023: -20.1%
2023's operating margin for Shopify came in at -20.08%, contracted 5.4 percentage points from 2022.
Shopify Operating Margin 2022: -14.7%
Shopify posted operating margin of -14.68% in 2022, contracted 20.5 percentage points from 2021.
Shopify Operating Margin 2021: 5.8%
Shopify operating margin in 2021 was 5.83%.
See more financial history for Shopify (SHOP).
Sector peers by Operating Margin
Technology peers of Shopify (SHOP), ranked by their latest operating margin
| 64.0% | |
| 53.2% | |
| 48.5% | |
| 46.8% | |
| 43.7% | |
| 34.8% | |
| 32.6% | |
| 11.7% |
- 64.0%
- 53.2%
- 46.8%
- 43.7%
- 34.8%
- 32.6%
- 11.7%
Frequently asked questions
Shopify (SHOP) Key Financials
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