Shopify Inc. (SHOP): operating margin, 10 filed years
Operating margin at Shopify Inc. was 12.7% in FY2025, the newest filed year. Across the 10 computed years from FY2016 it ranged from -20.1% (FY2023) to 12.7% (FY2025), with a median of -7.9%.
Tonight's figure on the company page: 12.7%, recomputed 2026-10-15. The table is each filed year on its own terms, with the formula below; the current figure may use trailing twelve months or, where the explainer says so, a different denominator.
Year by year
| Fiscal year | Operating margin | Read from |
|---|---|---|
| FY2016 | -9.6% | 40-F, filed 2017-02-15 |
| FY2017 | -7.3% | 40-F, filed 2018-02-15 |
| FY2018 | -8.6% | 40-F, filed 2019-02-12 |
| FY2019 | -8.9% | 40-F, filed 2020-02-12 |
| FY2020 | 3.1% | 40-F, filed 2021-02-17 |
| FY2021 | 5.8% | 40-F, filed 2022-02-16 |
| FY2022 | -14.7% | 10-K, filed 2025-02-11 |
| FY2023 | -20.1% | 40-F, filed 2024-02-13 |
| FY2024 | 12.1% | 10-K, filed 2025-02-11 |
| FY2025 | 12.7% | 10-K, filed 2026-02-11 |
How each year is computed
Operating income / revenue x 100
Each year is a ratio of lines in that year's filed annual report, with the nightly recompute's own rules for what counts as a filed line. Nothing is estimated, smoothed or filled in: a year that cannot be computed says why.
Read further
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.