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Gross Margin by Segment
Analyzes profitability within specific areas of the business, revealing which segments are most efficient and where cost management can improve.Subscription margins are a stable high‑margin driver—holding in the low‑80s even as AI (LLM) costs and the normalization of developer revenue‑share tailwinds exert modest pressure—so gross‑profit dollars can still grow even if per‑unit margins tick down. Merchant margins have been volatile but the recent rebound toward ~39% reflects Payments/Shop Pay scale and GMV mix benefits; however rising transaction and credit losses plus accounting/regulatory changes (merchant cash advances) limit how much merchant profitability can expand in the near term.
Date | Subscription | Merchant |
|---|---|---|
Jun 30, 2026 | 79.68 | 38.44 |
Mar 31, 2026 | 80.27 | 39.01 |
Dec 31, 2025 | 80.95 | 36.75 |
Sep 30, 2025 | 81.69 | 38.23 |
Jun 30, 2025 | 81.55 | 37.90 |
Mar 31, 2025 | 80.16 | 38.62 |
Dec 31, 2024 | 79.88 | 38.21 |
Sep 30, 2024 | 82.29 | 39.69 |
Jun 30, 2024 | 82.80 | 39.10 |
Mar 31, 2024 | 81.40 | 40.00 |