SHOP Rule of 40
Rule of 40 combines revenue growth and free cash flow margin in one quarterly score.
46
Q3
53
2024
Q4
42
Q1
47
Q2
49
Q3
50
2025
Q4
49
Q1
52
2026
Q2
40
0
Mix
Other SHOP Charts
More quarter-by-quarter fundamentals for Shopify Inc.
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Revenue
EPS
Free Cash Flow
Gross Margin
FCF Margin
P/E Ratio
Cumulative FCF
Shares Outstanding
Total Assets
Total Debt
Enterprise SaaS Comparison
1 / 3
CRM · Rule of 40
2026 Q3 · latest
20.5✗ Below 40
Growth +10.8%
FCF +9.7%
27
2024
Q4
46
Q1
72
Q2
16
Q3
30
2025
Q4
60
Q1
72
Q2
21
2026
Q3
40
0
Mix
NOW · Rule of 40
2026 Q2 · latest
35.9✗ Below 40
Growth +24.0%
FCF +11.9%
39
Q3
68
2024
Q4
66
Q1
39
Q2
39
Q3
77
2025
Q4
63
Q1
36
2026
Q2
40
0
Mix
PANW · Rule of 40
2026 Q4 · latest
71.2✓ Passing
Growth +34.5%
FCF +36.8%
82
Q1
37
Q2
39
Q3
53
2025
Q4
84
Q1
30
Q2
57
Q3
71
2026
Q4
40
0
Mix
Latest Rule of 40: +52 (2026Q2); +5 pts YoY.
Across the 8 quarters from 2024Q3 to 2026Q2, Rule of 40 ranged from +42 in 2025Q1 to +53 in 2024Q4.