Strong beat with accelerating GMV and expanding FCF margins validates Shopify's growth story. The Q3 guidance implies continued momentum, though revenue growth is expected to moderate slightly. Watch for sustained subscription revenue growth and margin expansion in coming quarters.
Price Chart
Executive Summary
Shopify reported Q2 2026 revenue of $3.583B (+34% YoY), beating consensus of $3.44B, with EPS of $0.42 beating $0.40 estimates. GMV accelerated to $115.6B (+32% YoY) and free cash flow margin expanded to 18% from 16% a year ago. Q3 guidance calls for low-thirties revenue growth and high-teens to low-twenties FCF margin, maintaining strong momentum.
Key Financial Metrics
Key Facts
- Revenue $3.583B (+34% YoY) beat consensus of $3.44B
- EPS $0.42 beat consensus of $0.40 (+5%)
- GMV $115.6B (+32% YoY) accelerated from Q1's 35%
- Free cash flow $654M, margin 18% vs 16% a year ago
- Q3 guidance: revenue growth low-thirties, FCF margin high-teens to low-twenties
- Operating income $488M (+68% YoY), operating margin 13.6%
- Subscription solutions revenue $802M (+22% YoY), MRR $221M (+19.5% YoY)
Financial Impact
Revenue beat by ~$143M (4.2%), EPS beat by $0.02 (5%). FCF increased $232M YoY to $654M.
Risk Factors
- Tariff impacts on merchant activity and consumer spending
- Potential deceleration in merchant solutions revenue growth
- Stock-based compensation expected at $150M in Q3
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001594805-26-000046 |
| Document: shop-20260805.htm | 0001594805-26-000046 |
| Document: 0001594805-26-000046-index-headers.html | 0001594805-26-000046 |
| Document: 0001594805-26-000046-index.html | 0001594805-26-000046 |
| Document: 0001594805-26-000046.txt | 0001594805-26-000046 |
| 8-K Data (Synthetic) | 0001594805-26-000046 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 8w ago | 8-K | $144.24 $141.87 | ▼ −1.64% | ▼ −1.04% | $150.42 (+4.29%) |
Aug 2, 2026 8w ago | Institutional Cluster | $117.01 $147.37 | ▲ +25.95% | ▲ +24.71% | $150.42 (+28.56%) |
Jul 28, 2026 9w ago | 144 | $129.17 $150.29 | ▲ +16.35% | ▲ +11.33% | $150.42 (+16.45%) |
Jul 8, 2026 12w ago | Press Release | $119.22 $144.24 | ▼ −20.99% | ▼ −17.71% | $150.42 (−26.17%) |
Jul 2, 2026 13w ago | 8-K | $119.46 $122.40 | ▲ +2.46% | ▲ +2.88% | $150.42 (+25.92%) |
Jun 30, 2026 13w ago | 144 | $121.63 $129.17 | ▲ +6.20% | ▲ +8.38% | $150.42 (+23.67%) |
Jun 16, 2026 15w ago | 8-K | $108.09 $125.06 | ▲ +15.70% | ▲ +14.38% | $150.42 (+39.17%) |
Jun 16, 2026 15w ago | Press Release | $108.09 $125.06 | ▲ +15.70% | ▲ +14.38% | $150.42 (+39.17%) |
Jun 2, 2026 17w ago | PRESS-RELEASE / 8-K | $112.94 $119.46 | ▲ +5.77% | ▲ +6.77% | $150.42 (+33.19%) |
May 8, 2026 20w ago | 8-K | $102.54 $110.42 | ▲ +7.68% | ▲ +7.99% | $150.42 (+46.70%) |
US Market Status
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