The Q1 beat and strong guidance reinforce Shopify's growth narrative. Watch for continued GMV acceleration and margin expansion in Q2. The slight deceleration in Q2 guidance (high-twenties vs 34% in Q1) is a minor headwind but within expectations for a seasonally slower quarter.
Price Chart
Executive Summary
Shopify reported Q1 2026 revenue of $3.17B, up 34% YoY, and operating income of $382M, up 88% YoY, driven by broad-based growth across geographies and merchant sizes. GMV surpassed $100B for the first time in a single quarter, and the company guided Q2 revenue growth at a high-twenties percentage rate, slightly decelerating from Q1's 34%.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $3.17B, up 34% YoY (vs $2.36B in Q1 2025)
- Operating income of $382M, up 88% YoY (vs $203M in Q1 2025)
- GMV of $100.7B, up 35% YoY, first quarter above $100B
- Free cash flow of $476M, up 31% YoY, with 15% FCF margin
- MRR of $212M, up 16% YoY (vs $182M in Q1 2025)
- Q2 2026 guidance: revenue growth at high-twenties percentage rate YoY
- Subscription solutions revenue of $750M, up 21% YoY
- Merchant solutions revenue of $2.42B, up 39% YoY
- GAAP net loss of $581M driven by $1.06B in net losses on equity investments (non-cash)
- Net income excluding equity investments of $360M, up 59% YoY
Financial Impact
Revenue beat consensus by $80M (2.6%) and EPS beat by $0.15 (45.5%)
Risk Factors
- Q2 guidance implies revenue growth deceleration to high-twenties from Q1's 34%
- GAAP net loss of $581M due to volatile equity investment mark-to-market
- Stock-based compensation of $132M, up 16% YoY, dilutes shareholders
- Transaction and loan losses of $116M, up 55% YoY, reflecting higher credit risk in merchant cash advances
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001594805-26-000018 |
| Document: shop-20260505.htm | 0001594805-26-000018 |
| Document: 0001594805-26-000018-index-headers.html | 0001594805-26-000018 |
| Document: 0001594805-26-000018-index.html | 0001594805-26-000018 |
| Document: 0001594805-26-000018.txt | 0001594805-26-000018 |
| 8-K Data (Synthetic) | 0001594805-26-000018 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 8w ago | 8-K | $144.24 $141.87 | ▼ −1.64% | ▼ −1.04% | $151.39 (+4.96%) |
Aug 2, 2026 8w ago | Institutional Cluster | $117.01 $147.37 | ▲ +25.95% | ▲ +24.71% | $151.39 (+29.38%) |
Jul 28, 2026 9w ago | 144 | $129.17 $150.29 | ▲ +16.35% | ▲ +11.33% | $151.39 (+17.20%) |
Jul 8, 2026 12w ago | Press Release | $119.22 $144.24 | ▼ −20.99% | ▼ −17.71% | $151.39 (−26.98%) |
Jul 2, 2026 13w ago | 8-K | $119.46 $122.40 | ▲ +2.46% | ▲ +2.88% | $151.39 (+26.73%) |
Jun 30, 2026 13w ago | 144 | $121.63 $129.17 | ▲ +6.20% | ▲ +8.38% | $151.39 (+24.47%) |
Jun 16, 2026 15w ago | 8-K | $108.09 $125.06 | ▲ +15.70% | ▲ +14.38% | $151.39 (+40.06%) |
Jun 16, 2026 15w ago | Press Release | $108.09 $125.06 | ▲ +15.70% | ▲ +14.38% | $151.39 (+40.06%) |
Jun 2, 2026 17w ago | PRESS-RELEASE / 8-K | $112.94 $119.46 | ▲ +5.77% | ▲ +6.77% | $151.39 (+34.04%) |
May 8, 2026 20w ago | 8-K | $102.54 $110.42 | ▲ +7.68% | ▲ +7.99% | $151.39 (+47.64%) |
US Market Status
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