The Q1 beat and maintained mid-teens FCF margin guidance suggest Shopify's growth trajectory remains intact despite macro headwinds. Watch Q2 revenue growth rate — if it lands at the high end of 'high-twenties,' it would signal continued acceleration. The $100B+ quarterly GMV milestone reinforces platform scale.
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Executive Summary
Shopify reported Q1 2026 revenue of $3.17B (+34% YoY) and GAAP net income excluding equity investments of $360M, with operating income doubling to $382M. The company guided Q2 revenue growth at a high-twenties percentage rate, maintaining strong free cash flow margins in the mid-teens.
Key Financial Metrics
Key Facts
- Revenue of $3.17B grew 34% YoY, accelerating from 27% in Q1 2025
- GAAP operating income doubled to $382M from $203M YoY
- Free cash flow of $476M, 15% margin (flat YoY)
- GMV surpassed $100B for the first time in a single quarter ($100.7B, +35% YoY)
- MRR reached $212M, up from $182M YoY (+16%)
- Q2 2026 guidance: revenue growth at high-twenties rate, FCF margin mid-teens
- Subscription solutions revenue grew 21% YoY to $750M; Merchant solutions grew 39% to $2.42B
- Stock-based compensation was $132M in Q1 2026 vs $114M YoY
Financial Impact
Revenue beat consensus by $80M (2.6%), EPS of $0.48 beat by $0.15 (44.7%)
Risk Factors
- Q2 revenue growth guidance of 'high-twenties' implies deceleration from Q1's 34%
- Stock-based compensation rising 16% YoY could pressure GAAP profitability
- Net loss of $581M driven by $941M in equity investment mark-to-market losses remains volatile
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3287487 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 8w ago | 8-K | $144.24 $141.87 | ▼ −1.64% | ▼ −1.04% | $151.27 (+4.88%) |
Aug 2, 2026 8w ago | Institutional Cluster | $117.01 $147.37 | ▲ +25.95% | ▲ +24.71% | $151.27 (+29.28%) |
Jul 28, 2026 9w ago | 144 | $129.17 $150.29 | ▲ +16.35% | ▲ +11.33% | $151.27 (+17.11%) |
Jul 8, 2026 12w ago | Press Release | $119.22 $144.24 | ▼ −20.99% | ▼ −17.71% | $151.27 (−26.89%) |
Jul 2, 2026 13w ago | 8-K | $119.46 $122.40 | ▲ +2.46% | ▲ +2.88% | $151.27 (+26.63%) |
Jun 30, 2026 13w ago | 144 | $121.63 $129.17 | ▲ +6.20% | ▲ +8.38% | $151.27 (+24.37%) |
Jun 16, 2026 15w ago | 8-K | $108.09 $125.06 | ▲ +15.70% | ▲ +14.38% | $151.27 (+39.95%) |
Jun 16, 2026 15w ago | Press Release | $108.09 $125.06 | ▲ +15.70% | ▲ +14.38% | $151.27 (+39.95%) |
Jun 2, 2026 17w ago | PRESS-RELEASE / 8-K | $112.94 $119.46 | ▲ +5.77% | ▲ +6.77% | $151.27 (+33.94%) |
May 8, 2026 20w ago | 8-K | $102.54 $110.42 | ▲ +7.68% | ▲ +7.99% | $151.27 (+47.53%) |
US Market Status
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