Jun 2026 (Q2 FY26) — Aug 5, 2026
Shopify Q2 FY26 — Strong GMV Growth and AI-Driven Merchant Success
Read the full callShopify (SHOP) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Shopify earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,583 | +33.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 13.6 | +2.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,502 | +65.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
40 of 41 judged targets kept · 5 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Canada Goose retail locations live on Shopify point-of-sale | about 50 physical stores beginning in 2026 | Jun 2025 | We powered the rollout of multiple Canada Goose locations | Achieved |
| Free cash flow margin | high teens to low 20s | Jun 2026 | We expect our Q3 free cash flow margin to be in the high teens to low 20s | New |
1 of SHOPIFY INC.'s 46 targets was missed. See which ones, and which are quietly gone. The 2 above are the free sample; 44 more targets are in the full ledger.
Claimed
- GMV increased 32% to $116 billion, marking the fifth consecutive quarter of GMV growth above 30%.
- Revenue grew 34% to $3.6 billion, surpassing expectations.
- Free cash flow margin was 18%, exceeding outlook and representing approximately 1.5 points of year-over-year margin expansion.
- AI-driven traffic and orders to Shopify stores tripled year-over-year in Q2.
- Shop Pay GMV grew 53% year-over-year, surpassing $400 billion in lifetime accelerated GMV.
Qualified
Price
$171.06 +0.91% · +$1.54
Performance +8.4% 1Y
1Y: $157.76 on 17 Oct 2025 → $171.06. High $179.22 (12 Oct 2026), low $95.4 (13 May 2026).
- Previous close
- $169.52
- 52-week range
- $95.4 – $179.22
- One year
- +3.86%
Overview
- Symbol
- SHOP
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
40 of 41 judged targets kept · 5 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Canada Goose retail locations live on Shopify point-of-sale | about 50 physical stores beginning in 2026 | Jun 2025 | We powered the rollout of multiple Canada Goose locations | Achieved |
| Free cash flow margin | high teens to low 20s | Jun 2026 | We expect our Q3 free cash flow margin to be in the high teens to low 20s | New |
Claimed
- GMV increased 32% to $116 billion, marking the fifth consecutive quarter of GMV growth above 30%.
- Revenue grew 34% to $3.6 billion, surpassing expectations.
- Free cash flow margin was 18%, exceeding outlook and representing approximately 1.5 points of year-over-year margin expansion.
- AI-driven traffic and orders to Shopify stores tripled year-over-year in Q2.
- Shop Pay GMV grew 53% year-over-year, surpassing $400 billion in lifetime accelerated GMV.
Qualified
The full ledger
Open SHOPIFY INC.’s full ledger
A free account opens 5 company ledgers a month. All 46 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Shopify Q1 FY26 — Strong GMV and Revenue Growth Driven by AI Adoption and Payments Penetration
Read the full callDec 2025 (Q4 FY25) — Feb 11, 2026
Shopify Q4 FY25 — AI-Powered Commerce and Record Revenue
Read the full callEvery analysed call
Shopify earnings calls (SHOP)
Financials
What the filings say
Net profit, year on year: +66% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,162 | 2,812 | 2,360 | 2,680 | 2,844 | 3,672 | 3,170 | 3,583 |
| Operating profit | 283 | 465 | 203 | 291 | 343 | 631 | 382 | 488 |
| Operating margin | 13.1% | 16.5% | 8.6% | 10.9% | 12.1% | 17.2% | 12.1% | 13.6% |
| Other income | 577 | 956 | -973 | 788 | -35 | 261 | -1,016 | 1,287 |
| Net profit | 828 | 1,293 | -682 | 906 | 264 | 743 | -581 | 1,502 |
| EPS ($ per share) | 0.64 | — | -0.53 | 0.70 | 0.20 | — | -0.45 | 1.16 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2,216 | 3,256 | 6,115 | 8,040 | 8,747 | 9,201 | 9,634 | 10,376 |
| Reserves | -188 | -304 | 15 | 2,938 | -522 | -390 | 1,629 | 2,860 |
| Total liabilities | 164 | 474 | 1,362 | 2,207 | 2,518 | 2,233 | 2,366 | 1,716 |
| Fixed assets | 62 | 111 | 92 | 106 | 131 | 49 | 47 | 53 |
| Investments | 1,559 | 1,805 | 3,684 | 5,265 | 3,404 | 3,595 | 3,981 | 4,233 |
| Total assets | 2,255 | 3,489 | 7,763 | 13,340 | 10,757 | 11,299 | 13,924 | 15,189 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 9 | 71 | 425 | 536 | -136 | 944 | 1,616 | 2,033 |
| Cash from investing | -811 | -569 | -1,932 | -2,379 | -719 | -1,244 | -1,586 | -1,190 |
| Cash from financing | 1,072 | 736 | 3,557 | 1,650 | 18 | 60 | 61 | -811 |
| Net cash flow | 269 | 239 | 2,054 | -201 | -854 | -236 | 85 | 47 |
| Capital expenditure | -28 | -57 | -42 | -51 | -50 | -39 | -19 | -26 |
| Free cash flow | -19 | 14 | 383 | 485 | -186 | 905 | 1,597 | 2,007 |
SHOP operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Sep 2025 Q3 FY25 | Change vs prior quarter |
|---|---|---|---|
| Employees | <8,100As of December 31, 2024, our headcount was just under 8,100 employees, down from approximately 8,300 at the end of 2023.Source: earnings call transcript | ~8,100But all the time, it's the roughly 8,100 people at Shopify who're relentlessly merchant-obsessed showing up every day to help them win.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
No filings in the last 12 months.
No officer, director or 10% owner of SHOP filed a Form 4 in this window. That is a statement about filings, not about ownership — see the note below.
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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