Shopify(DE:307)
€131.40-1.86 (-1.40%)
DE:307
Shopify earnings date
€131.40
At close:-1.86 (-1.40%)
Shopify (307) Q3 2026 Earnings Report
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DE:307 Q3 2026 EPS Results
- Actual EPS
- EUR 0.44
- Consensus EPS
- EUR 0.42
- Beat/Miss
- Beat by +EUR 0.02
- One Year Ago EPS
- EUR 0.30
DE:307 Q3 2026 Revenue Results
- Actual Revenue
- EUR 3.32B
- Expected Revenue
- EUR 3.34B
- Beat/Miss
- Missed by -EUR 19.08M
- YoY Revenue Growth
- +33.76%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/03/2026
- Time
- Before Open
- Conference Call
- Tuesday, November 3, 2026
DE:307 Upcoming Earnings
Shopify's next earnings date is estimated for February 17, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:307 Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, characterized by 29.5% reported GMV growth, 32% revenue growth, a 22% free cash flow margin, broad-based regional and channel expansion, strong AI and Sidekick adoption, and continued operating leverage. The principal challenges were that agentic commerce remains at a small volume base, Subscription Solutions margins faced pressure from AI and hosting costs, and Q4 free cash flow margin is expected to be flat year-over-year due to timing and planned marketing and infrastructure spending. The highlights significantly outweighed the lowlights.
Company Guidance
For Q4, Shopify expects revenue growth in the low 30s year-over-year, with less than 1 point of FX headwind, compared with a 29% constant currency growth rate last year; gross profit dollars are expected to grow in the high 20s, operating expenses are expected to be 29% to 30% of revenue, and free cash flow margin is expected to be in line with Q4 of last year. The outlook reflects higher marketing expenses, including some initiatives in advance of BFCM, higher taxes from the timing of payments in certain jurisdictions that get paid in the fourth quarter, and no meaningful impact from the accounting change in merchant cash advances in Q4.
- Strong Q3 Revenue, GMV and Cash FlowQ3 GMV increased 29.5% to $119 billion, revenue increased 32% to $3.7 billion, and free cash flow margin was 22%, with free cash flow of $816 million.
- Broad-Based GMV GrowthQ3 GMV grew 30% in constant currency, marking the sixth consecutive quarter at these levels of growth. Growth was broad-based across merchant sizes and geographies and remained evenly split between new and same-store sales.
- International and Regional GrowthNorth America GMV grew 28% in constant currency for the third consecutive quarter, while Europe GMV grew 33% in constant currency. International GMV grew 32% in the quarter, supported by localized payment offerings and other regional initiatives.
- Merchant Growth Outpaced E-Commerce MarketsOver the last three years, Shopify merchants' U.S. online sales grew at a compound annual growth rate of 23% compared with 8% for U.S. e-commerce overall. In Europe, Shopify merchants' online GMV grew at a 37% compound annual growth rate compared with 8% market growth, doubling their share of e-commerce in three years.
- Increasing Share of Incremental E-CommerceSince the start of 2025, Shopify merchants captured nearly half of incremental e-commerce sales in the U.S. and more than 40% in Europe, compared with nearly one-fifth in the U.S. and nearly one-quarter in Europe three years ago.
- AI and Agentic Commerce MomentumAI traffic to Shopify merchants increased 2.6x year-over-year and AI-referred orders increased 3.3x. AI channels sent shoppers to product pages at 3x the rate of organic search, while shoppers converted 64% more often. The company said personal agents reached the mainstream in Q3, although volume remains small.
- Shopify Catalog PerformanceCatalog-powered searches converted at 2x the rate of general AI search. Shopify Catalog converts more than 1 billion product pages into structured data with current pricing and inventory for AI channels.
- Long-Tail Commerce Benefiting from AIThree-quarters of AI-referred sales came from product categories outside Shopify's top 100. Harley Finkelstein also stated that 74% of AI-attributed purchases in Q3 came from outside the top 100 categories.
- Shopify AI Ecosystem and Developer InfrastructureShopify partnered with or integrated commerce infrastructure into personal agents including Muse, Instinct, Claude Duet and Grok Bot. The company also released Shop.dev and the SHOP MCP to provide developers with connections to Shopify's AI tooling, sign-ins and checkout.
- Canvas Accelerated Store CreationThe company launched Canvas, its largest online store builder update in 20 years. Merchants using Canvas were launching more personalized stores 20% faster, with no coding or design expertise required.
- Sidekick Adoption and Capability GrowthSidekick daily active merchants increased 3.7x year-over-year and daily sessions increased 4.2x. Sidekick created around two-thirds of all Shopify flows in Q3, and its supported-app integrations allow merchants to connect workflows without manual integrations.
- Sidekick Efficiency and Merchant OutcomesFrom Q2 to Q3, merchant conversations increased 14%, cost per conversation declined 28%, and total Sidekick cost fell 18%. Sidekick's conversion guide produced a 3% lift in merchants reaching their next five orders within 60 days, while the onboarding guide previously produced an 8% lift in merchants reaching five sales within 15 days.
- Shop Pay and Shop Network ExpansionShop Pay GMV grew over 50% year-over-year, payments penetration surpassed 68%, up 3 percentage points year-over-year, and Shop GMV more than doubled year-over-year. Shop Pay Installments expanded into Australia, and Lululemon selected Shop Pay for its North American online store.
- Offline Commerce ScaleShopify crossed $200 billion in lifetime offline GMV. Offline GMV grew 30% year-over-year, total locations on Shopify increased 52% year-over-year, and 55% of merchants adding point-of-sale in Q3 were new to Shopify.
- B2B GrowthB2B GMV increased 74%, with particularly strong growth in home improvement and hardware, electronics, business supplies, retail stores, laboratories and medical, food service, and agriculture.
- International Product LocalizationShopify launched sign-in with WhatsApp, WhatsApp marketing and messaging, a localized Shop app in Japan, and local payment options such as OXXO in Mexico. The localized Shop app became the number one shopping app in the Japan App Store during the week after full rollout, and local-currency billing was launched in 10 new countries.
- Shopify Campaigns MomentumYear-to-date orders through Shop Campaigns more than doubled year-over-year, accelerating in the third quarter. The product allows merchants to reach customers across 10 channels and charges merchants only when a sale happens.
- Revenue and Merchant Solutions GrowthMerchant Solutions revenue grew 35%, driven substantially by GMV strength and increased payments penetration. Subscription Solutions revenue grew 20%, while MRR grew 19% year-over-year and Plus MRR represented 34% of MRR, growing 18% year-over-year.
- Margin and Operating LeverageGross profit grew 28%, gross margin was 47.6%, and Merchant Solutions gross profit grew 37%, with Merchant Solutions gross margins expanding year-over-year for the third consecutive quarter. Operating expenses were 32% of revenue, down from 37% last year.
- Q4 Revenue OutlookShopify expects Q4 revenue growth in the low 30s year-over-year, with less than 1 point of foreign-exchange headwind. The company expects gross profit dollars to grow in the high 20s and Q4 operating expenses to be 29% to 30% of revenue.
- Rapid Cumulative GMV MilestonesShopify took 18 years to reach its first $1 trillion in cumulative GMV and expects to pass the second trillion by the end of 2026, less than 2.5 years later.
- Enterprise and Large-Merchant WinsBalmain, Givenchy, Jacquemus, Chaumet, Acne Studios, Lululemon, Burton, Balmain and Canada Goose were cited as large or enterprise merchants choosing or going live on Shopify. Alice + Olivia decided to fully replatform onto Shopify, and Omaha Steaks selected Shopify after operating on a custom stack.
DE:307 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 17, 2027 | 2026 (Q4) | 0.55- | 0.41 | ― | ― |
| Nov 03, 2026 | 2026 (Q3) | 0.420.44 | 0.3 | 44.42% (+0.13) | |
| Aug 05, 2026 | 2026 (Q2) | 0.360.37 | 0.31 | 20.00% (+0.06) | |
| May 05, 2026 | 2026 (Q1) | 0.290.32 | 0.23 | 42.25% (+0.10) | |
| Feb 11, 2026 | 2025 (Q4) | 0.440.41 | 0.39 | 6.86% (+0.03) | |
| Nov 04, 2025 | 2025 (Q3) | 0.300.30 | 0.32 | -5.19% (-0.02) | |
| Aug 06, 2025 | 2025 (Q2) | 0.250.31 | 0.23 | 37.25% (+0.08) | |
| May 08, 2025 | 2025 (Q1) | 0.230.23 | 0.17 | 29.56% (+0.05) | |
| Feb 11, 2025 | 2024 (Q4) | 0.390.39 | 0.29 | 32.75% (+0.10) | |
| Nov 12, 2024 | 2024 (Q3) | 0.240.32 | 0.21 | 51.36% (+0.11) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
