EarningsQ2 2026 Earnings Report
MX:SHOPN Q2 2026 EPS Results
Actual EPS$7.86
Consensus EPS$7.53
Beat/MissBeat by +$0.33
One Year Ago EPS$6.54
MX:SHOPN Q2 2026 Revenue Results
Actual Revenue$66.23B
Expected Revenue$64.40B
Beat/MissBeat by +$1.84B
YoY Revenue Growth+33.66%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeBefore Open
Conference CallWednesday, August 5, 2026
MX:SHOPN Upcoming Earnings
Shopify's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:SHOPN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted broad, durable growth across GMV, revenue, gross profit and free cash flow, strong payments and international momentum, rapid adoption of AI products (Sidekick and Catalog) with measurable merchant impact, solid enterprise and B2B traction, and visible operating leverage. The main cautions were that agentic commerce is still small versus total GMV (early stage), gross profit growth is expected to lag revenue growth due to mix, and credit/capital products introduce scaling risk and loss exposure. On balance, the positives — especially consistent 30%+ growth across key metrics, expanding payments penetration, strong cohort retention, and accelerating AI-driven product adoption — materially outweigh the limited challenges discussed.Company Guidance
Strong GMV Growth and Scale
GMV rose 32% year-over-year to $116 billion (constant currency >30%), marking the fifth consecutive quarter of GMV growth above 30% and demonstrating broad growth across merchant sizes, geographies and channels.
Revenue and Free Cash Flow Expansion
Revenue grew 34% year-over-year to $3.6 billion and free cash flow margin was ~18%, with free cash flow margin expanding roughly 1.5 percentage points year-over-year excluding an accounting benefit.
Broad-Based Financial Performance
Company achieved >30% growth across GMV, revenue, gross profit, operating income and free cash flow; Merchant Solutions gross profit grew 39% and Subscription Solutions gross profit grew 19%.
Payments Momentum and Penetration
Payments penetration increased by ~3 percentage points year-over-year to 68% of global GMV; Shop Pay GMV grew 53% YoY; Shopify Payments is available in 40 countries and gross payments volume through Shopify Payments surpassed $1 trillion cumulatively.
International and Offline Growth
International GMV grew 37% in the quarter; offline (POS) GMV grew 32% YoY with faster point-of-sale experience and expanded unified commerce capabilities; launched local payment method offering in Mexico and expanded managed markets to Canada and the U.K.
B2B and Enterprise Traction
B2B GMV grew 76% YoY; expanded native B2B capabilities beyond Plus; multiple large brands and enterprise merchants (e.g., Guess, Avon, Claire's, Burton, Arhaus, Canada Goose rollouts) migrated to or expanded on Shopify.
AI Product Adoption and Impact (Sidekick & Catalog)
Sidekick daily active merchants grew 3.6x YoY and daily sessions 4.8x; Sidekick handled ~34 million conversations in the quarter and was used to create ~36,000 custom apps (up from 12,000 in Q1); Sidekick onboarding drove an 8% increase in merchants reaching 5 orders within 15 days. Catalog-powered AI searches converted at ~2x the rate of scraped data and agentic traffic and orders to Shopify stores tripled YoY.
Shop App and Buyer Identity
Shop app native GMV grew over 70% YoY; Cart Sync represented over 30% of Shop app GMV; Shop Pay surpassed $400 billion in lifetime accelerated GMV, strengthening buyer identity and conversion advantages.
Cohort Durability and Merchant Retention
Cohort performance strong: the Q1 2015 cohort has quarterly GMV 5x its initial size; merchants reaching $1M ARR have 92% retention and those at $10M ARR have 97% retention, underscoring long-term retention and compounding growth.
Operating Leverage and Expense Discipline
Operating expenses improved to 34% of revenue (nearly a 4-point improvement YoY); sales & marketing declined ~160 basis points as a percent of revenue; Q2 showed disciplined headcount and R&D management while investing in AI capabilities.
MX:SHOPN Earnings History
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