Shopify Reports Q3 2026 Financial Results with 32% Revenue Growth

Executive Overview

On November 3, 2026, Shopify Inc. filed a Form 8-K under Item 2.02 (Results of Operations and Financial Condition), furnishing its press release (Exhibit 99.1) detailing financial results for the third quarter ended September 30, 2026.

Key Q3 2026 Financial Metrics

• Gross Merchandise Volume (GMV): $119,145 million, up 29.5% YoY compared to $92,013 million in Q3 2025.
• Monthly Recurring Revenue (MRR): $230 million, compared to $193 million in Q3 2025 (+19.2% YoY).
• Total Revenue: $3,742 million, representing 32% YoY growth (32% in constant currency), up from $2,844 million in Q3 2025.
  • Subscription Solutions: $836 million (+19.6% YoY from $699 million).
  • Merchant Solutions: $2,906 million (+35.5% YoY from $2,145 million).
• Gross Profit: $1,781 million (+28.0% YoY from $1,391 million).
• Operating Income: $568 million (+65.6% YoY from $343 million).
• Net Income: $462 million ($584 million excluding mark-to-market equity investment impacts), up from $264 million in Q3 2025.
• Free Cash Flow: $816 million (22% margin), compared to $507 million (18% margin) in Q3 2025.

Q4 2026 Outlook

• Revenue: Expected to grow at a low-thirties percentage rate year-over-year.
• Gross Profit: Expected to grow at a high-twenties percentage rate year-over-year.
• Operating Expenses: Expected to be between 29% and 30% of revenue.
• Stock-Based Compensation: Estimated at $155 million.
• Free Cash Flow Margin: Expected to be consistent with Q4 2025.