Earnings Releases·Nov 3, 2026, 8:08 AM ET

Shopify — Q3 2026 Earnings Summary

Revenue grew 32% year-over-year to $3,742 million, while net income rose to $462 million and free cash flow increased to $816 million, expanding the free cash flow margin to 22% from 18% in the prior year.
Merchant solutions revenue surged 35% to $2,906 million and GMV reached $119.1 billion, up 29% year-over-year, driven by strong platform adoption across 175+ countries.
The company repurchased $562 million of common stock during the quarter, compared to zero in the prior year, while net cash used in investing activities totaled $60 million.
Q4 2026 guidance projects revenue growth in the low-thirties percentage range year-over-year, with gross profit dollars expected to grow in the high-twenties percentage range.
Management highlighted consistent execution on the dual strategy of powering current merchant commerce while building capabilities into future surfaces and agents, though risks remain regarding economic conditions and emerging technologies.