OpenNashEarnings

Software · Nasdaq: SHOP

Shopify earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 10 Feb 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Shopify Sustains Rapid Growth with Revenue Up 32% and Free Cash Flow Margin of 22%

Shopify's third quarter showed steady, fast growth. Merchants sold $119 billion through the platform (GMV, up 30% in constant currency). Revenue was $3.7 billion, up 32%. Operating income rose to $568 million from $343 million a year earlier. Free cash flow was $816 million, a 22% margin versus 18% last year. Management said about 150 basis points of the margin gain was structural. The rest came from temporary items: marketing tests, tax receivable timing and an accounting change.

Read the Q3 2026 summary →

Quarters

KPI history

Revenue$3.7B+31.6% y/yQ3 2026
Q4 2024: $2.8B (worked out from the annual figure)Q4 ’24$2.8BQ1 2025: $2.4BQ1 ’25$2.4BQ2 2025: $2.7BQ2 ’25$2.7BQ3 2025: $2.8BQ3 ’25$2.8BQ4 2025: $3.7B (worked out from the annual figure)Q4 ’25$3.7BQ1 2026: $3.2BQ1 ’26$3.2BQ2 2026: $3.6BQ2 ’26$3.6BQ3 2026: $3.7BQ3 ’26$3.7B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$2.8B *
Q1 2025$2.4B
Q2 2025$2.7B
Q3 2025$2.8B
Q4 2025$3.7B *
Q1 2026$3.2B
Q2 2026$3.6B
Q3 2026$3.7B
Diluted EPS (GAAP)$0.36+80.0% y/yQ3 2026
Q1 2025: -$0.53Q1 ’25-$0.53Q2 2025: $0.69Q2 ’25$0.69Q3 2025: $0.20Q3 ’25$0.20Q1 2026: -$0.45Q1 ’26-$0.45Q2 2026: $1.16Q2 ’26$1.16Q3 2026: $0.36Q3 ’26$0.36
Data
Q1 2025-$0.53
Q2 2025$0.69
Q3 2025$0.20
Q1 2026-$0.45
Q2 2026$1.16
Q3 2026$0.36

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin15.2%+3.1 pts y/yQ3 2026
Q4 2024: 16.5%Q4 ’2416.5%Q1 2025: 8.6%Q1 ’258.6%Q2 2025: 10.9%Q2 ’2510.9%Q3 2025: 12.1%Q3 ’2512.1%Q4 2025: 17.2%Q4 ’2517.2%Q1 2026: 12.1%Q1 ’2612.1%Q2 2026: 13.6%Q2 ’2613.6%Q3 2026: 15.2%Q3 ’2615.2%
Data
Q4 202416.5%
Q1 20258.6%
Q2 202510.9%
Q3 202512.1%
Q4 202517.2%
Q1 202612.1%
Q2 202613.6%
Q3 202615.2%
Free cash flow$816.0M+60.9% y/yQ3 2026
Q4 2024: $611.0MQ4 ’24$611.0MQ1 2025: $363.0MQ1 ’25$363.0MQ2 2025: $422.0MQ2 ’25$422.0MQ3 2025: $507.0MQ3 ’25$507.0MQ4 2025: $715.0MQ4 ’25$715.0MQ1 2026: $476.0MQ1 ’26$476.0MQ2 2026: $654.0MQ2 ’26$654.0MQ3 2026: $816.0MQ3 ’26$816.0M
Data
Q4 2024$611.0M
Q1 2025$363.0M
Q2 2025$422.0M
Q3 2025$507.0M
Q4 2025$715.0M
Q1 2026$476.0M
Q2 2026$654.0M
Q3 2026$816.0M

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$2.8Bd$2.4B$2.7B$2.8B$3.7Bd$3.2B$3.6B$3.7B
Gross margin48.1%49.5%48.6%48.9%46.1%48.8%47.7%47.6%
Operating income$465.0Md$203.0M$291.0M$343.0M$631.0Md$382.0M$488.0M$568.0M
Operating margin16.5%8.6%10.9%12.1%17.2%12.1%13.6%15.2%
Net income$1.3Bd-$682.0M$906.0M$264.0M$743.0Md-$581.0M$1.5B$462.0M
Diluted EPS—-$0.53$0.69$0.20—-$0.45$1.16$0.36
Operating cash flow$615.0Md$367.0M$428.0M$513.0M$725.0Md$481.0M$658.0M$818.0M
Capital expenditure$4.0Md$4.0M$6.0M$6.0M$10.0Md$5.0M$4.0M$2.0M
Free cash flow$611.0M$363.0M$422.0M$507.0M$715.0M$476.0M$654.0M$816.0M
R&D expense$351.0Md$377.0M$394.0M$375.0M$390.0Md$437.0M$445.0M$497.0M

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings