Shopify Inc. Class A subordinate voting shares (SHOP) Financials
Key financial figures for Shopify Inc. Class A subordinate voting shares (Q2 2026).
Shopify grew revenue 34% year over year to $3.58B in Q2 2026, with GMV up 32% to $115.6B and free cash flow margin at 18%. Revenue rose 34% year over year to $3.58B (33% in constant currency), with GMV up 32% to $115.6B, GMV growth accelerating across merchant sizes, channels, and geographies Merchant Solutions revenue grew to $2.78B and Subscription Solutions revenue grew to $802M, together up 34% year over year, in line with total revenue growth GAAP operating income was $488M and free cash flow was $654M, a free cash flow margin of 18% GAAP net income was $1.50B, though this period includes non-operating items such as equity investment marks that can swing the figure quarter to quarter Monthly Recurring Revenue. On the outlook: Q3 2026 revenue expected to grow at a low-thirties percentage rate year over year. Figures are for Q2 2026, as Shopify Inc. reported them.
- Revenue
- $3.6B
- Net Income
- $1.5B
- EPS
- $1.16
- Total Assets
- $14.5B
- Operating Cash Flow
- $658M
Recent quarters
| Period | Revenue | Net Income | EPS | Operating Margin | Free Cash Flow |
|---|---|---|---|---|---|
| Q2 FY2026 | $3.6B | $1.5B | $1.16 | 13.62% | $654M |
| Q1 FY2026 | $3.2B | -$581M | -$0.45 | 12.05% | $476M |
| Q4 FY2025 | $3.7B | $743M | $0.58 | 17.18% | $715M |
| Q3 FY2025 | $2.8B | $264M | $0.20 | 12.06% | $507M |
| Q2 FY2025 | $2.7B | $906M | $0.69 | 10.86% | $430M |
Recent fiscal years
| Period | Revenue | Net Income | EPS | Operating Margin | Free Cash Flow |
|---|---|---|---|---|---|
| FY2025 | $11.6B | $1.2B | $0.94 | 12.7% | $2.0B |
| FY2024 | $8.9B | $2.0B | $1.55 | 12.11% | $1.6B |
| FY2023 | $7.1B | $132M | $0.10 | -20.08% | $905M |
Frequently asked questions
What was Shopify Inc.'s revenue last quarter?
Shopify Inc. reported revenue of $3.58 billion for Q2 FY2026, up 33.7% from the same period a year earlier.
Is Shopify Inc. profitable?
Yes. Shopify Inc. reported net income of $1.50 billion for Q2 FY2026, a net margin of 41.92% on revenue.
How has Shopify Inc.'s margin trended?
Operating margin was 13.62% in Q2 FY2026, compared with 10.86% in the same period a year earlier. The quarter by quarter series is on the SentiSense financials page.
How much free cash flow did Shopify Inc. generate?
Shopify Inc. generated free cash flow of $654.0 million in Q2 FY2026, after capital expenditure.
Full income statement, balance sheet and cash flow for Shopify Inc. Class A subordinate voting shares on SentiSense, with up to forty quarters and twenty fiscal years of history.