SHOP Q2 2026 Earnings

Call Details

• Call Title: Shopify Q2 2026 Earnings Call
• Date: August 5, 2026 at 12:30 PM UTC
• Management Team:
  • Shane Kleinstein (Director of Investor Relations)
  • Harley Finkelstein (President)
  • Jeff Hoffmeister (Chief Financial Officer)

Call Summary

Financial Performance

• GMV was $116 billion in Q2, representing year-over-year growth of 32%.
• Revenue was $3.6B in Q2, representing year-over-year growth of 34%.
• Q2 free cash flow margin was 18%, exceeding the company's outlook for the quarter.
• Merchant Solutions revenue grew 37% year over year and subscription solutions revenue grew 22% year over year.
• ShopPay gross merchandise volume grew 53% year over year and payments penetration increased three points year over year to 68% of global GMV.
• International GMV grew 37% in the quarter and North America GMV grew 28% year over year on a regional basis.
• Offline point of sale GMV grew 32% year over year and B2B GMV grew 76% year over year.
• Q2 marked the fifth consecutive quarter with constant currency GMV growth in the ~29%–30% band on a multi-quarter basis.

Guidance

• The company expects Q3 revenue growth in the low 30s year over year.
• The company expects Q3 gross profit dollars to grow in the mid to high 20s year over year.
• The revenue versus gross profit growth differential in Q3 is expected to be driven by continued mix shift between merchant solutions and subscription solutions and strength in payments.
• The company expects operating expenses in Q3 to be 33% to 34% of revenue, reflecting continued leverage versus prior year.
• The company expects Q3 free cash flow margin to be in the high teens to low 20s, inclusive of less than a one point tailwind from the merchant cash advance accounting change.
• The company does not expect any significant FX impact for Q3.