Shopify Inc. · 2026 Q2
ReportedAug 5, 2026
Period endedJun 30, 2026
Rule of 40+52
Consensus vs reported
EPS
BEAT +452%
$1.16
vs $0.21 expected
QoQ—
YoY+176.2%
Revenue
BEAT +5%
$3.58B
vs $3.4B expected
QoQ+13.0%
YoY+33.7%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
Reported this quarter
Revenue
$3.58B
QoQ +13.0%
YoY +33.7%
EPS
$1.16
QoQ —
YoY +176.2%
Free Cash Flow
$654M
QoQ +37.4%
YoY +55.0%
Gross Margin
47.7%
QoQ -1.1 pp
YoY -0.9 pp
FCF Margin
18.3%
QoQ +3.2 pp
YoY +2.5 pp
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- Both halves of the score rose at once, which is rare. 51.85 — 33.58 of revenue growth plus 18.27 of free-cash-flow margin — the highest of five quarters, all of which sit inside a five-point band from 46.8 to 51.9.
- The score cannot see the number that has been falling. Gross margin was 47.77% against 48.58% a year ago and 51.71% two years ago . Four points in two years, on a business the market prices as software, and gross margin appears in neither half of the Rule of 40.
- That is the mechanism, not an accident. Shifting mix from subscription revenue toward merchant solutions and payments grows revenue faster, converts cash, and produces a rising score the whole way down the margin.
- The mix that costs the margin is also what compounds the GMV. $115.57B, +32% , with 76% B2B GMV growth — payments and Shop Pay volume are exactly what makes that number work.
- The beat itself was modest and the reaction was not. EPS of $0.42 against a $0.39 consensus moved the stock 18.7% to $144.25 , erasing most of the decline that followed the Q1 print.
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q3 | — | $0.64 | — |
| 2024 Q4 | — | $0.58 | — |
| 2025 Q1 | — | $0.25 | — |
| 2025 Q2 | — | $0.42 | — |
| 2025 Q3 | — | $0.58 | — |
| 2025 Q4 | — | $0.48 | — |
| 2026 Q1 | — | -$0.45 | — |
| 2026 Q2 | $0.21 | $1.16 | +452% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1594805.
JSON
Company facts (XBRL)
Every figure SHOP has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for 2026 Q2, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings