Latest quarter
Shopify reported Q2 FY2026 revenue of $3.6 billion, up 33.7% from $2.7 billion a year earlier. The company’s revenue, as the consensus counts it, was $3.6 billion, compared with the consensus revenue estimate of $3.4 billion, or 4.36% above the consensus. Shopify reported adjusted EPS, as the consensus counts it, of $0.42, compared with consensus adjusted eps of $0.39, or 7.69% above the consensus.
The filing said subscription solutions revenue increased as more merchants used the platform and a larger share of subscriptions came from higher-priced plans. Shopify said merchant solutions revenue was $2.8 billion in Q2 2026, while subscription solutions revenue rose 22.0%. The filing attributed higher merchant-solutions revenue in part to greater Shopify Payments penetration and GMV processed through Shopify Payments. Gross margin was 47.7%, compared with 48.6% a year earlier, while operating margin was 13.6%, compared with 10.9%. Shopify reported free cash flow of $654.0 million, up 55.0% from $422.0 million.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $3.6 billion | $2.7 billion | 33.7% |
| Diluted EPS | $1.16 | $0.69 | 68.1% |
| Gross margin | 47.7% | 48.6% | −0.9 percentage points |
| Operating margin | 13.6% | 10.9% | 2.8 percentage points |
| Free cash flow | $654.0 million | $422.0 million | 55.0% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $0.42 | $0.39 | Beat by 7.69% |
| Revenue | $3.6 billion | $3.4 billion | Beat by 4.36% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
Shopify did not make a latest earnings call available, so no call commentary or analyst questions and answers are available.
Guidance
Shopify expects Q3 FY2026 revenue to grow at a low-thirties percentage rate on a year-over-year basis. The company expects operating expenses to be 33.0%–34.0% of revenue and free cash flow margin to be in the high teens to low twenties.
| Metric | For | Guide | Previous guide | Change |
|---|---|---|---|---|
| Free cash flow, Non Gaap Margin | Q3 FY2026 | Shopify expects its free cash flow margin to be in the high teens to low twenties in Q3 FY2026. | — | — |
| Operating expenses growth, Percentage of Revenue | Q3 FY2026 | 33.0%–34.0% | — | New |
| Revenue, Year Over Year Growth | Q3 FY2026 | Shopify expects revenue to grow at a low-thirties percentage rate year over year in Q3 FY2026. | — | — |