Shopify
What matters nowUpdated 6 h ago
- On October 9 Shopify began sharing compare-at prices with agentic shopping channels through Shopify Catalog, so AI agents can now see when a product is marked down 1. On October 1 it launched Canvas, a chat-driven visual store builder powered by Sidekick, which Shopify says is rolling out over the coming days 2.
- SHOP traded at 177.70 on the pooled 24/7 venue price, down 0.39% from the previous close of 178.40. The largest recent gains came on September 21 (+7.57%) and September 22 (+6.27%), when Shopify and Meta agreed that Meta's Muse assistant can complete purchases on Shopify stores through Shop Pay 3.
- In Q2 2026 GMV reached $115.6B, up 32%, and subscription revenue rose 22% to $802M with monthly recurring revenue of $221M. Over the 12 months to June 30 revenue was $13.27B, with a 47.8% gross margin, a 13.9% operating margin and $2.35B of free cash flow.
- At a $230.6B market cap the stock trades on 120x trailing earnings and 17.4x sales, with a 1.0% free-cash-flow yield; no insider buys or sells were recorded in the last 180 days.
- Q3 2026 results and the conference call are confirmed for November 3, 2026 at 13:30 UTC. Polymarket gives 81.5% odds of no change in Fed rates after the October 2026 meeting and 17.5% odds of a 25 bp increase, with September CPI due October 14 at 12:30 UTC.
Shopify runs a commerce platform that merchants use to sell online, in stores and increasingly through AI assistants. Its results are driven by gross merchandise volume (GMV) processed on the platform, with payments, subscriptions and lending built on top.
How it makes money
Merchants pay a monthly subscription for the platform and apps, and Shopify earns processing and currency conversion fees when they use Shopify Payments. Shopify also earns from Shopify Capital lending, shipping labels, POS hardware and app-store advertising. Merchant solutions, which is mostly payments, makes up about three-quarters of revenue, so payments penetration and GMV are the key numbers.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
Shopify Payments
Processed about 65.6% of GMV in 2025, up from 61.9% in 2024.
Commerce platform (GMV)
GMV grew 32% to $115.6B in Q2 2026.
Subscription solutions
Revenue rose 22% to $802M in Q2 2026. Monthly recurring revenue reached $221M.
Shopify Capital
Lending to merchants. Credit losses are a stated risk to merchant solutions.
Latest newsAll news →
Shopify shares compare-at prices with AI shopping agents through Catalog
On October 9, 2026 Shopify began sharing compare-at prices with agentic shopping channels through Shopify Catalog.
Shopify's holiday report says AI shoppers are choosing indie brands and personal picks
On October 6, 2026 Shopify published its 2026 holiday retail report, which it uses to argue that AI shopping tools are shifting demand toward smaller brands.
Shopify sets Q3 2026 results for November 3 before the open
On October 6, 2026 Shopify announced it will report third-quarter 2026 results before markets open on Tuesday, November 3, 2026.
Shop app adds faster checkout and carts that sync across devices
Shopify updated the Shop app on October 5, 2026 with faster checkout and carts synced across devices.
Shopify launches Canvas, a chat-driven visual store builder powered by Sidekick
Shopify launched Canvas on October 1, 2026, a visual workspace where merchants see every page of their store at once and build with Sidekick.
Shop app moves to shop.com as Shopify updates its consumer brand address
Shopify said on September 29, 2026 that Shop is now available at shop.com.
Products & businesses
Shopify Payments
Processed about 65.6% of GMV in 2025, up from 61.9% in 2024.
Commerce platform (GMV)
GMV grew 32% to $115.6B in Q2 2026.
Subscription solutions
Revenue rose 22% to $802M in Q2 2026. Monthly recurring revenue reached $221M.
Shopify Capital
Lending to merchants. Credit losses are a stated risk to merchant solutions.
Agentic Storefronts
Launched December 2025. Shopify has not reported sales or order figures for it.
Sidekick
AI merchant assistant expanded in Winter '26 with proactive advice and plain-language store edits.
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Subscription solutions Recurring revenue from platform subscriptions, POS Pro subscriptions, app sales, domain registrations and theme sales. | $2.75B | 23.8% | |
| Merchant solutions Payment processing and currency conversion fees through Shopify Payments, plus lending (Shopify Capital), partner referral fees, shipping labels, POS hardware and app-store advertising. | $8.80B | 76.2% |
Fiscal 2025 · from the annual report
Valuation & fundamentals
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q2 FY2026 2026-06-30 | Q1 FY2026 2026-03-31 | Q4 FY2025 2025-12-31 | Q3 FY2025 2025-09-30 | Q2 FY2025 2025-06-30 | Q1 FY2025 2025-03-31 | Q4 FY2024 2024-12-31 | Q4 FY2022 2023-12-31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.27B | $3.58B +34% | $3.17B +34% | $3.67Bd | $2.84B | $2.68B | $2.36B | — | — |
| Gross profit | $6.34B | $1.71B +31% | $1.55B +32% | $1.69Bd | $1.39B | $1.30B | $1.17B | — | — |
| Operating income | $1.84B | $488.0M +68% | $382.0M +88% | $631.0Md | $343.0M | $291.0M | $203.0M | — | — |
| Net income | $1.93B | $1.50B +66% | −$581.0M | $743.0Md | $264.0M | $906.0M | −$682.0M | — | — |
| EPS (diluted) | $1.48 | $1.16 +68% | $-0.45 | $0.57d | $0.20 | $0.69 | $-0.53 | — | — |
| Operating cash flow | $2.38B | $658.0M +54% | $481.0M +31% | $725.0Md | $513.0M | $428.0M | $367.0M | — | — |
| Capital expenditure | $25.0M | $4.0M -33% | $5.0M +25% | $10.0Md | $6.0M | $6.0M | $4.0M | — | — |
| Share buybacks | — | $1.42B | $491.0M | — | — | $0 | $0 | — | — |
| Cash & equivalents | $1.66B | $1.66B | $1.85B | $1.54B | $2.41B | $1.54B | $1.31B | $1.50B | $1.41B |
| Metric | FY2025 2025-12-31 | FY2024 2024-12-31 | FY2022 2023-12-31 |
|---|---|---|---|
| Revenue | $11.56B +30% | $8.88B | $7.06B |
| Cost of revenue | $6.00B +36% | $4.41B | $3.54B |
| Gross profit | $5.55B +24% | $4.47B | $3.52B |
| Research & development | $1.54B +12% | $1.37B | $1.73B |
| Operating income | $1.47B +37% | $1.07B | −$1.42B |
| EBIT | $1.47B +37% | $1.07B | −$1.42B |
| Depreciation & amortization | $31.0M -14% | $36.0M | $70.0M |
| Income tax | $278.0M +33% | $209.0M | $53.0M |
| Net income | $1.23B -39% | $2.02B | $132.0M |
| EPS (diluted) | $0.94 -39% | $1.55 | $0.10 |
| Diluted shares (weighted) | 1.30B | 1.30B | 1.30B |
| Operating cash flow | $2.03B +26% | $1.62B | $944.0M |
| Capital expenditure | $26.0M +37% | $19.0M | $39.0M |
| Share buybacks | — | — | — |
| Cash & equivalents | $1.54B | $1.50B | $1.41B |
| Total assets | $15.19B | $13.92B | $11.30B |
| Total liabilities | $1.72Bd | $2.37Bd | $2.23Bd |
| Shareholders' equity | $13.47B | $11.56B | $9.07B |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
Shopify shares compare-at prices with AI shopping agents through Catalog
On October 9, 2026 Shopify began sharing compare-at prices with agentic shopping channels through Shopify Catalog.
Shopify's holiday report says AI shoppers are choosing indie brands and personal picks
On October 6, 2026 Shopify published its 2026 holiday retail report, which it uses to argue that AI shopping tools are shifting demand toward smaller brands.
Shopify sets Q3 2026 results for November 3 before the open
On October 6, 2026 Shopify announced it will report third-quarter 2026 results before markets open on Tuesday, November 3, 2026.
Shop app adds faster checkout and carts that sync across devices
Shopify updated the Shop app on October 5, 2026 with faster checkout and carts synced across devices.
Shopify launches Canvas, a chat-driven visual store builder powered by Sidekick
Shopify launched Canvas on October 1, 2026, a visual workspace where merchants see every page of their store at once and build with Sidekick.
Shop app moves to shop.com as Shopify updates its consumer brand address
Shopify said on September 29, 2026 that Shop is now available at shop.com.
Shopify Tax to tax return shipping fees in the US from October 23, 2026
Shopify announced on September 25, 2026 that Shopify Tax and Tax Platform will calculate sales tax on return shipping fees in the US.
Shopify and Meta agree that Muse can check out on Shopify stores with Shop Pay
Shopify and Meta agreed on September 21, 2026 to let Meta's Muse AI assistant complete purchases on Shopify stores through Shop Pay.
Shopify admin gets a redesign with Sidekick moved to the bottom of every page
Shopify redesigned its merchant admin on September 15, 2026 and moved the Sidekick AI assistant to a fixed position at the bottom of every page.
Shopify adds WhatsApp marketing consent collection at checkout
Shopify started letting merchants collect WhatsApp marketing consent at checkout on September 10, 2026.
Meta becomes an AI sales channel in Shopify admin with products shared by default
On September 8, 2026 Shopify said Meta now appears as an AI channel inside Agentic Storefronts in the merchant admin.
Shopify Payments now available to merchants in the United Arab Emirates
Shopify Payments became available in the United Arab Emirates on the Advanced plan on August 26, 2026.
Shopify Managed Markets ends Delivered Duty Unpaid support
Shopify said on August 11, 2026 that Managed Markets will no longer support Delivered Duty Unpaid (DDU) shipping terms.
Shopify repurchased $1.42B of its own stock in Q2 2026
Shopify's cash flow statement for the quarter ended June 30, 2026 shows $1.42 billion of share repurchases, against none in the same quarter of 2025.
Shopify reports fiscal Q2 2026 results: revenue $3.58B, up 34% from a year earlier
Shopify filed a Form 8-K with the SEC on Aug 5, 2026, 7:01 AM ET, reporting an event dated Aug 5, 2026.
Microsoft Advertising becomes available in Shopify Campaign Autopilot
On August 4, 2026 Shopify added Microsoft Advertising to Campaign Autopilot, its automated ad-campaign tool for merchants.
Shopify changes partner pay so agencies earn on merchant sales growth
In a July 28, 2026 newsroom post, Shopify said it had simplified partner incentives: agencies now earn more when the merchants they launch grow sales, and app developers keep earning from app subscriptions.
Shopify Payments lets merchants add a bank account for each payout currency
Shopify Payments added the ability on July 27, 2026 for merchants to attach a bank account for every currency they are paid in.
Shopify Managed Markets expands to Canada and the UK
Shopify made Managed Markets available in Canada and the United Kingdom on July 15, 2026.Managed Markets is Shopify's service for selling across borders, so this extends its reach to two more markets.
Audit committee chair Prashanth Mahendra-Rajah resigns from Shopify board
Shopify said director Prashanth Mahendra-Rajah, who also chaired the audit committee, resigned from the board effective July 2, 2026.
EU's new EUR 3 customs duty on low-value imports starts July 1 and Shopify adds collection
On June 26, 2026 Shopify said merchants selling into the EU from outside it must handle a new flat EUR 3 customs duty per tariff line on qualifying orders up to EUR 150, effective July 1, 2026.
Shopify ships Spring '26 Edition with more than 150 updates
Shopify announced its Spring '26 Edition on June 17, 2026, with more than 150 updates across the admin, storefronts, checkout and analytics.
Shopify Payments adds more payout currencies for merchants in the US, Hong Kong and Singapore
On June 13, 2026 Shopify said merchants in the United States, Hong Kong and Singapore can be paid in more currencies through Shopify Payments.
Shopify raises buyback authorization by $3B to $5B total
Shopify's board added $3 billion to its share repurchase program, bringing total authorization to $5 billion.
Shopify Tax expands to Canada with provincial sales tax tracking
Shopify Tax became available in Canada on May 13, 2026.
Court lets core antitrust claims by Sezzle against Shopify proceed
A federal judge in Minnesota granted in part and denied in part Shopify's motion to dismiss Sezzle's antitrust suit.
Shopify adds a dedicated admin home for Agentic Storefronts
On May 11, 2026 Shopify gave Agentic Storefronts its own section in the merchant admin.
Shopify Q1 2026 revenue rises 34% to $3.17B, but GAAP net loss of $581M
Shopify reported first-quarter 2026 revenue of $3,170 million, up 34%, and GMV of $100,743 million, up 35%.
Shopify shares fall about 12.6% midday after Q1 results on soft Q2 guidance
Shopify shares dropped about 12.6% by midday on May 5, 2026 despite a first-quarter revenue and non-GAAP EPS beat.
Shopify extends B2B features such as payment terms to Basic, Grow and Advanced plans
On April 2, 2026 Shopify made key business-to-business features available on plans below Shopify Plus.
SEC filings
| Sep 25, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 18, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 18, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 18, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 14, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 4, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 31, 26 | SCHEDULE 13D/A | SCHEDULE 13D/A: Activist/controlling ownership report (5%+) (amended) | sec.gov ↗ |
| Aug 31, 26 | 4 | Form 4: Insider transaction report | sec.gov ↗ |
| Aug 27, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 7, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 6, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 5, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 5, 26 | 10-Q | 10-Q: Quarterly report for the period ended Jun 30, 2026 | sec.gov ↗ |
| Aug 5, 26 | 8-K | 8-K: Results of Operations (Item 2.02) | sec.gov ↗ |
| Jul 30, 26 | SCHEDULE 13G | SCHEDULE 13G: Passive ownership report (5%+) | sec.gov ↗ |
| Jul 28, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jul 10, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jul 2, 26 | 8-K | 8-K: Director/Officer Change (Item 5.02) | sec.gov ↗ |
| Jun 30, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jun 22, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jun 22, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jun 22, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jun 22, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jun 22, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jun 16, 26 | 8-K | 8-K: Shareholder Vote Results, Other Events (Items 5.07, 8.01) | sec.gov ↗ |