Earnings Call
Aug 5, 2026
Q2 FY2026
EPS Estimate
0.40
EPS Actual
0.42
Post-Earnings Close
$144.24
Earnings Reaction
+17.0%
Shopify's second quarter of 2026 was defined by a single, striking number: $116 billion in GMV, up 32% year-over-year, marking the fifth consecutive quarter of constant-currency GMV growth in the 29-30% range. Revenue came in at $3.6 billion, growing 34% and clearly surpassing expectations, while free cash flow margin reached 18%, roughly 150 basis points of year-over-year expansion excluding an accounting change in merchant cash advances. Every major financial metric grew at 30% or better, a consistency that management was keen to frame not as a streak but as a structural feature of the business model. The beat on revenue stemmed from three converging forces: broad-based GMV outperformance, higher-than-expected payments penetration (up 3 points year-over-year to 68% of global GMV), and strength in partner revenue shares and financial services within Merchant Solutions.
Report generated on Aug 5, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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