SHOPIFY INC. is expected to release its Q2 2026 10-Q filing in the upcoming earnings season. Last quarter: Shopify delivered strong Q1 2026 results with revenue surging 34.3% YoY to $3.17B and operating income nearly doubling to $382M, though a $581M net loss persisted primarily due to non-cash investment-related charges.
Drawn from management commentary in the Q1 2026 10-Q:
Total revenue grew 34.3% year-over-year to $3.17B in Q1 2026, up from $2.36B in Q1 2025, reflecting continued merchant adoption and expansion of Shopify's commerce platform across subscription and merchant solutions segments.
Operating income surged 88.2% YoY to $382M, with operating margin expanding approximately 345 basis points to 12.1% from 8.6%, demonstrating meaningful operating leverage as revenue growth outpaced expense growth.
Gross margin declined modestly by approximately 76 basis points to 48.8% from 49.5%, as cost of revenue grew 36.4% — slightly faster than revenue growth of 34.3% — suggesting some mix shift toward lower-margin merchant solutions.
Revenue
$3.17B
++34.32% YoY
EPS (Basic)
$-0.45
++15.09% YoY
Gross Margin
48.8%
-0.76% YoY
Operating Income
$382M
++88.18% YoY
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