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Sentiment · FY2026 Q2
As of FY2026 Q1, the Tellvest earnings-call sentiment score for Shopify (SHOP) is 8/10.
Revenue surged 34% to $3.2 billion with GMV surpassing $101 billion for the second consecutive quarter, driven by AI-native operations, expanding Shopify Payments penetration, and accelerating enterprise momentum. Free cash flow delivered a 15% margin at $476 million while operating leverage improved through headcount discipline. International growth continued outpacing North America as the UCP protocol positioned Shopify for the emerging agentic commerce wave, and Q2 guidance targeted high 20s revenue growth.
Scored from Shopify’s FY2026 Q1 earnings call. The newest quarter is available with Tellvest Pro.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.81B | +31.2% | $1.00 | +96.1% | 48.1% | 16.5% | 46.0% | $611M |
| FY2025 Q1 | $2.36B | +26.8% | $-0.53 | -152.4% | 49.5% | 8.6% | -28.9% | $363M |
| FY2025 Q2 | $2.68B | +31.1% | $0.69 | +430.8% | 48.6% | 10.9% | 33.8% | $430M |
| FY2025 Q3 | $2.84B | +31.5% | $0.20 | -68.8% | 48.9% | 12.1% | 9.3% | $507M |
| FY2025 Q4 | $3.67B | +30.6% | $0.58 | -42.0% | 46.1% | 17.2% | 20.2% | $715M |
| FY2026 Q1 | $3.17B | +34.3% | $-0.45 | +15.1% | 48.8% | 12.1% | -18.3% | $476M |
| FY2026 Q2 | $3.58B | +33.7% | $1.16 | +68.1% | 47.7% | 13.6% | 41.9% | $654M |
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