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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Colin Sebastian | Robert W. Baird | 4 | 0% |
| Mike Morton | MoffettNathanson | 3 | 0% |
| Bhavin Shah | Deutsche Bank | 2 | 0% |
| Mark Mahaney | Evercore ISI | 2 | 0% |
| Rob Wildhack | Autonomous Research | 2 | 0% |
| Brad Sills | Bank of America | 2 | 0% |
| Craig Maurer | FT Partners | 2 | 0% |
| Mark Zgutowicz | Benchmark | 2 | 0% |
| Tim Chiodo | UBS | 2 | 0% |
| Paul Treiber | RBC Capital Markets | 2 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Robert W. Baird | 1 | 4 | 0% |
| MoffettNathanson | 1 | 3 | 0% |
| Bank of America | 1 | 2 | 0% |
| Deutsche Bank |
| 1 |
| 2 |
| 0% |
| Evercore ISI | 1 | 2 | 0% |
| FT Partners | 1 | 2 | 0% |
| Goldman Sachs | 1 | 2 | 0% |
| Benchmark | 1 | 2 | 0% |
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.
Cloud & AI | Competitive Dynamics | Revenue Growth | Demand | Margin | Product Launch | Pricing | Trade Tariffs | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 1 | 2 | 2 | 2 | 3 | 1 | 2 | 1 |
| 2025Q1 | 3 | 3 | 2 | 2 | 1 | 2 | ||
| 2025Q2 | 3 | 2 | 2 | 4 | 2 | 1 | 1 | |
| 2025Q3 | 3 | 4 | 2 | 2 | 1 | 1 | 1 | |
| 2025Q4 | 6 | 3 | 2 | 1 | 1 | 1 | ||
| 2026Q1 | 5 | 5 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Cloud & AI | 1 | 3 | 3 | 3 | 6 | 5 |
| Competitive Dynamics | 2 | 3 | 2 | 4 | 3 | 5 |
| Revenue Growth | 2 | 2 | 2 | 2 | 2 | |
| Demand | 2 | 2 | 4 | 2 | ||
| Margin | 3 | 2 | 1 | 1 | ||
| Product Launch | 1 | 1 | 2 | 1 | 1 | |
| Pricing | 2 | 1 | 1 | 1 | ||
| Trade Tariffs | 1 | 2 | 1 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
SHOP Shopify | 8 | +34.3% | |
| ADSK Autodesk | 10 | +18.4% | |
| APP Applovin Corp | 9 | +24.1% | |
| CDNS Cadence Design Systems | 9 | +18.7% | |
| CRM Salesforce, Inc. | 9 | +13.3% | |
| DDOG Datadog | 10 | +32.1% | |
| FICO Fair Isaac | 9 | +38.7% | |
| INTU Intuit | 9 | +10.4% | |
| MSTR MicroStrategy Inc. | 7 | +11.9% | |
| NOW ServiceNow | 7 | +22.1% | |
| PTC PTC Inc. | 9 | +21.7% | |
| TEAM Atlassian | 7 | +31.7% | |
| TTD The Trade Desk, Inc. | 8 | +11.8% | |
| TYL Tyler Technologies | 8 | +8.6% | |
| UBER Uber | 8 | +14.5% | |
| WDAY Workday, Inc. | 9 | +13.5% |