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Sentiment · FY2026 Q2
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 |
| 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 |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage 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%) |
| Michael Morton | MoffettNathanson | 4 (0%) |
| Gabriela Borges | Goldman Sachs | 3 (0%) |
| Keith Weiss | Morgan Stanley | 2 (0%) |
| Rob Wildhack | Autonomous Research | 2 (0%) |
| Brad Sills | Bank of America | 2 (0%) |
| Tim Chiodo | UBS | 2 (0%) |
| Craig Maurer | FT Partners | 2 (0%) |
| Jeff Cantwell | Seaport Research Partners | 2 (0%) |
| Mark Mahaney | Evercore ISI | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage 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 | 4 (0%) |
| Goldman Sachs | 1 | 3 (0%) |
| Morgan Stanley | 2 |
| 3 (0%) |
| CIBC Capital Markets | 1 | 2 (0%) |
| Deutsche Bank | 1 | 2 (0%) |
| Bank of America | 1 | 2 (0%) |
| Cantor Fitzgerald | 1 | 2 (0%) |
What SHOP and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we had established enterprise business services selecting Accenture and elected to modernize our direct-to-consumer omnichannel experience with Shopify.”
Estée Lauder chose Shopify to power its direct-to-consumer omnichannel platform, a large-enterprise commerce win for Shopify.
“They joined founding members Shopify, Etsy, Target, Wayfair and Google to further accelerate the transition towards an agentic future.”
Shopify is a founding member of Google's Universal Commerce Protocol.
“we announced an integration with Shopify, that strengthens our retail and e-commerce partnership ecosystem.”
Reddit integrated with Shopify to expand lower-funnel ad reach among mid-market and SMB merchants, channeling Shopify merchants into Reddit advertising.
“lots of other companies have come in to contribute to it and oversee the governance of it, including Cloudflare, AWS, Stripe, Shopify, Google, and so it's currently the most popular open standard for agentic commerce”
Shopify is named as a contributor to x402 governance, signaling its participation in agentic-commerce checkout rails.
“well, last month, they were acquired by Unilever for over $1 billion.”
Unilever acquired Groons, a gummy supplement brand that scaled on Shopify, for over $1 billion, a read-through on strategic acquirer appetite for Shopify-native DTC brands.
“And Orvis, the outdoor brand that was founded in 1856 is moving to Shopify for a full unified commerce solution.”
Heritage outdoor brand Orvis is migrating to Shopify for a full unified commerce solution, an enterprise win.
“BevMo!, one of the largest liquor store retailers in the U.S., has brought us into power all of their locations with Shopify point-of sale.”
BevMo!, a large US liquor retailer, adopted Shopify point-of-sale across all its locations, an enterprise offline win.
“There's real-time inventory, clean attributes, and OpenAI and Microsoft are already using the catalog to power discovery.”
OpenAI (ChatGPT) uses Shopify's catalog to power product discovery; Shopify enables discovery and selling inside ChatGPT as an AI commerce channel.
“Stripe and Shopify are really incredible, long-standing partners”
Stripe is a long-standing payments partner of Shopify, recently deepening ties by joining the UCP governing council alongside Shopify and Google.
“And the industry agrees, as you might have seen with the latest news on the Universal Commerce Protocol, or UCP, which we co-developed with Google.”
Google co-developed the Universal Commerce Protocol with Shopify and sits on its governing council; Shopify enables selling inside Google AI surfaces.
“And last month, Amazon, Meta, Microsoft, Salesforce and Stripe all join the counsel, committing their expertise in Internet scale transaction processing to build one universal protocol for commerce.”
Salesforce joined the UCP Tech Council, adopting Shopify's Universal Commerce Protocol.
“There's now 1 billion products across millions of merchants. The data is structured, the pricing gets accurate. There's real-time inventory, clean attributes, and OpenAI and Microsoft are already using the catalog to power discovery.”
Microsoft (Copilot) is using Shopify's product catalog to power agentic discovery and is a UCP Tech Council member, positioning Shopify at the center of AI commerce channels.
“And last month, Amazon, Meta, Microsoft, Salesforce and Stripe all join the counsel, committing their expertise in Internet scale transaction processing to build one universal protocol for commerce.”
Meta joined the UCP Tech Council and is cited as an emerging AI/commerce channel that Shopify expects to be a tailwind to e-commerce.
“And last month, Amazon, Meta, Microsoft, Salesforce and Stripe all join the counsel, committing their expertise in Internet scale transaction processing to build one universal protocol for commerce.”
Amazon joined the UCP Tech Council, adopting Shopify's co-developed Universal Commerce Protocol for agentic commerce.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
SHOP Shopify | 8 | +34.3% | |
| ADSK Autodesk | 10 | +19.8% | |
| AI C3.ai, Inc. | 1 | -46.1% | |
| APP Applovin Corp | 9 | +59.0% | |
| CDNS Cadence Design Systems | 9 | +18.7% | |
| CHYM Chime Financial, Inc. Class A Common Stock | 10 | +24.8% | |
| CRM Salesforce, Inc. | 9 | +12.1% | |
| DDOG Datadog | 10 | +32.1% | |
| FICO Fair Isaac | 9 | +38.7% | |
| FIG Figma, Inc. | 9 | +46.1% | |
| INTU Intuit | 9 | +17.4% | |
| MSTR MicroStrategy Inc. | 7 | +11.9% | |
| NOW ServiceNow | 7 | +22.1% | |
| PTC PTC Inc. | 9 | +21.7% | |
| SNOW Snowflake Inc. | 9 | +30.1% | |
| SOUN SoundHound AI, Inc. | 8 | +51.7% | |
| TEAM Atlassian | 7 | +31.7% | |
| TTD The Trade Desk, Inc. | 8 | +11.8% | |
| TYL Tyler Technologies | 8 | +8.6% | |
| U Unity Software Inc. | 9 | +16.8% | |
| UBER Uber | 8 | +14.5% | |
| WDAY Workday, Inc. | 7 | +14.5% |