Shopify Inc. (SHOP) Q2 FY2026 Financial Statements: Revenue $3.58B, Net income $1.50B
More for Shopify: Company index · 10-K and 10-Q summary · 8-K filings and events
PeriodQ2 FY2026
Published
Shopify reported revenue of $3.58 billion for Q2 FY2026, the quarter ended June 30, 2026, up 33.7% from a year earlier, on gross merchandise volume of $115.57 billion, up 31.6%. Net income was $1.50 billion, or $1.16 per diluted share, against $906 million a year earlier, lifted by unrealized gains on Shopify's equity and other investments. Operating income, which excludes those gains, rose to $488 million from $291 million.
| Metric | Amount | vs. year ago |
|---|---|---|
| Revenue | $3,583,000,000 | up 33.7% |
| Net income | $1,502,000,000 | up 65.8% |
| Diluted EPS | $1.16 | up 68.1% |
| Operating income | $488,000,000 | up 67.7% |
| Gross merchandise volume | $115,567,000,000 | up 31.6% |
Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.
About this file
| Ticker | SHOP |
|---|---|
| CIK | 0001594805 |
| Company | Shopify Inc. |
| Business type | technology - commerce platform |
| Schema template | standard technology/commerce platform: revenue split into subscription solutions and merchant solutions as on the face of the statement of operations, cost of revenues, gross profit, operating expenses by function (including transaction and loan losses from the merchant lending and payments business), operating income, other income (dominated by gains and losses on equity investments), net income and per-share amounts; balance sheet centred on cash, marketable securities, merchant loans and cash advances, equity investments and debt; cash flow centred on operating cash flow, capital expenditure, free cash flow and share repurchases; plus the company's own key performance indicators, Gross Merchandise Volume (GMV) and Monthly Recurring Revenue (MRR). Shopify is an asset-light commerce software and payments platform, so a gross-margin and cash-generation frame fits it; a bank or industrial frame does not. |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual US dollars (not millions); share counts in actual shares; per-share amounts in US dollars per share |
SHOP annual income statement, balance sheet and cash flow
| FY2023 | FY2024 | FY2025 | |
|---|---|---|---|
| Period start | 2023-01-01 | 2024-01-01 | 2025-01-01 |
| Period end | 2023-12-31 | 2024-12-31 | 2025-12-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 10-K | 10-K | 10-K |
| Income statement | |||
| Impairment on sale of logistics businesses | 1,340,000,000 | ||
| Subscription solutions revenue | 1,837,000,000 | 2,350,000,000 | 2,752,000,000 |
| Merchant solutions revenue | 5,223,000,000 | 6,530,000,000 | 8,804,000,000 |
| Revenue | 7,060,000,000 | 8,880,000,000 | 11,556,000,000 |
| Cost of revenue subscription solutions | 354,000,000 | 434,000,000 | 520,000,000 |
| Cost of revenue merchant solutions | 3,191,000,000 | 3,974,000,000 | 5,481,000,000 |
| Cost of revenue | 3,545,000,000 | 4,408,000,000 | 6,001,000,000 |
| Gross profit | 3,515,000,000 | 4,472,000,000 | 5,555,000,000 |
| Sales and marketing | 1,220,000,000 | 1,393,000,000 | 1,663,000,000 |
| Research and development | 1,730,000,000 | 1,367,000,000 | 1,536,000,000 |
| General and administrative | 491,000,000 | 410,000,000 | 471,000,000 |
| Transaction and loan losses | 152,000,000 | 227,000,000 | 417,000,000 |
| Total operating expenses | 4,933,000,000 | 3,397,000,000 | 4,087,000,000 |
| Operating income | -1,418,000,000 | 1,075,000,000 | 1,468,000,000 |
| Interest income | 241,000,000 | 308,000,000 | 331,000,000 |
| Net unrealized gain loss on equity and other investments | 1,424,000,000 | 988,000,000 | -186,000,000 |
| Total other income expense net | 1,603,000,000 | 1,153,000,000 | 41,000,000 |
| Pretax income | 185,000,000 | 2,228,000,000 | 1,509,000,000 |
| Provision for income taxes | -53,000,000 | -209,000,000 | -278,000,000 |
| Net income | 132,000,000 | 2,019,000,000 | 1,231,000,000 |
| Basic EPS | 0.10 | 1.57 | 0.95 |
| Diluted EPS | 0.10 | 1.55 | 0.94 |
| Basic shares | 1,281,554,559 | 1,289,812,124 | 1,298,955,860 |
| Diluted shares | 1,295,511,385 | 1,301,509,980 | 1,304,953,255 |
| Cash flow | |||
| Net income | 132,000,000 | 2,019,000,000 | 1,231,000,000 |
| Stock based compensation | 615,000,000 | 430,000,000 | 449,000,000 |
| Operating cash flow | 944,000,000 | 1,616,000,000 | 2,033,000,000 |
| Capex | -39,000,000 | -19,000,000 | -26,000,000 |
| Investing cash flow | -1,244,000,000 | -1,586,000,000 | -1,190,000,000 |
| Financing cash flow | 60,000,000 | 61,000,000 | -811,000,000 |
| Cash and restricted cash end of period | 1,413,000,000 | 1,498,000,000 | 1,545,000,000 |
| Free cash flow | 905,000,000 | 1,597,000,000 | 2,007,000,000 |
| Repayment of convertible senior notes | -1,043,000,000 | ||
| Key metrics | |||
| Monthly recurring revenue | 144,000,000 | 178,000,000 | 205,000,000 |
| Gross merchandise volume | 235,910,000,000 | 292,275,000,000 | 378,441,000,000 |
| Balance sheet | |||
| Shares outstanding | 1,294,580,140 | 1,303,904,301 | |
| Cash and cash equivalents | 1,498,000,000 | 1,545,000,000 | |
| Marketable securities | 3,981,000,000 | 4,233,000,000 | |
| Loans and merchant cash advances net | 1,224,000,000 | 1,784,000,000 | |
| Total current assets | 7,254,000,000 | 8,296,000,000 | |
| Long term investments | 709,000,000 | 975,000,000 | |
| Equity and other investments | 4,647,000,000 | 4,582,000,000 | |
| Equity method investment | 642,000,000 | 602,000,000 | |
| Goodwill | 452,000,000 | 491,000,000 | |
| Total assets | 13,924,000,000 | 15,189,000,000 | |
| Deferred revenue current | 283,000,000 | 300,000,000 | |
| Total debt | 918,000,000 | 0 | |
| Total current liabilities | 1,956,000,000 | 1,392,000,000 | |
| Total long term liabilities | 410,000,000 | 324,000,000 | |
| Total equity | 11,558,000,000 | 13,473,000,000 | |
| Total liabilities and equity | 13,924,000,000 | 15,189,000,000 | |
| Total liabilities | 2,366,000,000 | 1,716,000,000 | |
SHOP quarterly income statement, balance sheet and cash flow
| Q2 2025 | Q2 2026 | |
|---|---|---|
| Fiscal quarter | 2 | 2 |
| Period start | 2025-04-01 | 2026-04-01 |
| Period end | 2025-06-30 | 2026-06-30 |
| Period type | three months | three months |
| Source accession | 10-Q | 10-Q |
| Income statement | ||
| Subscription solutions revenue | 656,000,000 | 802,000,000 |
| Merchant solutions revenue | 2,024,000,000 | 2,781,000,000 |
| Revenue | 2,680,000,000 | 3,583,000,000 |
| Cost of revenue subscription solutions | 121,000,000 | 163,000,000 |
| Cost of revenue merchant solutions | 1,257,000,000 | 1,712,000,000 |
| Cost of revenue | 1,378,000,000 | 1,875,000,000 |
| Gross profit | 1,302,000,000 | 1,708,000,000 |
| Sales and marketing | 415,000,000 | 498,000,000 |
| Research and development | 394,000,000 | 445,000,000 |
| General and administrative | 122,000,000 | 136,000,000 |
| Transaction and loan losses | 80,000,000 | 141,000,000 |
| Total operating expenses | 1,011,000,000 | 1,220,000,000 |
| Operating income | 291,000,000 | 488,000,000 |
| Interest income | 106,000,000 | 66,000,000 |
| Net unrealized gain loss on equity and other investments | 681,000,000 | 1,249,000,000 |
| Total other income expense net | 788,000,000 | 1,287,000,000 |
| Pretax income | 1,079,000,000 | 1,775,000,000 |
| Provision for income taxes | -173,000,000 | -273,000,000 |
| Net income | 906,000,000 | 1,502,000,000 |
| Basic EPS | 0.70 | 1.16 |
| Diluted EPS | 0.69 | 1.16 |
| Basic shares | 1,297,746,050 | 1,295,220,307 |
| Diluted shares | 1,308,993,838 | 1,297,940,958 |
| Net realized gain on equity and other investments | 1,000,000 | 1,000,000 |
| Net loss on equity method investment | -24,000,000 | -22,000,000 |
| Foreign exchange gain loss | 24,000,000 | -7,000,000 |
| Cash flow | ||
| Net income | 906,000,000 | 1,502,000,000 |
| Stock based compensation | 113,000,000 | 128,000,000 |
| Operating cash flow | 428,000,000 | 658,000,000 |
| Capex | -6,000,000 | -4,000,000 |
| Investing cash flow | -252,000,000 | 571,000,000 |
| Financing cash flow | 44,000,000 | -1,417,000,000 |
| Cash and restricted cash end of period | 1,542,000,000 | 1,656,000,000 |
| Share repurchases | 0 | -1,420,000,000 |
| Free cash flow | 422,000,000 | 654,000,000 |
| Key metrics | ||
| Monthly recurring revenue | 185,000,000 | 221,000,000 |
| Gross merchandise volume | 87,837,000,000 | 115,567,000,000 |
| Balance sheet | ||
| Cash and cash equivalents | 1,656,000,000 | |
| Marketable securities | 3,291,000,000 | |
| Loans and merchant cash advances net | 2,184,000,000 | |
| Total current assets | 7,816,000,000 | |
| Long term investments | 525,000,000 | |
| Equity and other investments | 4,854,000,000 | |
| Equity method investment | 559,000,000 | |
| Goodwill | 491,000,000 | |
| Total assets | 14,470,000,000 | |
| Deferred revenue current | 335,000,000 | |
| Total current liabilities | 1,460,000,000 | |
| Total long term liabilities | 326,000,000 | |
| Total equity | 12,684,000,000 | |
| Total liabilities and equity | 14,470,000,000 | |
| Shares outstanding | 1,289,206,588 | |
| Total liabilities | 1,786,000,000 | |
SHOP year-to-date income statement and cash flow
| Six months ended June 30, 2026 | Six months ended June 30, 2025 | |
|---|---|---|
| Period start | 2026-01-01 | 2025-01-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | six months | six months |
| Source accession | 10-Q | 10-Q |
| Income statement | ||
| Subscription solutions revenue | 1,552,000,000 | 1,276,000,000 |
| Merchant solutions revenue | 5,201,000,000 | 3,764,000,000 |
| Revenue | 6,753,000,000 | 5,040,000,000 |
| Cost of revenue subscription solutions | 311,000,000 | 244,000,000 |
| Cost of revenue merchant solutions | 3,188,000,000 | 2,325,000,000 |
| Cost of revenue | 3,499,000,000 | 2,569,000,000 |
| Gross profit | 3,254,000,000 | 2,471,000,000 |
| Sales and marketing | 994,000,000 | 820,000,000 |
| Research and development | 882,000,000 | 771,000,000 |
| General and administrative | 251,000,000 | 231,000,000 |
| Transaction and loan losses | 257,000,000 | 155,000,000 |
| Total operating expenses | 2,384,000,000 | 1,977,000,000 |
| Operating income | 870,000,000 | 494,000,000 |
| Interest income | 141,000,000 | 171,000,000 |
| Net unrealized gain loss on equity and other investments | 185,000,000 | -340,000,000 |
| Total other income expense net | 271,000,000 | -185,000,000 |
| Pretax income | 1,141,000,000 | 309,000,000 |
| Provision for income taxes | -220,000,000 | -85,000,000 |
| Net income | 921,000,000 | 224,000,000 |
| Basic EPS | 0.71 | 0.17 |
| Diluted EPS | 0.71 | 0.17 |
| Basic shares | 1,299,266,611 | 1,296,593,342 |
| Diluted shares | 1,302,627,927 | 1,308,463,539 |
| Net realized gain on equity and other investments | 4,000,000 | 1,000,000 |
| Net loss on equity method investment | -43,000,000 | -47,000,000 |
| Foreign exchange gain loss | -16,000,000 | 30,000,000 |
| Cash flow | ||
| Net income | 921,000,000 | 224,000,000 |
| Stock based compensation | 260,000,000 | 227,000,000 |
| Operating cash flow | 1,139,000,000 | 795,000,000 |
| Capex | -9,000,000 | -10,000,000 |
| Investing cash flow | 881,000,000 | -871,000,000 |
| Financing cash flow | -1,902,000,000 | 103,000,000 |
| Cash and restricted cash end of period | 1,656,000,000 | 1,542,000,000 |
| Share repurchases | -1,911,000,000 | 0 |
| Free cash flow | 1,130,000,000 | 785,000,000 |
| Key metrics | ||
| Monthly recurring revenue | 221,000,000 | 185,000,000 |
| Gross merchandise volume | 216,310,000,000 | 162,587,000,000 |
SHOP trailing twelve month income statement and cash flow
| Trailing twelve months ended June 30, 2026 | |
|---|---|
| Period start | 2025-07-01 |
| Period end | 2026-06-30 |
| Period type | trailing twelve months |
| Source accession | 10-K, 10-Q |
| Income statement | |
| Subscription solutions revenue | 3,028,000,000 |
| Merchant solutions revenue | 10,241,000,000 |
| Revenue | 13,269,000,000 |
| Cost of revenue | 6,931,000,000 |
| Gross profit | 6,338,000,000 |
| Sales and marketing | 1,837,000,000 |
| Research and development | 1,647,000,000 |
| General and administrative | 491,000,000 |
| Transaction and loan losses | 519,000,000 |
| Total operating expenses | 4,494,000,000 |
| Operating income | 1,844,000,000 |
| Interest income | 301,000,000 |
| Total other income expense net | 497,000,000 |
| Pretax income | 2,341,000,000 |
| Provision for income taxes | -413,000,000 |
| Net income | 1,928,000,000 |
| Cash flow | |
| Stock based compensation | 482,000,000 |
| Operating cash flow | 2,377,000,000 |
| Capex | -25,000,000 |
| Free cash flow | 2,352,000,000 |
| Key metrics | |
| Gross merchandise volume | 432,164,000,000 |
- Basis. fiscal year 2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025
Adjustments
| Splits applied | none |
|---|---|
| ADR ratio | n/a |
| FX | n/a |
| Note | Shopify reports in US dollars and its Class A subordinate voting shares trade directly rather than as American depositary shares, so no currency or per-ADS conversion applies. No stock split falls within the periods in this record (fiscal 2023 through June 30, 2026), and per-share amounts are as each filing states them, so no split adjustment was made. |
Notes
- Annual figures for fiscal 2023, 2024 and 2025 come from the consolidated statements in Shopify's FY2025 Form 10-K (accession 0001594805-26-000007). The 10-K's balance sheet presents only December 31, 2025 and December 31, 2024, so fiscal 2023 carries an income statement and cash flow but no balance sheet.
- Quarterly figures (Q2 2026 and Q2 2025), the six-month year-to-date figures and the June 30, 2026 balance sheet come from the condensed consolidated statements in Shopify's Q2 2026 Form 10-Q (accession 0001594805-26-000047). That filing prints three-month columns only for the second quarters, so first-quarter figures are not shown here.
- Dollar amounts are stored in actual US dollars; the filings present them in millions. Share counts are actual shares and per-share amounts are US dollars per share, as printed.
- Revenue is the sum of subscription solutions and merchant solutions, both shown on the face of the statement of operations; cost of revenues is split the same way.
- provision_for_income_taxes is stored as a negative number, matching how the statement of operations presents it as a deduction from income before income taxes.
- Other income includes net unrealized gains or losses on Shopify's equity and other investments, which swing net income widely between periods: a gain of $1,249 million in Q2 2026 and $681 million in Q2 2025, a gain of $185 million in the first half of 2026 against a loss of $340 million in the first half of 2025, and a loss of $186 million in fiscal 2025 against gains of $988 million in 2024 and $1,424 million in 2023. Operating income is the better guide to the underlying business.
- Fiscal 2023 operating expenses include a $1,340 million impairment on the sale of Shopify's logistics businesses, which is why that year shows an operating loss of $1,418 million.
- Free cash flow is net cash provided by operating activities less purchases of property and equipment. This is the calculation in the company's own free cash flow reconciliation in its Q2 2026 earnings release (accession 0001594805-26-000046), which reports $654 million for Q2 2026 and $422 million for Q2 2025; the same arithmetic was applied to every other period here.
- Starting in April 2026, Shopify presents the cash flows of merchant cash advances within investing activities, alongside loans, instead of within operating activities; earlier periods were not recast. The 10-Q says this change resulted in a net cash use of $37 million presented in investing activities for Q2 2026. Operating cash flow and free cash flow for Q2 2026 and the first half of 2026 are therefore on a different basis from Q2 2025, the first half of 2025 and the fiscal years, and the trailing-twelve-month cash flow mixes the two bases.
- total_liabilities is the sum of the current and long-term liability subtotals printed on each balance sheet; the balance sheet does not print a single total-liabilities line. It equals total assets less total shareholders' equity in every period.
- total_debt at December 31, 2024 is the $918 million of convertible senior notes on that balance sheet. The notes matured in 2025 (the fiscal 2025 cash flow statement shows $1,043 million paid on their maturity), and the December 31, 2025 balance sheet shows no amount on that line. The June 30, 2026 balance sheet carries no borrowings line at all, so total_debt is not stated for that date.
- shares_outstanding is the total of Class A subordinate voting shares, Class B restricted voting shares and the founder share, taken from the statement of changes in shareholders' equity at each balance sheet date. The statement shows 4,214,019 Class A shares repurchased in the first quarter of 2026 and 12,645,957 in the second quarter. Cash paid for repurchases was $1,420 million in Q2 2026 and $1,911 million in the first half of 2026; the 2025 periods show none.
- Gross Merchandise Volume and Monthly Recurring Revenue are the company's key performance indicators, taken from the MD&A tables in the 10-K and 10-Q. GMV is the total dollar value of orders facilitated through the platform over the period. MRR is measured on the last day of the period, so the six-month figure equals the quarter-end figure.
- The trailing-twelve-month view is derived: fiscal 2025 (accession 0001594805-26-000007) plus the six months ended June 30, 2026, less the six months ended June 30, 2025 (both from accession 0001594805-26-000047). Per-share amounts and share counts are not derived for it.
Uncertainties
- Operating and free cash flow for 2026 are not directly comparable with earlier periods because merchant cash advance cash flows moved from operating to investing activities from April 2026 without recasting prior periods. The filing quantifies the effect only as a $37 million net cash use moved into investing activities in Q2 2026.
Company details
| Name | Shopify Inc. |
|---|---|
| Ticker | SHOP |
| CIK | 0001594805 |
| Exchange | Nasdaq |
| State | |
| Incorporation | Canada (Federal Level) |
| SIC | 7372 |
| Office | Technology |
| Industry | Services-Prepackaged Software |
Fiscal period
| Fiscal year | 2026 |
|---|---|
| Fiscal period | Q2 |
| Tag | FY26Q2 |
| Period end | 2026-06-30 |
| Form | 10-Q |
| Accession | 0001594805-26-000047 |
| Fiscal year end | 1231 |
| Source | facts |
Source filings
| Role | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Source |
|---|---|---|---|---|---|---|---|---|---|
| annual | no | 10-K | 2025 | FY | FY25 | 2025-12-31 | 2026-02-11 | 0001594805-26-000007 | reported |
| quarterly | yes | 10-Q | 2026 | Q2 | FY26Q2 | 2026-06-30 | 2026-08-05 | 0001594805-26-000047 | facts |
FAQ · Shopify financial statements
How much revenue did Shopify make in Q2 FY2026?
Shopify reported revenue of $3.58 billion for Q2 FY2026, the quarter ended June 30, 2026. That is up 33.7% from $2.68 billion in the same quarter a year earlier.
What was Shopify's net income and earnings per share in Q2 FY2026?
Shopify earned net income of $1.50 billion, or $1.16 per diluted share, in Q2 FY2026, compared with $906 million, or $0.69 per diluted share, a year earlier. Shopify's net income includes unrealized gains and losses on its equity and other investments, which can move widely from one period to the next.
What was Shopify's operating income in Q2 FY2026?
Shopify's operating income was $488 million in Q2 FY2026, up 67.7% from $291 million a year earlier. Operating income excludes the investment gains and losses that drive much of the swing in Shopify's net income.
What was Shopify's gross merchandise volume in Q2 FY2026?
Shopify's gross merchandise volume was $115.57 billion in Q2 FY2026, up 31.6% from $87.84 billion a year earlier. Gross merchandise volume is the total value of orders facilitated through Shopify's platform, not Shopify's revenue.
Where can I get Shopify Inc. (SHOP) financial data in machine-readable form?
Ticker Scout publishes Shopify Inc.'s financial statements as JSON at https://tickerscout.ai/shop/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/shop/narrative.md and https://tickerscout.ai/shop/events.md. Shopify Inc.'s SEC CIK is 0001594805. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does Shopify Inc. (SHOP) next file with the SEC?
Shopify Inc. (SHOP) is expected to file its next Form 10-Q with the SEC on or around November 3, 2026. That date is a projection rather than a company-announced date: it is derived from Shopify Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0001594805-26-000047.
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How this page was built
This page was built from three of Shopify Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names one such gap.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
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Built from Shopify Inc.'s SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.