Filing Flows › Shopify (SHOP) › Q1 2026
Shopify (SHOP) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Shopify (SHOP) reported revenue of $3.2B for the first quarter 2026 (Q1 2026), +34% from a year earlier and -14% from the quarter before. Operating margin was 12.1%, net loss $581M (18.3% of revenue).
Shopify, Q1 2026: revenue $3.2B (+34% year over year), operating margin 12.1%, net loss $581M, operating cash flow $481M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.2B | -14% | +34% |
| Operating profit | $382M | -39% | +88% |
| Net earnings | −$581M | -178% | — |
| Operating cash flow | $481M | -34% | +31% |
| Free cash flow | $476M | — | +31% |
What changed
Revenue was $3.2B in Q1 2026, up 34% year over year and down 14% from the previous quarter. Merchant solutions was the largest line at 76% of revenue. Merchant solutions added $0.68B year over year (up 39%), 84% of the total change.
Gross margin was 48.8%, down 0.8 points from Q1 2025. Operating profit was $0.38B, a 12.1% margin (up 3.4 points year over year). Of the extra revenue versus Q1 2025, 22% reached operating profit, above the 9% margin then. Operating expenses grew 20% against revenue growth of 34%. The fastest-growing cost line was Other operating costs (+55%). The quarter ended with a net loss of $0.58B, after a profit of $0.74B the previous quarter. Net interest and other expense of $1.0B was the main reason.
Operating cash flow was $0.48B (up 31% year over year). Non-cash charges added back $0.01B of depreciation and amortization and $0.13B of share-based compensation. Working capital and other items added $0.92B. After capital expenditures ($0.01B), free cash flow as the company reports it was $0.48B.
Questions
What was Shopify's revenue in the first quarter 2026?
Shopify (SHOP) reported revenue of $3.2B for the first quarter 2026 (Q1 2026), +34% from a year earlier and -14% from the quarter before.
Was Shopify profitable in the first quarter 2026?
Operating profit was $382M (12.1% of revenue) and net loss $581M.
Source: Shopify 10-Q on SEC EDGAR.