Filing Flows › Shopify (SHOP) › Q2 2026 › vs Q1 2026
Shopify (SHOP) Q2 2026 vs Q1 2026 (quarter over quarter)
Shopify's revenue rose $413M (+13%) from $3.2B in Q1 2026 to $3.6B in Q2 2026. The biggest changes: Merchant solutions +$361M (+15%); Subscription solutions +$52.0M (+7%). Gross margin 47.7% against 48.8% (-1.1 pts).
Shopify, Q2 2026: revenue $3.6B (+34% year over year), operating margin 13.6%, net earnings $1.5B, operating cash flow $658M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 47.7% | 48.8% | -1.1 pts |
| Operating margin | 13.6% | 12.1% | +1.6 pts |
| Net margin | 41.9% | -18.3% | +60.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Merchant solutions | $2.8B | $2.4B | $361M | +15% |
| Subscription solutions | $802M | $750M | $52.0M | +7% |
| Revenue | $3.6B | $3.2B | $413M | +13% |
| Gross profit | $1.7B | $1.5B | $162M | +10% |
| Cost of revenue | $1.9B | $1.6B | $251M | +15% |
| Other income, net | $1.3B | −$1.0B | $2.3B | — |
| Operating profit | $488M | $382M | $106M | +28% |
| Operating expenses | $1.2B | $1.2B | $56.0M | +5% |
| Pre-tax earnings | $1.8B | −$634M | $2.4B | — |
| Research & development | $445M | $437M | $8.0M | +2% |
| Sales & marketing | $498M | $496M | $2.0M | +0.4% |
| General & admin | $136M | $115M | $21.0M | +18% |
| Other operating costs | $141M | $116M | $25.0M | +22% |
| Net earnings | $1.5B | −$581M | $2.1B | — |
| Income tax | $273M | −$53.0M | $326M | — |
| Depreciation & amortization | $7.0M | $7.0M | $0 | 0% |
| Share-based compensation | $128M | $132M | −$4.0M | -3% |
| Working capital & other | $979M | −$923M | $1.9B | — |
| Operating cash flow | $658M | $481M | $177M | +37% |
Questions
How much did Shopify's revenue grow quarter over quarter in Q2 2026?
Shopify's revenue rose $413M (+13%) from $3.2B in Q1 2026 to $3.6B in Q2 2026.
What drove Shopify's revenue change in Q2 2026?
Merchant solutions +$361M (+15%); Subscription solutions +$52.0M (+7%).