Filing Flows › Shopify (SHOP) › Q2 2026 › vs Q2 2025
Shopify (SHOP) Q2 2026 vs Q2 2025 (year over year)
Shopify's revenue rose $903M (+34%) from $2.7B in Q2 2025 to $3.6B in Q2 2026. The biggest changes: Merchant solutions +$757M (+37%); Subscription solutions +$146M (+22%). Gross margin 47.7% against 48.6% (-0.9 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 47.7% | 48.6% | -0.9 pts |
| Operating margin | 13.6% | 10.9% | +2.8 pts |
| Net margin | 41.9% | 33.8% | +8.1 pts |
| Free cash flow margin | 18.3% | 15.7% | +2.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Merchant solutions | $2.8B | $2.0B | $757M | +37% |
| Subscription solutions | $802M | $656M | $146M | +22% |
| Revenue | $3.6B | $2.7B | $903M | +34% |
| Gross profit | $1.7B | $1.3B | $406M | +31% |
| Cost of revenue | $1.9B | $1.4B | $497M | +36% |
| Other income, net | $1.3B | $788M | $499M | +63% |
| Operating profit | $488M | $291M | $197M | +68% |
| Operating expenses | $1.2B | $1.0B | $209M | +21% |
| Pre-tax earnings | $1.8B | $1.1B | $696M | +65% |
| Research & development | $445M | $394M | $51.0M | +13% |
| Sales & marketing | $498M | $415M | $83.0M | +20% |
| General & admin | $136M | $122M | $14.0M | +11% |
| Other operating costs | $141M | $80.0M | $61.0M | +76% |
| Net earnings | $1.5B | $906M | $596M | +66% |
| Income tax | $273M | $173M | $100M | +58% |
| Depreciation & amortization | $7.0M | $8.0M | −$1.0M | -12% |
| Share-based compensation | $128M | $113M | $15.0M | +13% |
| Working capital & other | $979M | $599M | $380M | +63% |
| Operating cash flow | $658M | $428M | $230M | +54% |
| Free cash flow (company-reported) | $654M | $422M | $232M | +55% |
| Capital expenditures | $4.0M | $6.0M | −$2.0M | -33% |
Questions
How much did Shopify's revenue grow year over year in Q2 2026?
Shopify's revenue rose $903M (+34%) from $2.7B in Q2 2025 to $3.6B in Q2 2026.
What drove Shopify's revenue change in Q2 2026?
Merchant solutions +$757M (+37%); Subscription solutions +$146M (+22%).