Filing Flows › Shopify (SHOP) › Q2 2026
Shopify (SHOP) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 5, 2026
Shopify (SHOP) reported revenue of $3.6B for the second quarter 2026 (Q2 2026), +34% from a year earlier and +13% from the quarter before. Operating margin was 13.6%, net earnings $1.5B (41.9% of revenue).
Shopify, Q2 2026: revenue $3.6B (+34% year over year), operating margin 13.6%, net earnings $1.5B, operating cash flow $658M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.6B | +13% | +34% |
| Gross profit | $1.7B | +10% | +31% |
| Operating profit | $488M | +28% | +68% |
| Net earnings | $1.5B | — | +66% |
| Operating cash flow | $658M | +37% | +54% |
| Free cash flow | $654M | — | +55% |
What changed
Revenue was $3.6B in Q2 2026, up 34% year over year and up 13% from the previous quarter. Merchant solutions was the largest line at 78% of revenue. Merchant solutions added $0.76B year over year (up 37%), 84% of the total change.
Gross margin was 47.7%, down 0.9 points from Q2 2025. Operating profit was $0.49B, a 13.6% margin (up 2.8 points year over year). Of the extra revenue versus Q2 2025, 22% reached operating profit, above the 11% margin then. Operating expenses grew 21% against revenue growth of 34%. The fastest-growing cost line was Other operating costs (+76%). Net earnings were $1.5B, up 66% year over year. The effective tax rate was 15.4%. Non-operating items added $1.3B, 73% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.66B (up 54% year over year), 44% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $0.13B of share-based compensation. Working capital and other items used $1.0B. After capital expenditures ($4.0M), free cash flow as the company reports it was $0.65B.
Questions
What was Shopify's revenue in the second quarter 2026?
Shopify (SHOP) reported revenue of $3.6B for the second quarter 2026 (Q2 2026), +34% from a year earlier and +13% from the quarter before.
Was Shopify profitable in the second quarter 2026?
Operating profit was $488M (13.6% of revenue) and net earnings $1.5B.
Source: Shopify 10-Q on SEC EDGAR.