Filing Flows › Shopify (SHOP) › Q3 2026 › vs Q2 2026
Shopify (SHOP) Q3 2026 vs Q2 2026 (quarter over quarter)
Shopify's revenue rose $159M (+4%) from $3.6B in Q2 2026 to $3.7B in Q3 2026. The biggest changes: Merchant solutions +$125M (+4%); Subscription solutions +$34.0M (+4%). Gross margin 47.6% against 47.7% (-0.1 pts).
Shopify, Q3 2026: revenue $3.7B (+32% year over year), operating margin 15.2%, net earnings $462M, operating cash flow $818M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 47.6% | 47.7% | -0.1 pts |
| Operating margin | 15.2% | 13.6% | +1.6 pts |
| Net margin | 12.3% | 41.9% | -29.6 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Merchant solutions | $2.9B | $2.8B | $125M | +4% |
| Subscription solutions | $836M | $802M | $34.0M | +4% |
| Revenue | $3.7B | $3.6B | $159M | +4% |
| Gross profit | $1.8B | $1.7B | $73.0M | +4% |
| Cost of revenue | $2.0B | $1.9B | $86.0M | +5% |
| Operating profit | $568M | $488M | $80.0M | +16% |
| Operating expenses | $1.2B | $1.2B | −$7.0M | -0.6% |
| Pre-tax earnings | $499M | $1.8B | −$1.3B | -72% |
| Other expense, net | $69.0M | −$1.3B | $1.4B | — |
| Research & development | $497M | $445M | $52.0M | +12% |
| Sales & marketing | $466M | $498M | −$32.0M | -6% |
| General & admin | $130M | $136M | −$6.0M | -4% |
| Other operating costs | $120M | $141M | −$21.0M | -15% |
| Net earnings | $462M | $1.5B | −$1.0B | -69% |
| Income tax | $37.0M | $273M | −$236M | -86% |
| Depreciation & amortization | $7.0M | $7.0M | $0 | 0% |
| Share-based compensation | $140M | $128M | $12.0M | +9% |
| Working capital & other | $209M | −$979M | $1.2B | — |
| Operating cash flow | $818M | $658M | $160M | +24% |
Questions
How much did Shopify's revenue grow quarter over quarter in Q3 2026?
Shopify's revenue rose $159M (+4%) from $3.6B in Q2 2026 to $3.7B in Q3 2026.
What drove Shopify's revenue change in Q3 2026?
Merchant solutions +$125M (+4%); Subscription solutions +$34.0M (+4%).