Filing Flows › Shopify (SHOP) › Q3 2026 › vs Q3 2025
Shopify (SHOP) Q3 2026 vs Q3 2025 (year over year)
Shopify's revenue rose $898M (+32%) from $2.8B in Q3 2025 to $3.7B in Q3 2026. The biggest changes: Merchant solutions +$761M (+35%); Subscription solutions +$137M (+20%). Gross margin 47.6% against 48.9% (-1.3 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 47.6% | 48.9% | -1.3 pts |
| Operating margin | 15.2% | 12.1% | +3.1 pts |
| Net margin | 12.3% | 9.3% | +3.1 pts |
| Free cash flow margin | 21.8% | 17.8% | +4.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Merchant solutions | $2.9B | $2.1B | $761M | +35% |
| Subscription solutions | $836M | $699M | $137M | +20% |
| Revenue | $3.7B | $2.8B | $898M | +32% |
| Gross profit | $1.8B | $1.4B | $390M | +28% |
| Cost of revenue | $2.0B | $1.5B | $508M | +35% |
| Operating profit | $568M | $343M | $225M | +66% |
| Operating expenses | $1.2B | $1.0B | $165M | +16% |
| Pre-tax earnings | $499M | $308M | $191M | +62% |
| Other expense, net | $69.0M | $35.0M | $34.0M | +97% |
| Research & development | $497M | $375M | $122M | +33% |
| Sales & marketing | $466M | $410M | $56.0M | +14% |
| General & admin | $130M | $115M | $15.0M | +13% |
| Other operating costs | $120M | $148M | −$28.0M | -19% |
| Net earnings | $462M | $264M | $198M | +75% |
| Income tax | $37.0M | $44.0M | −$7.0M | -16% |
| Depreciation & amortization | $7.0M | $8.0M | −$1.0M | -12% |
| Share-based compensation | $140M | $107M | $33.0M | +31% |
| Working capital & other | $209M | $134M | $75.0M | +56% |
| Operating cash flow | $818M | $513M | $305M | +59% |
| Free cash flow (company-reported) | $816M | $507M | $309M | +61% |
| Capital expenditures | $2.0M | $6.0M | −$4.0M | -67% |
Questions
How much did Shopify's revenue grow year over year in Q3 2026?
Shopify's revenue rose $898M (+32%) from $2.8B in Q3 2025 to $3.7B in Q3 2026.
What drove Shopify's revenue change in Q3 2026?
Merchant solutions +$761M (+35%); Subscription solutions +$137M (+20%).