Filing Flows › Shopify (SHOP) › Q3 2026
Shopify (SHOP) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 3, 2026
Shopify (SHOP) reported revenue of $3.7B for the third quarter 2026 (Q3 2026), +32% from a year earlier and +4% from the quarter before. Operating margin was 15.2%, net earnings $462M (12.3% of revenue).
Shopify, Q3 2026: revenue $3.7B (+32% year over year), operating margin 15.2%, net earnings $462M, operating cash flow $818M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.7B | +4% | +32% |
| Gross profit | $1.8B | +4% | +28% |
| Operating profit | $568M | +16% | +66% |
| Net earnings | $462M | -69% | +75% |
| Operating cash flow | $818M | +24% | +59% |
| Free cash flow | $816M | — | +61% |
What changed
Revenue was $3.7B in Q3 2026, up 32% year over year and up 4% from the previous quarter. Merchant solutions was the largest line at 78% of revenue. Merchant solutions added $0.76B year over year (up 35%), 85% of the total change.
Gross margin was 47.6%, down 1.3 points from Q3 2025. Operating profit was $0.57B, a 15.2% margin (up 3.1 points year over year). Of the extra revenue versus Q3 2025, 25% reached operating profit, above the 12% margin then. Operating expenses grew 16% against revenue growth of 32%. The fastest-growing cost line was Research & development (+33%). Net earnings were $0.46B, up 75% year over year. The effective tax rate was 7.4%.
Operating cash flow was $0.82B (up 59% year over year), 177% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $0.14B of share-based compensation. Working capital and other items added $0.21B. After capital expenditures ($2.0M), free cash flow as the company reports it was $0.82B.
Questions
What was Shopify's revenue in the third quarter 2026?
Shopify (SHOP) reported revenue of $3.7B for the third quarter 2026 (Q3 2026), +32% from a year earlier and +4% from the quarter before.
Was Shopify profitable in the third quarter 2026?
Operating profit was $568M (15.2% of revenue) and net earnings $462M.
Source: Shopify 10-Q on SEC EDGAR.