Filing Flows › Shopify (SHOP) › How it makes money
How Shopify (SHOP) makes money
Shopify (SHOP) made $3.7B of revenue in the third quarter 2026 (Q3 2026), +32% from a year earlier. Merchant solutions brought in $2.9B (78%); Subscription solutions brought in $836M (22%). Of every dollar of revenue, 48¢ was left as gross profit, 15¢ was left as operating profit, 12¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Merchant solutions | $2.9B | 77.7% | +4% | +35% |
| Subscription solutions | $836M | 22.3% | +4% | +20% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $3.7B | 100.0% |
| Cost of revenue | $2.0B | 52.4% |
| Gross profit | $1.8B | 47.6% |
| Operating expenses | $1.2B | 32.4% |
| Operating profit | $568M | 15.2% |
| Income tax | $37.0M | 1.0% |
| Net earnings | $462M | 12.3% |
| Operating cash flow | $818M | 21.9% |
| Free cash flow | $816M | 21.8% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $3.7B | +32% |
| Q2 2026 | $3.6B | +34% |
| Q1 2026 | $3.2B | +34% |
| Q4 2025 | $3.7B | +31% |
| Q3 2025 | $2.8B | +32% |
| Q2 2025 | $2.7B | +31% |
| Q1 2025 | $2.4B | +27% |
From Shopify's 10-Q filed Nov 3, 2026 (on EDGAR).
Questions
How does Shopify make money?
Shopify (SHOP) made $3.7B of revenue in the third quarter 2026 (Q3 2026), +32% from a year earlier. Merchant solutions brought in $2.9B (78%); Subscription solutions brought in $836M (22%). Of every dollar of revenue, 48¢ was left as gross profit, 15¢ was left as operating profit, 12¢ was left as net earnings.
What is Shopify's biggest business?
Merchant solutions: $2.9B in the third quarter 2026, 78% of revenue, +35% from a year earlier.
What is Shopify's profit margin?
Net earnings were $462M, 12.3% of revenue, in the third quarter 2026; the operating margin was 15.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.