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Shopify vs CoreWeave: SHOP and CRWV compared
Shopify is the larger company: $3.7B of revenue in its latest quarter (Q3 2026) against $2.6B for CoreWeave (Q2 2026). CoreWeave is growing faster (+112% against +32% a year earlier). Shopify is more profitable, with an operating margin of 15.2% against -1.9%.
Where the money goes: SHOP and CRWV
Shopify (SHOP) · Q3 2026
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.
CoreWeave (CRWV) · Q2 2026
CoreWeave, Q2 2026: revenue $2.6B (+112% year over year), operating margin -1.9%, net loss $626M, operating cash flow $679M. The chart follows the revenue to costs, profit and cash.
| Shopify (SHOP) | CoreWeave (CRWV) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $3.7B | $2.6B |
| Revenue growth, Y/Y | +32% | +112% |
| Gross margin | 47.6% | — |
| Operating margin | 15.2% | -1.9% |
| Net earnings | $462M | −$626M |
| Net margin | 12.3% | -24.3% |
| Operating cash flow | $818M | $679M |
| Free cash flow | $816M | — |
| Market value | $185.5B | $25.1B |
| P/E | 87.1× | — |
| Analysts’ mean target | $177.19 | $131.53 |
Where the revenue comes from
Shopify
- Merchant solutions: $2.9B (78%)
- Subscription solutions: $836M (22%)
Questions
Which is bigger, Shopify or CoreWeave?
Shopify is the larger company: $3.7B of revenue in its latest quarter (Q3 2026) against $2.6B for CoreWeave (Q2 2026).
Is Shopify or CoreWeave growing faster?
CoreWeave is growing faster (+112% against +32% a year earlier).
Which is more profitable, Shopify or CoreWeave?
Shopify is more profitable, with an operating margin of 15.2% against -1.9%.
More: Shopify earnings · how Shopify makes money · CoreWeave earnings · how CoreWeave makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Aug 12, 2026). Fiscal quarters can end on different dates. Not investment advice.