Shopify (SHOP) Q1 FY2026 earnings: revenue $3.2 billion, up 34.3% on the year
Shopify Inc. (SHOP) reported revenue of $3.2 billion for Q1 FY2026, the quarter ended 31 March 2026, up 34.3% on the same quarter a year earlier. Net income was -$581 million, and diluted earnings per share $-0.45. The figures are the company's own, from the 10-Q it filed with the SEC on 5 May 2026.
Revenue
$3.2 billion
+34.3% on the year · -13.7% on the quarter
Q2 FY2024Q1 FY2026
Operating margin
12.1%
8.6% a year earlier
Q2 FY2024Q1 FY2026
Net income
-$581 million
Q2 FY2024Q1 FY2026
Diluted EPS
-$0.45
Q2 FY2024Q1 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 2 new.
Revenue rose 34 percent: Revenue was $3,170 million against $2,360 million a year earlier, growth of 34% against 27% in the prior-year quarter.
GMV passed $100 billion: GMV, the total dollar value of orders facilitated through the platform, was $100,743 million against $74,750 million. Management cited growth across geographies, merchant sizes and channels.
Operating income rose 88 percent: Operating income was $382 million against $203 million a year earlier.
$ million except per share. Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
481
725
367
-33.7%
+31.1%
Capital expenditure
5.0
10.0
4.0
-50.0%
+25.0%
Free cash flow
476
715
363
-33.4%
+31.1%
Free cash flow margin
15.0%
19.5%
15.4%
Cash from investing
310
-654
-619
Cash from financing
-485
-938
59.0
Depreciation and amortisation
7.0
7.0
8.0
0.0%
-12.5%
Share-based compensation
132
115
114
+14.8%
+15.8%
Buybacks
491
n/a
0.0
Diluted shares, weighted
1,303m
1,305m
1,295m
-0.1%
+0.6%
Shares outstanding at period end
1,298m
1,304m
1,297m
-0.5%
+0.0%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
12,501
13,473
11,051
-7.2%
+13.1%
Debt
0.0
0.0
919
Operating lease liabilities
163
171
200
-4.7%
-18.5%
Other liabilities
1,457
1,545
1,230
-5.7%
+18.5%
Total liabilities and equity
14,121
15,189
13,400
-7.0%
+5.4%
Fixed assets
54.0
53.0
46.0
+1.9%
+17.4%
Goodwill
491
491
491
0.0%
0.0%
Intangible assets
28.0
30.0
39.0
-6.7%
-28.2%
Investments
4,603
5,208
5,099
-11.6%
-9.7%
Cash and equivalents
1,848
1,545
1,309
+19.6%
+41.2%
Receivables
449
500
297
-10.2%
+51.2%
Inventory
n/a
21.0
n/a
Other assets
6,648
7,341
6,119
-9.4%
+8.6%
Total assets
14,121
15,189
13,400
-7.0%
+5.4%
Questions
What was Shopify's revenue in Q1 FY2026?
Shopify (SHOP) reported revenue of $3.2 billion for Q1 FY2026, the quarter ended 31 March 2026, up 34.3% on the same quarter a year earlier.
How much did Shopify earn in Q1 FY2026?
Net loss for Q1 FY2026 was $581 million, and the diluted loss per share $0.45.
When did Shopify report Q1 FY2026 results?
Shopify filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 5 May 2026.
Each quarter as filed, linked to its filing. Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
10-Q for the period ended 31 March 2026, filed 5 May 2026: the filing.