Shopify (SHOP) Q2 FY2026 earnings: revenue $3.6 billion, up 33.7% on the year
Shopify Inc. (SHOP) reported revenue of $3.6 billion for Q2 FY2026, the quarter ended 30 June 2026, up 33.7% on the same quarter a year earlier. Net income was $1.5 billion, up 65.8% on the year, and diluted earnings per share $1.16. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.
Revenue
$3.6 billion
+33.7% on the year · +13.0% on the quarter
Q3 FY2024Q2 FY2026
Operating margin
13.6%
10.9% a year earlier
Q3 FY2024Q2 FY2026
Net income
$1.5 billion
+65.8% on the year
Q3 FY2024Q2 FY2026
Diluted EPS
$1.16
+68.1% on the year
Q3 FY2024Q2 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 2 new.
Revenue grew 34% in the quarter: Revenue was $3,583 million against $2,680 million, up 34% as reported and 33% in constant currency. Net other income is reported separately from operating income.
Free cash flow margin rose to 18%: Free cash flow was $654 million against $422 million, a margin of 18% against 16% a year earlier.
GMV rose 32% year over year: GMV was $115,567 million against $87,837 million, up 32% as reported and 30% in constant currency.
$ million except per share. Read moreFree 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
Q2 FY2026
Q1 FY2026
Q2 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
658
481
428
+36.8%
+53.7%
Capital expenditure
4.0
5.0
6.0
-20.0%
-33.3%
Free cash flow
654
476
422
+37.4%
+55.0%
Free cash flow margin
18.3%
15.0%
15.7%
Cash from investing
571
310
-252
+84.2%
Cash from financing
-1,417
-485
44.0
Depreciation and amortisation
7.0
7.0
8.0
0.0%
-12.5%
Share-based compensation
128
132
113
-3.0%
+13.3%
Buybacks
1,420
491
0.0
+189.2%
Diluted shares, weighted
1,298m
1,303m
1,309m
-0.4%
-0.8%
Shares outstanding at period end
1,287m
1,298m
1,300m
-0.8%
-1.0%
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
Q2 FY2026
Q1 FY2026
Q2 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
12,684
12,501
12,124
+1.5%
+4.6%
Debt
0.0
0.0
919
Operating lease liabilities
168
163
200
+3.1%
-16.0%
Other liabilities
1,618
1,457
1,318
+11.1%
+22.8%
Total liabilities and equity
14,470
14,121
14,561
+2.5%
-0.6%
Fixed assets
53.0
54.0
46.0
-1.9%
+15.2%
Goodwill
491
491
491
0.0%
0.0%
Intangible assets
27.0
28.0
36.0
-3.6%
-25.0%
Investments
3,816
4,603
5,109
-17.1%
-25.3%
Cash and equivalents
1,656
1,848
1,542
-10.4%
+7.4%
Receivables
466
449
350
+3.8%
+33.1%
Other assets
7,961
6,648
6,987
+19.8%
+13.9%
Total assets
14,470
14,121
14,561
+2.5%
-0.6%
Questions
What was Shopify's revenue in Q2 FY2026?
Shopify (SHOP) reported revenue of $3.6 billion for Q2 FY2026, the quarter ended 30 June 2026, up 33.7% on the same quarter a year earlier.
How much did Shopify earn in Q2 FY2026?
Net income for Q2 FY2026 was $1.5 billion, up 65.8% on the year, and diluted earnings per share $1.16.
When did Shopify report Q2 FY2026 results?
Shopify filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 5 August 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 30 June 2026, filed 5 August 2026: the filing.