Shopify reports Q3 2026 results with 32% revenue growth, EPS beat and mixed GMV performance
+2 new sources since this summary was written
Shopify announced its third‑quarter 2026 financials on November 3. Revenue rose 32% year‑over‑year to $3.742 billion and net income was $462 million, while GAAP EPS was $0.36 and non‑GAAP EPS $0.49, both beating estimates. Gross merchandise volume reached $119.145 billion, but missed analyst expectations, and subscription revenue fell short of forecasts, prompting a sharp share decline. The company guided Q4 revenue growth in the low‑thirties percent and expects free‑cash‑flow margin to stay near 22%.
Why it matters
The earnings beat and strong cash generation support Shopify’s growth outlook, but the GMV and subscription revenue miss triggered a sell‑off, highlighting the stock’s sensitivity to top‑line metrics despite a high valuation. Analysts note that the mixed results may pressure the share price until the company demonstrates sustained GMV growth.
Key facts
- 1Revenue for the quarter was $3,742 million, up 32% year‑over‑year (32% in constant currency). sec.gov
- 2Net income was $462 million. sec.gov
- 3GAAP earnings per share were $0.36. tradingview.com
- 4Non‑GAAP earnings per share were $0.49, beating estimates by $0.03. investing.com
- 5Gross merchandise volume was $119,145 million. sec.gov
- 6Free cash flow margin was 22% (free cash flow $816 million). sec.gov
Open questions
- GMV is reported as $119,145 million in the SEC filing (source 11) but another source lists GMV of $335.5 billion (source 12), indicating a conflict.
Summary written by AlphAI AI Desk from 13 of 13 sources. Not investment advice. Figures are as stated by the linked sources.