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$SHOP


Shopify Inc Non-GAAP EPS of $0.49 beats by $0.03, revenue of $3.74B in-line
Nov 03, 2026
Q3 Non-GAAP EPS of $0.49 beats by $0.03.
Revenue of $3.74B (+31.7% Y/Y) in-line.
For the fourth quarter of 2026, we expect:
Revenue to grow at a low-thirties percentage rate on a year-over-year basis;
Gross profit dollars to grow at a high-twenties percentage rate on a year-over-year basis;
Operating expenses as a percentage of revenue to be 29% to 30%;
Stock-based compensation to be $155 million; and
Free cash flow margin to be consistent with the fourth quarter of 2025.
Shopify slides in early investor reaction to a slight GMV miss
Nov 03, 2026
Shopify (SHOP) fell sharply on Tuesday after reporting revenue jumped 31.7% in Q3 to $3.74B to match the consensus estimate of analysts. "Shopify is uncommonly good at operating in two realities at the same time: the world our merchants exist in today, and the one they are moving towards. Q3 is the perfect example," updated President Harley Finkelstein.
The Ottawa-based company reported gross merchandise volume was up 30% to $119.2B to fall slightly short of the consensus estimate for $120.1B. Monthly recurring revenue improved to $230 from $193 in the same quarter a year ago. Free cash flow was $816M, and free cash flow margin was 22% of sales, up from 18% a year ago. Operating income was $568M vs. $343M a year ago. Net income rose to $462M from $264M a year ago.
Notably, Shopify (SHOP) disclosed a 3.3X boost in orders originating from AI searches during the quarter.
"Delivering these results at our scale speaks to the strength of our model, our multiple growth drivers, and our expanding addressable market," highlighted CFO Jeff Hoffmeister,
Looking ahead, Shopify (SHOP) expects Q4 revenue to grow at a low-thirties percentage rate on a year-over-year basis and gross profit dollars to grow at a high-twenties percentage rate on a year-over-year basis.
Shares of Shopify (SHOP) were down 15.3% in the early investor reaction to the earnings update.
Shopify in Charts: Merchant solutions sustain over 30% growth in Q3
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5 hours ago
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6 hours ago
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