Shopify (SHOP) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Shopify published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Shopify reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Shopify is based in Canada but reports in US dollars under US GAAP and files a Form 10-Q with the SEC.
• Starting in April 2026, Shopify presents cash flows from merchant cash advances within investing cash flows, as it already did for loans. Free cash flow from that point is not on the same basis as earlier quarters.
• Q3 2026 GAAP net income includes a tax benefit from releasing a valuation allowance against part of Shopify's U.S. federal and state deferred tax assets.

Source: Shopify Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Shopify splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Shopify's Subscription solutions revenue was $836 million in Q3 2026, up 20% from $699 million in Q3 2025, 22% of total revenue.
• Shopify's Merchant solutions revenue was $2.9 billion in Q3 2026, up 35% from $2.1 billion in Q3 2025, 78% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Shopify said:

“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%”

“Free cash flow margin to be consistent with the fourth quarter of 2025.”

Source: Shopify Q3 2026 release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the SHOP forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS. Before Q3 2026, Shopify's releases did not print EPS (it was in a supplemental posted on its website), so EPS for those quarters is taken from the Form 10-Q for each quarter and, for Q4 2025, from the quarterly table in the 2025 Form 10-K. Large swings in GAAP EPS come mostly from gains and losses on Shopify's equity investments.

We do not hold a confirmed date for Shopify's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Shopify reports revenue in two lines. In Q3 2026 merchant solutions brought in $2,906 million and subscription solutions $836 million, of $3,742 million in total. Merchant solutions were 78% of revenues, against 75% a year earlier. (Shopify Q3 2026 release, Nov 3, 2026; Shopify Form 10-Q, Q3 2026, Nov 3, 2026)

Merchant solutions revenue comes mainly from payment processing and currency conversion fees on Shopify Payments. The rest is lending and other financial products, referral fees from partners, shipping labels, point-of-sale hardware, and advertising on the Shopify App Store and Shop Campaigns. The largest part of the quarter's increase was $619 million more Shopify Payments revenue: the share of GMV processed on Shopify Payments rose to 68% from 65%, which put $81.4 billion of GMV through it, against $60.2 billion a year earlier. (Shopify Form 10-Q, Q3 2026, Nov 3, 2026)

Merchants sold $119,145 million of goods on Shopify (GMV) in the quarter, against $92,013 million a year earlier, a rise of 29%. GMV is not Shopify's revenue, but Shopify says merchant solutions revenue moves with it. For full-year 2025 the Shopify Payments penetration rate was 65.6%. (Shopify Q3 2026 release, Nov 3, 2026; Shopify Form 10-Q, Q3 2026, Nov 3, 2026; Shopify Form 10-K, 2025, Feb 11, 2026)

Subscription fees rose $125 million, which Shopify attributes to higher monthly recurring revenue (MRR): more merchants on the platform and a larger share on higher-priced plans such as Plus, which starts at several times the price of the standard plans. MRR was $230 million at September 30, 2026, up 19%. (Shopify Form 10-Q, Q3 2026, Nov 3, 2026)

By merchant location, the United States accounted for $2,373 million of Q3 2026 revenue (63%), Europe $766 million (20%), Asia Pacific $362 million (10%) and Canada $172 million (5%). Shopify says no single merchant has ever represented more than five percent of its total revenues in a reporting period. (Shopify Form 10-Q, Q3 2026, Nov 3, 2026)

Shopify's GAAP diluted EPS was $0.36 in Q3 2026 and its non-GAAP EPS $0.49. The non-GAAP figure adds back $147 million of stock-based compensation and related taxes, a $117 million net loss on equity and other investments, a $21 million loss on its equity method investment and $2 million of intangible amortization, less $111 million of income tax effects. Shopify also reports net income excluding its equity investments: $584 million, against GAAP net income of $462 million. (Shopify Q3 2026 release, Nov 3, 2026)

Shopify recorded a provision for income taxes of $37 million on $499 million of pre-tax income, against $44 million a year earlier, because it released a valuation allowance against part of its U.S. federal and state deferred tax assets in the quarter. (Shopify Form 10-Q, Q3 2026, Nov 3, 2026)

Shopify's board authorized a $2 billion share repurchase program in the first quarter of 2026 and added $3 billion in the second, for $5 billion in total. In Q3 2026 Shopify repurchased 4,285,848 shares for $550 million. Diluted weighted average shares were 1,290,726,742, against 1,312,872,709 a year earlier. (Shopify Form 10-Q, Q3 2026, Nov 3, 2026; Shopify Q3 2026 release, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Shopify publishes a qualitative outlook in each release. For Q4 2026 it expects revenue to grow at a low-thirties percentage rate and gross profit dollars at a high-twenties rate, operating expenses of 29% to 30% of revenue, stock-based compensation of $155 million, and a free cash flow margin consistent with Q4 2025. (Shopify Q3 2026 release, Nov 3, 2026)

The fourth quarter is seasonally Shopify's largest for merchant solutions revenue, because merchants process additional GMV in the holiday season. (Shopify Form 10-Q, Q3 2026, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Shopify, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Shopify's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning SHOP is on is SHOP a buy or a sell?, what analysts expect next is on the SHOP forecast, and what the company does is on the Shopify (SHOP) stock page.

Every number on this page can be traced to a document Shopify published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.