Shopify Q2 revenue rises 34%, GMV climbs 32%

Shopify (TSX: SHOP ) released second-quarter financial results and hosted an earnings call on Wednesday.

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The full earnings call is available at Summary Shopify Inc reported a 32% year-over-year increase in GMV to $116 billion and a 34% increase in revenue to $3.6 billion for the second quarter of 2026.

The company emphasized its strategic focus on expanding its addressable market by providing a unified platform for merchants of all sizes, leveraging its open ecosystem model and partnerships with major tech companies like OpenAI and Google.

Shopify's infrastructure advancements, such as the Universal Commerce Protocol and the Shopify Catalog, are designed to enable commerce across diverse channels, with AI-driven sales showing promising growth.

The Sidekick tool experienced significant adoption, with daily active merchants up 3.6x year-over-year, contributing to faster onboarding and smarter decision-making for merchants.

Management highlighted the international expansion, with GMV outside North America growing 37%, and the expansion of Shopify Payments to new regions.

The company provided guidance for Q3 2026, expecting revenue growth in the low 30s percentage, driven by broad-based GMV growth and increased payment penetration.

Shopify's strategic focus remains on leveraging AI and partnerships to drive growth, with management confident in the company's ability to capture a significant share of the global e-commerce market.

Full Transcript Shane Kleinstein, Director of Investor Relations And thank you for joining Shopify second quarter 2026 conference call.

I'm Shane Kleinstein, Director of Investor Relations, and joining us today are Harley Finkelstein, Shopify's President, and Jeff Hoffmeister, our CFO.

After their prepared remarks, we will open it up for your questions.

Today's call will include certain forward-looking statements that are based on assumptions and therefore subject to risks and uncertainties that could cause actual results to differ materially from those projected.

Undue reliance should not be placed on these forward-looking statements.

We undertake no obligation to update or revise these statements except as required by law.

You can read about these assumptions, risks and uncertainties in our press release this morning, as well as in our filings with the US and Canadian regulators.

We'll also speak to adjusted financial measures and other non-GAAP measures which are not a substitute for GAAP financial measures.

Reconciliations between the two are provided in our press release.

And finally, we report in US dollars.

So all amounts discussed today are in US dollars unless otherwise indicated.

With that, I'll turn the call over to Harley.

Harley Finkelstein, President Good morning and thanks everyone for joining us today.

We've got another exceptional quarter to talk about here at Shopify.

Here's what that looks like in the numbers.

GMV was up 32% to $116 billion with broad growth across our merchant sizes, geographies and sales channels.

Our revenue was up 34% to $3.6 billion and our free cash margin was 18%.

That's a growth rate of 30% or more across every metric.

And this marks our fifth straight quarter of GMV growth above 30%.

Now, of all the numbers, our GMV is the one worth repeating.

Our merchants processed $116 billion this quarter.

This is commerce at an extraordinary scale flowing through the platform.

And it also tells us that our merchants are thriving.

Okay, now for the story behind those numbers.

Since day one, our operating principle has been simple and consistent.