Shopify Inc.: Beat — EPS $0.49, Revenue $3.74B
SHOPShopify Inc.•Q3 2026•Nov 03, 2026, 7:05 AM EST
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Earnings BeatQ3 2026 · Pre-market
Did Shopify Inc. (SHOP) beat earnings today?
Yes, Shopify Inc. (SHOP) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+6.52% surprise
$0.49Actual
Expected: $0.46
vs. year ago +44.1%
Total Revenue+0.05% surprise
$3.74BActual
Expected: $3.74B
vs. year ago +31.6%
Released Nov 03 · 7:05 AM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $3.74B | $2.84B | +32.0 |
| Revenue detail — reported lines | |||
| └─Subscription solutions | $836.00M | $699.00M | +20.0 |
| └─Merchant solutions | $2.91B | $2.15B | +35.0 |
| Net Income | $462.00M | $264.00M | +75.0 |
| GAAP Diluted EPS | $0.36 | $0.20 | +80.0 |
| Non-GAAP Diluted EPS | $0.49 | $0.34 | +44.1 |
Financial Outlook / Guidance
| Metric | Q4 2026 Outlook | |
|---|---|---|
| Guidance | Expected | |
| Revenue | low-thirties % YoY | $4.76B |
| Gross profit dollars | high-twenties % YoY | — |
| Operating expenses as % of revenue | 29%-30% | — |
| Stock-based compensation | $155M | — |
| Free cash flow margin | consistent with Q4 2025 | — |
Q4 2026 Outlook
- Revenue
- Guidancelow-thirties % YoYExpected$4.76B
- Gross profit dollars
- Guidancehigh-twenties % YoYExpected—
- Operating expenses as % of revenue
- Guidance29%-30%Expected—
- Stock-based compensation
- Guidance$155MExpected—
- Free cash flow margin
- Guidanceconsistent with Q4 2025Expected—
Business Highlights
- ➤Shopify powers commerce for millions of businesses across 175+ countries.
- ➤The platform supports selling online, in-store, and everywhere in between.
- ➤Shopify repurchased $562M of common stock during the quarter.
Management Commentary
Harley Finkelstein, President of Shopify
“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. We powered $119 billion in GMV, while continuing to build commerce into every surface, every agent, and increasingly, everywhere.”
Jeff Hoffmeister, Chief Financial Officer of Shopify
“We extended our track record of consistent execution, with 32% revenue growth and a 22% free cash flow margin.”
Jeff Hoffmeister, Chief Financial Officer of Shopify
“Delivering these results at our scale speaks to the strength of our model, our multiple growth drivers, and our expanding addressable market.”