Shopify Q3 FY2026: revenue up 32.0% to $3.74 billion, EPS misses
Shopify grew revenue 32.0% to $3.74 billion and produced $816 million of free cash flow, a 22.0% margin, while operating income jumped 66.0%. The GAAP EPS miss to $0.36 came from a $117 million mark-to-market loss on equity investments, not from the core business. Read the quarter through gross margin, which slipped to 47.6%, and through a Q4 outlook that guides gross profit dollars to grow slower than revenue.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $0.36 missed the $0.4684 consensus, and the gap is not operating noise: a $117 million loss on equity and other investments pulled net income down to $462 million. Strip out those marks and net income was $584 million, up from $367 million, while non-GAAP EPS of $0.49 cleared the consensus. Operating income of $568 million, up 66.0%, is the cleaner read on the quarter.
Revenue was $3.74 billion, up 32.0% from $2.84 billion a year earlier, and growth in constant currency was also 32.0%, so currency was not a factor. Merchant solutions did the heavy lifting at $2.91 billion, up 35.0%, while subscription solutions rose 20.0% to $836 million. GMV of $119.15 billion rose 29.0%.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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