Shopify Q1 Revenue Up 34% to $3.17bn as GMV Exceeds $100bn
SHOP•Shopify posted Q1 2026 revenue of $3.17bn, a 34% year-on-year increase, with gross merchandise volume climbing to $100.74bn. Gross profit rose to $1.54bn and operating income more than doubled to $382m despite a net loss narrowing to $581m.
1. Q1 Financial Highlights
Shopify reported total revenue of $3.17bn in Q1 2026, up 34% year-on-year, with gross merchandise volume rising from $74.75bn to $100.74bn compared with the prior-year quarter.
2. Profitability Metrics
Gross profit increased to $1.54bn, yielding a 48.8% margin, while operating income more than doubled to $382m; net loss narrowed to $581m from $682m despite $941m in mark-to-market losses on equity holdings.
3. Revenue Streams Breakdown
Subscription solutions revenue climbed to $750m from $620m, and merchant solutions jumped to $2.42bn from $1.74bn, driving monthly recurring revenue up to $212m from $182m.
4. Q2 Outlook
Shopify anticipates Q2 revenue growth in the high-20% range year-on-year, gross profit dollar growth in the mid-20% range, operating expenses at 35–36% of revenue, $145m in stock-based compensation, and a mid-teens free cash flow margin.
