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Shopify SHOP Q1 2026 Annual earnings

Reported May 5, 2026 · Before market open

Revenue$3.1BBeat by $43.8M
EPS$0.36Beat by $0.03
Revenue estimate$3.1B
EPS estimate$0.33
“Shopify has entered the AI era with a clear edge: strong, durable growth and two decades of commerce intelligence. That puts us in a category of one, and we're about to see that advantage compound throughout 2026,”
Harley Finkelstein

Next report

Nov 3, 2026 (in a month)
Revenue estimate$3.7B
EPS estimate$0.46

Financials

Q1 2026

Income statement

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Revenue$3.2B+34.3%
Gross profit$1.5B+32.2%
Operating income$382.0M+88.2%
Net income-$581.0M+14.8%
EPS (diluted)-$0.45+15.1%

Balance sheet

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Cash & equivalents$1.8B+41.2%
Total debt$179.0M-84.3%
Total equity$12.5B+13.1%
Total assets$14.1B+5.4%

Cash flow

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Operating cash flow$481.0M+31.1%
CapEx$5.0M+25.0%
Free cash flow$476.0M+31.1%

Valuation & ratios

Valuation

as of 03/31/26
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Market cap$154.69B+25.1%
Enterprise value$153.02B+23.9%
P/E124.1×+46.4×
P/S12.5×-0.7×

Profitability

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Gross margin48%-2.0pp
Operating margin13.3%+0.6pp
Net margin10.1%-6.9pp
FCF margin17.1%-1.3pp

Returns & leverage

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Return on equity10.6%-5.4pp
Debt / equity0×-0.1×
Current ratio6.2×+2.5×

Segments

By geography

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Europe$653.0M—
Rest Of World$57.0M—

By product

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Merchant solutions$2.4B+39.1%
Subscription solutions$750.0M+21.0%

FAQ

When did Shopify report Q1 2026 earnings?
Shopify (SHOP) reported Q1 2026 earnings on May 5, 2026 before market open.
What were Shopify's Q1 2026 revenue and EPS?
Shopify reported revenue of $3.1B and eps of $0.36 for Q1 2026.
Did Shopify beat estimates in Q1 2026?
Revenue beat the consensus estimate of $3.1B by $43.8M. EPS beat the consensus estimate of $0.33 by $0.03.
How did Shopify's Q1 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 31.6% from $2.4B a year earlier and eps grew 44.0% from $0.25.
Where can I find Shopify's Q1 2026 SEC filings?
You can read the 8-K earnings release (0001594805-26-000018) and the 10-K/A periodic report (0001594805-26-000011) directly on SEC EDGAR. The filing index links above go to sec.gov.