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Shopify SHOP Merchant solutions — Revenue

Other product segments

Subscription solutions
$802M+22.3%

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Other financials

Income statement

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Revenue$3.6B+33.7%
Gross profit$1.7B+31.2%
Operating income$488.0M+67.7%
Net income$1.5B+65.8%
EPS (diluted)$1.16+68.1%

Balance sheet

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Cash & equivalents$1.7B+7.4%
Total debt$178.0M-84.4%
Total equity$12.7B+4.6%
Total assets$14.5B-0.6%

Cash flow

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Operating cash flow$658.0M+53.7%
CapEx$4.0M-33.3%
Free cash flow$654.0M+55.0%

Valuation

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Market cap$189.7B-5.6%
Enterprise value$188.22B-6.2%
P/E102.9×-41.3×
P/S14.3×-6.9×

Profitability

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Gross margin47.5%-1.2pp
Operating margin14.2%+2.0pp
Net margin21.7%+5.4pp
FCF margin17.7%0.0pp

Returns & leverage

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Return on equity14.9%+5.4pp
Debt / equity0×-0.1×
Current ratio5.4×+1.5×

Where this comes from

Reported directly by Shopify in its filing.

Tagged under the XBRL concept us-gaap:Revenues.

The source filing: Shopify’s 10-Q, filed August 5, 2026.

Filed
Aug 5, 2026, 7:03 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001594805-26-000047
Line itemThree months ended June 30, 2026Three months ended June 30, 2025Six months ended June 30, 2026Six months ended June 30, 2025
Revenues
Subscription solutions8026561,5521,276
Merchant solutions2,7812,0245,2013,764
3,5832,6806,7535,040
Cost of revenues
Subscription solutions163121311244
Merchant solutions1,7121,2573,1882,325
1,8751,3783,4992,569

Item 1: Financial Statements (unaudited)

FAQ

What is Shopify's merchant solutions — revenue?
Shopify (SHOP) reported merchant solutions — revenue of $2.78B in Q2 2026.
How has Shopify's merchant solutions — revenue changed year-over-year?
Shopify's merchant solutions — revenue increased by 37.4% year-over-year, from $2.02B to $2.78B.
What is the long-term trend for Shopify's merchant solutions — revenue?
Over 3 years (2022 to 2025), Shopify's merchant solutions — revenue has grown at a 28.9% compound annual growth rate (CAGR), from $4.11B to $8.8B.
What does merchant solutions — revenue mean?
This metric represents the total revenue generated from value-added services that facilitate e-commerce transactions for merchants on the platform. It includes income from payment processing, shipping services, and financial products that scale with the volume of merchant activity. This revenue stream is a primary indicator of the platform's success in monetizing the underlying transaction volume of its user base.

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