Shopify's second quarter revenue grew 34% to $3.6B, beating estimates, as GMV accelerated to $115.6B.

Shopify reported second quarter revenue of $3.58 billion, a 34% year-over-year increase, driven by accelerating Gross Merchandise Volume (GMV) growth. The company reported a free cash flow margin of 18% and provided a strong outlook for the third quarter, expecting revenue growth in the low-thirties percentage range.

Key Highlights

• Gross Merchandise Volume (GMV) for the quarter was $115.6 billion, up 32% year-over-year, outpacing analyst expectations.
• Revenue grew 34% year-over-year to $3.58 billion, with Merchant Solutions revenue up 37% and Subscription Solutions revenue up 22%.
• Free cash flow was $654 million, representing an 18% margin, compared to 16% in the prior year's quarter.
• For the third quarter of 2026, Shopify expects revenue to grow at a low-thirties percentage rate and free cash flow margin to be in the high-teens to low-twenties.