Shopify earnings date
Shopify's next results are due November 3, 2026. The thing to watch is whether Shopify delivered growth without losing spending discipline.
What has Shopify guided for the next quarter?
The weighted forecast puts SHOP.TO at C$281.63 in October 2029, a 17% return including dividends, if Shopify sustains cash growth while margins and its valuation multiple evolve as modeled. Management guides to revenue growth in the low thirties and gross-profit-dollar growth in the mid-to-high twenties for the quarter ending September 2026. It guides operating expenses to 33.0%–34.0% of revenue and stock-based compensation to US$150 million.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Revenue to grow at a low-thirties percentage rate on a year-over-year basis | Quarter to Sep 2026 | Aug 5, 2026 | ||
| Gross profit dollars to grow at a mid-to-high twenties percentage rate on a year-over-year basis | Quarter to Sep 2026 | Aug 5, 2026 | ||
| Operating expenses as a percentage of revenue | Quarter to Sep 2026 | 33.0% | 34.0% | Aug 5, 2026 |
| Stock-based compensation | Quarter to Sep 2026 | 150 | 150 | Aug 5, 2026 |
| Free cash flow margin | Quarter to Sep 2026 | Aug 5, 2026 |
What this means. Some guidance uses broad descriptions instead of exact numbers, so you cannot tell the precise expected result.
Has Shopify kept its past promises?
Management has also shown evidence of delivery. In May 2026, it forecast second-quarter revenue growth in the high twenties and a free-cash-flow margin in the mid-teens. The quarter delivered 34% growth and an 18% margin. The lasting test is performance per share, because growth that requires too many new claims can still leave existing owners with too little.
How have Shopify's revenue and profit trended over the last eight quarters?
Quarterly comparisons need context. December is holiday-heavy, so its performance is not a fair standard for every later quarter. The more useful pattern across the last eight quarters is continued revenue growth alongside positive operating income.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,583 | 3,170 | 3,672 | 2,844 | 2,680 | 2,360 | 2,812 | 2,162 |
| Gross margin | 47.7% | 48.8% | 46.1% | 48.9% | 48.6% | 49.5% | 48.1% | 51.7% |
| Operating income | 488 | 382 | 631 | 343 | 291 | 203 | 465 | 283 |
| Net income | 1,502 | -581 | 743 | 264 | 906 | -682 | 1,293 | 828 |
| EPS, diluted | 1.16 | -0.45 | 0.57 | 0.20 | 0.69 | -0.53 | 0.99 | 0.64 |
| = Free cash flow | 654 | 476 | 715 | 507 | 422 | 363 | 611 | 421 |
What this means. In June 2026, moving merchant cash advances from daily-business cash to investing cash makes cash from operations and free cash flow look higher even though the company's total cash did not change.
What should I watch in Shopify's next results?
Shopify has scheduled its Q3 2026 results for November 3, 2026, before markets open, followed by an 8:30 a.m. Eastern conference call. Investors should first ask whether revenue and gross profit grew as guided and whether operating expenses stayed within the promised share of revenue.
The quality of that growth matters too. Sales accompanied by sharply higher financing needs or unusually heavy spending would mean something different from growth that replenishes cash. Management’s comments about preparing merchants for holiday demand should show whether discipline is holding.