| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 3.2K | 34.3% |
| Total Income | 3.2K | 34.3% |
| Expenditure | 2.8K | 29.3% |
| PBT | — | |
| Net Profit | -581.00 | 14.8% |
| OPM | 12.05% | 3.45pp |
| NPM | -18.33% | 10.57pp |
| EPS | -0.45 | 15.1% |
Shopify: Q1 2026 GMV Clears $100 Billion, Revenue Up 34%
05 May 2026 · 5 May, 4:52 pm
Summary
Shopify announced its financial results for the quarter ended March 31, 2026, reporting a 34% increase in revenue. The company's GMV exceeded $100 billion in Q1. Free cash flow margin remained strong at 15%. Management anticipates revenue to grow at a high-twenties percentage rate year-over-year for the second quarter of 2026.
Key Highlights
- 1
Shopify's revenue increased by 34% year-over-year for the quarter ended March 31, 2026.
- 2
GMV for Q1 2026 exceeded $100 billion.
- 3
The company's free cash flow margin was 15% for the quarter.
- 4
MRR reached $212 million in the first quarter of 2026, compared to $182 million in the same period last year.
- 5
Operating income for the quarter was $382 million, up from $203 million year-over-year.
- 6
Free cash flow for the quarter was $476 million, compared to $363 million in the prior year.
Management Comments
Harley Finkelstein
"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."
Jeff Hoffmeister
"Q1 delivered broad-based growth across geographies, merchant sizes, and channels, with over $100 billion of GMV in the first quarter alone. That is the platform compounding. The durability of this model allows us to invest strategically in growth, both in the merchant-facing tools that drive commerce innovation and in the internal capabilities that let us build and ship faster. ”
Informational and educational content only. Not investment advice.