Shopify Q1 revenue up 34% to $3.17 billion; net loss narrows to $581 million
Shopify reported first-quarter 2026 results for the quarter ended March 31, 2026, with revenue of $3.17 billion, up 34% from $2.36 billion a year earlier, and operating income of $382 million versus $203 million. The company also gave second-quarter 2026 guidance calling for revenue growth in the high-twenties percent range year over year, which signals continued expected growth for shareholders.
Key points
- Revenue of $3.17 billion, up from $2.36 billion; gross merchandise volume was $100.7 billion versus $74.75 billion
- Operating income of $382 million versus $203 million; free cash flow of $476 million, a 15% margin
- Net loss of $581 million versus $682 million; net income excluding equity investments was $360 million versus $226 million
- Q2 2026 outlook: revenue growth in the high-twenties percent range; free cash flow margin in the mid-teens; the company repurchased $491 million of common stock in Q1
The filing
Written by AI on Nov 8, 2026, 2:16 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 05, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.