Shopify Inc. (SHOP) Earnings Call Transcripts
Shopify Inc.'s Latest Earnings Call - Q1 FY2026
In Q1 2026, Shopify Inc. reported strong financial performance with revenue of $3.2 billion, up 34% year-over-year, and free cash flow of $476 million, representing a 15% margin. The company achieved a GMV of $101 billion, a 35% increase, marking its second consecutive quarter surpassing $100 billion. Management maintained guidance for Q2 revenue growth in the high 20s, indicating continued momentum despite a slight reduction in FX tailwinds compared to Q1.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | $3.2B (beat) |
| GMV | $101B (beat) |
| Free Cash Flow | $476M (inline) |
| Operating Margin | 37% (positive) |
| International GMV Growth | 45% (positive) |
| Merchant Solutions Revenue Growth | 39% (positive) |
Guidance from management
For Q2, Shopify expects revenue growth in the high 20s year-over-year and gross profit dollars to grow in the mid-20s, reflecting confidence in continued momentum despite reduced FX tailwinds.
What management said
Thanks, Jeff. We will now take your questions before turning the call back to Harley for some final words. [Operator Instructions] Our first question comes from Justin Patterson of KeyBanc.
Yes. I think actually, AI right now writes well over 50% of our code today, and that number is going up significantly, not down. But I think more than any other company, AI, Shopify's native language.
What analysts pressed on
Analysts expressed concerns about the sustainability of growth rates and the impact of rising costs associated with AI investments. Questions were raised regarding how Shopify plans to balance these costs with maintaining margins while continuing to innovate.
Main topics on the call
- AI Integration and Merchant Empowerment — Shopify emphasized its commitment to AI, stating, 'AI is now Shopify's native language.' The integration of AI tools like Sidekick has led to a 385% increase in weekly active shops using the feature, demonstrating its ef...
- Strong GMV and Revenue Growth — The company reported Q1 GMV of $101 billion, up 35%, and revenue of $3.2 billion, up 34%. This growth was attributed to a broad-based increase across merchant sizes and channels, with notable contributions from internati...
- Demand Creation Flywheel — Shopify is transitioning from merely converting demand to actively creating it, with AI-driven traffic to stores increasing 8x year-over-year. Orders from AI-powered searches grew nearly 13x, showcasing the effectiveness...
- Enterprise Growth and Market Share — The number of merchants generating over $100 million in GMV has nearly doubled in the last two years, indicating strong enterprise growth. Shopify's unified commerce platform is attracting large brands looking for compre...
Read the full Shopify Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Shopify Inc.
Shopify Inc. (SHOP) is a publicly listed company in the IT Services industry, within the Information Technology sector. It trades on NasdaqGS and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 41 calls on record spanning February 12, 2020 to August 5, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 41 Shopify Inc. earnings call transcripts on record, spanning February 12, 2020 to August 5, 2026. Based on this history, Shopify Inc. reports quarterly. The most recent call on file is dated August 5, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- SHOP
- Exchange
- NasdaqGS
- Country
- US
- Sector
- Information Technology
- Industry
- IT Services
- Calls on record
- 41
- First call
- February 12, 2020
- Most recent
- August 5, 2026
- Reporting cadence
- quarterly