Here are the 10-Q quarterly reports from Shopify Inc. (SHOP) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow SHOP and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SHOP filings page.
Shopify Inc. reported third-quarter revenue of $3.742 billion, versus $2.844 billion a year earlier, and net income of $462 million, versus $264 million. Operating income was $568 million, compared with $343 million, and operating cash flow was $818 million, versus $513 million. Gross profit was $1.781 billion; gross margin was 48%, compared with 49%.
For the first nine months, revenue was $10.495 billion versus $7.884 billion, while GMV reached $335.5 billion versus $254.6 billion. Merchant solutions revenue was $8.107 billion, up from $5.909 billion; subscription solutions revenue was $2.388 billion, up from $1.975 billion. Net income was $1.383 billion versus $488 million. Investment results included $530 million of gross unrealized gains from an observable price change in a private investment, alongside $404 million of unrealized losses in investments with readily determinable fair values and a $65 million unrealized loss on an investment option.
During the nine months, Shopify repurchased 21,145,824 shares for $2.476 billion at an average $117.09 per share under a $5 billion authorization; $2.524 billion remained authorized. The program permits open-market purchases on Nasdaq, privately negotiated transactions, including block trades, or other means, and caps repurchases at 5% of issued and outstanding Class A subordinate voting shares.
Shopify Inc. reported higher results for the quarter ended June 30, 2026, with total revenue of US $3,583 million, up 34% year over year. Subscription solutions revenue was $802 million and merchant solutions revenue $2,781 million. Gross Merchandise Volume reached $115,567 million in the quarter and $216,310 million for the first half, while Monthly Recurring Revenue was $221 million, 19% above a year earlier. Shopify Payments processed $78.1 billion of GMV in Q2, a 68% penetration rate versus 64% in 2025.
Gross profit was $1,708 million (48% of revenue). Operating expenses totaled $1,220 million, including $498 million in sales and marketing, $445 million in research and development, and $141 million of transaction and loan losses. Income from operations was $488 million. Net income rose to $1,502 million (basic and diluted EPS of $1.16), significantly influenced by $1,228 million of net gains on equity and equity method investments.
For the first six months of 2026, operating cash flow was $1,139 million. As of June 30, 2026, cash and cash equivalents were $1,656 million and marketable securities $3,291 million. Loans and merchant cash advances, net of a $242 million allowance, stood at $2,184 million. Under a $5,000 million share repurchase authorization, Shopify bought back 16,859,976 Class A shares for $1,933 million, leaving $3,067 million authorized.
Shopify Inc. reported strong top-line growth for the quarter ended March 31, 2026, but remained unprofitable due to investment losses. Total revenue rose 34% to $3.17 billion, with subscription solutions up 21% to $750 million and merchant solutions up 39% to $2.42 billion.
Gross profit increased to $1.55 billion, while income from operations almost doubled to $382 million. However, a $1.08 billion net loss on equity and equity method investments led to a net loss of $581 million, or $0.45 per basic and diluted share, compared with a $682 million loss a year earlier.
The platform facilitated $100.7 billion in gross merchandise volume, up 35%, and Monthly Recurring Revenue reached $212 million, up from $182 million. Operating cash flow improved to $481 million, and cash, cash equivalents and marketable securities were $5.74 billion. Shopify also repurchased 4.21 million Class A shares for $514 million under a new $2 billion buyback authorization.
Shopify Inc. (SHOP) reported Q3 2025 revenue of $2,844 million, up from $2,162 million a year ago. Subscription solutions were $699 million (vs. $610 million) and Merchant solutions were $2,145 million (vs. $1,552 million). Gross profit reached $1,391 million. Income from operations was $343 million. Net income was $264 million, or $0.20 diluted EPS (vs. $0.64).
Total operating expenses were $1,048 million, including $148 million of transaction and loan losses (vs. $58 million). Other (expense) income, net was $(35) million (vs. $577 million), reflecting a $62 million net unrealized loss on equity and other investments and a $29 million unrealized loss on an embedded derivative. Cash and cash equivalents were $2,414 million; marketable securities were $3,935 million; loans and merchant cash advances, net were $1,733 million.
As a subsequent event, Shopify settled its 0.125% Convertible Senior Notes for $1.0 billion in cash and a nominal share amount and will record a $123 million pre-tax loss in 2025.