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Shopify Earnings Calls
| Release date | May 05, 2026 |
| EPS estimate | $0.326 |
| EPS actual | $0.360 |
| EPS Surprise | 10.36% |
| Revenue estimate | 3.062B |
| Revenue actual | 3.106B |
| Revenue Surprise | 1.43% |
| Release date | Feb 11, 2026 |
| EPS estimate | $0.506 |
| EPS actual | $0.460 |
| EPS Surprise | -9.09% |
| Revenue estimate | 3.604B |
| Revenue actual | 3.638B |
| Revenue Surprise | 0.96% |
| Release date | Nov 04, 2025 |
| EPS estimate | $0.337 |
| EPS actual | $0.340 |
| EPS Surprise | 0.98% |
| Revenue estimate | 2.752B |
| Revenue actual | 2.844B |
| Revenue Surprise | 3.35% |
| Release date | Aug 06, 2025 |
| EPS estimate | $0.291 |
| EPS actual | $0.350 |
| EPS Surprise | 20.23% |
| Revenue estimate | 2.579B |
| Revenue actual | 2.68B |
| Revenue Surprise | 3.92% |
Last 4 Quarters for Shopify
Below you can see how SHOP performed 4 days prior and 4 days after releasing the earnings report. Also, you can see the pre-estimates and the actual earnings. This information can give you a slight idea of what you might expect for the next quarter's release.
| Release date | Aug 06, 2025 |
| Price on release | $154.90 |
| EPS estimate | $0.291 |
| EPS actual | $0.350 |
| EPS surprise | 20.23% |
| Date | Price |
|---|---|
| Jul 31, 2025 | $122.21 |
| Aug 01, 2025 | $118.60 |
| Aug 04, 2025 | $125.21 |
| Aug 05, 2025 | $127.00 |
| Aug 06, 2025 | $154.90 |
| Aug 07, 2025 | $151.07 |
| Aug 08, 2025 | $149.61 |
| Aug 11, 2025 | $147.50 |
| Aug 12, 2025 | $149.30 |
| 4 days before | 26.75% |
| 4 days after | -3.62% |
| On release day | -2.47% |
| Change in period | 22.17% |
| Release date | Nov 04, 2025 |
| Price on release | $160.94 |
| EPS estimate | $0.337 |
| EPS actual | $0.340 |
| EPS surprise | 0.98% |
| Date | Price |
|---|---|
| Oct 29, 2025 | $179.01 |
| Oct 30, 2025 | $173.61 |
| Oct 31, 2025 | $173.86 |
| Nov 03, 2025 | $172.94 |
| Nov 04, 2025 | $160.94 |
| Nov 05, 2025 | $162.92 |
| Nov 06, 2025 | $156.05 |
| Nov 07, 2025 | $152.41 |
| Nov 10, 2025 | $158.88 |
| 4 days before | -10.09% |
| 4 days after | -1.28% |
| On release day | 1.23% |
| Change in period | -11.25% |
| Release date | Feb 11, 2026 |
| Price on release | $118.71 |
| EPS estimate | $0.506 |
| EPS actual | $0.460 |
| EPS surprise | -9.09% |
| Date | Price |
|---|---|
| Feb 05, 2026 | $111.24 |
| Feb 06, 2026 | $112.01 |
| Feb 09, 2026 | $118.40 |
| Feb 10, 2026 | $127.24 |
| Feb 11, 2026 | $118.71 |
| Feb 12, 2026 | $110.66 |
| Feb 13, 2026 | $112.70 |
| Feb 17, 2026 | $113.54 |
| Feb 18, 2026 | $121.64 |
| 4 days before | 6.72% |
| 4 days after | 2.47% |
| On release day | -6.78% |
| Change in period | 9.35% |
| Release date | May 05, 2026 |
| Price on release | $107.63 |
| EPS estimate | $0.326 |
| EPS actual | $0.360 |
| EPS surprise | 10.36% |
| Date | Price |
|---|---|
| Apr 29, 2026 | $121.26 |
| Apr 30, 2026 | $121.13 |
| May 01, 2026 | $127.67 |
| May 04, 2026 | $127.55 |
| May 05, 2026 | $107.63 |
| May 06, 2026 | $105.44 |
| May 07, 2026 | $111.74 |
| May 08, 2026 | $110.41 |
| May 11, 2026 | $102.54 |
| 4 days before | -11.24% |
| 4 days after | -4.73% |
| On release day | -2.03% |
| Change in period | -15.44% |
Shopify Earnings Call Transcript Summary of Q1 2026
Key investor takeaways from Shopify's Q1 2026 call: 1) Strong growth and profitability: Q1 GMV was $101B (+35% YoY) and revenue was $3.2B (+34% YoY). Free cash flow was $476M (15% margin). Shopify reported sustained high growth (30%+ YoY revenue and GMV) alongside mid- to high-teens free cash flow margins for four consecutive quarters. 2) AI adoption and product momentum: Shopify positions AI as core to its product and operations. Sidekick adoption accelerated (weekly active shops using Sidekick up ~4x YoY; ~12,000 custom apps created with Sidekick in Q1; nearly half of Shopify Flows generated via Sidekick). Theme edits grew dramatically. Shopify reports AI-driven traffic to stores up 8x YoY and orders from AI-powered searches up ~13x YoY. 3) Payments and monetization: Shopify Payments processed $67B GMV (up 41%) and reached 67% penetration; Shop Pay processed $35B (up 59%). Merchant Solutions revenue grew 39%, Subscription Solutions +21%. Gross profit grew 32% (gross profit CAGR ~29% over 3 years). 4) Demand-creation & channels: Shopify emphasizes a demand-conversion flywheel—catalog (1B+ structured products), Campaigns (paid marketing) and the Shop app (GMV +70% YoY) are driving new-buyer discovery and conversion. Catalog-powered AI searches convert ~2x better than general AI searches. 5) Enterprise & international expansion: Enterprise traction continues (merchants >$100M GMV nearly doubled in 2 years); international GMV +45% YoY with cross-border now 16% of total. 6) Invisible complexity & platform moat: Shopify highlights its two-decade commerce data advantage, partnerships (UCP with Google; UCP Tech Council including Amazon, Meta, Microsoft, Salesforce, Stripe) and embedded payments/financial products as differentiators. 7) Financial discipline & outlook: Q2 revenue growth guide: high-20s% YoY. Expect gross profit dollars mid-20s% growth, OpEx 35–36% of revenue, and free cash flow margins in the mid-teens. Company continuing headcount discipline, investing in AI infrastructure and marketing efficiency. 8) Accounting note: Adoption of revised accounting for merchant cash advances starting Q2 will be a ~0.5 point tailwind to free cash flow margins relative to prior treatment.
