Shopify recorded revenue of US$ 3.742 billion in the third quarter of 2026, up 32% from the same period a year earlier. The earnings report, released this Tuesday (3), also showed that merchants using the platform handled US$ 119.145 billion in gross merchandise volume (GMV) between July and September.
GMV rose 29% year over year, compared with US$ 92.013 billion in the third quarter of 2025. This indicator represents the value of orders processed through the platform, net of returns, and should not be confused with Shopify's own revenue.
The company's revenue came mainly from services offered to merchants, which generated US$ 2.906 billion. Subscription solutions, including the plans purchased by merchants, accounted for the remaining US$ 836 million.
The company also showed improvement in profitability indicators. The gross profit reached US$ 1.781 billion, while operating profit reached US$ 568 million, up 66% from the US$ 343 million recorded a year earlier. Net income was US$ 462 million.
Cash generation tracked the growth. The free cash flow totaled US$ 816 million, above the US$ 507 million in the third quarter of 2025. The corresponding margin rose from 18% to 22% of revenue. This is a non-GAAP financial metric, calculated by the company from cash generated by operations, after deducting capital expenditures.
For the fourth quarter, Shopify projected annual revenue growth in the lower 30% range. The company also expects operating expenses to represent between 29% and 30% of revenue and the free cash flow margin to remain in line with that recorded in the last quarter of 2025.
The estimates represent management's expectations, subject to risks and changes in market conditions, and not results already achieved.
