SHOP Reported this cycle

Shopify

Ottawa, Ontario Founded 2006 Ecommerce & Retail Tech

AI-generated · informational only · not investment advice · verify before relying.

Latest analysis

Updated Nov 3, 2026

Shopify Q3 2026: 32% revenue growth and 22% FCF margin as agentic commerce transitions from pilot to live channel with 3.3x order growth YoY.

Shopify delivered $3.7 billion in Q3 2026 revenue, up 32% year-over-year, with GMV of $119 billion up 29.5%, demonstrating continued operating leverage as expenses fell to 32% of revenue from 37% a year ago. The quarter marked a structural inflection in agentic commerce: personal agents from Muse, Instinct, Claude Duet, and Grok Bot are now live with Shop Pay as the embedded wallet, AI-referred orders grew 3.3x year-over-year, and catalog-powered searches convert at 2x the rate of general AI search. Q4 guidance of low-30s revenue growth targets a seventh consecutive quarter at that level, with FCF margin guided in line with Q4 2025.

Tone: bullish

Revenue

$11.6B

SHOP 10-K · FY 2025

Revenue FY2024

$8.9B

Founded

2006

Headquarters

Ottawa, Ontario

Profile

SHOP 10-K Item 1 · Feb 11, 2026

Shopify is a Canadian-incorporated commerce platform that provides subscription-based software and merchant solutions to businesses of all sizes globally. The company generates revenue through platform subscriptions and a broad suite of merchant services including payments, capital, and fulfillment-adjacent tools. Shopify serves merchants ranging from small and medium-sized businesses to large-volume enterprise brands.

Read filing description ↓

Shopify Inc. operates a leading global commerce platform offering subscription solutions and merchant solutions to a diverse base of merchants. Subscription solutions include access to the Shopify platform, enabling merchants to run their businesses online and in person. Merchant solutions encompass an expanding set of value-added services including Shopify Payments, Shopify Capital (financing and lending), and other commerce enablement tools. The company serves merchants across a wide range of geographies and business sizes, from entrepreneurs and small and medium-sized businesses to large-volume brands seeking enterprise-grade commerce infrastructure. Shopify has historically focused on SMBs but has increasingly oriented its sales strategy toward attracting larger merchants, which require higher service levels and carry longer onboarding cycles. The platform is extensible through an ecosystem of third-party app developers, theme designers, referral sources, and payment processors. Shopify also relies on cloud hosting providers and other third-party infrastructure. The company describes its mission as making commerce better for everyone, and states a preference for long-term value creation over short-term revenue or profitability maximization. International expansion and new geographic markets represent ongoing strategic priorities, alongside the integration of AI and machine learning into platform capabilities.

Primary products

Shopify platform (subscription)
Shopify Payments
Shopify Capital
Merchant solutions

Business segments

Subscription solutions Merchant solutions

End markets

Small and medium-sized businesses Large volume brands Enterprise market Entrepreneurs

Geographies

International New geographic regions

Named customers

Lululemon Canada Goose MAC Cosmetics Balmain

“We have competitors with longer operating histories, larger customer bases, greater brand recognition, greater experience and more extensive commercial relationships in certain jurisdictions, and greater financial, technical, marketing and other resources than we do.” Competitive position, as stated in the filing

The rest of SHOP is for subscribers

Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.

SeventhBiz analysis 6 signals 9 diligence answers 1 M&A transactions SWOT

View plans Sign in