Shopify Q1 2026 revenue rises 34% to $3.17B, but GAAP net loss of $581M

Shopify reported first-quarter 2026 revenue of $3,170 million, up 34%, and GMV of $100,743 million, up 35%. Operating income rose to $382 million and free cash flow was $476 million, a 15% margin. The company posted a GAAP net loss of $581 million, while net income excluding equity investments was $360 million. Guidance for Q2 revenue growth in the high-twenties percent and opex of 35% to 36% of revenue was the item the market focused on.

• Revenue $3,170M, up 34% (32% constant currency); GMV $100,743M, up 35%
• Gross profit $1,546M, up 32%; operating income $382M, up 88%
• GAAP net loss $581M; net income excluding equity investments $360M
• Q2 2026 outlook: revenue growth in the high-twenties percent; opex 35% to 36% of revenue
• Q1 2026 repurchases of 4,214,019 Class A shares at an average $121.89 (10-Q)

SEC filing 8-K · accession 0001594805-26-000018 · sec.gov ↗