Shopify earnings, September 2026 quarter: strong

Shopify's sales grew 32% in the September quarter to $3,742 million, the same pace as a year ago but on a bigger base, and profit and cash grew faster still. Its adjusted earnings per share came in well above what analysts expected, and it spent $562 million buying back its own shares. For the last quarter of the year it expects sales to keep growing at a low-thirties rate. ¹

Against what analysts expected

Shopify's adjusted earnings per share were $0.49, about 48% above the $0.33 analysts expected on average, according to Nasdaq's earnings calendar. ¹²

The strong points

Sales rose 32% from a year earlier to $3,742 million, holding last year's pace on a much larger business. ¹
Free cash flow, the cash left after running the business and investing in it, rose to $816 million, or 22% of sales against 18% a year ago. ¹
Shopify spent $562 million buying back its own shares, against nothing in the same quarter last year. ¹

The weak points

Losses on the stakes Shopify holds in other companies cut its net income by $122 million, holding reported profit of $462 million well below the underlying figure. ¹
Loans and cash advances to merchants on its books grew to $2,350 million from $1,784 million at the end of 2025. ¹

What the company expects

For the last quarter of 2026, Shopify expects sales to grow at a low-thirties percentage rate from a year earlier. ¹
It expects gross profit, what is left of sales after the direct cost of providing them, to grow at a high-twenties rate, a little slower than sales. ¹

Our verdict on the quarter

A strong report. Sales growth held at 32%, profit per share came in far above what analysts expected and cash surged, while the company expects a similar sales pace next quarter without saying how that compares with any earlier forecast.

The results as published

Notes

Shopify's results release, 3 November 2026: sec.gov. ↩
Nasdaq's earnings calendar, 3 November 2026. ↩

Shopify earnings: September 2026 quarter