Shopify Inc. (SHOP) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and thank you for joining Shopify's first quarter 2026 conference call. I am Terry Gillard, Director of Investment Relations, and joining us today are Harley Finkelstein, Shopify's President, and Jeff Hoffmeister, our CFO. After the prepared remarks, we will open it up for your questions. We will make forward-looking statements on our call today that are based on assumptions and therefore subject to risks and uncertainties that could cause actual results to differ materially from those projected. Undue reliance should not be placed on these forward-looking statements. We undertake no obligation to update or revise these statements, except as required by law. You can read about these assumptions, risks, and uncertainties in our press release this morning, as well as in our filings with U.S. and Canadian regulators. We'll also speak to adjusted financial measures, which are a non-GAAP and not a substitute for GAAP financial measures. Reconciliations between the two are provided in our press release. And finally, we report in U.S. dollars, so all amounts discussed today are in U.S. dollars, unless otherwise indicated. With that, I will turn the call over to Harley. Thanks, Kerry, and thanks to everyone for joining us. We've got a lot to talk about today. Commerce is moving at lightning speed right now, and so is Shopify. So first, let's kick off with the headlines. Q1 GMV was $101 billion. That is up 35%. I'll say that again. Q1 GMV was $101 billion. That is the second consecutive quarter our merchants have done over $100 billion in sales. Now, that is commerce at a truly vast scale. Our revenue was $3.2 billion for the quarter. That is up 34%. And our free cash flow was $476 million, delivering a 15% free cash flow margin. That means we've now put up four...