Shopify Inc. (SHOP) Q2 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.556 Good morning and thank you for joining Shopify's second quarter 2026 conference call. 00:00:04.556 -- 00:00:08.261 I'm Shane Kleinstein, Director of Investor Relations and joining us today are Harley 00:00:08.261 -- 00:00:12.626 Finkelstein, Shopify's President and Jeff Hoffmeister, our CFO. 00:00:12.626 -- 00:00:16.105 After their prepared remarks, we will open it up for your questions. 00:00:16.105 -- 00:00:19.126 Thank you for joining us. 00:00:40.982 -- 00:00:44.607 We'll also speak to adjusted financial measures and other non-GAAP measures, which are 00:00:44.607 -- 00:00:47.090 not a substitute for GAAP financial measures. 00:00:47.090 -- 00:00:50.194 Reconciliations between the two are provided in our press release. 00:00:50.194 -- 00:00:54.419 And finally, we report in US dollars, so all amounts discussed today are in US dollars 00:00:54.419 -- 00:00:58.688 unless otherwise indicated. With that, I'll turn the call over to Harley. 00:00:58.688 -- 00:01:00.809 Good morning and thanks everyone for joining us today. 00:01:00.809 -- 00:01:04.072 We've got another exceptional quarter to talk about here at Shopify. 00:01:04.072 -- 00:01:06.453 Here's what that looks like in the numbers. 00:01:06.453 -- 00:01:11.517 GMV was up 32% to $116 billion with broad growth across 00:01:11.517 -- 00:01:15.059 our merchant sizes, geographies, and sales channels. 00:01:15.059 -- 00:01:20.122 Our revenue was up 34% to $3.6 billion, and our free cash 00:01:20.122 -- 00:01:22.543 flow margin was 18%. 00:01:22.543 -- 00:01:27.106 That's a growth rate of 30% or more across every metric. 00:01:27.106 -- 00:01:31.128 And this marks our fifth straight quarter of GMV growth above 30%. 00:01:31.128 -- 00:01:35.391 Now, of all the numbers, our GMV is the...