Shopify Inc. (SHOP) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and thank you for joining Shopify's second quarter 2026 conference call. I'm Shane Kleinstein, Director of Investor Relations and joining us today are Harley Finkelstein, Shopify's President and Jeff Hoffmeister, our CFO. After their prepared remarks, we will open it up for your questions. Thank you for joining us. We'll also speak to adjusted financial measures and other non-GAAP measures, which are not a substitute for GAAP financial measures. Reconciliations between the two are provided in our press release. And finally, we report in US dollars, so all amounts discussed today are in US dollars unless otherwise indicated. With that, I'll turn the call over to Harley. Good morning and thanks everyone for joining us today. We've got another exceptional quarter to talk about here at Shopify. Here's what that looks like in the numbers. GMV was up 32% to $116 billion with broad growth across our merchant sizes, geographies, and sales channels. Our revenue was up 34% to $3.6 billion, and our free cash flow margin was 18%. That's a growth rate of 30% or more across every metric. And this marks our fifth straight quarter of GMV growth above 30%. Now, of all the numbers, our GMV is the one worth repeating. Our merchants processed $116 billion this quarter. This is commerce at an extraordinary scale flowing through the platform. And it also tells us that our merchants are thriving. Okay, now for the story behind those numbers. Since day one, our operating principle has been simple and consistent. Shopify creates what most merchants need most of the time. And for everything else, we empower our incredible ecosystem of partners. Now, I know you've all heard that before, but here's why it matters now. The principle that got us here also explains why we're able to d...