How did Shopify (NYSE:SHOP) perform in Q1 2026?

Shopify reported Q1 2026 revenue of $3.17 billion, a 34% increase year-over-year. The company processed over $100 billion in Gross Merchandise Volume (GMV) for the first time, reflecting the growing scale of its merchant base. Shopify also generated $1.546 billion in gross profit and $382 million in operating income, maintaining strong profitability with $476 million in free cash flow.

What drove Shopify’s revenue growth in Q1 2026?

Shopify’s revenue growth in Q1 2026 was driven by its expansion into enterprise retail and international markets, as well as the increasing scale of merchants utilizing its platform for both online and physical retail. The company’s suite of tools continued to attract a diverse range of merchants, contributing to a 34% year-over-year revenue increase.

How did Shopify’s Gross Merchandise Volume (GMV) perform in Q1 2026?

Shopify’s GMV for Q1 2026 reached $100.743 billion, marking a historic milestone for the company. This reflects the increasing adoption of Shopify’s platform by merchants across various industries, highlighting the scalability and growing usage of Shopify’s tools in both online and physical retail.

What was Shopify’s profitability in Q1 2026?

Shopify generated $1.546 billion in gross profit for Q1 2026, reflecting strong profitability. Operating income stood at $382 million, supported by disciplined spending on headcount and marketing. The company maintained a robust cash flow, with free cash flow of $476 million, representing a 15% free cash flow margin.

How did Shopify manage its operating expenses in Q1 2026?

Shopify managed its operating expenses with discipline, resulting in strong profitability for Q1 2026. The company controlled headcount and marketing spend, which helped drive operating income of $382 million. Shopify’s approach to expense management reflects its focus on maintaining operational efficiency while investing in growth.

Shopify crosses $100B GMV milestone as revenue surges

Written by Brie CarterPublished May. 5 2026Last Updated May. 5 2026

Shopify (NYSE:SHOP) achieved a historic milestone in the first quarter, processing more than $100 billion in merchant sales for the first time in a single period as the company’s expansion into enterprise retail and international markets continues to accelerate.

The Ottawa-based e-commerce leader reported first-quarter revenue of $3.17 billion, a 34% increase compared to the prior year.

Gross Merchandise Volume (GMV)—the total value of all goods sold across the platform—reached $100.743 billion, reflecting the increasing scale of merchants utilizing Shopify’s suite of tools for both online and physical retail.

Profitability remained a central focus, with the company generating $1.546 billion in gross profit for the quarter ended March 31.

Operating income stood at $382 million, supported by a disciplined approach to headcount and marketing spend.

The company’s cash-generation engine remained potent, delivering free cash flow of $476 million, representing a 15% free cash flow margin.

Looking ahead to the second quarter of 2026, Shopify expects revenue growth to remain robust in the "high-twenties" percentage range.

Gross profit dollars are projected to grow in the mid-twenties, while the company anticipates operating expenses will represent between 35% and 36% of total revenue.