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SHOPShopify Inc.

Earnings Release

Shopify Inc.'s latest earnings press release, filed Aug 5, 2026, scored line by line for tone, guidance and what changed since the prior release.

New outlook issued27 lines scoredFiled Aug 5, 2026SEC 8-K · Exhibit 99
Release Tone
68
UPBEAT
GuidanceNew outlook issuedWhat this release does to the company's outlook
Tone change▲ 0.7pointsvs the prior release (May 5, 2026)
Hedging language0.31per 100 words▼ 0.11 vs prior
New this quarter15of 27 linesWording that was not in the prior release

The lines that matter most

Ranked by how material, how strongly worded and how new each sentence is.

  1. 1

    Shopify achieved 34% revenue growth (33% in constant currency) and 18% free cash flow margins.

  2. 2

    Alongside this momentum, we continue to drive operating leverage, which flowed through to 18% free cash flow margins.

    New this quarter
  3. 3

    “This was a monster quarter: more than 30% growth in GMV AND revenue AND gross profit AND free cash flow,” said Harley Finkelstein, President of Shopify.

    New this quarter
  4. 4

    Revenue to grow at a low-thirties percentage rate on a year-over-year basis;

  5. 5

    Gross profit dollars to grow at a mid-to-high twenties percentage rate on a year-over-year basis;

  6. 6

    Net Income1,502906

    New this quarter
  7. 7

    For the three months ended June 30, 2026, the changes described above resulted in a net cash use of $37 million presented in Investing activities after consideration of repayments and purchases and originations.

    New this quarter
  8. 8

    Shopify Delivers Big: 30%+ Growth Across GMV, Revenue, Gross Profit, and Free Cash Flow

    New this quarter

Release by release

Tone and guidance for the last 2 earnings releases.

  1. Aug 5, 2026New outlook issued67.9+0.7
  2. May 5, 2026New outlook issued67.2

Bar length: tone on a 50–73 scale.

The release, annotated

1Highlight rankPositive toneNeutralNegative toneDimmed text: low materiality
Results
8Shopify Delivers Big: 30%+ Growth Across GMV, Revenue, Gross Profit, and Free Cash Flow
August 5, 2026 - Shopify announced today financial results for the quarter ended June 30, 2026.
1Shopify achieved 34% revenue growth (33% in constant currency) and 18% free cash flow margins.
Management commentary
3“This was a monster quarter: more than 30% growth in GMV AND revenue AND gross profit AND free cash flow,” said Harley Finkelstein, President of Shopify.
“We power every kind of business, and with AI, we're expanding what's possible for all of them.
No one else comes close.”
“GMV growth accelerated on top of last year’s already strong Q2 with solid results across all merchant sizes, channels, and geographies.
2Alongside this momentum, we continue to drive operating leverage, which flowed through to 18% free cash flow margins.
Broad-based, consistent, and compounding growth with financial discipline; that’s exactly the model that we’ve been building,” said Jeff Hoffmeister, Chief Financial Officer.
Results
Selected Business Performance Information (1)
(In US $ millions, except percentages)
Outlook
2026 Outlook
For the third quarter of 2026, we expect:
4Revenue to grow at a low-thirties percentage rate on a year-over-year basis;
5Gross profit dollars to grow at a mid-to-high twenties percentage rate on a year-over-year basis;
Operating expenses as a percentage of revenue to be 33% to 34%;
Stock-based compensation to be $150 million; and
Free cash flow margin to be in the high-teens to low-twenties.
Results
(6) Starting in April 2026, the cash flows associated with merchant cash advances are presented within investing cash flows rather than operating cash flows on a basis consistent with loans, given the similar nature of the underlying lending activities.
7For the three months ended June 30, 2026, the changes described above resulted in a net cash use of $37 million presented in Investing activities after consideration of repayments and purchases and originations.
Net Income Excluding the Impact of Equity Investments Reconciliation
(In US $ millions)
Three months ended
6Net Income1,502906
less: equity investments, marked to market, net of taxes1,063568
Net income excluding the impact of equity investments (3)439338
Constant Currency Analysis
53 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.

How this is scored

  • Source: the press release Shopify Inc. filed with the SEC as Exhibit 99 to Form 8-K (Item 2.02). Financial statements and boilerplate are set aside.
  • Tone: a financial sentiment model scores each sentence 0 to 100; the release score weights sentences by how material they are.
  • Materiality and guidance: a classifier judges whether each sentence is specific information, and what the release does to the outlook.
  • New this quarter: wording that does not appear in the prior release.
  • Hedging: uncertainty words (may, could, approximately, headwinds and similar) per 100 words of narrative.

These scores describe the release's language. They are not a forecast or a recommendation. Read the original filing

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