Shopify Inc. Earnings Recaps
Q3 2026
Nov 5, 2026
Shopify shares fell 2.3% after earnings, a roughly flat reaction. The quarter showed rapid growth, but the transcript does not identify a clear disappointment or investor concern to explain the move.
Key takeaways
- GMV rose 29.5% to $119 billion, while revenue increased 32% to $3.7 billion.
- Free cash flow margin was 22%.
- AI traffic was up 2.6x year over year and orders grew 3.3x; the company said volumes remain small.
- Shopify said shoppers using Catalog-powered searches converted at 2x the rate of general AI search.
- Management described delegated purchasing through personal agents as an early experiment in Q3.