Shopify (SHOP) Q2 2026 (USD): Revenue 3.58bln, GMV 115.6bln, Gross profit 1.71bln

• Expects Q3 revenue to grow at a low-thirties percentage rate on a Y/Y basis.
• Expects gross profit to grow at mid-to-high twenties percentage rate Y/Y

Shopify prints have historically traded on the guidance rather than the quarter, with the stock's high-multiple positioning leaving it sensitive to the growth-versus-margin mix in the outlook. The signal here is the wedge between the revenue guide and the gross profit guide: revenue growing faster than gross profit implies take-rate or mix dilution, a pattern the market has previously read as heavier payments penetration or investments in lower-margin lines, and it is that differential rather than the headline growth rates that tends to drive the post-print move. The GMV figure is the cleaner demand read, since it strips out the revenue recognition effects, and desk focus typically falls on how GMV growth compares with the revenue line to gauge monetisation. Follow-ons are the call commentary on merchant solutions versus subscription solutions split, any colour on enterprise and international adoption, and whether management addresses the gross margin trajectory explicitly. No consensus figures accompany the print, so the beat-or-miss read rests on the guidance versus what the street had pencilled in.