SHOP

Shopify Inc. • NASDAQ/TSX

Data as of August 5, 2026

Shopify delivered strong Q2 2026 results with 34% revenue growth and accelerating GMV, positioning it as a leader in AI-enhanced commerce, though the stock has experienced significant volatility in 2026 amid mixed analyst sentiment on competitive and AI-related risks.

Key findings summary • All data sourced from official filings, earnings releases, and analyst reports as of August 2026

Company Overview & History

Overview

Shopify Inc. provides an all-in-one commerce platform that enables businesses of all sizes to start, run, and grow their operations online, in-store, and across multiple channels. The platform powers sales for millions of merchants in 175+ countries.

E-commerce Infrastructure

Payments

AI Tools

History

2006

Founded in Ottawa, Canada by Tobias Lütke, Daniel Weinand, and Scott Lake initially to sell snowboarding equipment online.

2015

Went public on NYSE and TSX.

2020s

Expanded into payments, point-of-sale, and AI features; achieved consistent double-digit growth.

Source: Shopify.com & SEC filings

Stock Performance & Company Financials

Stock Performance (Historical Returns)

Period	SHOP Return	S&P 500 Return	Notes
YTD 2026	~ -8% to -33% (volatile)	13.08%	Significant drawdown mid-year followed by post-Q2 surge
1-Year	15.76%	22.89%	Underperformed broad market
3-Year	153.79%	72.86%	Strong outperformance
5-Year	4.88%	74.77%	Significant underperformance

52-week range: ~$94 – $182 (high Oct 2025). All returns are total returns as of early August 2026.

→ View full historical data on Yahoo Finance

Key Financial Metrics

Q2 2026 (ended June 30)

Strong beat & raise

34% YoY Rev Growth

Revenue $3.58 billion

GMV $115.6 billion (+32%)

Gross Profit $1.71 billion

Operating Income $488 million

Net Income $1.50 billion

Free Cash Flow $654 million (18% margin)

Fact: Broad-based growth across merchant sizes, channels, and geographies. Non-GAAP FCF margin strong.
Guidance (Q3 2026): Revenue low-thirties % growth; Gross profit mid-to-high twenties %; FCF margin high-teens to low-twenties.

2025 Full Year

For context

Revenue $11.5 billion (+30% YoY)

FCF Margin 17%

10 consecutive quarters of double-digit FCF margins

Fact: Merchant solutions (incl. Shopify Payments) growing faster than subscriptions.

→ Official Financial Reports & 10-Qs

Data Limitations & Assumptions

• Q2 2026 results announced August 5, 2026 — forward-looking guidance is management estimate and subject to change.
• Many metrics are non-GAAP (e.g., FCF); see reconciliations in official filings.
• GMV includes certain app/channel revenue-sharing arrangements.

Analyst Ratings

Moderate Buy

Consensus (45–55 analysts)

~36 Buy / Overweight

9–13 Hold • 0–2 Sell

Average 12-month Price Target

$150 – $157

Range: $105 – $200 (High: $200)

Interpretation: Strong buy-side sentiment driven by growth momentum and AI initiatives, tempered by recent downgrades citing potential AI displacement risks from competitors like Meta.

Recent Notable Actions (2026)

↑ Multiple new Buy ratings and PT raises (e.g., Stifel on AI agentic commerce)
↓ Downgrades to Neutral (Rothschild & Co Redburn, others) over AI threats
• Citi lowered PT to $150 from $156
↑ $3B share buyback authorization announced

→ Full analyst consensus on MarketBeat

Uncertainty flag: Ratings and targets are dynamic and frequently updated; recent earnings volatility and AI narrative have caused swings in sentiment.

Customers & Competitors

Major Customers / Merchants

Notable Brands

SKIMS

Supreme

Key Competitors

Platform	Focus	Strength
WooCommerce	WordPress-based	Open-source, flexible
BigCommerce	Enterprise	B2B features
Wix / Squarespace	Website builders	Design ease
Adobe Commerce (Magento)	Enterprise	Customization
Ecwid / Shift4Shop	SMB	Lower cost

Interpretation: Shopify leads in ease-of-use and ecosystem for SMBs; faces pressure in enterprise from Adobe and BigCommerce.