Shopify's third-quarter revenue rises 32 percent to 3.74 billion dollars

Shopify published results for its third quarter, which ended on 30 September 2026, on 3 November 2026. According to the press release filed with the US Securities and Exchange Commission (SEC), revenue rose 32 percent to 3.74 billion dollars, up from 2.84 billion dollars a year earlier.

• Gross merchandise volume (GMV) on the platform grew 29 percent to 119.1 billion dollars, or 30 percent in constant currency.
• Merchant solutions revenue rose 35 percent to 2.91 billion dollars, and subscription solutions revenue rose 20 percent to 836 million dollars.
• Monthly recurring revenue (MRR), the combined value of all subscription plans in effect on the last day of the period, increased to 230 million dollars from 193 million dollars a year earlier.
• Operating income rose 66 percent to 568 million dollars, and FCF (cash flow left after capital spending) reached 816 million dollars; the FCF margin increased from 18 percent to 22 percent.

For the fourth quarter, the company expects revenue to grow at a low-thirties percentage rate year over year and gross profit at a high-twenties rate. It expects the FCF margin to be similar to the fourth quarter of 2025.

Why it matters

The company says millions of businesses in more than 175 countries use Shopify. A 29 percent rise in sales volume on the platform may point to more buyer activity, which could also mean more competition in this channel. With 2.91 billion dollars of revenue from merchant solutions and 836 million dollars from subscriptions, most of Shopify's revenue comes from services other than subscriptions. Turkish companies that run a Shopify store or are choosing a platform for e-export may want to count transaction and add-on service fees alongside the subscription fee when they calculate total cost.