Shopify Q3 revenue rises 32% to US$3.74B on US$119B GMV

Shopify Inc. (TSX:SHOP) reported third-quarter revenue of US$3.74 billion on Tuesday, up 32 per cent from a year earlier, as the platform processed US$119 billion in gross merchandise volume and posted a free cash flow margin of 22 per cent. The company expects fourth-quarter revenue to grow at a low-thirties percentage rate.

Net income was US$462 million, or 36 US cents per share, and adjusted earnings were 49 US cents per share, according to an Associated Press earnings summary. That compared with a consensus estimate of 45 cents per share among 14 analysts surveyed by Zacks Investment Research, the AP said. Revenue matched the Street forecast, it added.

“We extended our track record of consistent execution, with 32% revenue growth and a 22% free cash flow margin,” chief financial officer Jeff Hoffmeister said in the company’s release. Shopify said revenue growth was also 32 per cent in constant currency.

For the fourth quarter, Shopify said it expects operating expenses of 29 to 30 per cent of revenue, stock-based compensation of US$155 million and a free cash flow margin consistent with the fourth quarter of 2025. Management was scheduled to discuss the results on a conference call at 8:30 a.m. ET.

The results come as technology stocks have been volatile. Shopify’s chief technology officer left the company last month, and the stock has been in focus since a September jump on a Meta checkout deal. For the day’s other market news, see TSX today: what to watch on Tuesday, Nov. 3.

Figures are from Shopify’s news release and the Associated Press as of about 9 a.m. ET on Nov. 3, 2026. Shopify reports in U.S. dollars.

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