Shopify Inc. (SHOP) Announced Q1 2026 Earnings on May 5, 2026, Reporting "Our revenue was $3.2 billion for the quarter".

Shopify Inc. reported its financial results for the first quarter of 2026.

Management stated that Q1 GMV was $101 billion, that is up 35%.

The company reported that "Our revenue was $3.2 billion for the quarter, that is up 34%". Furthermore, free cash flow was $476 million, delivering a 15% free cash flow margin. Q1 gross profit grew 32%, with gross margin for Subscription Solutions coming in at 80% and gross margin for Merchant Solutions coming in at 39%.

Operating expenses were $1.2 billion for the first quarter or 37% of revenue.

During the quarter, management noted that AI is now Shopify's native language and reported that the number of weekly active shops using Sidekick in Q1 was up 4x year-over-year.

The company highlighted the Universal Commerce Protocol, or UCP, an open protocol co-developed with Google.

Shopify announced that Amazon, Meta, Microsoft, Salesforce and Stripe all joined the council.

Additional business highlights included B2B GMV growing 80% in Q1 and offline GMV up 33%.

Regarding payment processing, Shopify Payments processed $67 billion of GMV, while Shop Pay processed $35 billion of GMV, up 59% year-over-year.

For forward guidance, Shopify expects Q2 revenue growth in the high 20s year-over-year.

The company stated "We expect our gross profit dollars to grow in the mid-20s". Management expects operating expenses in Q2 to be 35% to 36% of revenue.

Additionally, for Q2, Shopify expects free cash flow margins in the mid-teens.