Shopify grew its revenue and gross merchandise volume (GMV) at rates higher than 30% in its fiscal Q2 2026, which ended June 30.
That marked the 13th straight quarter that Shopify revenue growth has exceeded 25% year over year. It also was the fifth straight quarter of GMV growing at more than 30%.
“This is commerce at an extraordinary scale flowing through the platform,” said Harley Finkelstein, president at Shopify, during Shopify’s Q2 earnings call.
Because Shopify has made it easier to start businesses there are now more merchants to serve. He also called it critical that Shopify’s ecosystem be “well-suited to this agentic era.” Referring to artificial intelligence (AI) agents, he specified that Shopify is working with technology companies including OpenAI, Google, Meta and Microsoft on ecommerce
Shopify also has created connectors to agents including Claude, ChatGPT, Perplexity, Manus, Replit and Vercel in its AI toolkit, he said.
“We build the primitives, we open them up, and we let the best developers and the best companies in the world build on top of us,” Finkelstein said. He went on to add that “whether commerce is handled by humans or agents, whether stores are built by people or AI, Shopify runs underneath it all.”
In 2025, more than 115 of the Top 2000 online retailers in North America use Shopify as their ecommerce platform, according to Digital Commerce 360 data. The combined web sales of all Top 2000 retailers that used Shopify’s ecommerce platform in 2025 reached $10.458 billion. The Top 2000 Database ranks North America’s largest online retailers based on their annual ecommerce sales and more.
Shopify revenue and GMV in Q2 2026
In its fiscal Q2 2026, Shopify revenue reached $3.58 billion. That was about 33.7% growth from $2.68 billion in Shopify revenue in Q2 2025.
Shopify revenue from subscription solutions grew 22% in Q2. The company’s “standard” plan was the largest contributor within that growth.
Also in its fiscal Q2, Shopify GMV reached about $115.57 billion. That was just the second time that it surpassed $115 billion and the third time it exceeded $100 billion. It also marked about 31.6% year-over-year growth.
Shopify international GMV increased 37% in Q2. In North America, Shopify GMV grew 28% year over year in Q2. And in Europe, Shopify GMV grew 34%.
Meanwhile, Shopify point-of-sale (POS, which the company also referred to as “offline”) GMV grew 32% year over year in Q2. Shop Pay GMV increased 53% during Q2.
Jeff Hoffmeister said Shopify also achieved more than 30% growth in gross profit, operating income and free cash flow.
Over the last five years, Hoffmeister said, Shopify merchants who reach $1 million in annual GMV had a 92% retention rate. That rate increases to 97% for those with $10 million in annual GMV, he added.
“A lot of entrepreneurs are serial entrepreneurs,” Hoffmeister said. “So even if their first business doesn’t make it, Shopify still supports the next one. Merchants who build a second shop on Shopify, on average, earn more than twice the sales per shop compared to first-time founders.”
In June, Finkelstein noted, Shop Pay surpassed $400 billion in lifetime GMV.
Shopify B2B growth in Q2 2026
In Q2, Shopify B2B GMV grew 76% year over year. Shopify Merchant Solutions revenue increased 37%. Hoffmeister attributed that to strength in GMV and increased payments penetration.
Also in Q2, Shopify Payments launched in the United Arab Emirates (UAE), marking the 40th country in which the company has made that feature available.
“We expanded native B2B capabilities beyond Plus for the first time, giving more merchants the ability to manage wholesale and DTC from the same Shopify admin,” Finkelstein said. “That means fewer separate tools, fewer custom workflows, and more of their business running through one unified system.”
Finkelstein said Shopify has expanded its work with Arhaus. The furniture retailer started with Shopify’s ecommerce technology. It has since expanded into offline, B2B and Shopify Payments, Finkelstein said.
Which retailers joined Shopify in Q2?
Finkelstein named several retailers to join Shopify’s platform in Q2. Along with their Top 2000 rankings, when applicable, those include:
- Avon
- Burton (No. 266)
- Claire’s (No. 395)
- e.l.f. Cosmetics (No. 328)
- Fred Segal (under Aritzia, No. 108)
- Guess (No. 178)
- Suitsupply
Percentage changes may not align exactly with dollar figures due to rounding. Check back for more earnings reports. Here’s last quarter’s update on Shopify revenue and GMV.
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