Shopify Inc. SHOP used its second-quarter 2026 earnings call to frame agentic commerce as an extension of its existing platform model, not a separate business. Management paired that message with broad-based growth and continued operating leverage.
Reported earnings of 42 cents per share beat the Zacks Consensus Estimate of 39 cents. Quarterly revenues of $3.58 billion exceeded the Zacks Consensus Estimate of $3.43 billion.
Shopify Inc. Price, Consensus and EPS Surprise
Shopify Inc. price-consensus-eps-surprise-chart | Shopify Inc. Quote
SHOP Sets a Low-30% Growth Bar for Q3
CFO Jeff Hoffmeister said third-quarter revenues should grow at a low-30% rate, with no significant foreign-exchange impact expected.
Gross profit dollars are projected to increase at a mid-to-high twenties rate. Operating expenses should equal 33% to 34% of revenues, compared with 37% a year earlier.
Free cash flow margin is expected in the high teens to low twenties. Hoffmeister said the forecast includes less than 1 point of benefit from the merchant cash advance accounting change.
Shopify Builds Around Agentic Commerce
President Harley Finkelstein said Shopify Catalog is becoming the structured product layer for AI discovery, drawing on more than 1 billion products and 20 years of commerce experience.
AI-driven traffic and orders to Shopify stores tripled year over year, while new-buyer orders from AI channels came in at nearly twice the rate of other channels. Catalog-powered searches converted at twice the rate of searches using scraped data.
Finkelstein also emphasized the Universal Commerce Protocol, which lets agents access product data, create carts and complete checkout while preserving merchant rules within Shopify.
SHOP Sees Payments and Merchant Breadth
Hoffmeister stated that merchant solutions revenues rose 37%, supported by GMV growth, higher payments penetration and strength in partner revenue shares and financial services.
Shopify Payments penetration increased 3 percentage points to 68% of global GMV. Europe segment improved more than 350 basis points, while Shopify Payments expanded to the United Arab Emirates.
Hoffmeister described a broad operating backdrop. International GMV grew 37%, offline GMV increased 32% and B2B GMV advanced 76%, while the largest merchant band remained the fastest-growing segment.
Shopify Defends Its AI Monetization Model
An Oppenheimer analyst asked how Shopify plans to capture value from AI. Finkelstein said agentic transactions carry the same economics as online-store transactions, with no separate fees.
