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Shopify Q3 2026 Earnings: Revenue Up 32% to $3.74 Billion, but a Small GMV Miss Sends the Stock Down 9%
- Revenue: about $3.74 billion, up 32%, versus about $3.75 billion expected (LSEG).
- Gross merchandise volume (GMV): $119.1 billion, up 29%, versus about $120.0 billion expected.
- Subscription revenue: $836 million versus about $848 million expected.
- Adjusted EPS: $0.49 versus $0.46 expected.
- Guidance: Q4 revenue growth in the low-30% range. Shares fell about 8.7% on November 3, the key reason the TSX hit a four-week low. Figures in US dollars.
Good growth, high expectations
Shopify reported third-quarter results before the bell on Tuesday, November 3. The company is still growing fast, but Wall Street wanted a bit more.
| Metric | Q3 2026 | Estimate |
|---|---|---|
| Revenue | ~$3.74 billion (+32%) | ~$3.75 billion |
| GMV | $119.1 billion (+29%) | ~$120.0 billion |
| Subscription revenue | $836 million | ~$848 million |
| Adjusted EPS | $0.49 | $0.46 |
US dollars. Sources: Shopify SEC filing, CNBC/LSEG estimates.
Shares fell about 8.7% on the day, and the drop was the main reason the S&P/TSX Composite closed at its lowest level since October 8 (our TSX report).
What missed
- GMV, the value of goods sold on Shopify, grew 29% but came in about $900 million below forecasts.
- Subscription revenue, what merchants pay for Shopify plans, missed by about $12 million, and subscription gross profit also fell short.
These are small misses. But Shopify trades at a premium valuation, and investors priced in consistent beats.
What went right
- Profit beat. Adjusted EPS of $0.49 topped the $0.46 estimate.
- Growth is still strong. A 32% revenue increase is rare for a company of Shopify's size.
- AI tools. Shopify highlighted AI features for merchants as a growth driver, though investors questioned the spending needed to build them.
The holiday signal
Shopify guided to fourth-quarter revenue growth in the low-30% range, covering Black Friday and Cyber Monday. That suggests merchants on its platform still expect a solid holiday season, despite softer US consumer confidence (our report).
What it means for investors
- It moves the TSX. Shopify is one of the largest companies on the Canadian index. If you own a TSX ETF, you own a lot of it.
- TSX or Nasdaq? Canadians can buy Shopify on the TSX in Canadian dollars, avoiding currency conversion fees. See our guide to the best online brokers in Canada.
- Valuation risk. Fast-growing stocks with high valuations can fall sharply on small misses, as Tuesday showed.
What to watch next
- Black Friday (November 27) and Cyber Monday (November 30): Shopify usually publishes merchant sales figures.
- February 2027: Q4 results.
Frequently asked questions
How did Shopify do in Q3 2026?
Shopify reported revenue of about $3.74 billion, up 32% year over year, and gross merchandise volume of $119.1 billion, up 29%. Adjusted earnings of $0.49 per share beat estimates, but revenue, GMV and subscription revenue came in slightly below forecasts.
Why did Shopify stock fall?
Shares fell about 8.7% on November 3 because merchandise volume and subscription revenue missed estimates by small margins. Shopify traded at a high valuation going into the report, so even slight shortfalls led to selling.
What is Shopify's Q4 2026 guidance?
Shopify expects fourth-quarter revenue to grow at a low-30% rate year over year, which covers the holiday shopping season.
What is GMV?
Gross merchandise volume is the total value of goods sold by merchants on Shopify's platform. It drives Shopify's payment fees and is the key measure of how much commerce flows through its system.
How can Canadians invest in Shopify?
Shopify trades on both the TSX (in Canadian dollars) and the Nasdaq (in US dollars). Buying on the TSX avoids currency conversion fees. It is also one of the largest holdings in most TSX index ETFs.
Primary sources
- SEC — Shopify Form 8-K, Q3 2026 press release (Exhibit 99.1)
- CNBC — Shopify Q3 2026 earnings: Revenue, GMV miss estimates
- Investing.com — Earnings call transcript: Shopify tops profit view in Q3 2026 but shares fall
- Investing.com — Shopify Q3 2026 slides: AI drives growth as shares fall on spending
- The Globe and Mail — TSX hits nearly four-week low as Shopify slides
Data & disclaimer: This article is for educational purposes only and is not financial or investment advice. Figures reflect data available as of Nov 4, 2026, and conditions change — always confirm current pricing, rates and rules with the provider before you act. Written by Elizabeta Dimoska. See our editorial standards and disclosure.
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