Shopify Inc. (SHOP) beat expectations in Q2 FY2026 on revenue of $3.5B versus the $3.4B estimate (+33.7% YoY) and EPS of $0.42. The next Shopify Inc. (SHOP) earnings date is Nov 3, 2026. Below is the full Shopify Inc. earnings breakdown — the risk-adjusted verdict, price forecast, technicals, options and hedge-fund 13F holdings, decoded in plain English.
Shopify Inc. (SHOP) Earnings Analysis — key stats
Next earnings date
Nov 3, 2026
Latest reported quarter
Q2 FY2026
Earnings verdict
Beat
EPS beat rate
4 of last 8 (quarters above estimate)
Avg next-day move
±13.3% (over the last 8 reports)
Post-earnings direction
Up 4 / Down 4 (of the last 8 reports)
Implied move (next report)
±41.4% (options-derived · into Nov 3, 2026)
Institutional ownership
61.1% (13F as of 2026-06-30)
Top 10 holders
25.2% (of shares outstanding)
Insider activity
5 buys / 7 sells (recent Form 4 filings)
Revenue
$3.5B (vs $3.4B est · +4.2% surprise · +33.7% YoY)
EPS
$0.42 (vs $0.40 est · +5.7% surprise · +65.7% YoY)
Share price
$154.32 (-2.7%)
Market cap
$200.3B
Shopify Inc. (SHOP) Earnings Analysis — beat / miss history
Quarter
Revenue
EPS
EPS surprise
Next-day move
Verdict
Q3 FY2026
$3.5B vs $3.4B est
$0.42 vs $0.40 est
+5.7%
+19.6%
Beat
Q2 FY2026
$3.1B vs $3.1B est
$0.36 vs $0.33 est
+10.4%
-17.3%
Mixed
Q1 FY2026
$3.6B vs $3.6B est
$0.46 vs $0.51 est
-9.1%
-13.0%
Mixed
Q4 FY2025
$2.8B vs $2.8B est
$0.34 vs $0.34 est
+1.0%
-5.8%
Mixed
Q3 FY2025
$2.7B vs $2.6B est
$0.35 vs $0.29 est
+20.2%
+19.0%
Beat
Q2 FY2025
$2.4B vs $2.5B est
$0.25 vs $0.26 est
-3.8%
-2.9%
Miss
Q1 FY2025
$2.8B vs $2.7B est
$0.44 vs $0.43 est
+1.8%
+0.5%
Mixed
Q4 FY2024
$2.2B vs $2.2B est
$0.36 vs $0.28 est
+29.3%
+27.9%
Mixed
Top institutional holders
Holder
% outstanding
Shares
Value
QoQ change
Capital International Investors
4.2%
54.9M
$6.3B
+9.7%
Fmr LLC
3.6%
47.2M
$5.4B
+2.9%
Invesco Ltd.
2.8%
36.6M
$4.2B
+42.1%
Vanguard Capital Management LLC
2.6%
34.1M
$3.9B
+1.2%
Capital World Investors
2.6%
34.1M
$3.9B
+1.2%
Baillie Gifford & CO
2.2%
28.4M
$3.2B
-2.1%
Morgan Stanley
2.0%
25.5M
$2.9B
+3.3%
Price T Rowe Associates INC /Md/
1.9%
24.8M
$2.8B
-1.1%
Royal Bank Of Canada
1.8%
23.5M
$2.7B
+8.7%
Fil Ltd
1.5%
19.3M
$2.2B
+5.8%
Recent insider transactions
Insider
Role
Date
Type
Shares
Value
Shopify Strategic Holdings 3 LLC
10 percent owner
2023-10-31
Buy
344K
—
Shopify Strategic Holdings 3 LLC
10 percent owner
2023-10-31
Sell
344K
$3444
Shopify Strategic Holdings 3 LLC
10 percent owner
2023-09-28
Buy
3.9M
—
Shopify Strategic Holdings 3 LLC
10 percent owner
2023-09-28
Sell
3.9M
$39358
Shopify Strategic Holdings 3 LLC
10 percent owner
2022-07-28
Sell
15.7M
$1.4B
Shopify Strategic Holdings 3 LLC
10 percent owner
2023-09-20
Sell
9.4M
$94459
Shopify Strategic Holdings 3 LLC
10 percent owner
2023-09-20
Sell
9.2M
—
SANTORA GREG J
officer: Chief Financial Officer
2005-08-12
Sell
167K
$583331
What you'll find
Next Shopify Inc. (SHOP) earnings date, the expected move and the estimates priced in
A clear Beat / Miss / In-line / Mixed verdict the moment Shopify Inc. reports
Revenue & EPS versus estimates, guidance and segment trends
Multi-lens price forecast — analyst, quant, technical and options views
Deep research: red flags, risk decoder and earnings-call sentiment
Technicals, options / implied volatility and unusual-activity signals
Hedge-fund and legendary-investor 13F holdings in Shopify Inc. (SHOP)
Side-by-side peer and historical earnings comparison
Frequently asked questions
When is Shopify Inc.'s next earnings date?
Shopify Inc.'s (SHOP) next scheduled earnings date is Nov 3, 2026. Magnisto shows the confirmed date, the options-implied expected move and the revenue and EPS estimates Wall Street is modeling into the report.
Did Shopify Inc. (SHOP) beat or miss earnings?
In Q2 FY2026, Shopify Inc. (SHOP) posted beat results — revenue of $3.5B versus the $3.4B estimate (+4.2% surprise) and EPS of $0.42 versus $0.40 expected (+5.7% surprise). Magnisto decodes every Shopify Inc. (SHOP) report into a clear Beat, Miss, In-line or Mixed verdict and checks whether guidance was raised, held or cut.
How often does Shopify Inc. beat earnings estimates?
Over its last 8 reported quarters, Shopify Inc. (SHOP) beat Wall Street EPS estimates 4 times, most recently a beat result in Q3 FY2026. Magnisto tracks every Shopify Inc. (SHOP) quarter's revenue and EPS versus consensus and grades each one Beat, Miss, In-line or Mixed at a unified ±2% threshold.
How much does Shopify Inc. stock move after earnings?
Over its last 8 quarterly reports, Shopify Inc. (SHOP) moved an average of ±13.3% the day after earnings — ranging from -17.3% (Q2 FY2026) to +27.9% (Q4 FY2024). The stock rose after 4 of those 8 reports and fell after 4. Heading into its next report on Nov 3, 2026, options-implied volatility is pricing in a move of roughly ±41.4% (derived). Magnisto tracks the realized post-earnings move for every Shopify Inc. (SHOP) quarter alongside the beat/miss verdict — past moves don't predict the next one.
Who are the largest shareholders of Shopify Inc.?
Institutions hold about 61.1% of Shopify Inc.'s (SHOP) shares outstanding as of the 2026-06-30 13F quarter. Its largest institutional holders include Capital International Investors (4.2%), Fmr LLC (3.6%), Invesco Ltd. (2.8%). Magnisto lists Shopify Inc.'s (SHOP) top 13F holders with each stake size and its quarter-over-quarter change.
Are insiders buying or selling Shopify Inc. (SHOP)?
In the most recent Form 4 filings Magnisto tracks, Shopify Inc. (SHOP) insiders recorded 5 purchases and 7 sales — net selling. Insider transactions are one signal among many and are often routine (option exercises or scheduled 10b5-1 sales), so Magnisto shows the raw feed for you to judge.
What is the forecast for Shopify Inc. (SHOP) stock?
Magnisto blends analyst price targets, quantitative research, technical trend and options-implied moves into a scenario range for Shopify Inc. (SHOP), anchored to the current $154.32 share price, so you can weigh the bull, base and bear cases for Shopify Inc. side by side.
Is Shopify Inc. (SHOP) a buy right now?
Magnisto does not give buy or sell tips. It gives you the institutional-grade evidence — the verdict, valuation, risks, technicals and hedge-fund 13F flows — so you can decide whether Shopify Inc. fits your own thesis and risk profile. This is research, not investment advice.