Shopify reported Nov. 3, 2026, that third-quarter revenue rose 32% to $3.74 billion, while operating income increased to $568 million from $343 million a year earlier. The results show the commerce-platform provider expanding sales and operating profit as merchants head into the year-end selling season.
In its results release for the quarter ended Sept. 30, Shopify reported $119.15 billion in gross merchandise volume, compared with $92.01 billion a year earlier. Gross merchandise volume measures activity on the platform; it is not Shopify’s own revenue.
Cash flow and the next quarter
Free cash flow reached $816 million, or 22% of revenue, compared with $507 million and an 18% margin a year earlier. Free cash flow and its margin are non-GAAP measures, distinct from operating income.
For the fourth quarter, management forecasts revenue growth at a low-thirties percentage rate and gross-profit growth at a high-twenties rate. These are company expectations, not completed holiday-period results.
The preceding second-quarter report, issued Aug. 5, recorded 34% revenue growth and an 18% free cash flow margin. Its historical results provide context, not a guarantee of the next quarter’s performance.
For merchants evaluating the platform, supplier-level growth is different from the economics of an individual store. These aggregate results do not establish a particular merchant’s acquisition costs, conversion rate or profit margin. All reported amounts are in U.S. dollars.