Shopify Inc.
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Range $130 – $200
Price Chart
About the company
Shopify Inc. functions as a premier commerce technology company, providing an extensive platform and associated services to empower businesses worldwide. Its reach extends across Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific region, and Latin America.
- CEO
- Tobias Lutke
- IPO
- 2015
- Employees
- 7,600
- HQ
- Ottawa, ON, CA
AI snapshot
Six angles, distilled from the data.
The stock remains in a long-term uptrend, trading above its 200-day moving average and well above the 52-week low. It is still below the 52-week high, so the regime is constructive but not fully extended, with momentum showing a multi-month recovery rather than a breakout from a fresh base.
Street sentiment is constructive: the consensus rating is Buy, and the average target sits above the last close. Recent revisions have leaned higher, with multiple firms lifting targets into the $175-$200 range, which supports a favorable setup even after the stock’s strong run.
The earnings pattern is mixed but improving, with 5 beats in the last 8 quarters and the two most recent reports both topping EPS estimates. Next-year EPS estimates point to $2.44 versus $1.48 TTM, so shareholders should watch whether revenue growth and margin discipline keep translating into earnings leverage.
No notable discretionary insider buying or selling stands out. The recent activity is dominated by 10b5-1 style and ownership-related flows, while the only clear open-market signal in the table is an older 2005 CFO sale, which is too dated to frame the current setup.
Profitability is solid and still scaling, with gross margin at 47.8%, operating margin at 17.6%, and net margin at 14.5%. Revenue grew 33.7% year over year and earnings grew 68.1%, while free cash flow reached $2.06 billion, giving the business strong operating leverage.
Shopify screens as a premium software platform with stronger growth than most mature application peers, but it also carries a richer valuation at 92.77 times earnings. The market is paying for scale, cash generation, and a large addressable commerce footprint rather than for cheap multiples.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $190.21B
- P/E
- 98.38
- Fwd P/E
- 76.34
- PEG
- -5.56
- P/S
- 14.33
- P/B
- 14.97
- EV/EBITDA
- -363.65
- Div Yield
- 0.00%
- Gross Margin
- 47.77%
- Op Margin
- 13.90%
- Net Margin
- 14.53%
- ROE
- 15.06%
- ROIC
- 11.66%
Latest fiscal year · YoY change
- Revenue
- $11.56B+30.1%
- Gross Profit
- $5.55B+24.2%
- Op Income
- $1.47B
- Net Income
- $1.23B-39.0%
- EPS
- $0.95-39.1%
- OCF Growth
- +25.8%
- FCF Growth
- +25.7%
- 52W High
- $182.19
- 52W Low
- $94.00
- 50D MA
- $125.03
- 200D MA
- $131.84
- Beta
- 2.58
- RSI (14)
- 59
- Avg Volume
- 9.47M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Shopify posted another very strong quarter with GMV, revenue, gross profit, operating income, and free cash flow all growing more than 30% year over year, while management highlighted early but accelerating AI-driven commerce traction.· August 5, 2026
- GMV rose 32% to $116 billion, marking the fifth straight quarter above 30% GMV growth.
- Revenue increased 34% to $3.6 billion, with free cash flow margin at 18%.
- AI/agentic commerce is still small, but traffic and orders tripled year over year and Catalog conversion was described as 2x scraped-data search.
- Shopify called out broad-based strength across merchant sizes, geographies, offline, and B2B, including 37% international GMV growth and 76% B2B GMV growth.
- Management gave Q3 guidance for low-30s revenue growth, mid- to high-20s gross profit growth, OpEx at 33% to 34% of revenue, and free cash flow margin in the high teens to low 20s.
Q2 GMV was $116 billion, up 32% year over year, and revenue was $3.6 billion, up 34% year over year. Free cash flow margin was 18%, and management said the company achieved greater than 30% growth in GMV, revenue, gross profit, operating income, and free cash flow. On a constant-currency basis, GMV grew over 30% and revenue grew 33%; North America GMV grew 28%, Europe grew 34%, offline GMV was up 32%, and B2B GMV grew 76%. Shop Pay GMV grew 53% year over year and Shop app native GMV grew over 70%. For Q3, management expects revenue growth in the low 30s year over year, gross profit dollars to grow in the mid- to high 20s, OpEx at 33% to 34% of revenue, and free cash flow margin in the high teens to low 20s.
Harley Finkelstein framed the quarter as proof that Shopify’s model is working at scale and that the company is well positioned for an “agentic” commerce era. He emphasized that Shopify’s platform, ecosystem, Catalog, Sidekick, Shop Pay, and checkout are becoming more valuable as commerce fragments across more surfaces and AI-driven discovery grows. His tone was highly confident and expansive, repeatedly stressing that the company is still early in its opportunity and that merchants are already benefiting from AI, especially smaller, specialized brands.
Jeff Hoffmeister said the quarter was driven by broad-based GMV strength that flowed through the income statement, resulting in more than 30% growth across GMV, revenue, gross profit, operating income, and free cash flow. He noted Merchant Solutions gross profit grew 39% with gross margin up slightly, Subscription Solutions gross profit grew 19% with gross margins just under 80%, OpEx was 34% of revenue, and transaction loans and losses were 3.9% of revenue. He also said free cash flow margin was just over 18%, about 1.5 points of year-over-year expansion excluding the MCA accounting change, and guided Q3 revenue growth to the low 30s with OpEx at 33% to 34% of revenue.
Analysts focused on monetizing AI/agentic commerce, enterprise onboarding speed, the serviceable TAM, Catalog’s role in demand generation, Sidekick’s impact and possible direct monetization, and headless/composable use cases. Management said agentic transactions carry the same economics as online store transactions, with no new fees or separate pricing, and that Shopify wants to keep opening more places for merchants to sell. Harley also said enterprise migrations are happening faster, that some merchants use Shopify as a “final migration,” and that there is no clear GMV upper bound; he added that international remains underpenetrated. On Sidekick, management stressed it is primarily an indirect monetization and retention tool today, with usage and utility rising as merchants move from setup toward analytics and decision-making.
The bull case from this call is that Shopify is still delivering very high growth at scale while widening its moat in AI-enabled commerce, payments, and unified commerce. Management pointed to tripling AI traffic and orders, 2x Catalog conversion versus scraped data, strong Shop Pay and Shop app growth, and continued enterprise wins and cross-sell expansion across online, POS, B2B, and payments.
The main risks discussed were that agentic commerce is still early and small relative to total GMV, so the near-term financial impact is limited. Management also flagged continued OpEx discipline needs, payments mix shifting pressure on gross margin, and the fact that some merchant models still may not fit a full Shopify migration. International is growing quickly, but management repeatedly said Shopify remains underpenetrated outside its core geographies.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 93.7%
- Shares Outstanding
- 1.30B
- Float Shares
- 1.22B
of shares held by institutions
1,833 13F filers
Buy/sell ratio 1.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for SHOP, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Jonathan JacksonHouse · IL01 | Sell | Feb 3, 26 | Filing → |
| Jonathan JacksonHouse · IL01 | Sell | Jan 30, 26 | Filing → |
| Jonathan JacksonHouse · IL01 | Buy | Dec 8, 25 | Filing → |
| Jonathan JacksonHouse · IL01 | Buy | Oct 6, 25 | Filing → |
| Jonathan JacksonHouse · IL01 | Buy | Oct 8, 25 | Filing → |
| Markwayne MullinSenate · OK | Buy | Jan 3, 23 | Filing → |
| Markwayne MullinSenate · OK | Sell | Dec 22, 23 | Filing → |
| Markwayne MullinSenate · OK | Sell | Jan 4, 24 | Filing → |
| Markwayne MullinSenate · OK | Buy | Jan 3, 23 | Filing → |
| Lisa McClainHouse · MI09 | Sell | Jun 9, 25 | Filing → |
| Lisa McClainHouse · MI09 | Buy | Dec 11, 24 | Filing → |
| Markwayne MullinSenate · OK | Sell | Dec 22, 23 | Filing → |
| Markwayne MullinSenate · OK | Sell | Jan 4, 24 | Filing → |
| Rob BresnahanHouse · PA08 | Sell | Apr 3, 25 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Capital International Investors | 54.89M | ▲ 4.83M |
| Vanguard Group Inc | 50.67M | ▲ 743.80K |
| Fmr LLC | 47.18M | ▲ 1.34M |
| Invesco Ltd. | 36.57M | ▲ 10.84M |
| Vanguard Capital Management LLC | 34.13M | ▲ 397.95K |
| Capital World Investors | 34.09M | ▲ 390.70K |
| Baillie Gifford & Co | 28.40M | ▼ 618.24K |
| Morgan Stanley | 25.52M | ▲ 812.37K |
| Price T Rowe Associates Inc | 24.75M | ▼ 265.09K |
| Royal Bank Of Canada | 23.53M | ▲ 1.88M |
| Fil Ltd | 19.28M | ▲ 1.05M |
| Norges Bank | 16.41M | ▲ 16.41M |
Held by 189 ETFs
Biggest fund positions in SHOP by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Oct 31, 23 | Shopify Strategic Holdings 3 LLC | other | 344,382 |
| Oct 31, 23 | Shopify Strategic Holdings 3 LLC | other | 344,382 |
| Sep 28, 23 | Shopify Strategic Holdings 3 LLC | other | 3,935,793 |
| Sep 28, 23 | Shopify Strategic Holdings 3 LLC | other | 3,935,793 |
| Jul 28, 22 | Shopify Strategic Holdings 3 LLC | other | 15,743,174 |
| Sep 20, 23 | Shopify Strategic Holdings 3 LLC | other | 9,445,906 |
| Sep 20, 23 | Shopify Strategic Holdings 3 LLC | other | 9,249,114 |
| Aug 12, 05 | SANTORA GREG J | other | 166,666 |
| Aug 12, 05 | SANTORA GREG J | other | 166,666 |
| Aug 12, 05 | SANTORA GREG J | sell | 166,666 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our SHOP coverage
Recent articles, reports, and earnings notes.

Shopify (SHOP): Premium Growth With Less Margin for Error
Shopify is still growing fast, with Q1 2026 revenue up 34% and GMV up 35%, but the stock already reflects a lot of that strength. The report is constructive on the business and cautious on valuation, leading to a Hold view.

Shopify Inc. (SHOP) spikes 22% on Q2 earnings beat
Shopify Inc. (SHOP) spikes after a strong second-quarter report that topped growth expectations and lifted its forward outlook. Revenue, GMV, gross profit, and free cash flow all surged, reinforcing the company’s long-term growth story while keeping valuation risk in focus for investors.

Shopify Inc. (SHOP) drops 5% as traders rotate
Shopify Inc. (SHOP) drops 5.2% as investors rotate out of growth stocks ahead of earnings. The move appears tied to sector positioning and profit-taking after a recent rally, not a company-specific shock. With a rich valuation and an August 5 report on deck, the stock remains highly sensitive to expectations.
Want a deeper read on SHOP?
Generate a full analyst-grade report — bull/bear case, price targets, valuation depth, and a complete financial breakdown.
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Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed August 20, 2026 · Live quote · Not investment advice