Shopify just delivered the kind of earnings report that makes analysts rewrite their models. The company posted Q2 2026 revenue of $3.58 billion, blowing past consensus estimates of roughly $3.45 billion. Shares responded by rocketing as much as 33.8% in premarket trading.
But the real fireworks came from the forward guidance. Shopify projected Q3 revenue growth in the low-thirties percentage range year-over-year. Analysts had been expecting something closer to 21.5%.
The numbers behind the surge
Gross Merchandise Volume, the total value of everything sold through Shopify’s platform, hit $115.51 billion for the quarter.
CEO Tobi Lütke has been steering the company toward two big bets: AI-powered tools for merchants and aggressive international expansion. Both appear to be paying off.
