Gross merchandise volume grew 32% YoY to $115.6 billion, while free cash flow reached $654 million, up from $422 million a year earlier, producing an 18% free cash flow margin. "This was a monster quarter: more than 30% growth in GMV AND revenue AND gross profit AND free cash flow," said Harley Finkelstein, President of Shopify. For the third quarter of 2026, Shopify expects revenue to grow at a low-thirties percentage rate YoY. Free cash flow margin is expected to be in the high-teens to low-twenties range. "Alongside this momentum, we continue to drive operating leverage, which flowed through to 18% free cash flow margins."