Shopify accelerates to 34% revenue growth, launches $2B buyback, shifts lending accounting

Filed May 5, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~1 min read

Key Changes

• high

  Revenue growth accelerated to 34% ($3.2B) from 27% prior year, driven by merchant solutions up 39% and GMV growth of 35% to $100.7B. Shopify Payments penetration rose to 67% from 64%.

  MD&A: Revenue and GMV verify on EDGAR →
• high

  Board authorized $2B share repurchase program starting February 2026 with no expiration date. Company bought back $491M in Q1, leaving $1.5B available for future repurchases.

  MD&A: Capital Allocation verify on EDGAR →
• medium

  Canadian merchant cash advances transitioned to loans due to regulatory changes. All remaining cash advances reclassified to align with loan accounting, moving cash flows from operating to investing activities starting April 2026.

  MD&A: Accounting Changes verify on EDGAR →