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Shopify’s 68% Payments Penetration — Can Its Commerce Flywheel Get Even Stronger?

Shopify Inc. reported its second quarter 2026 results with continued broad-based growth across key metrics, reflecting strong momentum in its commerce platform business. Gross Merchandise Volume (GMV) increased 32% year-over-year, reaching $116 billion, marking the fifth consecutive quarter with GMV growth above 30%. Revenue rose 34% to $3.6 billion, driven by gains across merchant sizes, geographies, and sales channels, including a 37% growth in international GMV and a 32% increase in offline point-of-sale GMV. The company’s free cash flow margin expanded to 18%, demonstrating ongoing operational leverage with operating expenses at 34% of revenue—a near 4-point improvement from the prior year. Shopify’s growth was supported by a combination of new merchant additions and expansion within existing merchants, with the $2 million to $25 million GMV cohort contributing the most incremental volume.