Shopify's Q2 2026 revenue jumps 34% as AI-driven orders triple, shares rise about 18%

Shopify reported second-quarter 2026 revenue of $3.58 billion, up 34% from a year earlier, and credited AI-driven shopper traffic and orders for the growth, the e-commerce company said August 5, 2026. Its shares rose roughly 18% intraday on the results.

Gross merchandise volume, the total value of goods sold across Shopify’s merchants, reached $115.6 billion, up 32%. Subscription revenue was $802 million and merchant solutions revenue $2.78 billion, and free cash flow came in at $654 million, an 18% margin. Adjusted earnings were $0.42 a share, above the $0.40 analysts expected.

‘This was a monster quarter: more than 30% growth in GMV AND revenue AND gross profit AND free cash flow,’ said President Harley Finkelstein. ‘We power every kind of business, and with AI, we’re expanding what’s possible for all of them.’

The AI framing is doing real work in Shopify’s story. The company said AI-driven traffic and orders to merchant stores both roughly tripled year over year, and that new-buyer orders arriving through AI channels came in at nearly twice the rate of its other sales channels — a sign that shoppers routed via chatbots and AI search are starting to convert. Shopify does not break the channel out as a reported line item, and the figures are its own.

For the third quarter, Shopify guided revenue growth to the low-30% percentage range, signaling it expects the pace to hold. The read-through for merchants and investors is whether AI-referred shopping becomes a durable channel or a spike that fades once the novelty of AI search cools.