Revenue and merchant sales measure different things
Shopify reported third-quarter 2026 revenue of US$3.742 billion on November 3, up 32% from a year earlier. The reporting period ended September 30.
Gross merchandise volume reached US$119.145 billion, up 29%. GMV measures orders facilitated through the platform, rather than money Shopify records as its own revenue. Comparing the two as though they were the same sales figure would overstate the company's revenue.
Cash flow is separate from net income
Shopify reported US$816 million in free cash flow and a 22% free cash flow margin, compared with 18% a year earlier. It defines free cash flow as operating cash flow less capital spending. This is a non-GAAP measure, not the same thing as net profit.
What to check in the outlook
For the fourth quarter, Shopify forecasts revenue growth in the low-thirties percentage range from a year earlier. That is management's expectation, not a completed result.
The separate newsroom announcement scheduled the results webcast for 8:30 a.m. Eastern on November 3 and says an archived replay will follow. Readers checking management's explanation can use the investor-events link in that announcement.
