Shopify is scheduled to release its second-quarter 2026 results before Wednesday's market open. Wall Street expects second-quarter revenue of $3.44 billion and adjusted earnings of 40 cents per share. The company generated $3.17 billion in first-quarter revenue, an increase of 34.3% from a year earlier, with gross merchandise volume exceeding $100 billion for the first time in a quarter. Management projected second-quarter revenue growth in the high-20% range but flagged pressure from higher AI infrastructure expenses and a larger contribution from lower-margin merchant services, expecting free cash flow margins to remain in the mid-teens. Analyst sentiment has improved ahead of the report, with Morgan Stanley initiating coverage with an Overweight rating and a $192 price target, Jefferies upgrading Shopify to Buy, and Stifel lifting its target.
Jefferies Financial Group Inc
Morgan Stanley
Stifel Financial CorporationShopify IncQ2 results upcoming; expectations and analyst actions noted, but actual results not yet released.
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