Shopify Statistics 2026: GMV, Revenue, Market Share and Growth from Shopify's Results
Shopify merchants sold $115.6 billion in Q2 2026, up 32%, on revenue of $3.58 billion. Quarter-by-quarter GMV, revenue, MRR and US share from Shopify's own results.
Shopify merchants sold $115.6 billion of goods in the second quarter of 2026 (gross merchandise volume, or GMV), up 32% on a year earlier, and Shopify turned that into $3.58 billion of revenue, up 34%. Over the four quarters to June 2026 its merchants sold about $432 billion. Shopify puts its share of US ecommerce at more than 14% for 2025.
Every number on this page comes from Shopify's own investor relations releases, with the quarter named: the Q2 2026 results of 5 August 2026, the Q1 2026 results of 5 May 2026, the Q4 and full-year 2025 results of 11 February 2026 and the Q3 2025 results of 4 November 2025, all read on 28 October 2026. Shopify reports Q3 2026 on 3 November 2026, and this page will be updated after it. Figures are as of Oct 2026, and where a figure is our own calculation, the page says so.
Retailpresso data: dividing Shopify's revenue by its merchants' GMV, Shopify kept 3.10 cents of every dollar its merchants sold in Q2 2026, up from 3.05 cents a year earlier (our arithmetic on the reported figures). Toolradar data: Shopify ranks first of the 110 ecommerce platforms Toolradar, the software directory we run, evaluated in October 2026.
Five findings
- GMV growth is accelerating, not slowing. Shopify's GMV grew 12% in 2022, 20% in 2023, 24% in 2024 and 29% in 2025, then 35% in Q1 2026 and 32% in Q2 2026 (30% in both quarters at constant currency).
- Merchant solutions now carry the revenue. Merchant solutions made up 77.6% of Q2 2026 revenue, against 75.5% a year earlier (our arithmetic). Subscription solutions grew 22%; merchant solutions grew 37%.
- Shopify keeps a rising, but still small, slice of sales. Revenue equalled 3.10% of GMV in Q2 2026. For comparison, a marketplace like Etsy reports revenue above 25% of its sales; Shopify provides the store platform rather than running a marketplace of its own.
- More than one in seven US online dollars. Shopify estimates its merchants held more than 14% of US ecommerce in 2025, based on Census Bureau data and its own estimates, excluding in-person sales.
- The fourth quarter is the biggest by far. Q4 2025 GMV was $123.8 billion, 32.7% of the year's total, and the four days of Black Friday to Cyber Monday 2025 alone brought in $14.6 billion (our share calculation).
Shopify GMV and revenue by quarter
| Quarter | GMV | GMV growth vs a year earlier | Revenue | Revenue growth | MRR (end of quarter) | Revenue as share of GMV (our arithmetic) |
|---|---|---|---|---|---|---|
| Q2 2026 | $115,567M | +32% | $3,583M | +34% | $221M | 3.10% |
| Q1 2026 | $100,743M | +35% | $3,170M | +34% | $212M | 3.15% |
| Q4 2025 | $123,841M | +31% (our arithmetic) | $3,672M | +31% | $205M | 2.97% |
| Q3 2025 | $92,013M | +32% (our arithmetic) | $2,844M | +32% | $193M | 3.09% |
| Q2 2025 | $87,837M | n/a | $2,680M | +31% | $185M | 3.05% |
| Q1 2025 | $74,750M | n/a | $2,360M | +27% | $182M | 3.16% |
Sources: Shopify's quarterly results releases linked above. GMV is the total value of orders through Shopify, net of refunds and including shipping, duties and VAT. MRR (monthly recurring revenue) is the value of all subscription plans in force on the last day of the quarter.
The four quarters to June 2026 add up to $432.2 billion of GMV and $13.27 billion of revenue (our sums). For a merchant the lesson is seasonal: one quarter of the calendar carries about a third of the year's volume, so stock, ad budgets and shipping cut-offs for October to December decide a good share of a Shopify store's annual result.
Shopify's full-year 2025 numbers
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| GMV | $378,441M | $292,275M | +29% |
| Revenue | $11,556M | $8,880M | +30% |
| Gross profit | $5,555M | $4,472M | +24% (our arithmetic) |
| Operating income | $1,468M | $1,075M | +37% (our arithmetic) |
| Free cash flow | $2,007M | $1,597M | Margin 17% vs 18% |
| MRR at year end | $205M | $178M | +15% (our arithmetic) |
Shopify's 2025 highlights add the growth drivers behind the totals: international revenue up 36%, offline (point of sale) revenue up 27%, B2B GMV up 96%, Gross Payments Volume up 37% and Shop Pay GMV up 62%. Shopify says its 2025 GMV was three times its 2020 level and revenue 3.9 times. Note that Shopify itself calls B2B "a very small portion" of GMV, available only to Plus merchants, so the 96% growth starts from a low base.
Where Shopify's revenue comes from
Shopify reports two revenue lines: subscription solutions, which its MRR figure tracks as the value of subscription plans in force, and merchant solutions, which grows with what merchants sell.
| Quarter | Subscription solutions | Merchant solutions | Merchant share of revenue (our arithmetic) |
|---|---|---|---|
| Q2 2026 | $802M | $2,781M | 77.6% |
| Q1 2026 | $750M | $2,420M | 76.3% |
| Q3 2025 | $699M | $2,145M | 75.4% |
| Q2 2025 | $656M | $2,024M | 75.5% |
| Q1 2025 | $620M | $1,740M | 73.7% |
For a merchant, this split is the useful one. Shopify earns most of its money from merchant solutions rather than from subscription plans, and that share climbed by about four points across the five quarters shown, so the plan price is the smaller part of Shopify's business. Q2 2026 MRR of $221 million works out to about $2.65 billion a year of subscription plans at that run rate (our arithmetic). Our Shopify pricing guide prices the plans and card rates a store pays, and Shopify Plus pricing covers the enterprise tier.
How big is Shopify in US ecommerce?
Shopify's own estimate is more than 14% of US ecommerce in 2025. The company builds it from the Census Bureau's not-seasonally-adjusted Quarterly Retail E-Commerce Sales and its own estimates, using its merchants' 2025 US GMV and leaving out in-person point-of-sale sales. It is a company estimate, not a Census figure, but it is the only market share number Shopify publishes. For the Census side of the market, our ecommerce statistics page tracks US online sales by quarter.
Black Friday to Cyber Monday 2025
Shopify's BFCM 2025 release of 2 December 2025 gives the clearest picture of a peak weekend on the platform:
- $14.6 billion in sales over the weekend, up 27% from 2024 (24% at constant currency).
- 81+ million customers bought from Shopify merchants, counted by unique buyer email.
- Average cart of $114.70, and a peak of $5.1 million in sales per minute at 12:01 pm EST on Black Friday.
- 16% of orders were cross-border, and 32% of orders used Shop Pay, whose sales grew 39%.
The weekend's sales equalled about 11.8% of Shopify's entire Q4 2025 GMV in four days (our arithmetic). A store that is not ready for that weekend misses a disproportionate share of its quarter.
What Shopify does not publish
Shopify does not report a merchant or store count. Its own description says "millions of businesses in 175+ countries" use Shopify, and nothing more precise. Store counts that circulate on statistics sites come from web-crawling services and are third-party estimates, not Shopify figures, so we leave them out. Shopify also does not publish average sales per merchant, app install counts in its results, or a split of GMV by country in these releases.
That gap matters when you read other Shopify statistics pages: if a number is not GMV, revenue, MRR, cash flow, a stated growth rate or Shopify's own market share estimate, ask where it came from.
Methodology
All Shopify figures come from Shopify's quarterly results releases for Q3 2025 through Q2 2026, its Q4 and full-year 2025 release (including the selected business performance table and the 2025 highlights published with it), and its BFCM 2025 release, read on Shopify's investor relations site on 28 October 2026. Revenue as a share of GMV, the merchant share of revenue, annualised MRR, four-quarter totals, Q4 2025 and Q3 2025 GMV growth and the BFCM share are our arithmetic on those figures, labelled as such. We do not use third-party store counts or estimates. The page is refreshed after each quarterly report; the next is Q3 2026 on 3 November 2026.
Related reading: our Shopify review, best Shopify apps, best free Shopify apps, Shopify alternatives, cheaper Shopify alternatives, Shopify vs BigCommerce, Shopify POS pricing and, for the marketplace model, Etsy statistics 2026.
FAQ
How much GMV does Shopify process in 2026?
Shopify merchants sold $100.7 billion in Q1 2026 and $115.6 billion in Q2 2026, according to Shopify's quarterly results. Over the four quarters to June 2026 that adds up to about $432 billion (our sum). Full-year 2025 GMV was $378.4 billion, up 29%.
What is Shopify's revenue?
Shopify's revenue was $3,583 million in Q2 2026, up 34% year over year, and $11,556 million for full-year 2025, up 30%. About three quarters of it comes from merchant solutions and the rest from subscription solutions.
What is Shopify's US market share?
Shopify estimates its merchants accounted for more than 14% of US ecommerce in 2025. The estimate combines Census Bureau ecommerce data with Shopify's own figures and excludes point-of-sale sales. Shopify has not published a 2026 figure yet.
How many stores use Shopify?
Shopify does not publish a store or merchant count; it says millions of businesses in more than 175 countries use the platform. Precise store counts found online are third-party crawler estimates, not company data.
How much did Shopify merchants sell on Black Friday 2025?
Shopify merchants sold $14.6 billion over the 2025 Black Friday to Cyber Monday weekend, up 27% on 2024, with more than 81 million customers and an average cart of $114.70, according to Shopify's 2 December 2025 release.
Is Shopify profitable?
Yes. Shopify reported $1,468 million of operating income and $2,007 million of free cash flow in 2025, and $488 million of operating income in Q2 2026, up from $291 million a year earlier.
Cite this: Retailpresso, "Shopify Statistics 2026: GMV, Revenue, Market Share and Growth from Shopify's Results", November 2026. Source: Shopify Inc. quarterly results. Our calculations licensed CC BY 4.0.
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