SHOP Shopify’s Q2 revenue climbed 31% year-over-year to $2.68 billion, beating expectations by $130 million. Gross merchandise volume also grew 31% to $87.8 billion, exceeding forecasts by $6 billion, with particularly strong momentum in Europe, where GMV rose 42% in constant currency. Monthly recurring revenue increased 9% to $185 million.
Operating income reached $291 million, topping the $248 million consensus. Net income jumped to $906 million, benefiting from strong operating leverage and gains from equity holdings in Affirm, Global-e, and Klaviyo—reversing last quarter’s drag. Free cash flow came in at $422 million, representing 16% of revenue, up from 15% in Q1.