0001594805-26-000067
SEC filingShopify Q3营收增32%至37.42亿美元、FCF利润率22%，GMV达1191亿美元，增长动能强劲。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $3,742M | $2,844M | 32% |
| Gross profit | $1,781M | $1,391M | 28% |
| Operating income | $568M | $343M | 66% |
| Net Income (GAAP) | $462M | $264M | — |
| Diluted EPS (GAAP) | $0.36 | $0.20 | — |
| Diluted EPS (Non-GAAP) | $0.49 | $0.34 | — |
| Non-GAAP net income | $638M | $441M | — |
| Net income excluding equity investments | $584M | $367M | — |
| Free cash flow | $816M | $507M | — |
| Free cash flow margin | 22% | 18% | — |
| GMV | $119,145M | $92,013M | 29% |
| MRR | $230M | $193M | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q4 2026 | Revenue | low-thirties percentage rate YoY growth | N/A |
| Q4 2026 | Gross profit dollars | high-twenties percentage rate YoY growth | N/A |
| Q4 2026 | Operating expenses as a percentage of revenue | 29% to 30% | N/A |
| Q4 2026 | Stock-based compensation | $155M | N/A |
| Q4 2026 | Free cash flow margin | consistent with the fourth quarter of 2025 | Non-GAAP |
Q3 营收 $3,742M 同比增 32%（固定汇率同为 32%），GMV $119,145M 增 29%，Merchant solutions 收入 $2,906M 增 35%、Subscription solutions $836M 增 20%，MRR 升至 $230M，显示商户交易与订阅双引擎同步扩张。营业利润 $568M 同比增 66%，经营杠杆显著释放；毛利率约 48%（$1,781M/$3,742M），较去年同期 49% 略降，与商户解决方案占比提升的结构性因素一致。自由现金流 $816M、FCF 利润率 22%（去年 18%），经营现金流 $818M，现金转化强劲。
GAAP 净利 $462M 中含股权及其他投资净亏损 $117M 的拖累，剔除后净利 $584M；Non-GAAP 净利 $638M、摊薄 EPS $0.49，更反映主业盈利。本季回购普通股 $562M，期末现金及等价物 $1,868M、有价证券 $2,859M，资产负债表稳健。Q4 指引营收低三十位数增长、毛利额高二十位数增长、营业费用率 29%–30%、SBC $155M、FCF 利润率与 Q4 2025 持平，管理层以 Harley Finkelstein 与 CFO Jeff Hoffmeister 的表述强调多增长驱动与可服务市场扩张；主要风险包括宏观消费、关税与 AI 等新兴技术采用的不确定性。