Canada-based Shopify has reported a 34% increase in first-quarter (Q1) 2026 revenue, with gross merchandise volume (GMV) surpassing $100bn.

The e-commerce company's revenue for the three months to 31 March 2026 reached $3.17bn.

GMV climbed to $100.74bn from $74.75bn in the same period a year earlier.

Gross profit advanced to $1.54bn from $1.16bn, and operating income more than doubled year-on-year (YoY) to $382m from $203m.

The company recorded a net loss of $581m for the quarter, narrowing from the $682m loss reported in the equivalent period last year.

The result was largely driven by $941m in mark-to-market losses on equity investments.

Net income came to $360m, against $226m in the prior-year quarter, while monthly recurring revenue (MRR) rose to $212m from $182m.

Furthermore, subscription solutions generated $750m, up from $620m, while merchant solutions contributed $2.42bn compared with $1.74bn previously.

Total cost of revenues stood at $1.62bn, putting the gross profit margin at approximately 48.8%.

For Q2, Shopify expects revenue growth in the high-20% range YoY, with gross profit dollar growth in the mid-20% range.

The company also anticipates operating expenses equivalent to between 35% and 36% of revenue, stock-based compensation of $145m, and a free cash flow margin in the mid-teens.

The Q1 figures follow full-year 2025 results published in February, which showed annual revenue rising 30% to $11.55bn alongside a $2bn share repurchase authorisation.

Full-year GMV grew to $378.44bn from $292.27bn in 2024, with gross profit climbing to $5.55bn from $4.47bn and operating income advancing to $1.46bn from $1.07bn.