Shopify (SHOP)

Outperform Recap: Q2 2026

Twenty for Twenty, and a Q3 Guide Five Points Above the Street: Shopify Takes Back Half the De-Rating in a Day

Outperform Recap: Q1 2026

Best Quarter, Worst Day: A 34% Revenue Print Met a 15.6% Decline, and Most of the Guided Slowdown Is Currency

Outperform Recap: Q4 2025

Opened Up 9%, Closed Down 7%: The Best Year in Shopify's History Met a De-Rating, and We Upgrade

Hold Recap: Q3 2025

Growth Accelerated to 32% and the Stock Fell 7%: Gross Margin Is the Price of the Payments Flywheel