Shopify reports before the market opens on November 3. Analysts expect earnings per share (EPS) to grow 30% year over year and revenue to rise more than 26%.
Shopify Inc. (TSX: SHOP) is set to report results for the quarter ended September 30 before the market opens on November 3, 2026. The report will show whether earnings growth is keeping pace with expectations and whether the company can maintain momentum after beating EPS estimates in three of its past four quarters. For Canadian investors, valuation is also worth watching: Shopify’s reported price-to-earnings ratio is about 107.5. Here’s how the estimates compare with recent results and what to watch.
Recent earnings trend
Shopify Inc
SHOP.TO
SHOP.TO
Shopify Inc
WealthAwesomeMarket cap
$283.54B
P/E
107.5x
52W high
$255.95
52W low
$129.01
1W change
-6.72%
Beta
2.63
Analyst Price Targets
Based on analyst covering SHOP · as of Nov 2, 2026
Wall Street analysts forecast SHOP stock price to rise 42.1% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$223.79
+42.1% Upside
Previously C$223.95 on Oct 30, 2026
Current Price
C$157.49
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on SHOP's historical volatility
30-Day Vol
49.9%
Annualized
90-Day Vol
57.7%
Annualized
Trend (90d)
+36.6%
Annualized drift
90d Mean
C$251.16
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$230.19 | C$193.78 – C$273.44 |
| 60 trading days | C$240.45 | C$188.49 – C$306.73 |
| 90 trading days | C$251.16 | C$186.40 – C$338.42 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 31 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 3 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-03 | — | 0.4600 | — |
| 2026-06-30 | 2026-08-05 | 0.4200 | 0.4000 | +5.0% |
| 2026-03-31 | 2026-05-05 | 0.3600 | 0.3300 | +9.1% |
| 2025-12-31 | 2026-02-11 | 0.5786 | 0.5100 | +13.5% |
| 2025-09-30 | 2025-11-04 | 0.2011 | 0.3400 | -40.9% |
| 2025-06-30 | 2025-08-06 | 0.6921 | 0.2900 | +138.7% |
Investor takeaway: Analysts expect continued growth, but Shopify’s high valuation leaves little room for a disappointing report. Compare reported EPS and revenue with estimates, and listen for management’s comments on merchant demand and new commerce features. Recent product and partnership announcements offer context, but the supplied data doesn’t establish their financial impact.
C$0.44
That’s the consensus EPS estimate for the quarter, based on 31 analysts. The EOD calendar lists a different estimate of C$0.46. Trend data puts the consensus range at C$0.37 to C$0.50. Revenue consensus is C$3.59 billion, based on 40 analysts.
Bull case
Analysts expect EPS of C$0.44, up 30.4% from C$0.34 a year earlier. They forecast revenue of C$3.59 billion, a 26.3% increase. Shopify has beaten EPS estimates in three of its past four reported quarters. The consensus estimate has stayed at C$0.44 over the past 30 days, with two upward revisions and none downward.
Shopify’s latest Fall ’26 Edition introduced AI-powered shopping features and tools for merchants. A partnership with Condé Nast will bring curated shopping collections to the Shop app. If growth continues, these developments could support Shopify’s longer-term commerce platform strategy.
Bear case
Strong growth forecasts don’t guarantee a strong report or a positive share-price reaction. Shopify’s P/E of about 107.5 puts added weight on execution and expectations. The most recent comparable quarter in the supplied history missed its EPS estimate: actual EPS was C$0.2011, compared with C$0.34 expected for the period ended September 30, 2025.
The stock also fell 5.70% over the latest day and 6.72% over the latest week in the supplied market data. New AI features and shopping partnerships don’t prove that revenue or profit will increase. Investors will need to see evidence that customers are adopting them and that they’re contributing financially.
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