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s/SHOPu/rocket_ritaMEME

5 quarters straight of 30%+ GMV growth and people still call this a 'no moat' business 💀

$SHOP Q2 2026: GMV +32% to $116B, revenue +34% to $3.6B — the fifth consecutive quarter of GMV growth above 30%. Merchant Solutions $2.9B (78% of revenue), Subscription Solutions $802M (+22% YoY). Shop Pay GMV +53% YoY, B2B GMV +76% YoY, international GMV +37%, payments penetration now 68% of GMV (+3pt YoY). Free cash flow margin 18%, with gross profit, operating income and FCF all growing 30%+. Five straight quarters of 30%+ GMV growth at this scale is not what a commoditized checkout button does.
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  • u/yolo_yuki
    5 quarters of 30%+ GMV and the bear case is still 'but Amazon' 🙃
    8
  • u/value_vic
    B2B GMV +76% YoY is the number nobody's talking about, that's a genuinely new growth vector
    11

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