Shopify (SHOP) Q3 2026 earnings — TrendMatrix coverage
Reported
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Full disclosure · Editorial policy
Key numbers
- Adjusted EPS
- $0.49
- Estimate
- $0.46
- Surprise
- +6.6%
- Revenue (period 2026-09-30)
- $3.74B
- Score today
- 6.1/10
Revenue source: xbrl.
How the report landed
Shopify (SHOP) beat the $0.46 estimate with adjusted EPS of $0.49 — a clear 6.6% upside surprise.
Coverage in the report window
- Cantor Fitzgerald Maintains Neutral on Shopify, Lowers Price Target to $150 — benzinga, 2026-11-04
Where TrendMatrix's rating stands now
TrendMatrix currently rates SHOP Hold at 6.1/10; no pre/post engine snapshot brackets this report.
3 of the last 4 quarters beat the estimate; this quarter's +6.6% surprise compares with a +3.6% four-quarter average.
What supports the rating
- V7 quality resilience bonus: +0.2 (Q=7.0 in RISK_OFF)
- Strong earnings beat streak (3/4)
What argues against it
- Sector modifier (Technology): -0.8
- Expensive valuation
- Momentum score 4.1/10 — below 4.5 minimum
This section and the ones below it reflect TrendMatrix’s latest engine read — they update after the report date and are not frozen to it.
The levels TrendMatrix's engine tracks
- Current price
- $142.57
- Price target
- $162.60
- Stop
- $132.59
- Upside to target
- +14.0%
- Reward-to-risk
- 1.1:1
The stock trades at 87.5× trailing but 58.4× forward earnings — consensus estimates already build in a substantial earnings recovery.
Risk check: RSI 23 — a level conventionally read as oversold; trading volume is running 2.8× its average — elevated turnover around the report window.
Model outputs from TrendMatrix’s engine as of 2026-11-04 — shown for context, not personalized investment advice.
SHOP at TrendMatrix's latest read
Technology names get repriced on forward expectations more than trailing prints — a quarter here is read through next-year growth and multiple, not the EPS line alone.
- Industry
- Software - Application
- Market cap
- $183.44B
- P/E (fwd)
- 58.4
- P/E (ttm)
- 87.5
- 52-week range
- $94.00–$180.88
- Off 52-week high
- 21.2%
- RSI (14)
- 23
- Volume vs avg
- 2.76×
- Score today
- 6.1/10