Shopify Q2 2026: International GMV Grew Faster Than Domestic. What That Means for EU Expansion.
Shopify posted $116 billion in GMV and 34% revenue growth in Q2 2026, with international GMV up 37% and Europe specifically up 34% in constant currency — outpacing North America’s 28% growth for the fifth consecutive quarter. For US brands on Shopify, the data confirms that European demand is structurally outgrowing the home market, and the brands capturing it are operating locally, not shipping cross-border.