Shopify (SHOP) shares are up 35% over the past month to $173.81, far ahead of MercadoLibre (up 5%), the IBUY ETF (up 6%) and eBay (up 8%), while the QQQ is down 0.3%. In Q2 2026, revenue rose 33.7% to $3.58 billion, operating income jumped 67.7%, and gross merchandise volume grew 32%; Merchant Solutions revenue rose 37% to $2.78 billion. Analysts made three upward revisions to full-year 2026 earnings estimates and no downward ones, with average EPS estimates of $1.911 for 2026 and $2.4554 for 2027. The bull case cites GMV growth above 30% for a fifth straight quarter and a $1.42 billion share buyback, while the case for taking profits points to a trailing P/E of 170x, transaction and loan losses rising to $141 million from $80 million, and risks from tariffs and consumer spending. The company expects third-quarter revenue growth to stay strong, a bar the article calls high after the recent rally.
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