Rowan Street Capital Praises Shopify Growth Ahead of Q2 Results

Rowan Street Capital praised the financial performance of Shopify Inc. in its Q2 2026 investor letter, noting the company delivered an outstanding first quarter. Reported metrics showed revenue grew 34% year-over-year to $3.2 billion, while Gross Merchandise Volume increased 35% to $101 billion.

The investment firm highlighted further growth across specific segments, including an 80% increase in B2B revenue and a 59% rise in Shop Pay revenue. Core operating income for the period more than doubled to $382 million.

Despite these gains, the firm observed that some investors remain concerned about potential disruption from AI-powered shopping agents, which may challenge the long-term relevance of traditional e-commerce platforms. Shopify is scheduled to report its official Q2 results on August 5, 2026.