**Shopify Inc.** reported significant growth in business-to-business (B2B) commerce, with B2B gross merchandise volume (GMV) increasing by 80% year-over-year in the first quarter of 2026. The company has expanded B2B features accessible to standard subscription plans, allowing merchants to efficiently manage wholesale and direct-to-consumer operations together. Notably, the number of merchants generating over $100 million in GMV has nearly doubled in the past two years, indicating robust momentum among larger merchants.
Despite a 10.7% decline in its share price over the past three months, Shopify’s forward 12-month price-to-sales (P/S) multiple stands at 8.63, slightly above the industry average of 8.46. The Zacks Consensus Estimate projects a 53.9% year-over-year increase in earnings for 2026, with recent adjustments indicating positive sentiment in analyst forecasts. Shopify holds a Zacks Rank of #3 (Hold) as it continues to navigate its enterprise opportunities through increased B2B adoption.
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