Slide 1: Defining the next era of commerce
Defining the next era of commerce November 4, 2025
Slide 2: Advisories
Advisories This presentation contains forward-looking statements and forward looking information We believe that the case studies presented in this presentation provide a representative sample (collectively, “forward-looking statements”) that are based on our management’s current of how our merchant
Slide 3: Investment thesis
Investment thesis We help accelerate the power of entrepreneurship and merchant success We are a leading platform for entrepreneurship… … and increasingly all of commerce As our merchants do better, Shopify does better 3
Slide 4: Shopify Snapshot
Shopify Snapshot $2.8B $1.4T 875M+ Revenue in Q3 2025 Global commerce* Unique online shoppers (up 32% YoY) since Shopify’s inception purchasing from Shopify merchants in 2024 >12% Millions of merchants in US ecommerce market share** and expect further penetration 175+ countries Featured merchant * C
Slide 5: Why merchants choose Shopify
Why merchants Easiest way to start a choose Shopify digital-native business 01 The ideal way to sell Solutions at scale 05 02 globally in all channels Technical and Best developer platform design excellence 04 03 and ecosystem 5
Slide 6: Shopify has evolved into a unified operating system for commerce
Shopify has evolved into a unified operating system for commerce anywhere, anytime Over 90% of our merchants have installed two or more channels Online Brick & mortar Marketplaces Social Pop-ups B2B Agentic Commerce 6
Slide 7: We continue to expand Shopify's breadth
We continue to expand Shopify’s breadth to Marketing & Financial make it even easier for Apps analytics services Cross-border merchants to start and scale their business Order Back office Shipping management 7
Slide 8: Consumers' favorite brands powered by Shopify
Consumers’ favorite brands powered by Shopify Q3 Brands* * Includes both launched and signed merchants as of November 4, 2025. 8
Slide 9: Merchant-first focus through product innovation
Merchant-first focus through product innovation ARTIFICIAL PLATFORM MARKETING BUSINESS-TO- INTELLIGENCE (AI) OFFLINE SHIPPING BUSINESS B2B on Shopify Sidekick PRO Shopify Fulfilment AI Website Builder Oxygen Network POS Terminal Shop Campaigns Hydrogen Shopify Email MONEY CROSS-BORDER BACK OFFICE MULT
Slide 10: Shopify Editions – Continuous Innovation
Shopify Editions – Continuous Innovation Launching 100 to 150+ product features and updates every six months Horizons Summer 2025 The Boring Edition Winter 2025 Unified Summer 2024 Foundations Winter 2024 Imagine My Business Summer 2023 Building To Last Winter 2023 Connect To Consumer Summer 2022 10
Slide 11: The consumer-facing side of Shopify
The consumer-facing side of Shopify, connecting merchants with buyers while promoting brand loyalty and repeat purchases converting them at every stage of the Order tracking | New arrivals shopping journey… Post-purchase offers Shop connects Sign-in with Shop merchants with Recommendations + search h
Slide 12: Shop Pay: opportunities only possible on Shopify
Hundreds of millions Unlocking opportunities of buyers have opted-in to Shop Pay that are only possible on Shopify $280B cumulative GMV* since launch in 2017 Shop Pay GMV Growth (YoY) 67% 65% 57% * Gross Merchandise Volume (GMV) represents the total dollar value of orders facilitated through the Sho
Slide 13: AI helps merchants sell everywhere and operate smarter
AI helps merchants sell everywhere and operate smarter. As a company, it helps us build better. Agentic commerce AI tools for merchants AI internal tools Solutions to succeed in AI tools for merchants Building with AI an AI shopping world to run their business within Shopify Shopify Catalog Sidekick
Slide 14: Shopify helps merchants sell everywhere, including AI chats
Agentic commerce → AI tools for merchants → AI internal tools Shopify Catalog Powering AI shopping Comprehensive real-time data on hundreds of millions of products Shopify helps merchants sell everywhere, including directly in AI chats. Universal Cart Shop from any store, anywhere, from a single car
Slide 15: AI helps merchants operate smarter: Sidekick
Agentic commerce → AI tools for merchants → AI internal tools Integrated AI tools for merchants AI helps merchants operate Sidekick smarter. Sidekick users Personalized AI assistant accomplish more, with to help merchants make less time. smarter decisions 750k + merchants used Sidekick Integrated AI
Slide 16: AI is central to our engine: Scout
Agentic commerce → AI tools for merchants → AI internal tools Internal AI tools to build better AI is central to our engine that powers everything we build. Spotlight on Scout Scout has indexed Shopify’s AI Assistant for Voice of Customer Insights hundreds of millions of merchant feedback. Designed
Slide 17: It's more than just the checkout
Checkout It’s more than just the checkout… It’s about simplifying online stores and checkout at scale. The hard part is the logic behind it. Shopify helps merchants manage every back-end element. Taxes, shipping, and inventory Pricing and payments in various currencies Bundles, upsells, and subscrip
Slide 18: Merchant Spotlight
Merchant Spotlight “Now we can have Shopify build the “Since migrating to Shopify, the “One thing that our customers love core things that Shopify is really great biggest win is a fabulous is Shop Pay. We see that 90% of at, and our team can move to a place customer experience on a really our custom
Slide 19: Solutions that make it easier for merchants
With solutions that make it easier for merchants to… … thrive at … run and manage … sell wherever … and discover any stage a business buyers are new customers Starter Plan Basic Plan PRO Retail Plan Shopify Plan Advanced Plan B2B on Shopify Marketplace Connect app Managed Markets Cross-border sales
Slide 20: Businesses never need to leave the Shopify platform
Entrepreneur Starter $5 per month Basic $39 per month Retail $89 per month … so that businesses Shopify $105 per month never need to leave Advanced $399 per month the Shopify platform Shopify Plus $2,300+ per month + variable platform fee* Commerce Components Variable depending on merchant Enterpris
Slide 21: Shopify excels at building a global ecosystem
Shopify excels at building a global ecosystem Cultivating partnerships with industry leaders: When our partners succeed, our merchants succeed, and we succeed App & channel partners: Product partners: Service & technology partners: 16,000+ $1.0B Apps in our App Store Paid out in the last 12 months t
Slide 22: Our revenue cohorts get stronger over time
Our revenue cohorts get stronger over time… How our Q1 2015 cohort has grown 3.1x Growth 13% CAGR 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 * Example of quarterly revenue from a single cohort, the Q1 2015 merchant cohort, excluding Logistics (as of December 2024). ** Growth calculation
Slide 23: Revenue growth across all cohorts
…and that pattern persists across all our cohorts Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Revenue growth Age in quarters * Examples of quarterly revenue retention from merchant cohorts, excluding Logistics. ** Revenue retention calculation reflects the quarterl
Slide 24: Large and growing opportunity
Growing market Large and growing opportunity: Massive global market with accelerated ecommerce penetration 24
Slide 25: Entrepreneurship is more accessible and important than ever
Entrepreneurship is more accessible and more important than ever Monthly new business applications (US) new business formations 600K ~5M in the US over each of the last 4 years – a step change in entrepreneurship 400K 200K 0K 2015 2017 2019 2021 2023 2025 Source: US Census Bureau, Seasonally Adjuste
Slide 26: Our core market of ecommerce still has so much runway
Our core market of ecommerce still has so much runway Ecommerce penetration of retail sales North America Asia-Pacific (ex-China) 16% Latin America Europe, Middle East, Africa 11% 11% 11% 6% 5% 4% 2% 2014 2024 Source: eMarketer, “Retail and ecommerce Sales, by Country” as of December 2024. 26
Slide 27: We are creating and expanding our total addressable market
We are creating and expanding our total $849B addressable market through… Managed Markets More products More geographies More merchant sizes B2B on Shopify tax $153B $46B and more… Subscription Installments Solutions 2015 2020 2023 Future Source: Shopify internal estimates, third-party study, eMarke
Slide 28: Only 2% penetration of our opportunity
With only 2% penetration of our opportunity in the geographies that we currently serve $849B Global revenue TAM 1% penetrated $404B $81B Subscription Solutions Revenue SAM Core geographies $157B Payments - online $152B Other merchant services 2% penetrated $459B Payments - offline Source: Shopify inte
Slide 29: More merchant GMV, more merchants flywheel
More merchant More GMV merchants More products More economies and solutions of scale 29
Slide 30: Big trends accelerating Shopify's success
Elements of The greater the Big trends commerce velocity of accelerating fundamentally consistent across change, the greater the need Shopify’s geographies for our platform success Importance of Necessity for being able to omnichannel B2B commerce gaining sell globally and a unified momentum on day o
Slide 31: We have multiple drivers of growth
Future of commerce We have multiple drivers of growth 31
Slide 32: We have multiple vectors of durable growth
We have multiple vectors of durable growth Expand the types Grow our core Help our Expand with our of merchants Innovate merchant base merchants grow merchants we serve Bring more buyers to More solutions per 600+ new features in SMB Enterprise our merchants merchant last 24 months* DTC B2B Plan upg
Slide 33: Q3 2025 Offline At a glance
Q3 2025 Offline At a glance +31% $100B+ Offline GMV growth Cumulative offline GMV since launch of Shopify POS $588M 33% 1,000+ Offline revenue Offline revenue POS location in 2024* growth in 2024 capacity 18 countries POS hardware with integrated Payments Markets for Retail now available * Offline revenue inclu
Slide 34: Going global Q3 2025
Going global Q3 2025 We continue to introduce more products in more geographies and localize our Quarterly revenue mix by region platform for more countries, lowering the barriers to entrepreneurship North America Europe, Middle East, Africa Asia Pacific Latin America 1% 21% Latin America EMEA 5% 15%
Slide 35: Enterprise offerings gaining recognition
Enterprise Our enterprise-level offerings, whether full-stack, headless, or composable, are gaining widespread recognition built on a powerful go-to-market strategy Building powerful High-volume brands Industry recognitions partnerships saying yes to Shopify 2025 IDC Marketscape Leader in POS Indepen
Slide 36: B2B commerce Q3 Highlights
B2B commerce 98% YoY growth in Q3 Q3 Highlights 155% YoY 150% YoY Growth in Canada Growth in Home B2B GMV up and Garden Brands across industries are Recognized as a leveraging Shopify for B2B commerce leader in B2B in Forrester’s 2024 Wave Report * Represents a very small portion of GMV today, given
Slide 37: Annual financials
Annual financials When our merchants become more successful, Shopify becomes more successful 37
Slide 38: Helping our merchants grow drives our business
Helping our merchants grow their business drives our business Taking market share, while delivering 20% or greater GMV and revenue growth for the past two years $292B Merchant Solutions $8.9B Subscription Solutions Percentage of revenue in 2024 $7.1B $236B $197B $5.6B $175B $4.6B 74% $119B $2.9B 26%
Slide 39: Shopify Payments penetration continues to increase
Shopify Payments penetration continues to increase over time Gross Payments Volume (GPV)* 45% 49% 54% 58% 62% GMV penetration % $54B $181B 2020 2024 * Gross Payments Volume, or GPV, is the amount of GMV processed through Shopify Payments 39
Slide 40: Monthly Recurring Revenue continues to grow
Monthly Recurring Revenue* continues to grow 21% 5-Year CAGR $193M $74M Q3 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 * Monthly Recurring Revenue, or MRR, is the aggregate value of all subscription plans, excluding variable platform fees, in effect on the last day of the period, assuming merchants
Slide 41: Business model of growth and profitability
Enabling a compelling business model of growth and profitability Gross profit Free cash flow* Gross margin Gross profit Free cash flow margin Free cash flow 53.8% 52.6% 18% 50.4% 49.8% 49.2% 13% 13% 11% $1.5B $2.5B $2.8B $3.5B $4.5B $383M $485M ($186M) $905M $1.6B 2020 2021 2022 2023 2024 2020 2021 2023 2
Slide 42: Quarterly financials
Quarterly financials Shopify expands by shaping the future of commerce 42
Slide 43: Revenue and GMV accelerating in Q3 2025
We are a growth company, with revenue and GMV accelerating in Q3 2025 GMV ($B) Revenue ($B) $94 Merchant Solutions $92 $88 Subscription Solutions $2.8 $2.8 Percentage of revenue $2.7 $75 $75 $2.4 $70 $67 $2.2 $2.1 $2.0 $61 $56 $1.9 $55 $1.7 $50 $1.7 $1.5 75% 25% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 20
Slide 44: Shopify Payments penetration drives higher year over year
Shopify Payments penetration continues to drive higher year over year Gross Payments Volume (GPV)* $60B $36B 60% 61% 62% 64% 64% 64% 65% GMV penetration % Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 44
Slide 45: Subscription solutions revenue continues to increase
Subscription solutions revenue continues to increase year-over-year Consistent growth across our ecosystem and plans Revenue - Standard Revenue - Shopify Plus Revenue - Apps, Themes, Domains, Variable Platform Fees $699M 15% YoY 18% 20% 18% 15% 14% 14% 18% 13% 28% $382M 14% 26% 28% 28% 27% 14% 26% 2
Slide 46: Delivering sustained and growing profitability
Delivering sustained and growing profitability Gross margin Gross profit $1.4B $1.4B $1.3B $1.2B $1.1B $1.1B $1.0B $957M $901M $835M $717M 52.6% 51.4% 51.7% 51.1% 49.3% 49.5% 49.5% 48.9% 47.5% 48.1% 48.6% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 YoY growt
Slide 47: Delivering Operating Leverage
Delivering Operating Leverage Total operating expenses, excluding one-time items, as a percentage of revenue 60% 47% 48% 42% 43% 41% 37% 39% 37% 36% 32% Q1 2023 Q1 2024 Q1 2025 Q2 2023 Q2 2024 Q2 2025 Q3 2023 Q3 2024 Q3 2025 Q4 2023 Q4 2024 * Chart depicts Operating Leverage, which is measured using
Slide 48: Balanced operating leverage with continued investment
Remain committed to driving balanced levels of operating leverage with continued focus on key investments to support our long-term growth Sales and marketing Research and development General and administrative Transaction and loan losses Total adjusted operating expenses as percentage of revenue 37%
Slide 49: Strong free cash flow margins while investing in growth
Committed to delivering strong free cash flow margins while investing in growth opportunities 22% 21% 19% 18% 16% 16% 16% 15% 12% 6% 6% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 * Free Cash Flow (FCF) margin is a non-GAAP financial measure. See "Non-GAAP a
Slide 50: We're just getting started
We’re just getting started. However commerce evolves, Shopify will be the engine behind it. The merchants who are the backbone of the economy demand it of us. 50
Slide 51: Appendix: Non-GAAP and other financial measures
Appendix Non-GAAP and other financial measures 51
Slide 52: Non-GAAP and other financial measures
Non-GAAP and other financial measures To supplement our financial information, which is prepared and presented in accordance with United States generally accepted accounting principles ("GAAP"), Shopify uses certain non-GAAP and other financial measures to provide additional information in order to ass
Slide 53: Reconciliation of GAAP operating expenses to adjusted operating expenses
Reconciliation of GAAP operating expenses to adjusted operating expenses Expressed in US $ millions, except percentages Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3 ‘25 GAAP Sales and marketing 287 321 295 317 361 353 331 348 405 415 410 less: Sales and marketing SBC and related pa
Slide 54: Expressed in US $ millions, except percentages
Expressed in US $ millions, except percentages Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3 ‘25 GAAP General and administrative 123 131 137 100 124 60 114 112 109 122 115 less: General and administrative SBC and related payroll taxes 18 19 20 19 26 23 23 24 25 22 24 less: Impairmen
Slide 55: Reconciliation of GAAP operating expenses to adjusted operating expenses
Reconciliation of GAAP operating expenses to adjusted operating expenses Expressed in US $ millions, except percentages Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3 ‘25 GAAP Operating expenses 910 2,471 779 773 871 804 835 887 966 1,011 1,048 less: Accelerated stock-based compensat
Slide 56: Reconciliation of free cash flow
Reconciliation of free cash flow In US $ millions, except percentages 2020 2021 2022 2023 2024 Net cash provided by (used in) operating activities 425 536 (136) 944 1,616 less: Capital expenditures* (42) (51) (50) (39) (19) Free cash flow 383 485 (186) 905 1,597 Revenue 2,929 4,612 5,600 7,060 8,880 F
Slide 57: Make commerce better for everyone
Make commerce better for everyone