Slide 1: Defining the next era of commerce
Defining the next era of commerce Q2 2026
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: Shopify at a Glance
Shopify at a Glance 20 years of commerce. Ready for whatʼs next. $13.3B LTM Revenue $1.8T Global commerce* since Shopifyʼs inception >14% US ecommerce market share** and expect further penetration 1B+ Products in Shopify Catalog Millions of merchants in 175+ countries * Cumulative Shopify GMV since
Slide 4: Enabling merchants to sell wherever consumers are
Online Store Offline Enabling merchants Shoppable Agentic Experiences to sell wherever B2B Shopify consumers are. Unified Commerce Hub AI Chats Social Commerce Shop App Marketplaces 4
Slide 5: Platform Highlights
Platform Highlights Strength of platform creates embedded customer relationships
Slide 6: Your favorite brands, all powered by Shopify
Your favorite brands, all powered by Shopify + Q2 2026 Brands* Q2 2025 Q3 2025 Q4 2025 Q1 2026 * Includes both launched and signed merchants as of August 5, 2026. 6
Slide 7: A Refreshed Admin
A Refreshed Admin The first merchant-facing surface for agentic commerce performance Search real buyer queries to see where products rank New Agentic section allows merchants to see which AI channels they are live on and track real time performance Sidekick flags what to fix when discovery is workin
Slide 8: Sidekick is everywhere
Sidekick is everywhere, with Sidekick-powered admin and app extensions Custom apps created 34M Sidekick conversations Daily active merchants were up 3.6x YoY 36,000 using Sidekick vs. 12,000 in Q1 8 Data as of Q2 2026 unless otherwise noted.
Slide 9: Shopify gives developers the open commerce rails for AI shopping
Shopify gives developers the open commerce rails for AI shopping Catalog connects agents to product and variant data so they can find the right item. Checkout converts buyer intent into a completed transaction. UCP makes it all interoperable across agents, merchants, and platforms. AI searches power
Slide 10: AI is the next great shift in commerce
AI is the next great shift in commerce Shopify merchants are seeing the impact 2x New buyer order 3x rate vs. other channels 3x Increase in orders originating from Increase in AI AI searches YoY traffic to merchant storefronts YoY 10 As of Q2 2026. Data is sourced from Shopify global search API usag
Slide 11: Quarterly Financials
Quarterly Financials When our merchants become more successful, Shopify becomes more successful
Slide 12: Merchant success drives continued financial strength
Merchant success drives continued financial strength $124 GMV ($B) $116 Revenue ($B) $101 $94 Merchant Solutions $92 $88 Subscription Solutions $3.7 $3.6 Percentage of revenue $75 $75 $3.2 $70 $67 $2.8 $2.8 $2.7 $61 $56 $2.4 $55 $2.1 $2.2 $50 $2.0 $1.9 $1.7 $1.7 78% $1.5 22% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 13: Our revenue cohorts get stronger over time
Our revenue cohorts get stronger over time… How our Q1 2015 cohort has grown 3.3x Growth 12% CAGR 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 * Example of quarterly revenue from a single cohort, the Q1 2015 merchant cohort, excluding Logistics (as of August 2026). ** Growth calculati
Slide 14: …and that pattern persists across all our 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 Q1 2025 Revenue growth Age in quarters * Examples of quarterly revenue retention from merchant cohorts, excluding Logistics. ** Revenue retention calculation reflects the
Slide 15: Merchant strength across geographies
Merchant strength across geographies Europe GMV (Constant Currency) North America GMV (Constant Currency) Total GMV (Constant Currency) 42% 42% 39% 37% 35% 35% 35% 35% 35% 34% 34% 33% 33% 29% 30% 30% 30% 28% 29% 26% 25% 24% 23% 23% 28% 22% 28% 21% 26% 25% 18% 18% 24% 22% 18% 19% 19% 19% 19% 17% 14%
Slide 16: Shopify Payments processed $78B in Q2
Shopify Payments processed $78B in Q2 Gross Payments Volume (GPV)* $78B $36B GMV penetration % 60% 61% 62% 64% 64% 64% 65% 68% 67% 68% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 * Gross Payments Volume, or GPV, is the amount of GMV processed through Shopify Payme
Slide 17: And cumulative GPV crossed $1 trillion in Q2
And cumulative GPV crossed $1 trillion in Q2 Cumulative GPV (USD) $1250B $1.0T $1000B Cumulative GPV (USD) $750B $500B $250B $0B 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 * Gross Payments Volume, or GPV, is the amount of GMV processed through Shopify Payments 17
Slide 18: Subscription solutions revenue increases year-over-year
Subscription solutions revenue increases year-over-year Consistent growth across our ecosystem and plans $802M 22% YoY Revenue - Standard Revenue - Shopify Plus Revenue - Apps, Themes, Domains, Variable Platform Fees 21% 23% 19% 18% 20% 18% 14% 15% 14% 27% 26% 28% 18% 13% 28% $382M 14% 27% 26% 28% 2
Slide 19: Monthly Recurring Revenue continues to grow
Monthly Recurring Revenue continues to grow $221M 18% 5-Year CAGR $95M Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 Q2 2026 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 ma
Slide 20: Delivering sustained and growing profitability
Delivering sustained and growing profitability Gross profit YoY growth rate $1.7B $1.7B +31% +25% $1.5B $1.4B $1.4B +32% $1.3B +27% +24% $1.2B +25% $1.1B $1.1B +22% +33% $1.0B +24% $957M +25% $901M $835M +33% +36% $717M +27% +13% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 202
Slide 21: Consistently delivering operating leverage
Consistently delivering operating leverage Total operating expenses, excluding one-time items, as a percentage of revenue 60% 47% 48% 42% 43% 41% 37% 37% 39% 37% 36% 34% 32% 29% Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q2 2023 Q2 2024 Q2 2025 Q2 2026 Q3 2023 Q3 2024 Q3 2025 Q4 2023 Q4 2024 Q4 2025 * Chart de
Slide 22: Balancing operating leverage with continued focus on key investments
While balancing 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% 33% 2% 30% 4% 3% 3% 4% 3% 13%
Slide 23: Committed to delivering strong free cash flow margins
Committed to delivering strong free cash flow margins 22% 21% 19% 19% 18% 18% 16% 16% 16% 15% 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 Q4 2025 Q1 2026 Q2 2026 * Free Cash Flow (FCF) margin is a non-GAAP financial measure. See "Non-GAAP and
Slide 24: We're just getting started
Weʼre 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. 24
Slide 25: Non-GAAP and other financial measures
Appendix Non-GAAP and other financial measures
Slide 26: 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 27: Reconciliation of GAAP operating expenses to adjusted operating expenses
Reconciliation of GAAP operating expenses to adjusted operating expenses Expressed in US $ millions, except Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 percentages GAAP Sales and marketing 287 321 295 317 361 353 331 348 405 415 410 433 496 498 less: Sales and
Slide 28: Reconciliation of GAAP operating expenses (continued)
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 Q4’25 Q1’26 Q2’26 GAAP General and administrative 123 131 137 100 124 60 114 112 109 122 115 125 115 136 less: General and administrative SBC and related 18 19 20 19 26 23 23 24 25 22 24
Slide 29: 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 Q4’25 Q1’26 Q2’26 GAAP Operating expenses 910 2,471 779 773 871 804 835 887 966 1,011 1,048 1,062 1,164 1,220 less
Slide 30: Reconciliation of free cash flow
Reconciliation of free cash flow In US $ millions, except percentages 2020 2021 2022 2023 2024 2025 Net cash provided by (used in) operating activities 425 536 (136) 944 1,616 2,033 (42) (51) (50) (39) (19) (26) less: Capital expenditures* Free cash flow 383 485 (186) 905 1,597 2,007 2,929 4,612 5,600
Slide 31: Make commerce better for everyone
Make commerce better for everyone