Slide 1: Defining the next era of commerce
Defining the next era of commerce Q1 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: The Shopify Platform
The Shopify Platform We help accelerate We are a leading … and increasingly the power of platform for all of commerce. entrepreneurship and entrepreneurship… merchant success. As our merchants do better, Shopify does better. 3
Slide 4: Enabling entrepreneurship, product innovation, durable business model
Enabling entrepreneurship Product innovation Durable business model Enabling entrepreneurship Powering the future of agentic Conversion engine at checkout at scale commerce Shop Pay and our buyer network turn traffic We lower the barrier to start, reduce time The Universal Commerce Protocol (UCP) in
Slide 5: Shopify Snapshot
Shopify Snapshot FEATURED MERCHANT $12.4B $1.7T >14% LTM Revenue Global commerce* since US ecommerce market Shopifyʼs inception share** and expect further penetration Millions of merchants in 175+ countries * Cumulative Shopify GMV since Shopifyʼs inception. ** As of Dec 31, 2025. The US ecommerce m
Slide 6: More channels. More personalized discovery. One platform.
More channels. More personalized discovery. One platform. Our commerce platform Offline drives demand and Online Store conversion. Sell wherever buyers are, including new B2B agentic channels. Adding discovery channels Shopify AI Chats Unified Commerce Hub Share Commerce Shop App Marketplaces Enabli
Slide 7: Our revenue cohorts get stronger over time…
Our revenue cohorts get stronger over time… How our Q1 2015 cohort has grown 3.1x 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 December 2025). ** Growth calcula
Slide 8: …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 9: Multiple vectors of durable growth
Multiple vectors of durable growth Grow our core Expand the merchants Help our Expand with our Innovate merchant base we serve merchants grow merchants Bring more buyers to More solutions per 700+ new features in SMB Enterprise our merchants merchant last 24 months* DTC B2B Plan upgrades Sidekick +
Slide 10: Strength of platform creates embedded customer relationships
Platform Highlights Strength of platform creates embedded customer relationships
Slide 11: Your favorite brands, all powered by Shopify
Your favorite brands, all powered by Shopify + Q1 2026 Brands* Q1 2025 Q2 2025 Q3 2025 Q4 2025 * Includes both launched and signed merchants as of May 5, 2026. 11
Slide 12: Merchants adopting AI tooling
Merchants adopting AI tooling Catalog Sidekick Number of weekly active shops Theme edits grew using Sidekick is now up 4x Year over year 1,000% in Q1 Traffic from Catalog-powered Catalog has AI searches converted structured 2x 1B+ Nearly 12,000+ half Custom apps created in Q1 alone of all Shopify Fl
Slide 13: Sidekick monthly active usage scaling. The on-call cofounder.
Sidekick monthly active usage scaling. The on-call cofounder. Shops March 2025 March 2026 Month Monthly active shop defined as a merchant active on a paid trial or plan and used Sidekick in that month. 13
Slide 14: When our merchants become more successful, Shopify becomes more successful
Quarterly Financials When our merchants become more successful, Shopify becomes more successful
Slide 15: Merchant success drives continued financial strength
Merchant success drives continued financial strength $124 GMV ($B) Revenue ($B) $101 $94 Merchant Solutions $92 $88 Subscription Solutions $3.7 Percentage of revenue $3.2 $75 $75 $70 $67 $2.8 $2.8 $2.7 $61 $56 $2.4 $55 $50 $2.1 $2.2 $2.0 $1.9 $1.7 $1.7 76% $1.5 24% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 16: Shopify Payments processed $67B in Q1
Shopify Payments processed $67B in Q1 Gross Payments Volume (GPV)* $67B $36B GMV penetration % 60% 61% 62% 64% 64% 64% 65% 68% 67% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 * Gross Payments Volume, or GPV, is the amount of GMV processed through Shopify Payments 16
Slide 17: Subscription solutions revenue increases year-over-year
Subscription solutions revenue increases year-over-year Consistent growth across our ecosystem and plans $750M Revenue - Standard Revenue - Shopify Plus Revenue - Apps, Themes, Domains, Variable Platform Fees 21% YoY 23% 19% 18% 20% 18% 14% 15% 14% 26% 28% 18% 13% 28% $382M 14% 27% 26% 28% 28% 14% 2
Slide 18: Monthly Recurring Revenue continues to grow
Monthly Recurring Revenue* continues to grow $212M 19% 5-Year CAGR $90M Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 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
Slide 19: Delivering sustained and growing profitability
Delivering sustained and growing profitability Gross profit YoY growth rate $1.7B +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 2025 Q2 2025 Q
Slide 20: 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% 37% 39% 37% 36% 32% 29% Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q2 2023 Q2 2024 Q2 2025 Q3 2023 Q3 2024 Q3 2025 Q4 2023 Q4 2024 Q4 2025 * Chart depicts Operating Leverage,
Slide 21: Committed to operating leverage with continued focus on key investments
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 41%
Slide 22: Committed to delivering strong free cash flow margins
Committed to delivering strong free cash flow margins while investing in growth opportunities 22% 21% 19% 19% 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 * Free Cash Flow (FCF) margin is a non-GAAP financia
Slide 23: 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. 23
Slide 24: Non-GAAP and other financial measures
Appendix Non-GAAP and other financial measures
Slide 25: 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 26: 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 GAAP Sales and marketing 287 321 295 317 361 353 331 348 405 415 410 433 496 less: Sales and marketing
Slide 27: Expressed in US $ millions, except percentages Q1’23 Q2’23
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 GAAP General and administrative 123 131 137 100 124 60 114 112 109 122 115 125 115 less: General and administrative SBC and related payroll taxes 18 19 20 19 26 23 23 24 25 22
Slide 28: 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 GAAP Operating expenses 910 2,471 779 773 871 804 835 887 966 1,011 1,048 1,062 1,164 less: Accelerate
Slide 29: 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 less: Capital expenditures* (42) (51) (50) (39) (19) (26) Free cash flow 383 485 (186) 905 1,597 2,007 Revenue 2,929 4,6
Slide 30: Make commerce better for everyone
Make commerce better for everyone