Shopify Inc. · NASDAQ:SHOP

Shopify — Q3 2026 Earnings Presentation

28 slides from Shopify's earnings presentation

  1. Slide 1: Defining the next era of commerce

    Defining the next era of commerce Q3 2026

  2. 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

  3. Slide 3: Q3 26 Snapshot

    Q3 26 Snapshot Image “ In Q3, we powered $119 billion in GMV, while continuing to build commerce into every surface, every agent, and increasingly, $1.9T $3.7B everywhere.” Global commerce* Revenue +32% YoY since Shopifyʼs inception in constant currency Harley Finkelstein President, Shopify $1.8B $1

  4. Slide 4: Enabling merchants to sell wherever consumers are

    Online Offline Enabling merchants Shoppable Agentic Experiences to sell wherever B2B Shopify consumers are. Unified Commerce Hub AI Channels Social Commerce Shop App Marketplaces 4

  5. Slide 5: Entrepreneurs on Shopify generated $1.2+ trillion in global economic activity

    Entrepreneurs on Shopify generated $1.2+ trillion in global economic activity In 2025, +110% from 2022 Thatʼs larger than the annual GDP of most countries Canada Australia $43B Rest of the world $70B Germany $221B $49B USA Japan $688B $21B UK France Spain $94B $25B $13B Italy $13B 9.6+ million jobs

  6. Slide 6: Platform Highlights

    Platform Highlights Shopify is the best place to start, build, and manage a business with agents.

  7. Slide 7: Shopify and our partners are driving the evolution of agentic experiences

    Shopify and our partners are driving the evolution of agentic experiences for merchants Chat Connector Visual Cross-platform Rich visual Advice only. The work integrations widgets plugins experiences happens in Admin. Reads and changes the Interactive Shopify Shopify alongside other Shopifyʼs own in

  8. Slide 8: We added a wave of AI and connector launches

    We added a wave of AI and connector launches Start, build and manage from many AI tools, with Shopify as the commerce engine underneath Sep 1 Shopify in Stripe Projects Sep 2 Oct 1 Claude Commerce Agents Canvas Sep 8 Oct 8 ChatGPT Small Business Grok and Grok Bot connectors Plugin Oct 9 Sep 15 …and

  9. Slide 9: More AI Channels. More Volume. Better Conversion.

    More AI Channels. More Volume. Better Conversion. Shopify merchants are seeing the impact +64% 2x Better conversion from 3.3x New buyer order AI-referred rate vs. other sessions than organic search 2.6x online channels Increase in orders originating from Increase in AI AI searches YoY traffic to mer

  10. Slide 10: Quarterly Financials

    Quarterly Financials When our merchants are more successful, Shopify is more successful

  11. Slide 11: Merchant GMV and Revenue

    Merchant GMV and Revenue $124 $119 GMV ($B) $116 Revenue ($B) $101 Merchant Solutions $94 $92 Subscription Solutions $3.7 $3.7 $3.6 $88 Percentage of revenue $3.2 $75 $75 $70 $2.8 $2.8 $67 $2.7 $61 $2.4 $55 $56 $2.2 $2.1 $2.0 $50 $1.9 $1.7 $1.7 78% $1.5 22% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

  12. Slide 12: Revenue cohorts get stronger over time

    Revenue cohorts get stronger over time… How our Q1 2015 cohort has grown 3.4x 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 November 2026). *Growth calculation re

  13. Slide 13: That pattern persists across cohorts

    …that pattern persists across cohorts Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 * Revenue growth Age in quarters Examples of quarterly revenue retention from merchant cohorts, excluding Logistics. *Revenue retention calculation reflects the quart

  14. Slide 14: GMV by Geography

    GMV by Geography 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% 33% 30% 30% 30% 30% 28% 29% 29% 26% 25% 24% 28% 28% 28% 23% 23% 26% 22% 25% 21% 24% 18% 18% 22% 19% 19% 19% 19% 18% 17% 14% 14% Q1 Q

  15. Slide 15: Gross Payments Volume

    Gross Payments Volume $81B $36B GMV penetration % 60% 61% 62% 64% 64% 64% 65% 68% 67% 68% 68% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Gross Payments Volume, or GPV, is the amount of GMV processed through Shopify Payments 15

  16. Slide 16: Subscription solutions revenue

    Subscription solutions revenue $836M 20% YoY Revenue - Standard Revenue - Shopify Plus Revenue - Apps, Themes, Domains, Variable Platform Fees 20% 21% 23% 19% 18% 20% 18% 15% 14% 28% 14% 27% 26% 28% $382M 18% 13% 28% 14% 27% 26% 28% 28% 14% 26% 27% 11% 26% 25% 27% 30% 52% 52% 54% 51% 53% 60% 59% 55%

  17. Slide 17: Gross Profit

    Gross Profit $1.8B Gross profit YoY growth rate $1.7B $1.7B +28% +25% +31% $1.5B +32% $1.4B $1.4B $1.3B +24% +27% $1.2B +25% $1.1B $1.1B +22% +33% $1.0B +24% $957M +25% $901M +33% $835M +36% $717M +27% +13% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 20

  18. Slide 18: Operating Leverage

    Operating Leverage 60% 47% 48% 42% 43% 41% 37% 37% 39% 37% 34% 36% 32% 32% 29% Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q2 2023 Q2 2024 Q2 2025 Q2 2026 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Q4 2023 Q4 2024 Q4 2025 Total operating expenses, excluding one-time items, as a percentage of revenue Chart depicts Operatin

  19. Slide 19: Operating Expenses by Category

    Operating Expenses by Category Sales and marketing Research and development General and administrative Transaction and loan losses Total adjusted operating expenses as percentage of revenue 33% 33% 29% 3% 5% 4% 3% 3% 3% 12% 10% 11% 15% 14% 12% Q3 2024 Q3 2025 Q3 2026 Chart depicts Operating Leverage

  20. Slide 20: Operating Income and Free Cash Flow

    Operating Income and Free Cash Flow Operating income ($B) Free cash flow** ($B) ● Operating margin ● FCF margin $2.7B $2.1B $2.0B $1.6B $1.5B $1.1B 15% 18% 19% 17% 13% 12% 2024 2025 LTM* 2024 2025 LTM* Q3 2026 Q3 2026 *LTM = last twelve months ended September 30, 2026. ** Free Cash Flow (FCF) margin

  21. Slide 21: 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. 21

  22. Slide 22: Non-GAAP and other financial measures

    Appendix Non-GAAP and other financial measures

  23. Slide 23: 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

  24. Slide 24: 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 Q3’26 percentages GAAP Sales and marketing 287 321 295 317 361 353 331 348 405 415 410 433 496 498 466 less:

  25. Slide 25: Reconciliation of GAAP operating expenses (continued)

    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 Q3’26 percentages GAAP General and administrative 123 131 137 100 124 60 114 112 109 122 115 125 115 136 130 less: General and administrative SBC and 18 19 20 19 26 23 23 24 25 22 2

  26. 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 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 Q3’26 percentages GAAP Operating expenses 910 2,471 779 773 871 804 835 887 966 1,011 1,048 1,062 1,164 1,22

  27. Slide 27: 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

  28. Slide 28: Make commerce better for everyone

    Make commerce better for everyone

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