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Shopify Sustains Rapid Growth with Revenue Up 32% and Free Cash Flow Margin of 22%

November 3, 2026 - Shopify announced today financial results for the quarter ended September 30, 2026. Shopify achieved 32% revenue growth (32% in constant currency) and a 22% free cash flow margin.

“Shopify is uncommonly good at operating in two realities at the same time: the world our merchants exist in today, and the one they are moving towards. Q3 is the perfect example. We powered $119 billion in GMV, while continuing to build commerce into every surface, every agent, and increasingly, everywhere,” said Harley Finkelstein, President of Shopify.

“We extended our track record of consistent execution, with 32% revenue growth and a 22% free cash flow margin,” said Jeff Hoffmeister, Chief Financial Officer of Shopify. “Delivering these results at our scale speaks to the strength of our model, our multiple growth drivers, and our expanding addressable market.”

Selected Business Performance Information(1)

(In US $ millions, except percentages)

Three months ended

September 30, 2026September 30, 2025

GMV119,14592,013

MRR230193

Revenue3,7422,844

Gross profit1,7811,391

Operating income568343

Free cash flow816507

YoY revenue growth rate32%32%

Free cash flow margin22%18%

(1) See endnotes below for definitions of GMV and MRR and additional information on constant currency, free cash flow, and free cash flow margin, which are non-GAAP financial measures and are reconciled to the comparable GAAP measures in the non-GAAP reconciliations at the end of this press release. Please refer to the Condensed Consolidated Statements of Cash Flows for additional information on the presentation of cash flows in 2026 and 2025.

1

2026 Outlook

The outlook that follows supersedes all prior financial outlook statements made by Shopify, constitutes forward-looking information within the meaning of applicable securities laws, is based on a number of assumptions, and is subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond Shopify’s control. Please see “Forward-looking Statements” at the end of this press release.

For the fourth quarter of 2026, we expect:

•Revenue to grow at a low-thirties percentage rate on a year-over-year basis;

•Gross profit dollars to grow at a high-twenties percentage rate on a year-over-year basis;

•Operating expenses as a percentage of revenue to be 29% to 30%;

•Stock-based compensation to be $155 million; and

•Free cash flow margin to be consistent with the fourth quarter of 2025.

Quarterly Conference Call

Shopify’s management team will hold a conference call to discuss its third-quarter results today, November 3, 2026, at 8:30 a.m. ET. The conference call will be webcast in the Investor Relations section of Shopify’s website at www.shopify.com/investors/events. An archived replay of the webcast will be available following the conclusion of the call.

Shopify’s Form 10-Q for the quarter ended September 30, 2026, including the unaudited Condensed Consolidated Financial Statements and accompanying Notes, and Management's Discussion and Analysis, will be available on Shopify’s website at www.shopify.com and will be filed on EDGAR at www.sec.gov and on SEDAR+ at www.sedarplus.ca.

About Shopify

Shopify provides essential internet infrastructure for commerce. Shopify’s all-in-one platform makes it easier to start, run, and grow a business, powering sales online, in-store, and everywhere in between. Millions of businesses in 175+ countries use Shopify—from entrepreneurs to brands like Aldo, BarkBox, Carrier, Meta, SKIMS, Supreme, and Vuori.

For more information, visit www.shopify.com.

CONTACT INVESTORS:Shane KleinsteinCONTACT MEDIA:Jackie Warren

Director, Investor RelationsSenior Lead, Communications

IR@shopify.compress@shopify.com

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Shopify Inc. Condensed Consolidated Statements of Operations

(In US $ millions)

Three months ended

September 30, 2026September 30, 2025

Revenues

Subscription solutions836699

Merchant solutions2,9062,145

3,7422,844

Cost of revenues

Subscription solutions175128

Merchant solutions1,7861,325

1,9611,453

Gross profit1,7811,391

Operating expenses

Sales and marketing466410

Research and development497375

General and administrative130115

Transaction and loan losses120148

Total operating expenses1,2131,048

Operating income568343

Net other expense, including taxes(2) (106)(79)

Net Income462264

less: equity investments, marked to market, net of taxes(122)(103)

Net income excluding the impact of equity investments(3) 584367

(2) Net other expense, including taxes includes interest income, gains and losses on equity and other investments, loss on embedded derivative related to convertible note, foreign exchange gains and losses, and our provision for income taxes.

(3) Net income excluding the impact of

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Shopify Delivers Big: 30%+ Growth Across GMV, Revenue, Gross Profit, and Free Cash Flow

August 5, 2026 - Shopify announced today financial results for the quarter ended June 30, 2026. Shopify achieved 34% revenue growth (33% in constant currency) and 18% free cash flow margins.

“This was a monster quarter: more than 30% growth in GMV AND revenue AND gross profit AND free cash flow,” said Harley Finkelstein, President of Shopify. “We power every kind of business, and with AI, we're expanding what's possible for all of them. No one else comes close.”

“GMV growth accelerated on top of last year’s already strong Q2 with solid results across all merchant sizes, channels, and geographies. Alongside this momentum, we continue to drive operating leverage, which flowed through to 18% free cash flow margins. Broad-based, consistent, and compounding growth with financial discipline; that’s exactly the model that we’ve been building,” said Jeff Hoffmeister, Chief Financial Officer.

Selected Business Performance Information(1)

(In US $ millions, except percentages)

Three months ended

June 30, 2026June 30, 2025

GMV115,56787,837

MRR221185

Revenue3,5832,680

Gross profit1,7081,302

Operating income488291

Free cash flow654422

YoY revenue growth rate34%31%

Free cash flow margin18%16%

(1) See endnotes below for definitions of GMV and MRR and additional information on constant currency, free cash flow, and free cash flow margin, which are non-GAAP financial measures and are reconciled to the comparable GAAP measures in the non-GAAP reconciliations at the end of this press release. Please refer to the Condensed Consolidated Statements of Cash Flows for additional information on the presentation of cash flows in 2026 and 2025.

1

2026 Outlook

The outlook that follows supersedes all prior financial outlook statements made by Shopify, constitutes forward-looking information within the meaning of applicable securities laws, is based on a number of assumptions, and is subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond Shopify’s control. Please see "Forward-looking Statements" at the end of this press release.

For the third quarter of 2026, we expect:

•Revenue to grow at a low-thirties percentage rate on a year-over-year basis;

•Gross profit dollars to grow at a mid-to-high twenties percentage rate on a year-over-year basis;

•Operating expenses as a percentage of revenue to be 33% to 34%;

•Stock-based compensation to be $150 million; and

•Free cash flow margin to be in the high-teens to low-twenties.

Quarterly Conference Call

Shopify’s management team will hold a conference call to discuss its second-quarter results today, August 5, 2026, at 8:30 a.m. ET. The conference call will be webcast in the Investor Relations section of Shopify’s website at www.shopify.com/investors/events. An archived replay of the webcast will be available following the conclusion of the call.

Shopify’s Form 10-Q for the quarter ended June 30, 2026, including the unaudited Condensed Consolidated Financial Statements and accompanying Notes, and Management's Discussion and Analysis, will be available on Shopify’s website at www.shopify.com and will be filed on EDGAR at www.sec.gov and on SEDAR+ at www.sedarplus.ca.

About Shopify

Shopify provides essential internet infrastructure for commerce. Shopify’s all-in-one platform makes it easier to start, run, and grow a business, powering sales online, in-store, and everywhere in between. Millions of businesses in 175+ countries use Shopify—from entrepreneurs to brands like Aldo, BarkBox, Carrier, Meta, SKIMS, Supreme, and Vuori.

For more information, visit www.shopify.com.

CONTACT INVESTORS:Shane KleinsteinCONTACT MEDIA:Ben McConaghy

Director, Investor RelationsDirector, Communications

IR@shopify.compress@shopify.com

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Shopify Inc. Condensed Consolidated Statements of Operations

(In US $ millions)

Three months ended

June 30, 2026June 30, 2025

Revenues

Subscription solutions802656

Merchant solutions2,7812,024

3,5832,680

Cost of revenues

Subscription solutions163121

Merchant solutions1,7121,257

1,8751,378

Gross profit1,7081,302

Operating expenses

Sales and marketing498415

Research and development445394

General and administrative136122

Transaction and loan losses14180

Total operating expenses1,2201,011

Operating income488291

Net other income, including taxes(2) 1,014615

Net Income1,502906

less: equity investments, marked to market, net of taxes1,063568

Net income excluding the impact of equity investments(3) 439338

(2) Net other income, including taxes includes interest income, gains and losses on equity and other investments, foreign exchange gains and losses, and our provision for income taxes.

(3) Net income excluding the impact of equity investments is a non-GAAP financial measure which is reco

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Shopify Delivers Again as Merchants Clear $100 Billion in Q1 GMV

May 5, 2026 - Shopify announced today financial results for the quarter ended March 31, 2026. Shopify achieved 34% revenue growth and 15% free cash flow margins.

"Shopify has entered the AI era with a clear edge: strong, durable growth and two decades of commerce intelligence. That puts us in a category of one, and we're about to see that advantage compound throughout 2026," said Harley Finkelstein, President of Shopify.

Jeff Hoffmeister, Chief Financial Officer, said, "Q1 delivered broad-based growth across geographies, merchant sizes, and channels, with over $100 billion of GMV in the first quarter alone. That is the platform compounding. The durability of this model allows us to invest strategically in growth, both in the merchant-facing tools that drive commerce innovation and in the internal capabilities that let us build and ship faster. ”

Selected Business Performance Information(1)

(In US $ millions, except percentages)

Three months ended

March 31, 2026March 31, 2025

GMV100,74374,750

MRR212182

Revenue3,1702,360

Gross profit1,5461,169

Operating income382203

Free cash flow476363

YoY revenue growth rate34%27%

Free cash flow margin15%15%

(1) See endnotes below for definitions of GMV and MRR and additional information on free cash flow and free cash flow margin, which are non-GAAP financial measures and are reconciled to the comparable GAAP measures in the non-GAAP reconciliation at the end of this press release.

1

2026 Outlook

The outlook that follows supersedes all prior financial outlook statements made by Shopify, constitutes forward-looking information within the meaning of applicable securities laws, is based on a number of assumptions, and is subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond Shopify’s control. Please see "Forward-looking Statements" at the end of this press release.

For the second quarter of 2026, we expect:

•Revenue to grow at a high-twenties percentage rate on a year-over-year basis;

•Gross profit dollars to grow at a mid-twenties percentage rate on a year-over-year basis;

•Operating expenses as a percentage of revenue to be 35% to 36%;

•Stock-based compensation to be $145 million; and

•Free cash flow margin to be in the mid-teens.

Quarterly Conference Call

Shopify’s management team will hold a conference call to discuss our first-quarter results today, May 5, 2026, at 8:30 a.m. ET. The conference call will be webcast in the Investor Relations section of Shopify’s website at www.shopify.com/investors/events. An archived replay of the webcast will be available following the conclusion of the call.

Shopify’s Form 10-Q for the quarter ended March 31, 2026, including the unaudited Condensed Consolidated Financial Statements and accompanying Notes, and Management's Discussion and Analysis, will be available on Shopify’s website at www.shopify.com and will be filed on EDGAR at www.sec.gov and on SEDAR+ at www.sedarplus.ca.

About Shopify

Shopify provides essential internet infrastructure for commerce. Shopify’s all-in-one platform makes it easier to start, run, and grow a business, powering sales online, in-store, and everywhere in between. Millions of businesses in 175+ countries use Shopify—from entrepreneurs to brands like Aldo, BarkBox, Carrier, Meta, Vuori, SKIMS, and Supreme.

For more information, visit www.shopify.com

CONTACT INVESTORS:Carrie GillardCONTACT MEDIA:Ben McConaghy

Director, Investor RelationsDirector, Communications

IR@shopify.compress@shopify.com

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Shopify Inc. Condensed Consolidated Statements of Operations

(In US $ millions)

Three months ended

March 31, 2026March 31, 2025

Revenues

Subscription solutions750620

Merchant solutions2,4201,740

3,1702,360

Cost of revenues

Subscription solutions148123

Merchant solutions1,4761,068

1,6241,191

Gross profit1,5461,169

Operating expenses

Sales and marketing496405

Research and development437377

General and administrative115109

Transaction and loan losses11675

Total operating expenses1,164966

Operating income382203

Net other expense, including taxes(2) (963)(885)

Net loss (581)(682)

less: equity investments, marked to market, net of taxes(941)(908)

Net income

excluding the impact of equity investments(3) 360226

(2) Net other expense, including taxes includes interest income, gains and losses on equity and other investments, foreign exchange gains and losses, and our provision for income taxes.

(3) Net income excluding the impact of equity investments is a non-GAAP financial measure which is reconciled at the end of this press release. This measure excludes the impact of any gains or losses on our equity investments in third parties. Shopify believes this measure provides useful information to investors given that valuations of third par