Q2 2026 Earnings

GMV year-over-year growth — year to date

33.0%

GMV is the total dollar value of orders facilitated through our platform including certain apps and channels for which a revenue-sharing arrangement is in place in the period, net of refunds, and inclusive of shipping and handling, duty and value-added taxes. GMV does not represent revenue earned by us. However, the volume of GMV facilitated through our platform is an indicator of the success of our merchants and the strength of our platform. Our merchant solutions revenues are also directionally correlated with the level of GMV facilitated through our platform. For the three and six months ended June 30, 2026 we facilitated GMV of $115.6 billion and $216.3 billion, respectively, (June 30, 2025 - $87.8 billion and $162.6 billion), representing year-over-year growth of 32% on a quarterly basis and 33% on a year-to-date basis (2025 vs 2024 - 31% and 27%). On a constant currency basis, in which GMV in the three and six months ended June 30, 2026 is converted using the comparative period's monthly average exchange rates, year-over-year growth was 30% and 30% (2025 vs 2024 - 29% and 27%).

GMV year-over-year growth, constant currency

30.0%

GMV is the total dollar value of orders facilitated through our platform including certain apps and channels for which a revenue-sharing arrangement is in place in the period, net of refunds, and inclusive of shipping and handling, duty and value-added taxes. GMV does not represent revenue earned by us. However, the volume of GMV facilitated through our platform is an indicator of the success of our merchants and the strength of our platform. Our merchant solutions revenues are also directionally correlated with the level of GMV facilitated through our platform. For the three and six months ended June 30, 2026 we facilitated GMV of $115.6 billion and $216.3 billion, respectively, (June 30, 2025 - $87.8 billion and $162.6 billion), representing year-over-year growth of 32% on a quarterly basis and 33% on a year-to-date basis (2025 vs 2024 - 31% and 27%). On a constant currency basis, in which GMV in the three and six months ended June 30, 2026 is converted using the comparative period's monthly average exchange rates, year-over-year growth was 30% and 30% (2025 vs 2024 - 29% and 27%).

GMV year-over-year growth, constant currency — year to date

30.0%

GMV is the total dollar value of orders facilitated through our platform including certain apps and channels for which a revenue-sharing arrangement is in place in the period, net of refunds, and inclusive of shipping and handling, duty and value-added taxes. GMV does not represent revenue earned by us. However, the volume of GMV facilitated through our platform is an indicator of the success of our merchants and the strength of our platform. Our merchant solutions revenues are also directionally correlated with the level of GMV facilitated through our platform. For the three and six months ended June 30, 2026 we facilitated GMV of $115.6 billion and $216.3 billion, respectively, (June 30, 2025 - $87.8 billion and $162.6 billion), representing year-over-year growth of 32% on a quarterly basis and 33% on a year-to-date basis (2025 vs 2024 - 31% and 27%). On a constant currency basis, in which GMV in the three and six months ended June 30, 2026 is converted using the comparative period's monthly average exchange rates, year-over-year growth was 30% and 30% (2025 vs 2024 - 29% and 27%).

Gross Merchandise Volume (GMV)

$115.57B

Key Performance Indicators Our key performance indicators, which we do not consider to be non-GAAP measures, that we use to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions are MRR and GMV. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies. The following table shows MRR and GMV for the three and six months ended June 30, 2026 and 2025: Three months ended June 30, | | | Six months ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 (in US $ millions) Monthly Recurring Revenue | | 221 | | | | 185 | | | | 221 | | | | 185 Gross Merchandise Volume | | 115,567 | | | | 87,837 | | | | 216,310 | | | | 162,587

Gross Merchandise Volume (GMV) — year to date

$216.31B

Key Performance Indicators Our key performance indicators, which we do not consider to be non-GAAP measures, that we use to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions are MRR and GMV. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies. The following table shows MRR and GMV for the three and six months ended June 30, 2026 and 2025: Three months ended June 30, | | | Six months ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 (in US $ millions) Monthly Recurring Revenue | | 221 | | | | 185 | | | | 221 | | | | 185 Gross Merchandise Volume | | 115,567 | | | | 87,837 | | | | 216,310 | | | | 162,587

Shopify Capital gross financing receivables 180+ days delinquent

5.7%

The following table presents the delinquency status of the gross amount of loans and merchant cash advances by year of origination. The delinquency status is determined based on the number of days past the contractual or expected repayment date for which the Company anticipates to receive the amounts outstanding. The "current" category represents balances that are anticipated to be repaid within 29 days of the contractual repayment dates, or are anticipated to be repaid within 29 days of the expected repayment date. June 30, 2026 Year of origination 2026 | | | 2025 | | | 2024 | | | Total | | | Percent (in US $ millions) Current | | 1,875 | | | | 337 | | | | 2 | | | | 2,214 | | | | 91.3 | | % 30-89 Days | | 12 | | | | 21 | | | | — | | | | 33 | | | | 1.4 | | % 90-179 Days | | 14 | | | | 24 | | | | 2 | | | | 40 | | | | 1.6 | | % 180+ Days | | 37 | | | | 86 | | | | 16 | | | | 139 | | | | 5.7 | | % Total | | 1,938 | | | | 468 | | | | 20 | | | | 2,426 | | | | 100.0 | | %

Shopify Capital gross financing receivables 30–89 days delinquent

1.4%

The following table presents the delinquency status of the gross amount of loans and merchant cash advances by year of origination. The delinquency status is determined based on the number of days past the contractual or expected repayment date for which the Company anticipates to receive the amounts outstanding. The "current" category represents balances that are anticipated to be repaid within 29 days of the contractual repayment dates, or are anticipated to be repaid within 29 days of the expected repayment date. June 30, 2026 Year of origination 2026 | | | 2025 | | | 2024 | | | Total | | | Percent (in US $ millions) Current | | 1,875 | | | | 337 | | | | 2 | | | | 2,214 | | | | 91.3 | | % 30-89 Days | | 12 | | | | 21 | | | | — | | | | 33 | | | | 1.4 | | % 90-179 Days | | 14 | | | | 24 | | | | 2 | | | | 40 | | | | 1.6 | | % 180+ Days | | 37 | | | | 86 | | | | 16 | | | | 139 | | | | 5.7 | | % Total | | 1,938 | | | | 468 | | | | 20 | | | | 2,426 | | | | 100.0 | | %

Shopify Capital gross financing receivables 90–179 days delinquent

1.6%

The following table presents the delinquency status of the gross amount of loans and merchant cash advances by year of origination. The delinquency status is determined based on the number of days past the contractual or expected repayment date for which the Company anticipates to receive the amounts outstanding. The "current" category represents balances that are anticipated to be repaid within 29 days of the contractual repayment dates, or are anticipated to be repaid within 29 days of the expected repayment date. June 30, 2026 Year of origination 2026 | | | 2025 | | | 2024 | | | Total | | | Percent (in US $ millions) Current | | 1,875 | | | | 337 | | | | 2 | | | | 2,214 | | | | 91.3 | | % 30-89 Days | | 12 | | | | 21 | | | | — | | | | 33 | | | | 1.4 | | % 90-179 Days | | 14 | | | | 24 | | | | 2 | | | | 40 | | | | 1.6 | | % 180+ Days | | 37 | | | | 86 | | | | 16 | | | | 139 | | | | 5.7 | | % Total | | 1,938 | | | | 468 | | | | 20 | | | | 2,426 | | | | 100.0 | | %

Shopify Capital gross financing receivables current

91.3%

The following table presents the delinquency status of the gross amount of loans and merchant cash advances by year of origination. The delinquency status is determined based on the number of days past the contractual or expected repayment date for which the Company anticipates to receive the amounts outstanding. The "current" category represents balances that are anticipated to be repaid within 29 days of the contractual repayment dates, or are anticipated to be repaid within 29 days of the expected repayment date. June 30, 2026 Year of origination 2026 | | | 2025 | | | 2024 | | | Total | | | Percent (in US $ millions) Current | | 1,875 | | | | 337 | | | | 2 | | | | 2,214 | | | | 91.3 | | % 30-89 Days | | 12 | | | | 21 | | | | — | | | | 33 | | | | 1.4 | | % 90-179 Days | | 14 | | | | 24 | | | | 2 | | | | 40 | | | | 1.6 | | % 180+ Days | | 37 | | | | 86 | | | | 16 | | | | 139 | | | | 5.7 | | % Total | | 1,938 | | | | 468 | | | | 20 | | | | 2,426 | | | | 100.0 | | %

Shopify Capital gross loans and merchant cash advances

$2.43B

The following table presents the delinquency status of the gross amount of loans and merchant cash advances by year of origination. The delinquency status is determined based on the number of days past the contractual or expected repayment date for which the Company anticipates to receive the amounts outstanding. The "current" category represents balances that are anticipated to be repaid within 29 days of the contractual repayment dates, or are anticipated to be repaid within 29 days of the expected repayment date. June 30, 2026 Year of origination 2026 | | | 2025 | | | 2024 | | | Total | | | Percent (in US $ millions) Current | | 1,875 | | | | 337 | | | | 2 | | | | 2,214 | | | | 91.3 | | % 30-89 Days | | 12 | | | | 21 | | | | — | | | | 33 | | | | 1.4 | | % 90-179 Days | | 14 | | | | 24 | | | | 2 | | | | 40 | | | | 1.6 | | % 180+ Days | | 37 | | | | 86 | | | | 16 | | | | 139 | | | | 5.7 | | % Total | | 1,938 | | | | 468 | | | | 20 | | | | 2,426 | | | | 100.0 | | %

Shopify Capital gross loans receivable

$2.03B

6. Loans and Merchant Cash Advances June 30, 2026 | | | December 31, 2025 (in US $ millions) Loans receivable, gross (1) 2,034 | | | | 1,621 Merchant cash advances receivable, gross | | 392 | | | | 358 Allowance for credit losses related to uncollectible loans and merchant cash advances receivable ( 242 ) | | | | ( 195 ) Loans and merchant cash advances, net | | 2,184 | | | | 1,784 (1) Included in the loans receivable gross balance as of June 30, 2026 is $ 44 million of interest receivable (December 31, 2025 - $ 24 million).

Shopify Capital gross merchant cash advances receivable

$392.0M

6. Loans and Merchant Cash Advances June 30, 2026 | | | December 31, 2025 (in US $ millions) Loans receivable, gross (1) 2,034 | | | | 1,621 Merchant cash advances receivable, gross | | 392 | | | | 358 Allowance for credit losses related to uncollectible loans and merchant cash advances receivable ( 242 ) | | | | ( 195 ) Loans and merchant cash advances, net | | 2,184 | | | | 1,784 (1) Included in the loans receivable gross balance as of June 30, 2026 is $ 44 million of interest receivable (December 31, 2025 - $ 24 million).

Shopify Payments penetration rate

68.0%

Merchant solutions revenues increased for the three months ended June 30, 2026 compared to the same period in 2025. The largest component of the period-over-period change was an increase in Shopify Payments revenue of $624 million, relating to payment processing and currency conversion fees, growing in the three months ended June 30, 2026 compared to the same period in 2025. This increase was a result of an increase in our Shopify Payments penetration rate and an increase in GMV from merchants using our platform. These factors drove $21.4 billion of additional GMV facilitated using Shopify Payments in the three months ended June 30, 2026 compared to the same period in 2025, representing growth of 38%. For the three months ended June 30, 2026, the Shopify Payments penetration rate was 68%, resulting in GMV of $78.1 billion that was facilitated using Shopify Payments. This compares to a penetration rate of 64% resulting in GMV of $56.6 billion that was facilitated using Shopify Payments in the same period in 2025.

Shopify Payments penetration rate — year to date

67.0%

Merchant solutions revenues increased for the six months ended June 30, 2026 compared to the same period in 2025. The largest component of the period-over-period change was an increase in Shopify Payments revenue of $1.2 billion, relating to payment processing and currency conversion fees, growing 31 Table of Contents in the six months ended June 30, 2026 compared to the same period in 2025. This increase was a result of an increase in our Shopify Payments penetration rate and an increase in GMV from our merchants using our platform. These factors drove $41.0 billion of additional GMV facilitated using Shopify Payments in the six months ended June 30, 2026 compared to the same period in 2025, representing growth of 39%. For the six months ended June 30, 2026, the Shopify Payments penetration rate was 67%, resulting in GMV of $145.1 billion that was facilitated using Shopify Payments. This compares to a penetration rate of 64% resulting in GMV of $104.1 billion that was facilitated using Shopify Payments in the same period in 2025.

Shopify Payments GMV year-over-year growth

38.0%

Merchant solutions revenues increased for the three months ended June 30, 2026 compared to the same period in 2025. The largest component of the period-over-period change was an increase in Shopify Payments revenue of $624 million, relating to payment processing and currency conversion fees, growing in the three months ended June 30, 2026 compared to the same period in 2025. This increase was a result of an increase in our Shopify Payments penetration rate and an increase in GMV from merchants using our platform. These factors drove $21.4 billion of additional GMV facilitated using Shopify Payments in the three months ended June 30, 2026 compared to the same period in 2025, representing growth of 38%. For the three months ended June 30, 2026, the Shopify Payments penetration rate was 68%, resulting in GMV of $78.1 billion that was facilitated using Shopify Payments. This compares to a penetration rate of 64% resulting in GMV of $56.6 billion that was facilitated using Shopify Payments in the same period in 2025.

Shopify Payments GMV year-over-year growth — year to date

39.0%

Merchant solutions revenues increased for the six months ended June 30, 2026 compared to the same period in 2025. The largest component of the period-over-period change was an increase in Shopify Payments revenue of $1.2 billion, relating to payment processing and currency conversion fees, growing 31 Table of Contents in the six months ended June 30, 2026 compared to the same period in 2025. This increase was a result of an increase in our Shopify Payments penetration rate and an increase in GMV from our merchants using our platform. These factors drove $41.0 billion of additional GMV facilitated using Shopify Payments in the six months ended June 30, 2026 compared to the same period in 2025, representing growth of 39%. For the six months ended June 30, 2026, the Shopify Payments penetration rate was 67%, resulting in GMV of $145.1 billion that was facilitated using Shopify Payments. This compares to a penetration rate of 64% resulting in GMV of $104.1 billion that was facilitated using Shopify Payments in the same period in 2025.

GMV facilitated using Shopify Payments

$78.10B

Merchant solutions revenues increased for the three months ended June 30, 2026 compared to the same period in 2025. The largest component of the period-over-period change was an increase in Shopify Payments revenue of $624 million, relating to payment processing and currency conversion fees, growing in the three months ended June 30, 2026 compared to the same period in 2025. This increase was a result of an increase in our Shopify Payments penetration rate and an increase in GMV from merchants using our platform. These factors drove $21.4 billion of additional GMV facilitated using Shopify Payments in the three months ended June 30, 2026 compared to the same period in 2025, representing growth of 38%. For the three months ended June 30, 2026, the Shopify Payments penetration rate was 68%, resulting in GMV of $78.1 billion that was facilitated using Shopify Payments. This compares to a penetration rate of 64% resulting in GMV of $56.6 billion that was facilitated using Shopify Payments in the same period in 2025.

GMV facilitated using Shopify Payments — year to date

$145.10B

Merchant solutions revenues increased for the six months ended June 30, 2026 compared to the same period in 2025. The largest component of the period-over-period change was an increase in Shopify Payments revenue of $1.2 billion, relating to payment processing and currency conversion fees, growing 31 Table of Contents in the six months ended June 30, 2026 compared to the same period in 2025. This increase was a result of an increase in our Shopify Payments penetration rate and an increase in GMV from our merchants using our platform. These factors drove $41.0 billion of additional GMV facilitated using Shopify Payments in the six months ended June 30, 2026 compared to the same period in 2025, representing growth of 39%. For the six months ended June 30, 2026, the Shopify Payments penetration rate was 67%, resulting in GMV of $145.1 billion that was facilitated using Shopify Payments. This compares to a penetration rate of 64% resulting in GMV of $104.1 billion that was facilitated using Shopify Payments in the same period in 2025.

Monthly Recurring Revenue (MRR)

$221.0M

Key Performance Indicators Our key performance indicators, which we do not consider to be non-GAAP measures, that we use to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions are MRR and GMV. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies. The following table shows MRR and GMV for the three and six months ended June 30, 2026 and 2025: Three months ended June 30, | | | Six months ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 (in US $ millions) Monthly Recurring Revenue | | 221 | | | | 185 | | | | 221 | | | | 185 Gross Merchandise Volume | | 115,567 | | | | 87,837 | | | | 216,310 | | | | 162,587