Shopify Q2 2025 Financial Results: Revenue Growth & Free Cash Flow

Shopify Q2 2025 Financial Results: Revenue Growth & Free Cash Flow

• 1. 1 Internet, Everywhere – August 6, 2025 – Shopify Inc. (NASDAQ, TSX: SHOP) announced today financial results for the quarter ended June 30, 2025. Shopify achieved 31% revenue growth and 16% free cash flow margin, marking eight consecutive quarters of double-digit free cash flow margins. “Today’s results are the payoff from bold bets we made years ago,” said Harley Finkelstein, President of Shopify. “The investments we’re making now will fuel our next chapter. At Shopify, innovation never stops. No matter how good the numbers look, there’s always a new frontier in commerce—and we’ll continue to lead the way.” “Shopify delivered another outstanding quarter, with both GMV and revenue growth rates accelerating in North America, Europe, and Asia Pacific, quarter over quarter. Europe was a particular source of strength, where GMV grew 42% on a constant currency basis,” said Jeff Hoffmeister, Chief Financial Officer of Shopify. “Merchants of every size—from first-time founders to global brands—are choosing Shopify to grow their businesses and their success is what is driving our success.” (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. Shopify Delivers Another Exceptional Quarter in Q2 Three months ended June 30, 2025 June 30, 2024 GMV 87,837 67,245 MRR 185 169 Revenue 2,680 2,045 Gross profit 1,302 1,045 Operating income 291 241 Free cash flow 422 333 YoY revenue growth rate 31% 21% Free cash flow margin 16% 16% Selected Business Performance Information(1) (In US $ millions, except percentages)

• 2. 2 2025 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 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” below for more information. For the third quarter of 2025, we expect: • Revenue to grow at a mid-to-high twenties percentage rate on a year-over-year basis; • Gross profit dollars to grow at a low-twenties percentage rate on a year-over-year basis; • Operating expense as a percentage of revenue to be 38% to 39%; • Stock-based compensation to be $130 million; and • Free cash flow margin to be in the mid-to-high teens. Quarterly Conference Call Shopify’s management team will hold a conference call to discuss our second-quarter results today, August 6, 2025, at 8:30 a.m. ET. The conference call will be webcast on the investor relations section of Shopify’s website at www.shopifyinvestors.com/news-and-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, 2025, 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 is a leading global commerce company that provides essential internet infrastructure for commerce, offering trusted tools to start, scale, market, and run a retail business of any size. Shopify makes commerce better for everyone with a platform and services that are engineered for speed, customization, reliability, and security, while delivering a better shopping experience for consumers online, in store, and everywhere in between. Shopify powers millions of businesses in more than 175 countries and is trusted by brands such as BarkBox, BevMo, ButcherBox, Carrier, JB Hi-Fi, Meta, SKIMS, Supreme, Vuori, and many more. For more information visit www.shopify.com CONTACT INVESTORS: Carrie Gillard Director, Investor Relations IR@shopify.com CONTACT MEDIA: Jackie Warren Senior Lead, Communications press@shopify.com

• 3. 3 Shopify Inc. Condensed Consolidated Statement of Operations (In US $ millions) Three months ended June 30, 2025 June 30, 2024 Revenues Subscription solutions 656 563 Merchant solutions 2,024 1,482 2,680 2,045 Cost of revenues Subscription solutions 121 97 Merchant solutions 1,257 903 1,378 1,000 Gross profit 1,302 1,045 Operating expenses Sales and marketing 415 353 Research and development 394 349 General and administrative 122 60 Transaction and loan losses 80 42 Total operating expenses 1,011 804 Operating income 291 241 Net other income (expense), including taxes(2) 615 (70) Net income 906 171 less: equity investments, marked to market, net of taxes 568 (120) Net income excluding the impact of equity investments(3) 338 291 (2)Net other income (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. The impact of any gains or losses on our equity investments in third parties are not relevant to the fundamentals of our business. Valuations of third parties in public and private markets are outside of our control, and therefore, fluctuations in those valuations have little analytical or predictive value regarding our ability to drive operational results. Note: More detailed Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) are available in the Quarterly Report on Form 10-Q filed concurrently with this press release with US and Canadian regulators and available at www.sec.gov and www.sedarplus.ca.

• 4. 4 Shopify Inc. Condensed Consolidated Balance Sheets (In US $ millions) June 30, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents 1,542 1,498 Marketable securities 4,278 3,981 Trade and other receivables, net 350 342 Loans and merchant cash advances, net 1,597 1,224 Other current assets 234 209 8,001 7,254 Long-term assets Property and equipment, net 46 47 Operating lease right-of-use assets, net 97 93 Intangible assets, net 36 22 Deferred tax assets 31 37 Other long-term assets 28 21 Long-term investments 831 709 Equity and other investments ($3,417 and $3,930, carried at fair value) 4,405 4,647 Equity method investment 595 642 Goodwill 491 452 6,560 6,670 Total assets 14,561 13,924 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities 841 737 Deferred revenue 298 283 Operating lease liabilities 20 18 Convertible senior notes 919 918 2,078 1,956 Long-term liabilities Deferred revenue 123 147 Operating lease liabilities 200 190 Deferred tax liabilities 36 73 359 410 Shareholders’ equity Common stock 9,985 9,634 Additional paid-in capital 281 305 Accumulated other comprehensive income (loss) 5 (10) Accumulated surplus 1,853 1,629 Total shareholders’ equity 12,124 11,558 Total liabilities and shareholders’ equity 14,561 13,924

• 5. 5 Three months ended June 30, 2025 June 30, 2024 Cash flows from operating activities Net income for the period 906 171 Adjustments to reconcile net income to net cash provided by operating activities: Amortization and depreciation 8 10 Stock-based compensation 113 106 Impairment of right-of-use assets and leasehold improvements 10 – Provision for transaction and loan losses 44 26 Deferred income tax expense 98 2 Revenue related to non-cash consideration (12) (21) Net (gain) loss on equity and other investments (682) 76 Net loss on equity method investment 24 44 Unrealized foreign exchange gain (46) (2) Changes in operating assets and liabilities (35) (72) Net cash provided by operating activities 428 340 Cash flows from investing activities Purchases of property and equipment (6) (7) Purchases of marketable securities (1,464) (1,834) Maturities of marketable securities 1,464 1,663 Purchases and originations of loans (944) (710) Repayments and sales of loans 767 594 Purchases of equity and other investments (71) (106) Acquisition of business, net of cash acquired – (26) Other 2 2 Net cash used in investing activities (252) (424) Cash flows from financing activities Proceeds from the exercise of stock options 44 3 Net cash provided by financing activities 44 3 Effect of foreign exchange on cash, cash equivalents and restricted cash 13 (1) Net increase (decrease) in cash, cash equivalents and restricted cash 233 (82) Cash, cash equivalents and restricted cash – beginning of period 1,309 1,623 Cash, cash equivalents and restricted cash – end of period 1,542 1,541 Shopify Inc. Condensed Consolidated Statements of Cash Flows (In US $ millions)

• 6. 6 Three months ended June 30, 2025 June 30, 2024 Net cash provided by operating activities 428 340 less: capital expenditures(4) (6) (7) Free cash flow 422 333 Revenue 2,680 2,045 Free cash flow margin 16% 16% Three months ended June 30, 2025 June 30, 2024 Net income 906 171 less: equity investments, marked to market, net of taxes 568 (120) Net income excluding the impact of equity investments(3) 338 291 Free Cash Flow Reconciliation (In US $ millions, except percentages) The following table illustrates how free cash flow is calculated in this press release: Net Income Excluding the Impact of Equity Investments Reconciliation (In US $ millions) The following table illustrates how Net income excluding the impact of equity investments is calculated in this press release: Reconciliation of Non-GAAP Financial Measures (4)Capital expenditures is equivalent to the amount included in “Purchases of property and equipment” on our Condensed Consolidated Statements of Cash Flows for the reported period.

• 7. 7 Financial Performance Constant Currency Analysis (In US $ millions, except percentages) The following table converts our GMV, revenues, gross profit, and operating income using the comparative period’s monthly average exchange rates. We have provided the below disclosure as we believe it presents a clear comparison of our period-to-period operating results by removing the impact of fluctuations in foreign exchange rates and to assist investors in understanding our financial and operating performance. The table below and our Condensed Consolidated Statement of Operations disclosure are supplements to our condensed consolidated financial statements, which are prepared and presented in accordance with US GAAP (excluding GMV). Three months ended June 30, GMV Revenue Subscription solutions revenue Merchant solutions revenue Gross profit Operating income 2024 as reported 67,245 2,045 563 1,482 1,045 241 2025 as reported 87,837 2,680 656 2,024 1,302 291 Percentage change YoY 31% 31% 17% 37% 25% 21% Constant currency impact 1,042 17 3 14 9 8 Percentage change YoY constant currency 29% 30% 16% 36% 24% 17%

• 8. 8 Forward-looking Statements This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”), including statements related to Shopify’s financial outlook, such as expected revenue and expenses for the next fiscal quarter. These statements can be identified by words such as “will” and “expect” and are based on Shopify’s current projections and expectations about future events and financial results. Known and unknown risks may cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, the Company’s ability to maintain expected growth and manage expenses, the impact of changes in economic conditions and consumer spending in key markets such as the United States, and Europe, and globally, the impact of measures that affect international trade, including tariffs, our reliance on third party cloud providers to deliver services, a cyberattack or security breach, and serious errors or defects in software or hardware. Other factors and risks that may cause actual results to differ materially from those set out in the forward-looking statements are set out in Shopify’s Annual Report on Form 10-K under the heading “Risk Factors” and other filings made with US and Canadian securities regulators, available at www.sec.gov and www.sedarplus.ca. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to management on the date hereof and represent management’s beliefs regarding future events, projection and financial trends, which, by their nature, are inherently uncertain. The forwardlooking statements are provided to give additional information about management’s expectations and beliefs and may not be appropriate for other purposes. Shopify undertakes no duty to publicly update or revise any forward-looking statements, except as may be required by law. Endnotes: Gross Merchandise Volume, or GMV, represents the total dollar value of orders facilitated through the Shopify 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. 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 maintain their subscription the following month and is used by management as a directional indicator of subscription solutions revenue going forward. Free cash flow and free cash flow margin are non-GAAP financial measures which are reconciled in the non-GAAP reconciliation at the end of this press release. Shopify believes free cash flow and free cash flow margin provide useful information to help investors and others understand our operating results and the performance of our business in the same manner as management. Shopify does not reconcile forward-looking non-GAAP free cash flow margin as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. Free cash flow is a non-GAAP financial measure calculated as cash flow from operations less capital expenditures.