Second-Quarter Financial Highlights (all comparisons are to the second quarter of 2023)

• Gross Merchandise Volume1 (“GMV”) increased 22% to $67.2 billion

• Revenue increased 21% to $2.0 billion, which translates into year-over-year growth of 25% after adjusting for the sale of our logistics businesses

• Merchant Solutions revenue increased 19% to $1.5 billion, driven primarily by the growth of GMV and continued penetration of Shopify Payments

• Gross Payments Volume2 (“GPV”) grew to $41.1 billion, representing 61% of GMV processed in the quarter, versus $31.7 billion, or 58%

Subscription Solutions revenue increased 27% to $563 million, driven by growth in the number of merchants and pricing increases on our subscription plans

• Monthly Recurring Revenue3 (“MRR”) as of June 30, 2024 increased 25% to $169 million, driven by growth in merchants. Shopify Plus contributed $52 million, or 31%, of MRR

• Gross profit dollars grew 25% to $1.0 billion. Gross margin for the quarter was 51.1% compared to 49.3%, driven primarily by the lack of the dilutive impact of the logistics businesses and changes in pricing plans partially offset by continued growth of payments

• Free cash flow4 was $333 million compared to free cash flow of $97 million

• Free cash flow margin4 for the quarter was 16% compared to free cash flow margin of 6%

• Cash and marketable securities were $5.0 billion as of June 30, 2024, and we had a net cash position of $4.1 billion after consideration of our outstanding convertible notes

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