Shopify Q3 2026 Investor Presentation

Defining the next era of commerce (Cover)

Content

Title slide with the Shopify logo, the headline 'Defining the next era of commerce' and a 'Q3 2026' pill label.

Layout Structure

Full-bleed dark navy background with the logo top left, a large two-line headline at left center, and a rising area chart with four glowing green data points filling the lower right.

Key Visual Elements

• •Shopify logo
• •Rising purple-to-green area chart
• •Green outlined 'Q3 2026' pill
• •Mixed-weight headline typography

Advisories

Content

Legal disclaimer covering forward-looking statements (including expectations about AI and other emerging technologies, risk factors in the Form 10-K, filings on sec.gov and sedarplus.ca), merchant case studies, use of non-GAAP measures, third-party market data and trademarks; dated November 2026.

Layout Structure

Two-column body text on a dark gradient background under a left-aligned 'Advisories' heading, with the page number at bottom right.

Key Visual Elements

• •Two-column dense text
• •Navy-to-green gradient background
• •Small Shopify bag icon in the footer

Q3 26 Snapshot

Content

Quarter highlights: a quote from President Harley Finkelstein ('In Q3, we powered $119 billion in GMV...'), Q3 launched brands (BevMo!, Canada Goose, The Body Shop, MAC, lululemon) and six KPIs: $1.9T cumulative GMV since inception, $3.7B revenue (+32% YoY constant currency), $1.8B gross profit (+28% YoY), $119B GMV (+30% YoY constant currency), 22% free cash flow margin, and more than 14% US ecommerce market share based on 2025 US Census data.

Layout Structure

Split layout: left panel holds the quote and a brand logo grid; right panel has a strip of four black-and-white merchant photos above a 2x3 KPI grid separated by dotted lines, with footnotes at the bottom.

Key Visual Elements

• •Large KPI numerals
• •Executive quote with green quotation mark
• •Merchant photo strip
• •Brand logo grid
• •Footnotes on market share methodology

Enabling merchants to sell wherever consumers are

Content

Shopify positioned as a Unified Commerce Hub at the center of eight channels: Online, Offline, B2B, Social Commerce, Marketplaces (Amazon, eBay), Shop App, AI Channels (ChatGPT, Perplexity, Meta, Microsoft Copilot and others) and Shoppable Agentic Experiences.

Layout Structure

Left-aligned headline; on the right a large circular wheel diagram divided into dotted segments around a glowing central Shopify hub, set in concentric purple rings.

Key Visual Elements

• •Radial channel wheel
• •Line icons for each channel
• •AI and marketplace partner logos
• •Gradient center circle

Entrepreneurs on Shopify generated $1.2+ trillion in global economic activity

Content

In 2025 entrepreneurs on Shopify generated more than $1.2 trillion in economic activity, up 110% from 2022, broken down by country: USA $688B, UK $94B, Australia $70B, Germany $49B, Canada $43B, France $25B, Japan $21B, Spain $13B, Italy $13B and rest of the world $221B; plus 9.6+ million jobs supported (+193% from 2022). Source: The Entrepreneur Effect.

Layout Structure

Headline and subtitle across the top, a packed bubble chart sized by country value in the middle, and a single large statistic below a dotted divider.

Key Visual Elements

• •Proportional bubble chart
• •Blue, violet and pink bubble palette
• •Large '9.6+' jobs statistic
• •Source footnote

Platform Highlights section divider

Content

Section opener for Platform Highlights with the statement 'Shopify is the best place to start, build, and manage a business with agents.'

Layout Structure

Full-bleed purple-to-teal gradient with a green outlined section pill at top left, Shopify bag icon at top right, and a large three-line statement at the bottom left.

Key Visual Elements

• •Section pill label
• •Soft gradient background
• •Bold keywords within light headline

Shopify and our partners are driving the evolution of agentic experiences for merchants

Content

Five-stage progression of AI agent experiences for merchants: Chat (advice only, work happens in Admin), Connector integrations (reads and changes the store from chat), Visual widgets (interactive Shopify cards in the chat), Cross-platform plugins (Shopify alongside other tools in one workflow) and Rich visual experiences (Shopify's own interface inside the agent), each illustrated with a mock chat screen.

Layout Structure

Two-line headline over five white rounded cards in a row showing UI mockups, with labels and one-line descriptions underneath linked by green arrows.

Key Visual Elements

• •Five UI mockup cards
• •Green connecting arrows
• •Example chat prompts such as 'Add this pan to my store for $159.90'
• •Storefront live preview mockup

We added a wave of AI and connector launches

Content

Monthly timeline of 2026 AI launches from April to October, including AI Toolkit (Apr 9), ChatGPT plugin and Claude connector (May 4), Perplexity connector (May 26), Replit, Manus and v0 (Jun 4), Preview Stores in Shopify CLI (Jul 9), Claude Commerce Agents (Sep 2), ChatGPT Small Business Plugin (Sep 8), Claude for Small Business (Sep 15), Canvas (Oct 1), Grok, Gemini and Microsoft Copilot connectors, Hydrogen GA (Oct 14) and mock.shop (Oct 26); 15 launches in 8 weeks across September and October, with 'Canvas in agents' coming soon.

Layout Structure

Headline and subtitle at top; a stepped bar timeline along a month axis where each bar lists dated launches, bars grow taller toward September and October, and a dotted 'Coming soon' box at the right.

Key Visual Elements

• •Stepped purple bar timeline
• •Dated launch lists
• •Bracket highlighting '15 launches in 8 weeks'
• •Dotted coming-soon placeholder

More AI Channels. More Volume. Better Conversion.

Content

AI impact metrics for Shopify merchants as of Q3 2026, sourced from Shopify global search API usage: 2.6x increase in AI traffic to merchant storefronts YoY, 3.3x increase in orders originating from AI searches YoY, 2x new buyer order rate versus other online channels, and +64% better conversion from AI-referred sessions than organic search.

Layout Structure

Headline and subtitle at top left with four green gradient cards rising in height from left to right like a staircase, connected by dotted lines.

Key Visual Elements

• •Ascending stat cards
• •Large multiplier numerals
• •Green gradient fills
• •Data source footnote

Quarterly Financials section divider

Content

Section opener for Quarterly Financials with the statement 'When our merchants are more successful, Shopify is more successful.'

Layout Structure

Full-bleed navy-to-teal gradient with a green outlined section pill at top left and a large statement at bottom left.

Key Visual Elements

• •Section pill label
• •Blue-teal gradient background
• •Bold emphasis on 'Shopify is more successful'

Merchant GMV and Revenue

Content

Quarterly GMV from Q1 2023 ($50B) to Q3 2026 ($119B), with Q4 2025 at $124B and Q3 2026 growth of +29% reported and +30% in constant currency; quarterly revenue from $1.5B in Q1 2023 to $3.7B in Q3 2026 (+32% reported and constant currency), split into Merchant Solutions (78%) and Subscription Solutions (22%). Both charts carry YoY growth rows in reported and constant currency for every quarter.

Layout Structure

Two-panel chart: purple bar chart of GMV on the left and a stacked area chart of revenue on the right, each with two rows of YoY growth percentages beneath the axis.

Key Visual Elements

• •15-quarter bar chart
• •Stacked area chart with labeled points
• •78% / 22% revenue mix callouts
• •Growth rate rows

Revenue cohorts get stronger over time...

Content

Quarterly revenue of the Q1 2015 merchant cohort (excluding Logistics) from 2015 to 2026, showing 3.4x growth and a 12% CAGR, where growth compares the last four quarters ending Q3 2026 with the cohort's first four full quarters (Q2 2015 to Q1 2016).

Layout Structure

Headline and subtitle at top left, a dark callout box with the 3.4x / 12% CAGR figures, and a full-width mint green bar chart with year markers along the bottom.

Key Visual Elements

• •Long-run quarterly bar chart
• •Growth callout box
• •Methodology footnotes

...that pattern persists across cohorts

Content

Revenue retention curves for the Q1 cohorts of 2015 through 2026 plotted by age in quarters (1 to 46), showing older and newer cohorts alike growing revenue over time with seasonal Q4 peaks; the y-axis is relative revenue growth with no absolute values.

Layout Structure

Multi-line chart filling the slide with a 12-item color legend across the top, age-in-quarters x-axis and a rotated y-axis label.

Key Visual Elements

• •12 colored cohort lines
• •Horizontal legend
• •Seasonal sawtooth pattern
• •Footnote on retention calculation

GMV by Geography

Content

YoY GMV growth in constant currency from Q1 2023 to Q3 2026 for Europe, North America and total: in Q3 2026 Europe grew 33%, North America 28% and total GMV 30%; Europe peaked at 42% in Q2 and Q3 2025.

Layout Structure

Three-line chart with data labels on every point, legend at top left and an axis caption at the bottom.

Key Visual Elements

• •Violet, blue and mint lines
• •Percentage labels on each point
• •Quarter axis

Gross Payments Volume

Content

Gross Payments Volume (GMV processed through Shopify Payments) grew from $36B in Q1 2024 to $81B in Q3 2026, with GMV penetration rising from 60% to 68% (61%, 62%, 64%, 64%, 64%, 65%, 68%, 67%, 68% in the quarters between).

Layout Structure

A widening cone-shaped gradient band running left to right from a small $36B circle to a large $81B circle, with quarterly penetration percentages on vertical stems below.

Key Visual Elements

• •Expanding gradient funnel
• •Start and end value circles
• •Penetration rate markers
• •Definition footnote

Subscription solutions revenue

Content

Subscription Solutions revenue grew from $382M in Q1 2023 to $836M in Q3 2026 (+20% YoY), shown as a mix of Standard plans (52% in Q3 2026), Shopify Plus (28%) and apps, themes, domains and variable platform fees (20%).

Layout Structure

15 stacked columns with percentage labels in each segment, legend across the top and highlighted value bubbles over the first and last columns.

Key Visual Elements

• •Three-segment stacked bars
• •Indigo, lavender and mint palette
• •$836M highlight bubble
• •Rounding footnote

Gross Profit

Content

Quarterly gross profit from $717M in Q1 2023 (+13%) to $1.8B in Q3 2026 (+28%), with gross margin for each quarter ranging from 46.1% (Q4 2025) to 52.6% (Q3 2023); Q3 2026 gross margin was 47.6%.

Layout Structure

Purple gradient bar chart with value and growth labels above each bar, dotted year separators, and a gross margin row along the bottom.

Key Visual Elements

• •Labeled bars with growth rates
• •Year divider lines
• •Gross margin row

Operating Leverage

Content

Operating expenses excluding one-time items as a percentage of revenue, grouped by quarter across years: Q1 fell from 60% (2023) to 37% (2026), Q2 from 48% to 34%, Q3 from 43% to 32%, and Q4 from 36% (2023) to 29% (2025).

Layout Structure

Four groups of mint gradient bars separated by dotted lines, with a dotted downward trend arrow across the top and a caption under the chart.

Key Visual Elements

• •Grouped bars by fiscal quarter
• •Downward dotted trend arrow
• •Non-GAAP footnote

Operating Expenses by Category

Content

Adjusted operating expenses as a share of revenue fell from 33% in Q3 2024 and Q3 2025 to 29% in Q3 2026; in Q3 2026 sales and marketing was 12%, research and development 11%, general and administrative 3% and transaction and loan losses 3%.

Layout Structure

Three stacked columns for Q3 2024, Q3 2025 and Q3 2026 with segment labels on the left of each column and circled totals above connected by a dotted line.

Key Visual Elements

• •Four-category stacked bars
• •Circled total percentages
• •Category legend
• •Non-GAAP footnote

Operating Income and Free Cash Flow

Content

Operating income rose from $1.1B (12% margin) in 2024 to $1.5B (13%) in 2025 and $2.1B (15%) for the last twelve months ended September 30, 2026; free cash flow rose from $1.6B (18% margin) to $2.0B (17%) and $2.7B (19%) over the same periods. A footnote explains that from April 2026 merchant cash advance cash flows are presented within investing activities, a $30 million net cash use in Q3 2026.

Layout Structure

Two side-by-side bar charts divided by a vertical rule, green for operating income and purple for free cash flow, each with a margin line overlaid.

Key Visual Elements

• •Bar charts with overlaid margin lines
• •LTM column
• •Detailed footnotes

We're just getting started

Content

Closing statement: 'However commerce evolves, Shopify will be the engine behind it. The merchants who are the backbone of the economy demand it of us.', paired with a photo of the founder of merchant brand Merci Handy.

Layout Structure

Split slide with a teal-blue gradient text panel on the left carrying a section pill and statement, and a full-height lifestyle photo with the brand wordmark on the right.

Key Visual Elements

• •Lifestyle merchant photo
• •Merci Handy logo
• •Green outlined pill label

Appendix: Non-GAAP and other financial measures

Content

Appendix section divider introducing the non-GAAP and other financial measures that follow.

Layout Structure

Full-bleed green-to-blue gradient with an 'Appendix' pill at top left and a large two-line title at the bottom.

Key Visual Elements

• •Appendix pill
• •Green-blue gradient
• •Large mixed-weight title

Non-GAAP and other financial measures

Content

Definitions of adjusted operating expenses, operating expenses excluding one-time items, operating leverage, free cash flow (cash from operations less capital expenditures) and free cash flow margin, with an explanation of why management uses them; dated November 2026.

Layout Structure

Light gray background with a large dark heading and three justified paragraphs of body text.

Key Visual Elements

• •Light theme text slide
• •Justified paragraphs

Reconciliation of GAAP operating expenses to adjusted operating expenses (sales and marketing, R&D)

Content

Quarterly table in US$ millions from Q1 2023 to Q3 2026 reconciling GAAP sales and marketing and research and development to adjusted figures; in Q3 2026 GAAP sales and marketing was 466 and adjusted 453 (12% of revenue), and GAAP R&D was 497 and adjusted 393 (11% of revenue).

Layout Structure

Full-width 15-column financial table on a light background with bold subtotal rows and heavy rules separating sections.

Key Visual Elements

• •Dense numeric table
• •Bold subtotal rows
• •Year separator lines

Reconciliation of GAAP operating expenses to adjusted operating expenses (G&A, losses, total)

Content

Continuation table covering general and administrative, transaction and loan losses and total operating expenses; in Q3 2026 GAAP operating expenses were 1,213 and adjusted operating expenses 1,067, or 29% of revenue. Q2 2023 shows the one-time 1,340 impairment on the sale of Shopify's logistics businesses.

Layout Structure

Full-slide table without a title, same 15 quarterly columns, with line items for SBC, impairments, severance and litigation adjustments.

Key Visual Elements

• •Continuation table
• •Parenthesized negatives
• •Bold totals and percent-of-revenue rows

Reconciliation of GAAP operating expenses to operating expenses excluding one-time items

Content

Table reconciling GAAP operating expenses to operating expenses excluding one-time items for Q1 2023 to Q3 2026, the basis of the operating leverage chart; the ratio fell from 60% of revenue in Q1 2023 to 32% in Q3 2026, with no one-time items in 2026.

Layout Structure

Title above a shorter version of the same 15-column table occupying the top two-thirds of the slide.

Key Visual Elements

• •Compact reconciliation table
• •Bold result rows

Reconciliation of free cash flow

Content

Annual free cash flow from 2020 to 2025 (383, 485, (186), 905, 1,597 and 2,007 in US$ millions; 2025 margin 17% on revenue of 11,556) and quarterly figures from Q1 2023 to Q3 2026, with Q3 2026 operating cash flow of 818, capital expenditures of (2), free cash flow of 816 on revenue of 3,742 for a 22% margin.

Layout Structure

Two stacked tables on a light background, an annual table on top and a 15-quarter table below, with footnotes on capital expenditures and the merchant cash advance presentation change.

Key Visual Elements

• •Annual and quarterly tables
• •Margin rows
• •Footnotes

Make commerce better for everyone (Closing)

Content

Closing slide repeating the cover design with Shopify's mission line 'Make commerce better for everyone'.

Layout Structure

Mirror of the cover: dark navy background, logo top left, large headline at left center and the rising area chart at lower right.

Key Visual Elements

• •Shopify logo
• •Rising area chart
• •Mission statement headline