Slides
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Defining the next era of commerce Q3 2026 Inv Deck Q1 Deck
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2 This presentation contains forward-looking statements and forward looking information (collectively, “forward-looking statements”) that are based on our management’s current estimates, beliefs and assumptions and management’s perception of historic trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances, including Shopify’s expectations regarding the development of emerging technologies, including AI. These statements may be identified by words such as “expect” “enable”, "will", “may”, “should”, “assume”, “plan”, “intends”, “believe”, “become”, and “continue” or other similar words. Although we believe that the plans, intentions, expectations, assumptions and strategies reflected in these forward-looking statements are reasonable, these statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control, and that may cause our actual results to be materially different from any future results expressed or implied by these forward-looking statements. Although the forward-looking statements contained in this presentation are based upon what we believe are reasonable assumptions, investors are cautioned against placing undue reliance on these statements since actual results may vary from the forward-looking statements. These risks include, but are not limited to, the adoption and impact of emerging technologies such as AI, our reliance on third-party providers to deliver services, a cyberattack or security breach, and serious errors or defects in software or hardware. These risks are described in further detail in our Annual Report on Form 10-K, in 'Item 1A : Risk Factors' and 'Item 7A : Quantitative and Qualitative Disclosures About Market Risk’ and as further described in subsequent quarterly reports and other filings with the U.S. Securities and Exchange Commission and the securities commissions or similar securities regulatory authorities in each of the provinces or territories of Canada, which are available on www.sec.gov and on www.sedarplus.ca. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from those expressed, implied or projected by the forward-looking statements. References to long-term trends in our model are forward-looking and made as of the current date. Nothing in this presentation should be regarded as a representation by any person that these long-term trends will be achieved and we undertake no duty to update these long-term trends or any other forward-looking statements contained in this presentation, except as required by law. We believe that the case studies presented in this presentation provide a representative sample of how our merchants have been able to use various features of our platform to grow their respective businesses. References in this presentation to growth and sales following implementation of our platform do not necessarily mean that our platform was the only factor contributing to such increases. To supplement our financial information, which is prepared and presented in accordance with United States generally accepted accounting principles ("GAAP"), Shopify uses certain non-GAAP and other financial measures to assist investors in understanding our financial and operating performance. These measures are not recognized measures for financial statement presentation under GAAP, do not have standardized meanings, and may not be comparable to similar measures presented by other public companies. These measures should be considered a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Please refer to the Appendix titled “Non-GAAP and Other Financial Measures” for further information. This presentation contains information concerning our industry, including information relating to the size of the markets in which we participate, that are based on industry surveys and publications or other publicly available information, other third-party survey data and research reports. This information involves many assumptions and limitations, there can be no guarantee as to the accuracy or reliability of such assumptions and you are cautioned not to give undue weight to this information. While we believe this information to be reliable, it has not been independently verified. This presentation contains trademarks, service marks, trade names and copyrights of Shopify and other companies, which are the property of their respective owners. November 2026 Advisories
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3 Free cash flow margin Global commerce* since Shopifyʼs inception $1.9T Global commerce* since Shopifyʼs inception Revenue +32% YoY in constant currency $1.9T $14.2B 22% [TBU] Free cash flow margin [TBU] Alternative to 4 In Q3, we powered $119 billion in GMV, while continuing to build commerce into every surface, every agent, and increasingly, everywhere.” “ Harley Finkelstein President, Shopify GMV +30% YoY in constant currency $119B Revenue +32% YoY in constant currency $3.7B Gross Profit +28% YoY $1.8B 22% Q3 26 Snapshot US ecommerce market share** and expect further penetration >14% Image Q3 Launched Brands * Cumulative Shopify GMV since Shopifyʼs inception. ** The US ecommerce market is based on US Census Bureau data (Quarterly Retail E-Commerce Sales, not adjusted) for 2025. Shopify market share represents sales by Shopify merchants based on Shopifyʼs 2025 US GMV (excluding merchant sales made through POS). Q3 LAUNCHED BRANDS
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4 Enabling merchants to sell wherever consumers are. Offline B2B Social Commerce Marketplaces Shop App AI Channels Online Shoppable Agentic Experiences Shopify Unified Commerce Hub
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5 Catalog Entrepreneurs on Shopify generated $1.2+ trillion in global economic activity 9.6+ In 2025, +110% from 2022 +193% from 2022 Thatʼs larger than the annual GDP of most countries million jobs supported by Shopify-powered businesses USA $688B Rest of the world $221B Australia $70B Germany $49B Canada $43B UK $94B France $25B Spain $13B Italy $13B Japan $21B Data for 2025. Source: The Entrepreneur Effect
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Shopify is the best place to start, build, and manage a business with agents. Platform Highlights
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7 Shopify and our partners are driving the evolution of agentic experiences for merchants Catalog - Shop Pay - AI connectors (Muse, OpenAI App Extensions, Copilot plugin, Claude, Manus etc)? Chat Advice only. The work happens in Admin. Connector integrations Reads and changes the store from chat. Visual widgets Interactive Shopify cards, right in the chat. Cross-platform plugins Shopify alongside other tools, in one workflow. Rich visual experiences Shopifyʼs own interface inside the agent.
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8 We added a wave of AI and connector launches Catalog Apr 9 AI Toolkit Apr May 4 ChatGPT plugin Claude connector May 26 Perplexity connector May Jun 4 Replit Manus v0 Jun Jul 9 Preview Stores in Shopify CLI Jul 21 New theme architecture Jul Aug Sep 1 Shopify in Stripe Projects Sep 2 Claude Commerce Agents Sep 8 ChatGPT Small Business Plugin Sep 15 Claude for Small Business Sep 17 Digital Products in Agents Sep 29 Agentic product sourcing in ChatGPT and Claude Muse connector Sep 30 Shopify plugin extension in ChatGPT Sep Oct 1 Canvas Oct 8 Grok and Grok Bot connectors Oct 9 Gemini connector Oct 14 Hydrogen GA Oct 14 Digital Products in more agents Oct 22 Microsoft Copilot connector Oct 26 mock.shop Oct Canvas in agents Coming soon 15 launches in 8 weeks Start, build and manage from many AI tools, with Shopify as the commerce engine underneath …and we add more tools every week.
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9 12,000+ Custom apps created in Q1 alone Nearly half of all Shopify Flows generated in Q1 were built with Sidekick Increase in orders originating from AI searches YoY 2.6x 3.3x Increase in AI traffic to merchant storefronts YoY 2x New buyer order rate vs. other online channels As of Q3 2026. Data is sourced from Shopify global search API usage. More AI Channels. More Volume. Better Conversion. Shopify merchants are seeing the impact +64% Better conversion from AI-referred sessions than organic search
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When our merchants are more successful, Shopify is more successful Quarterly Financials
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11 $88 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Revenue ($B) Merchant GMV and Revenue $75 $70 $94 $67 Q2 2024 $3.7 $2.2 $2.8 $2.4 $2.0 Merchant Solutions Subscription Solutions Percentage of revenue $61 $75 $56$55 $50 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 $1.9 $2.1 $1.7$1.7$1.5 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 GMV ($B) YoY growth YoY growth $92 Q3 2025 +24% +26% +23% +31%+22%+23%+23%+22%+17%+15% +32% Q3 2025 $2.7 +26% +31% +27% +31%+21%+23%+24%+25%+31%+25% +32% $124 Q4 2025 +31% $2.8 Q4 2025 22% 78% +31% Numbers may not foot due to rounding. $3.7 $101 Q1 2026 +35% Q1 2026 +34% +24% +26% +25% +29%+23%+23%+22%+21%+18%+18% +30% +29% +30% +26% +31% +28% +30%+21%+23%+23%+25%+31%+27% +31% +29% +32% $3.2 YoY growth (constant currency) YoY growth (constant currency) $116 Q2 2026 +32% +30% Q2 2026 +32% +32% Q3 2026 +29% +30% $119 $3.6 Q3 2026 +34% +33%
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12 3.4x Growth* 12% CAGR Example of quarterly revenue from a single cohort, the Q1 2015 merchant cohort, excluding Logistics (as of November 2026). *Growth calculation reflects last four quarters of revenue reported (ending in Q3 2026) divided by first four full quarters of revenue (Q2 2015-Q1 2016 for the Q1 2015 merchant cohort). 2021201720162015 2018 2019 2020 2022 2023 2024 2025 2026 Revenue cohorts get stronger over time… How our Q1 2015 cohort has grown
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13 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Age in quarters Revenue growth …that pattern persists across cohorts Q1 2023 Q1 2024 Examples of quarterly revenue retention from merchant cohorts, excluding Logistics. *Revenue retention calculation reflects the quarterly revenue in a given period for each cohort divided by each cohortʼs first full fiscal quarter of revenue after joining the platform, respectively. Q1 2025 Q1 2026 *
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14 NA cc vs reported Europe cc vs reported Total cc vs reported 3 charts GMV by Geography Total GMV (Constant Currency)North America GMV (Constant Currency)Europe GMV (Constant Currency) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q3 2025 Q4 2025 Q1 2026 Q2 2026 28% 33% 35% 34% 35% 33% 35% 37% 39% 42% 42% 35% 35% 34% 18% 18% 21% 22% 23% 23% 24% 26% 25% 29% 30% 29% 30% 30% 14% 14% 17% 18% 19% 19% 19% 22% 19% 24% 26% 25% 28% 28% GMV Growth YoY in Constant Currency 33% 30% 28% Q3 2026
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15 Gross Payments Volume GMV penetration % Q1 2024 60% Q3 2024 62% Q4 2024 64% Q1 2025 64% Q3 2025 65% $36B $81B Q2 2024 61% Q2 2025 64% Q2 2026 68% Gross Payments Volume, or GPV, is the amount of GMV processed through Shopify Payments Q4 2025 68% Q1 2026 67% Q3 2026 68%
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16 Gross Profit YoY growth rateGross profit Q3 2024 Q4 2024 Q1 2025 Q2 2025Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023 $717M +13% 51.1% 51.7% 48.1% 49.5%51.4%49.5%52.6%49.3%47 .5% Gross margin 48.6% 48.9% Q3 2025 46.1% Q4 2025 $835M +27% $901M +36% $1.1B +33% $957M +33% $1.0B +25% $1.1B +24% $1.4B +27% $1.2B +22% $1.3B +25% $1.4B +24% $1.7B +25% 48.8% Q1 2026 $1.5B +32% $1.7B +31% 47 .7% Q2 2026 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2026 Gross Profit 717,000 ,000 835,000 ,000 901,000 ,000 1,062,0 00,000 957,000 ,000 1,045,0 00,000 1,118,0 00,000 1,352,0 00,000 1,169,0 00,000 1,302,0 00,000 1,391,0 00,000 1,693,0 00,000 1,546,0 00,000 1,708,0 00,000 1,781,000, 000 Gross Margin 47.5% 49.3% 52.6% 49.5% 51.4% 51.1% 51.7% 48.1% 49.5% 48.6% 48.9% 46.1% 48.8% 47.7% 47.6% Revenue 268000 0000 284400 0000 367200 0000 3,170,0 00,000 3,583,0 00,000 3,742,000, 000 $1.8B +28% Q3 2026 47 .6%
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17Chart depicts Operating Leverage, which is measured using Operating Expenses (Opex) as a percentage of revenue. Numbers may not foot due to rounding. Operating Expenses, excluding one-time items, is a non-GAAP measure that is reconciled in the Appendix. Excludes one-time items including severance, loss on sale of businesses, real estate impairments, accelerated stock-based compensation and legal settlements. 60% Q1 2023 47% Q1 2024 41% Q1 2025 37% Q2 2025 42% Q2 2024 48% Q2 2023 37% Q3 2025 39% Q3 2024 43% Q3 2023 36% Q4 2023 32% Q3 2026 Operating Leverage 29% Q4 2025 37% Q1 2026 34% Q2 2026 29% Q4 2025 32% Q4 2024 Total operating expenses, excluding one-time items, as a percentage of revenue
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18 Operating Expenses by Category Sales and marketing Research and development General and administrative Transaction and loan losses Total adjusted operating expenses as percentage of revenue Q3 2024 Q3 2025 Q3 2026 33% Chart depicts Operating Leverage, which is measured using Adjusted Operating Expenses (Opex) as a percentage of revenue. Numbers may not foot due to rounding. Adjusted Operating Expenses is a non-GAAP measure that is reconciled in the Appendix. Excludes stock-based compensation, related payroll taxes, acquired intangibles and one-time items (severance, loss on sale of businesses, real estate impairments. 3% 4% 12% 15% 5% 3% 10% 14% 3% 3% 11% 12% 33% 29%
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19 Operating Income and Free Cash Flow *LTM = last twelve months ended September 30, 2026. $1.1B 2024 $1.5B 2025 $2.1B LTM* Q3 2026 Operating income ($B) $1.6B 2024 $2.0B 2025 $2.7B LTM* Q3 2026 Free cash flow** ($B) 12% 13% 15% ● Operating margin 18% 17% 19% ● FCF margin ** Free Cash Flow (FCF) margin is a non-GAAP financial measure. See "Non-GAAP and Other Financial Measures" in the Appendix for more information. Starting in April 2026, the cash flows associated with merchant cash advances are presented within investing cash flows rather than operating cash flows on a basis consistent with loans, given the similar nature of the underlying lending activities. For the three months ended September 30, 2026, the changes described above resulted in a net cash use of $30 million presented in investing activities after consideration of repayments and purchases and originations.
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20 Weʼre just getting started However commerce evolves, Shopify will be the engine behind it. The merchants who are the backbone of the economy demand it of us.
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Appendix Non-GAAP and other financial measures
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22 To supplement our financial information, which is prepared and presented in accordance with United States generally accepted accounting principles ("GAAP"), Shopify uses certain non-GAAP and other financial measures to provide additional information in order to assist investors in understanding our financial and operating performance. These measures are not recognized measures for financial statement presentation under U.S. GAAP and do not have standardized meanings, and may not be comparable to similar measures presented by other public companies. Adjusted operating expenses is a non-GAAP financial measure that excludes the effect of stock-based compensation expenses and related payroll taxes, amortization of acquired intangibles, accelerated stock-based compensation, severance, impairment of right-of-use assets and leasehold improvements, provisions associated with litigation-related accruals and impairment on sales of Shopify’s logistics businesses. Operating expenses, excluding one time items, is a non-GAAP financial measure that excludes accelerated stock-based compensation, severance, impairment of right-of-use assets and leasehold improvements, provisions associated with litigation-related accruals and impairment on sales of Shopify’s logistics businesses. Operating leverage is a non-GAAP ratio that is calculated by dividing operating expenses, excluding one-time items by revenue. Free cash flow is a non-GAAP financial measure calculated as cash flow from operations less capital expenditures. Free cash flow margin is a non-GAAP ratio calculated as free cash flow divided by revenue. Management uses non-GAAP and other financial measures internally for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Shopify believes that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP and other financial measures used herein should be considered a supplement to, and not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Please see the slides that follow for a reconciliation of the non-GAAP financial measures used herein. November 2026 Non-GAAP and other financial measures
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23 Reconciliation of GAAP operating expenses to adjusted operating expenses Expressed in US $ millions, except percentages Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 GAAP Sales and marketing 287 321 295 317 361 353 331 348 405 415 410 433 496 498 466 less: Sales and marketing SBC and related payroll taxes 15 12 13 14 12 10 15 13 13 12 13 10 11 9 13 less: Accelerated stock-based compensation - 1 4 - - - - - - - - - - - - less: Amortization of acquired intangibles 2 1 - - - - - 1 - - - - - - - less: Severance related costs - 28 - - - - - - - - - - - - - Adjusted Sales and marketing 270 279 278 303 349 343 316 334 392 403 397 423 485 489 453 % of Revenue 18% 16% 16% 14% 19% 17% 15% 12% 17% 15% 14% 12% 15% 14% 12% GAAP Research and development 458 648 313 311 335 349 332 351 377 394 375 390 437 445 497 less: Research and development SBC and related payroll taxes 106 88 70 69 72 73 77 81 84 85 78 87 97 94 104 less: Accelerated stock-based compensation - 164 - - - - - - - - - - - - - less: Severance related costs - 102 - - - - - - - - - - - - - less: Amortization of acquired intangibles - - - - - - 1 - 1 1 1 1 1 - - Adjusted Research and development 352 294 243 242 263 276 254 270 292 308 296 302 339 351 393 % of Revenue 23% 17% 14% 11% 14% 13% 12% 10% 12% 11% 10% 8% 11% 10% 11%
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24 Expressed in US $ millions, except percentages Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 GAAP General and administrative 123 131 137 100 124 60 114 112 109 122 115 125 115 136 130 less: General and administrative SBC and related payroll taxes 18 19 20 19 26 23 23 24 25 22 24 27 29 28 29 less: Impairment of right-of-use assets and leasehold improvements - - 38 - - - - - - 10 3 - - - - less: Severance related costs - 18 - - - - - - - - - - - - - less: Litigation contingencies / benefit related to legal contingencies - - - - - (55) - - - - - - - - - Adjusted General and administrative 105 94 79 81 98 92 91 88 84 90 88 98 86 108 101 % of Revenue 7% 6% 5% 4% 5% 4% 4% 3% 4% 3% 3% 3% 3% 3% 3% GAAP Transaction and loan losses 42 31 34 45 51 42 58 76 75 80 148 114 116 141 120 % of Revenue 3% 2% 2% 2% 3% 2% 3% 3% 3% 3% 5% 3% 4% 4% 3% GAAP Operating expenses 910 2,471 779 773 871 804 835 887 966 1,011 1,048 1,062 1,164 1,220 1,213 less: Operating SBC and related payroll taxes 139 119 103 102 110 106 115 118 122 119 115 124 137 131 146 less: Accelerated stock-based compensation - 165 4 - - - - - - - - - - - - less: Amortization of acquired intangibles 2 1 - - - - 1 1 1 1 1 1 1 - - less: Impairment of right-of-use assets and leasehold improvements - - 38 - - - - - - 10 3 - - - - less: Severance related costs - 148 - - - - - - - - - - - - - less: Litigation contingencies / benefit related to legal contingencies - - - - - (55) - - - - - - - - - less: Impairment on sale of Shopify’s logistics businesses - 1,340 - - - - - - - - - - - - - Adjusted Operating expenses 769 698 634 671 761 753 719 768 843 881 929 937 1,026 1,089 1,067 % of Revenue 51% 41% 37% 31% 41% 37% 33% 27% 36% 33% 33% 26% 32% 30% 29%
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25 Reconciliation of GAAP operating expenses to adjusted operating expenses Expressed in US $ millions, except percentages Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 GAAP Operating expenses 910 2,471 779 773 871 804 835 887 966 1,011 1,048 1,062 1,164 1,220 1,213 less: Accelerated stock-based compensation - 165 4 - - - - - - - - - - - - less: Impairment of right-of-use assets and leasehold improvements - - 38 - - - - - - 10 3 - - - - less: Severance related costs - 148 - - - - - - - - - - - - - less: Litigation contingencies / benefit related to legal contingencies - - - - - (55) - - - - - - - - - less: Impairment on sale of Shopify’s logistics businesses - 1,340 - - - - - - - - - - - - - Operating expenses, excluding one-time items 910 818 737 773 871 859 835 887 966 1,001 1,045 1,062 1,164 1,220 1,213 % of Revenue 60% 48% 43% 36% 47% 42% 39% 32% 41% 37% 37% 29% 37% 34% 32%
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26 Reconciliation of free cash flow * 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. Starting in April 2026, the cash flows associated with merchant cash advances are presented within investing cash flows rather than operating cash flows on a basis consistent with loans, given the similar nature of the underlying lending activities. For the three months ended June 30, 2026, the changes described above resulted in a net cash use of $37 million presented in Investing activities after consideration of repayments and purchases and originations. For the three months ended September 30, 2026, the changes described above resulted in a net cash use of $30 million presented in investing activities after consideration of repayments and purchases and originations. In US $ millions, except percentages Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Net cash provided by (used in) operating activities 100 118 278 448 238 340 423 615 367 428 513 725 481 658 818 less: Capital expenditures* (14) (21) (2) (2) (6) (7) (2) (4) (4) (6) (6) (10) (5) (4) (2) Free cash flow 86 97 276 446 232 333 421 611 363 422 507 715 476 654 816 Revenue 1,508 1,694 1,714 2,144 1,861 2,045 2,162 2,812 2,360 2,680 2,844 3,672 3,170 3,583 3,742 Free cash flow margin 6% 6% 16% 21% 12% 16% 19% 22% 15% 16% 18% 19% 15% 18% 22% In US $ millions, except percentages 2020 2021 2022 2023 2024 2025 Net cash provided by (used in) operating activities 425 536 (136) 944 1,616 2,033 less: Capital expenditures* (42) (51) (50) (39) (19) (26) Free cash flow 383 485 (186) 905 1,597 2,007 Revenue 2,929 4,612 5,600 7,060 8,880 11,556 Free cash flow margin 13% 11% (3)% 13% 18% 17%
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Make commerce better for everyone