ADDED
The registrant had 1,226,037,779 Class A Subordinate Voting Shares, 78,073,594 Cla ss B Res tricted Voting Shares and 1 Founder Share issued and outstanding as of February 6, 2026 .
In some cases, you can identify forward-looking statements by terminology such as "enable", "may", "might", "will", "should", "could", "expects", "focused on", "intends", "plans", "anticipates", "believes", "predicts", "potential", "continue", "become", "seek", "strive" or the negative of these terms or other similar words.
Shopify's all-in-one platform makes it easier to start, run and grow a business, powering sales online, in store, and everywhere in between.
Shopify's mission is to make 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 everywhere.
As owners and operators, merchants set their course, while Shopify offers them the tools to seamlessly manage, market and sell their products across various sales channels, including online storefronts, physical retail spaces, AI platforms, social media and more.
As of December 31, 2025, we had millions of merchants from more than 175 countries using our platform, geographically dispersed as follows: 44% in the United States, 31% in Europe, the Middle East and Africa, 16% in Asia Pacific, Australia and China, 5% in Canada and 5% in Latin America.
As of December 31, 2025, more than 21,000 apps were available in the Shopify App Store.
Merchants who sign on to Shopify Plus or our enterprise offering initially have annual or multi-year subscription terms.
We principally generate merchant solutions revenues from payment processing fees and currency conversion fees from Shopify Payments, our fully integrated payment solution.
We also generate merchant solutions revenue from our lending services, referral fees from partners, the sale of shipping labels, the sale of Point of Sale ("POS") hardware, advertising on the Shopify App Store and Shop Campaigns, our buyer acquisition offering.
REMOVED
The registrant ha d 1,215,528,049 C lass A Subordinate Vot ing Shares, 79,292,685 Class B Res tricted Voting Shares and 1 Founder Share issued and outstanding as of February 7, 2025.
In some cases, you can id entify forward-looking statements by terminology such as "enable", "may", "might", "will", "should", "could", "expects", "intends", "plans", "anticipates", "believes", "predicts", "potential", "continue", "become", "seek", "strive" or t he negative of these terms or other similar words.
Any f orward-looking statements are based on our management s perception of historic trends, current conditions and expected future developments, as well as other assumptions that management believes are appropriate in the circumstances.
6 Table of C ontents Part I Item 1: Business Overview Shopify is a leading global commerce technology company, offering trusted tools to start, scale, market and run a business of any size.
Shopify's mission is to make commerce better for everyone with a platform and services that are engineered for simplicity and reliability, while delivering a better shopping experience for consumers everywhere.
This platform allows merchants to seamlessly manage, market and sell their products across various sales channels, including online storefronts, physical retail spaces, social media and more.
As of December 31, 2024, we had millions of merchants from more than 175 countries using our platform, geographically dispersed as follows: 45% in the United States, 30% in Europe, the Middle East and Africa, 15% in Asia Pacific, Australia and China, 5% in Canada and 5% in Latin America (Mexico and South America).
7 Table of C ontents Ecosystem A rich ecosystem of app developers, theme designers and other partners, such as digital and service professionals, marketers, photographers and affiliates has evolved around the Shopify platform.
As of December 31, 2024, more than 16,000 apps were available in the Shopify App Store.
Offered at a starting rate that is several times that of our Advanced plan, the Shopify Plus plan solves for the complexity of merchants as they grow and scale globally, offering additional functionality and support, including features like Shopify Audiences for customer acquisition, B2B features for selling wholesale and Launchpad for ecommerce automation.