Shopify (SHOP): what its 10-K says it depends on

Suppliers

Google Cloud

depends on

Shopify is a company that wants to see the next century and has taken many steps to build a sustainable business, including addressing emissions from building and home office energy usage and business travel and leveraging Google Cloud for most platform operations.Business (Item 1)

Also named by AAON, CME, DGX, ETSY, FTNT, GTLB, LBTYA, MSTR and 4 more

Partners and platforms

Shopify App Store

earns from · more than 21,000 apps

As of December 31, 2025, more than 21,000 apps were available in the Shopify App Store.Business (Item 1)

Other companies

Flexport

$602 millionnamed as a risk

Our equity method investment in Flexport, representing $602 million of our investments as of December 31, 2025, is subject to market-related risks based on our share of income or loss, including amortization of the basis difference, from this investment which may cause volatility to our earnings.Market risk (Item 7A)

Klaviyo

$75 millionnamed as a risk

Our investment option derivative to purchase Series B common shares in Klaviyo, representing $75 million of our investments as of December 31, 2025, is impacted by market price volatility and interest rates.Market risk (Item 7A)

Shopify Plus

earns from

While most merchants subscribe to our Basic and Grow plans, the majority of our gross merchandise volume ("GMV") has been generated from merchants subscribing to our Shopify Plus plan and enterprise offerings.Business (Item 1)

Shopify Payments

earns from

We principally generate merchant solutions revenues from payment processing fees and currency conversion fees from Shopify Payments, our fully integrated payment solution.Business (Item 1)

Places

United States

concentrated in · 44% in the United States

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.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Europe, the Middle East and Africa (EMEA)

concentrated in · 31% in Europe, the Middle East and Africa

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.Business (Item 1)

Also named by BLK, BNY

Commodities and inputs

Euro (EUR)

exposed to its pricenamed as a risk

Due to offering Shopify Payments, Shopify Capital, subscriptions and other billings to select countries in local currency, a significant proportion of revenue transactions are denominated in EUR, GBP and CAD.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Canadian dollar (CAD)

exposed to its pricenamed as a risk

Due to offering Shopify Payments, Shopify Capital, subscriptions and other billings to select countries in local currency, a significant proportion of revenue transactions are denominated in EUR, GBP and CAD.Market risk (Item 7A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

British pound (GBP)

exposed to its pricenamed as a risk

Due to offering Shopify Payments, Shopify Capital, subscriptions and other billings to select countries in local currency, a significant proportion of revenue transactions are denominated in EUR, GBP and CAD.Market risk (Item 7A)

Also named by ABBV, ADBE, AJG, AME, AMP, APA, BF/B, BRO and 39 more

Australian dollar (AUD)

exposed to its pricenamed as a risk

The exchange rate effect is primarily driven by fluctuations in EUR, CAD, GBP and AUD foreign exchange rates.Market risk (Item 7A)

Also named by ADBE, BEN, BF/B, BTU, CSGP, EEFT, EZPW, GPC and 13 more

Regulators

Office of Foreign Assets Control (OFAC)

subject tonamed as a risk

We are subject to U.S. and Canadian laws and regulations that may govern or restrict our business and activities in certain countries and with certain persons, including the economic sanctions regulations administered by the U.S. Treasury Department’s Office of Foreign Assets Control, the sanctions regulations administered or enforced by the Office of the Superintendent of Financial Institutions in Canada, and the export control laws administered by the U.S. Commerce Department’s Bureau of Industry and Security, the U.S. State Department’s Directorate of Defense Trade Controls and the Canadian Export and Import Controls Bureau.Business (Item 1)

Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more

U.S. Bureau of Industry and Security (BIS)

subject tonamed as a risk

We are subject to U.S. and Canadian laws and regulations that may govern or restrict our business and activities in certain countries and with certain persons, including the economic sanctions regulations administered by the U.S. Treasury Department’s Office of Foreign Assets Control, the sanctions regulations administered or enforced by the Office of the Superintendent of Financial Institutions in Canada, and the export control laws administered by the U.S. Commerce Department’s Bureau of Industry and Security, the U.S. State Department’s Directorate of Defense Trade Controls and the Canadian Export and Import Controls Bureau.Business (Item 1)

Also named by AAOI, AMD, APH, CRWV, EXTR, GLW, GTLB, LITE and 5 more

Office of the Superintendent of Financial Institutions (OSFI)

subject tonamed as a risk

We are subject to U.S. and Canadian laws and regulations that may govern or restrict our business and activities in certain countries and with certain persons, including the economic sanctions regulations administered by the U.S. Treasury Department’s Office of Foreign Assets Control, the sanctions regulations administered or enforced by the Office of the Superintendent of Financial Institutions in Canada, and the export control laws administered by the U.S. Commerce Department’s Bureau of Industry and Security, the U.S. State Department’s Directorate of Defense Trade Controls and the Canadian Export and Import Controls Bureau.Business (Item 1)

Also named by COF, PRI

Technology

Ruby on Rails

depends on

Open source has played a major role at Shopify from the beginning given our founder's active role on the core team that built Ruby on Rails, the technology that powers much of the Shopify platform.Business (Item 1)