EXHIBIT 99.2 MANAGEMENT'S DISCUSSION AND ANALYSIS August 6, 2024 In this Management's Discussion and Analysis ("MD&A"), "we", "us", "our", "Shopify" and "the Company" refer to Shopify Inc. and its consolidated subsidiaries, unless the context requires otherwise. In this MD&A, we present Shopify's results of operations and cash flows for the three and six months ended June 30, 2024 and 2023, and our financial position as of June 30, 2024. You should read this MD&A together with our unaudited condensed consol ...