EXHIBIT 99.2 MANAGEMENT’S DISCUSSION AND ANALYSIS May 7, 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 months ended March 31, 2024 and 2023, and our financial position as of March 31, 2024. You should read this MD&A together with our unaudited condensed consolidated fi ...