| Firm | Analyst |
|---|---|
| Arete Research | Rocco Strauss |
| Argus | Jim Kelleher |
| ATB Capital Markets | Martin Toner |
| Autonomous | Rob Wildhack |
| Baird | Colin Sebastian |
| Bank of America Securities | Brad Sills |
| Barclays | Trevor Young |
| Benchmark | Mark Zgutowicz |
| BMO | Thanos Moschopoulos |
| BNP Paribas Exane | Nick Jones |
| Canaccord Genuity | David Hynes |
| Cantor Fitzgerald | Deepak Mathivanan |
| Capital One Securities | Connor Murphy |
| CIBC Capital Markets | Todd Coupland |
| CICC | Aaron Tao |
| Citi Investment Research | Tyler Radke |
| CITIC Securities | Alex Liu |
| Cleveland Research Company | Cooper Rea |
| D. A. Davidson | Gil Luria |
| Deutsche Bank | Bhavin Shah |
| Evercore ISI | Mark Mahaney |
| Financial Technology Partners | Craig Maurer |
| Goldman Sachs | Gabriela Borges |
| Jefferies | Samad Samana |
| JMP Securities | Andrew Boone |
| JP Morgan | Reggie Smith |
| KeyBanc Capital Markets | Justin Patterson |
| Loop Capital Markets | Anthony Chukumba |
| Mizuho Securities | Siti Panigrahi |
| Moffett Nathanson | Michael Morton |
| Morgan Stanley | Keith Weiss |
| Morningstar | Dan Romanoff |
| National Bank Financial | Richard Tse |
| Needham | Scott Berg |
| NewStreet | Dan Salmon |
| Oppenheimer & Co. | Ken Wong |
| Phillip Securities | Helena Wang |
| Raymond James | Brian Peterson |
| RBC Capital Markets | Paul Treiber |
| Redburn Atlantic | Dominic Ball |
| Roth Capital Partners | Darren Aftahi |
| Scotiabank | Kevin Krishnaratne |
| Seaport Research Partners | Jeff Cantwell |
| Stifel | Parker Lane |
| Truist Securities | Terry Tillman |
| UBS Investment Bank | Tim Chiodo |
| Veritas Investment Research | Liam Gallagher |
| Wedbush | Scott Devitt |
| Wells Fargo | Ken Gawrelski |
| William Blair | Arjun Bhatia |
| Wolfe Research | Shweta Khajuria |
Shopify Inc. is followed by the analysts listed. Please note that any opinions, estimates or forecasts regarding Shopify Inc.'s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Shopify Inc. or its management. Shopify Inc. does not by its reference or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.