The shape sensitivity of Pd catalysts in Suzuki-Miyaura coupling reactions is studied using nanocrystals enclosed by well-defined surface facets. The catalytic performance of Pd nanocrystals with cubic, cuboctahedral and octahedral morphologies are compared. Superior catalytic reactivity is observed for Pd NCs with {100} surface facets compared to {111} facets. The origin of the enhanced reactivity associated with a cubic morphology is related to the leaching susceptibility of the nanocrystals. Molecular oxygen plays a key role in facilitating the leaching of Pd atoms from the surface of the nanocrystals. The interaction of O2 with Pd is itself facet-dependent, which in turn gives rise to more efficient leaching from {100} facets, compared to {111} facets under the reaction conditions.