Shopify (SHOP) Research & Development (2014 - 2026)
Shopify's quarterly Research & Development came in at $437.0 million in Q1 2026, up 15.92% year-on-year from $377.0 million in Q1 2025, and up 12.05% quarter-over-quarter from $390.0 million in Q4 2025.
Shopify has reported Research & Development for 13 years, with the latest figure at $437.0 million in Q1 2026.
- For the quarter ending Q1 2026, Research & Development rose 15.92% year-over-year to $437.0 million; the trailing twelve-month figure through Mar 2026 stood at $1.6 billion (up 13.27% YoY), and the FY2025 full-year result was $1.5 billion, up 12.36% from the prior year.
- Research & Development for Q1 2026 stood at $437.0 million, up from $390.0 million in the prior quarter.
- The five-year high for Research & Development was $648.0 million in Q2 2023, with the low at $114.6 million in Q4 2023.
- Average Research & Development over 5 years is $361.1 million, with a median of $350.0 million recorded in 2024.
- Year-over-year, Research & Development sank 64.69% in 2023 and surged 206.32% in 2024.
- Tracing SHOP's Research & Development over 5 years: stood at $324.6 million in 2022, then slumped by 64.69% to $114.6 million in 2023, then surged by 206.32% to $351.0 million in 2024, then advanced by 11.11% to $390.0 million in 2025, then grew by 12.05% to $437.0 million in 2026.
- The last three Research & Development figures came in at $437.0 million (Q1 2026), $390.0 million (Q4 2025), and $375.0 million (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 253.17 Bn | 235.20 Bn | 8.16 Bn | -1.99 Bn |
| 2 | Salesforce | 171.07 Bn | 161.50 Bn | 8.69 Bn | 1.62 Bn |
| 3 | Uber Technologies | 151.10 Bn | 150.06 Bn | 11.88 Bn | 951.00 Mn |
| 4 | Shopify | 134.25 Bn | 128.50 Bn | 1.55 Bn | 437.00 Mn |
| 5 | ServiceNow | 105.72 Bn | 100.54 Bn | 2.83 Bn | 823.00 Mn |
| 6 | Cadence Design Systems | 101.64 Bn | 100.23 Bn | 1.26 Bn | 508.44 Mn |
| 7 | Adobe | 100.35 Bn | 93.46 Bn | 5.73 Bn | 1.11 Bn |
| 8 | Automatic Data Processing | 90.91 Bn | 87.68 Bn | 2.87 Bn | 253.90 Mn |
| 9 | Intuit | 88.30 Bn | 81.52 Bn | 6.77 Bn | 840.00 Mn |
| 10 | Datadog | 78.54 Bn | 73.78 Bn | 797.20 Mn | 435.30 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 437.00 Mn |
| Dec 31, 2025 | 390.00 Mn |
| Sep 30, 2025 | 375.00 Mn |
| Jun 30, 2025 | 394.00 Mn |
| Mar 31, 2025 | 377.00 Mn |
| Dec 31, 2024 | 351.00 Mn |
| Sep 30, 2024 | 332.00 Mn |
| Jun 30, 2024 | 349.00 Mn |
| Mar 31, 2024 | 335.00 Mn |
| Dec 31, 2023 | 114.59 Mn |
| Jun 30, 2023 | 648.00 Mn |
| Mar 31, 2023 | 458.00 Mn |
| Dec 31, 2022 | 324.55 Mn |
| Sep 30, 2022 | 316.17 Mn |
| Jun 30, 2022 | 271.91 Mn |
| Mar 31, 2022 | 303.66 Mn |
| Dec 31, 2021 | 217.30 Mn |
| Sep 30, 2021 | 175.59 Mn |
| Jun 30, 2021 | 183.56 Mn |
| Mar 31, 2021 | 138.97 Mn |
| Dec 31, 2020 | 159.08 Mn |
| Sep 30, 2020 | 107.63 Mn |
| Jun 30, 2020 | 96.08 Mn |
| Mar 31, 2020 | 86.82 Mn |
| Dec 31, 2019 | 102.75 Mn |
| Sep 30, 2019 | 68.48 Mn |
| Jun 30, 2019 | 63.92 Mn |
| Mar 31, 2019 | 57.41 Mn |
| Dec 31, 2018 | 67.02 Mn |
| Sep 30, 2018 | 47.14 Mn |
| Jun 30, 2018 | 42.10 Mn |
| Mar 31, 2018 | 37.75 Mn |
| Dec 31, 2017 | 40.34 Mn |
| Sep 30, 2017 | 36.35 Mn |
| Jun 30, 2017 | 24.33 Mn |
| Mar 31, 2017 | 20.09 Mn |
| Dec 31, 2016 | 24.47 Mn |
| Sep 30, 2016 | 14.93 Mn |
| Jun 30, 2016 | 16.73 Mn |
| Mar 31, 2016 | 13.67 Mn |
| Dec 31, 2015 | 13.54 Mn |
| Sep 30, 2015 | 10.07 Mn |
| Jun 30, 2015 | 8.80 Mn |
| Mar 31, 2015 | 7.31 Mn |
| Dec 31, 2014 | 6.62 Mn |