Shopify (SHOP) Research & Development (2024 - 2026)
Shopify (SHOP) reported Research & Development of $497 million for Q3 2026, up 32.5% from $375 million a year earlier and up 11.7% from the prior quarter.
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Analysis
Shopify (SHOP) Research & Development (2024 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Shopify's Research & Development came in at $1.77 billion, up 18.2% year-over-year; for FY2025, it was $1.54 billion, up 12.4% from FY2024.
- Research & Development has a five-year compound annual growth rate of 22.7% (FY2020 to FY2025).
- By year, Research & Development came in at $1.37 billion in FY2024 (-21.0%), $1.73 billion in FY2023 (+15.1%), $1.5 billion in FY2022 (+75.9%) and $854.38 million in FY2021 (+54.7%).
- The Q3 2026 figure ranks as the highest quarterly Research & Development in data going back to Q1 2024.
- Year over year, Research & Development has now increased in each of the last seven quarters, with growth averaging 15.8% over the last seven quarters.
- Per Business Quant data, the three quarters before Q3 2026 came in at $445 million (Q2 2026), $437 million (Q1 2026) and $390 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn | 20.64 Bn |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn | 20.05 Bn |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn | 1.03 Bn |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn | 3.32 Bn |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn | 497.00 Mn |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn | 1.27 Bn |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn | 101.82 Mn |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn | 479.73 Mn |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - | - |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn | 673.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 497.00 Mn |
| Jun 30, 2026 | 445.00 Mn |
| 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 |
API Access
Shopify Research & Development API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=research-and-development&ticker=SHOP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "ticker": "SHOP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=research-and-development&ticker=SHOP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();