Shopify (SHOP) Research & Development (2024 - 2026)
Shopify (SHOP) posted quarterly Research & Development of $496.0 million for Q1 2026, up 31.56% year-over-year from $377.0 million in Q1 2025, and up 62.09% quarter-over-quarter from $306.0 million in Q4 2025.
Shopify (SHOP) Research & Development (2024 - 2026) Analysis & Trends
Shopify's Research & Development history runs 3 years deep, the most recent figure standing at $496.0 million for Q1 2026.
- In Q1 2026, Research & Development rose 31.56% year-over-year to $496.0 million; the TTM figure through Mar 2026 stood at $1.6 billion (up 13.06% YoY), while the FY2025 annual figure was $1.5 billion, up 10.27% from the prior year.
- Research & Development for Q1 2026 stood at $496.0 million, up from $306.0 million in the prior quarter.
- The five-year high for Research & Development was $496.0 million in Q1 2026, with the low at $306.0 million in Q4 2025.
- The 3-year median for Research & Development is $377.0 million (2024), against an average of $377.9 million.
- The sharpest annual moves came in 2025 and 2026: Research & Development fell 18.83% in 2025, then soared 31.56% in 2026.
- Shopify's Research & Development stood at $377.0 million in 2024, then fell by 18.83% to $306.0 million in 2025, then jumped by 62.09% to $496.0 million in 2026.
- Business Quant data shows SHOP's Research & Development at $496.0 million in Q1 2026, $306.0 million in Q4 2025, and $410.0 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 255.48 Bn | 234.41 Bn | 16.51 Bn | -4.12 Bn |
| 2 | Shopify | 198.95 Bn | 194.00 Bn | 1.71 Bn | 498.00 Mn |
| 3 | Salesforce | 160.70 Bn | 148.86 Bn | 8.56 Bn | 3.77 Bn |
| 4 | Uber Technologies | 154.94 Bn | 149.73 Bn | 6.38 Bn | 1.52 Bn |
| 5 | ServiceNow | 128.25 Bn | 123.58 Bn | 2.82 Bn | 1.37 Bn |
| 6 | Snowflake | 114.00 Bn | 111.05 Bn | 926.45 Mn | 588.95 Mn |
| 7 | Automatic Data Processing | 108.58 Bn | 104.35 Bn | 2.51 Bn | 265.90 Mn |
| 8 | Adobe | 105.34 Bn | 99.72 Bn | 5.90 Bn | 1.88 Bn |
| 9 | Intuit | 94.55 Bn | 87.77 Bn | 7.24 Bn | 1.79 Bn |
| 10 | Datadog | 91.70 Bn | 86.71 Bn | 881.34 Mn | 477.97 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 498.00 Mn |
| Mar 31, 2026 | 496.00 Mn |
| Dec 31, 2025 | 306.00 Mn |
| Sep 30, 2025 | 410.00 Mn |
| Jun 30, 2025 | 415.00 Mn |
| Mar 31, 2025 | 377.00 Mn |
| Dec 31, 2024 | 377.00 Mn |
| Sep 30, 2024 | 332.00 Mn |
| Jun 30, 2024 | 353.00 Mn |
| Mar 31, 2024 | 335.00 Mn |