Shopify (SHOP) Research & Development (2013 - 2025)

Shopify has reported Research & Development for 13 years, with the latest figure at $1.5 billion in FY2025.

• 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 FY2025 stood at $1.5 billion, up from $1.4 billion in the prior year.
• The five-year high for Research & Development was $1.7 billion in FY2023, with the low at $16.1 million in FY2021.
• Average Research & Development over 5 years is $943.4 million, with a median of $1.4 billion recorded in 2024.
• Year-over-year, Research & Development slumped 96.2% in 2021 and jumped 2455.9% in 2023.
• Tracing SHOP's Research & Development over 5 years: stood at $16.1 million in 2021, then soared by 320.15% to $67.7 million in 2022, then jumped by 2455.9% to $1.7 billion in 2023, then slipped by 20.98% to $1.4 billion in 2024, then rose by 12.36% to $1.5 billion in 2025.
• The last three Research & Development figures came in at $1.5 billion (FY2025), $1.4 billion (FY2024), and $1.7 billion (FY2023), per Business Quant data.

Peer Comparison