Biggest spenders on research and development, latest fiscal year
The companies that spent the most on research and development in their latest fiscal year, from the annual reports they file with the SEC. 2,339 companies report an R&D figure.
Top 100
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| # | Company | Ticker | R&D spending | Share of revenue | Revenue | Fiscal year ended | Filing |
|---|---|---|---|---|---|---|---|
| 1 | Alphabet Inc.Mountain View | GOOGL | $61.1B | 15.2% | $402.8B | Dec 2025 | 10-K |
| 2 | Meta PlatformsMenlo Park | META | $57.4B | 28.5% | $201.0B | Dec 2025 | 10-K |
| 3 | MicrosoftRedmond | MSFT | $35.6B | 10.7% | $331.8B | Jun 2026 | 10-K |
| 4 | Apple Inc.Cupertino | AAPL | $34.5B | 8.3% | $416.2B | Sep 2025 | 10-K |
| 5 | NvidiaSanta Clara | NVDA | $18.5B | 8.6% | $215.9B | Jan 2026 | 10-K |
| 6 | Merck & Co.Rahway | MRK | $15.8B | 24.3% | $65.0B | Dec 2025 | 10-K |
| 7 | AstraZenecaCambridge | AZN | $14.2B | 24.2% | $58.7B | Dec 2025 | 10-K |
| 8 | IntelSanta Clara | INTC | $13.8B | 26.1% | $52.9B | Dec 2025 | 10-K |
| 9 | NovartisBasel | NVS | $11.2B | – | – | Dec 2025 | 10-K |
| 10 | BroadcomPalo Alto | AVGO | $11.0B | 17.2% | $63.9B | Nov 2025 | 10-K |
| 11 | Oracle CorporationAustin | ORCL | $10.3B | 15.3% | $67.4B | May 2026 | 10-K |
| 12 | Bristol-Myers SquibbNew York City | BMY | $10.0B | 20.6% | $48.2B | Dec 2025 | 10-K |
| 13 | Alibaba GroupBinjiang District | BABA | $9.6B | 6.5% | $148.4B | Mar 2026 | 10-K |
| 14 | CiscoSan Jose | CSCO | $9.6B | 15.1% | $63.3B | Jul 2026 | 10-K |
| 15 | Ford Motor CompanyDearborn | F | $9.4B | 5.0% | $187.3B | Dec 2025 | 10-K |
| 16 | QualcommSan Diego | QCOM | $9.0B | 20.4% | $44.3B | Sep 2025 | 10-K |
| 17 | IBMArmonk | IBM | $8.3B | 12.3% | $67.5B | Dec 2025 | 10-K |
| 18 | AMDSanta Clara | AMD | $8.1B | 23.4% | $34.6B | Dec 2025 | 10-K |
| 19 | TeslaAustin | TSLA | $6.4B | 6.8% | $94.8B | Dec 2025 | 10-K |
| 20 | SalesforceSan Francisco | CRM | $6.0B | 14.4% | $41.5B | Jan 2026 | 10-K |
| 21 | Regeneron PharmaceuticalsEastview | REGN | $5.9B | 40.8% | $14.3B | Dec 2025 | 10-K |
| 22 | Micron TechnologyBoise | MU | $5.7B | 4.2% | $133.2B | Sep 2026 | 10-K |
| 23 | BoeingChicago | BA | $3.6B | 4.0% | $89.5B | Dec 2025 | 10-K |
| 24 | Applied MaterialsSanta Clara | AMAT | $3.6B | 12.6% | $28.4B | Oct 2025 | 10-K |
| 25 | UberSan Francisco | UBER | $3.4B | 6.5% | $52.0B | Dec 2025 | 10-K |
| 26 | Netflix, Inc.Los Gatos | NFLX | $3.4B | 7.5% | $45.2B | Dec 2025 | 10-K |
| 27 | IntuitMountain View | INTU | $3.4B | 15.7% | $21.4B | Jul 2026 | 10-K |
| 28 | AtlassianSydney | TEAM | $3.3B | 49.7% | $6.6B | Jun 2026 | 10-K |
| 29 | JD.comBeijing | JD | $3.2B | 1.7% | $187.2B | Dec 2025 | 10-K |
| 30 | Dell TechnologiesRound Rock | DELL | $3.1B | 2.8% | $113.5B | Jan 2026 | 10-K |
| 31 | ModernaCambridge | MRNA | $3.1B | 161.1% | $1.9B | Dec 2025 | 10-K |
| 32 | ServiceNowSanta Clara | NOW | $3.0B | 22.3% | $13.3B | Dec 2025 | 10-K |
| 33 | Abbott LaboratoriesNorth Chicago | ABT | $2.9B | 6.6% | $44.3B | Dec 2025 | 10-K |
| 34 | BaiduBeijing | BIDU | $2.9B | 15.8% | $18.5B | Dec 2025 | 10-K |
| 35 | Block, Inc.San Francisco | XYZ | $2.9B | 12.0% | $24.2B | Dec 2025 | 10-K |
| 36 | RTXArlington County | RTX | $2.8B | 3.2% | $88.6B | Dec 2025 | 10-K |
| 37 | Arm HoldingsCambridge | ARM | $2.8B | 56.4% | $4.9B | Mar 2026 | 10-K |
| 38 | Workday, Inc.Pleasanton | WDAY | $2.7B | 28.0% | $9.6B | Jan 2026 | 10-K |
| 39 | Palo Alto NetworksSanta Clara | PANW | $2.6B | 22.2% | $11.5B | Jul 2026 | 10-K |
| 40 | NetEaseHangzhou | NTES | $2.5B | 15.7% | $16.1B | Dec 2025 | 10-K |
| 41 | Hewlett Packard EnterpriseSpring | HPE | $2.5B | 7.3% | $34.3B | Oct 2025 | 10-K |
| 42 | SynopsysMountain View | SNPS | $2.5B | 35.1% | $7.1B | Oct 2025 | 10-K |
| 43 | Lam ResearchFremont | LRCX | $2.4B | 10.2% | $23.2B | Jun 2026 | 10-K |
| 44 | NXP SemiconductorsEindhoven | NXPI | $2.4B | 19.2% | $12.3B | Dec 2025 | 10-K |
| 45 | PDD HoldingsDublin | PDD | $2.4B | 3.8% | $61.8B | Dec 2025 | 10-K |
| 46 | AirbnbSan Francisco | ABNB | $2.4B | 19.2% | $12.2B | Dec 2025 | 10-K |
| 47 | Deere & CompanyMoline | DE | $2.3B | 5.1% | $45.7B | Nov 2025 | 10-K |
| 48 | Mercado LibreSaavedra | MELI | $2.3B | 11.2% | $20.3B | Dec 2025 | 10-K |
| 49 | Trip.com GroupShanghai | TCOM | $2.2B | 24.2% | $8.9B | Dec 2025 | 10-K |
| 50 | Caterpillar Inc.Irving | CAT | $2.1B | 3.2% | $67.6B | Dec 2025 | 10-K |
| 51 | BeOne Medicines Ltd. | ONC | $2.1B | 40.2% | $5.3B | Dec 2025 | 10-K |
| 52 | Procter & GambleOhio | PG | $2.1B | 2.4% | $87.0B | Jun 2026 | 10-K |
| 53 | Texas InstrumentsDallas | TXN | $2.1B | 11.8% | $17.7B | Dec 2025 | 10-K |
| 54 | Marvell TechnologySanta Clara | MRVL | $2.1B | 25.3% | $8.2B | Jan 2026 | 10-K |
| 55 | IncyteWilmington | INCY | $2.1B | 39.9% | $5.1B | Dec 2025 | 10-K |
| 56 | STMicroelectronicsPlan-les-Ouates | STM | $2.0B | 17.3% | $11.8B | Dec 2025 | 10-K |
| 57 | Lockheed MartinBethesda | LMT | $2.0B | 2.7% | $75.0B | Dec 2025 | 10-K |
| 58 | Snowflake Inc.San Mateo | SNOW | $2.0B | 42.0% | $4.7B | Jan 2026 | 10-K |
| 59 | HoneywellCharlotte | HON | $1.8B | 4.8% | $37.4B | Dec 2025 | 10-K |
| 60 | Snap Inc.Venice | SNAP | $1.8B | 30.2% | $5.9B | Dec 2025 | 10-K |
| 61 | Analog DevicesNorwood | ADI | $1.8B | 16.0% | $11.0B | Nov 2025 | 10-K |
| 62 | CoinbaseSan Francisco | COIN | $1.7B | 23.3% | $7.2B | Dec 2025 | 10-K |
| 63 | Rivian AutomotiveDetroit | RIVN | $1.7B | 31.0% | $5.4B | Dec 2025 | 10-K |
| 64 | AutodeskSan Francisco | ADSK | $1.6B | 22.8% | $7.2B | Jan 2026 | 10-K |
| 65 | eBaySan Jose | EBAY | $1.6B | 14.8% | $11.1B | Dec 2025 | 10-K |
| 66 | Stryker CorporationPortage | SYK | $1.6B | 6.5% | $25.1B | Dec 2025 | 10-K |
| 67 | Li AutoBeijing | LI | $1.6B | 10.1% | $16.1B | Dec 2025 | 10-K |
| 68 | Genmab A/s | GMAB | $1.6B | 43.2% | $3.7B | Dec 2025 | 10-K |
| 69 | HP Inc.Palo Alto | HPQ | $1.6B | 2.9% | $55.3B | Oct 2025 | 10-K |
| 70 | Danaher CorporationWashington, D.C. | DHR | $1.6B | 6.5% | $24.6B | Dec 2025 | 10-K |
| 71 | General Electric CoEvendale, Ohio | GE | $1.6B | 3.4% | $45.9B | Dec 2025 | 10-K |
| 72 | Roblox CorporationSan Mateo | RBLX | $1.6B | 32.1% | $4.9B | Dec 2025 | 10-K |
| 73 | DatadogNew York City | DDOG | $1.5B | 45.2% | $3.4B | Dec 2025 | 10-K |
| 74 | ShopifyOttawa | SHOP | $1.5B | 13.3% | $11.6B | Dec 2025 | 10-K |
| 75 | KLA CorporationMilpitas | KLAC | $1.5B | 11.3% | $13.6B | Jun 2026 | 10-K |
| 76 | Nio Inc.Hefei | NIO | $1.5B | 12.1% | $12.5B | Dec 2025 | 10-K |
| 77 | CortevaWashington, D.C. | CTVA | $1.5B | 8.5% | $17.4B | Dec 2025 | 10-K |
| 78 | DoorDashSan Francisco | DASH | $1.4B | 10.4% | $13.7B | Dec 2025 | 10-K |
| 79 | Pinterest Inc.San Francisco | PINS | $1.4B | 33.8% | $4.2B | Dec 2025 | 10-K |
| 80 | Thermo Fisher Scientific Inc.Waltham | TMO | $1.4B | 3.1% | $44.6B | Dec 2025 | 10-K |
| 81 | CumminsColumbus | CMI | $1.4B | 4.1% | $33.7B | Dec 2025 | 10-K |
| 82 | CrowdStrikeAustin | CRWD | $1.4B | 28.8% | $4.8B | Jan 2026 | 10-K |
| 83 | Argenx SEAmsterdam | ARGX | $1.4B | – | – | Dec 2025 | 10-K |
| 84 | Alnylam PharmaceuticalsCambridge | ALNY | $1.3B | 35.5% | $3.7B | Dec 2025 | 10-K |
| 85 | Intuitive SurgicalSunnyvale | ISRG | $1.3B | 13.0% | $10.1B | Dec 2025 | 10-K |
| 86 | Becton DickinsonSan Jose | BDX | $1.3B | 5.8% | $21.8B | Sep 2025 | 10-K |
| 87 | GE HealthCareChicago | GEHC | $1.3B | 6.1% | $20.6B | Dec 2025 | 10-K |
| 88 | Arista NetworksSanta Clara | ANET | $1.2B | 13.7% | $9.0B | Dec 2025 | 10-K |
| 89 | Lucid MotorsNewark | LCID | $1.2B | 89.5% | $1.4B | Dec 2025 | 10-K |
| 90 | ExxonMobilSpring | XOM | $1.2B | 0.4% | $332.2B | Dec 2025 | 10-K |
| 91 | GE VernovaCambridge | GEV | $1.2B | 3.1% | $38.1B | Dec 2025 | 10-K |
| 92 | ShellLondon | SHEL | $1.2B | 0.4% | $266.9B | Dec 2025 | 10-K |
| 93 | Sea LtdSingapore | SE | $1.2B | 5.9% | $19.6B | Dec 2025 | 10-K |
| 94 | Mobileye GlobalJerusalem | MBLY | $1.2B | 60.8% | $1.9B | Dec 2025 | 10-K |
| 95 | AptivDublin | APTV | $1.1B | 5.5% | $20.4B | Dec 2025 | 10-K |
| 96 | Garmin Ltd.Schaffhausen | GRMN | $1.1B | 15.5% | $7.2B | Dec 2025 | 10-K |
| 97 | Northrop Grumman CorporationFalls Church | NOC | $1.1B | 2.6% | $42.0B | Dec 2025 | 10-K |
| 98 | Microchip TechnologyChandler | MCHP | $1.1B | 23.0% | $4.7B | Mar 2026 | 10-K |
| 99 | Edwards LifesciencesIrvine | EW | $1.1B | 17.8% | $6.1B | Dec 2025 | 10-K |
| 100 | ASE Technology Holding Co., Ltd.F5 | ASX | $1.0B | 5.1% | $20.6B | Dec 2025 | 10-K |
Showing the top 100 of 1,000. Download all 1,000 as CSV.
Source: annual reports (Form 10-K) filed with the SEC, read from SEC EDGAR company facts (XBRL). Each company’s latest fiscal year that ended in the last 18 months; only amounts reported in US dollars, so most foreign companies are not included. Each figure links to its filing. Commodity and investment trusts are left out. Capital spending that company facts lack (companies that tag it as “productive assets”, such as Amazon and Nvidia) comes from the full cash flow statement in the SEC Financial Statement and Notes data sets.