What is Shopify's R&D?

Shopify (SHOP) reported R&D of $437M in Q1 2026.

How has Shopify's R&D changed year-over-year?

Shopify's R&D increased by 15.9% year-over-year, from $377M to $437M.

What is the long-term trend for Shopify's R&D?

Over 3 years (2022 to 2025), Shopify's R&D has grown at a 0.7% compound annual growth rate (CAGR), from $1.5B to $1.54B.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Shopify SHOP R&D

R&D at other companies

eBayEBAY

$450M+14.5%

SalesforceCRM

$1.63B+11.4%

EtsyETSY

$99.05M-1.7%

BlockXYZ

$1.04B+36.6%

Commerce.com, Inc. Series 1 Common StockCMRC

$18.03M-6.1%

GigaCloud TechnologyGCT

$2.36M-5.4%

Other financials

Income statement

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Revenue$3.2B+34.3%

Gross profit$1.5B+32.2%

Operating income$382.0M+88.2%

Net income-$581.0M+14.8%

EPS (diluted)-$0.45+15.1%

Balance sheet

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Cash & equivalents$1.8B+41.2%

Total debt$179.0M-84.3%

Total equity$12.5B+13.1%

Total assets$14.1B+5.4%

Cash flow

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Operating cash flow$481.0M+31.1%

CapEx$5.0M+25.0%

Free cash flow$476.0M+31.1%

Valuation

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Market cap$148.17B+5.7%

Enterprise value$146.5B+4.8%

P/E111.2×+51.4×

P/S12×-2.0×

Profitability

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Gross margin48%-2.0pp

Operating margin13.3%+0.6pp

Net margin10.8%-6.4pp

FCF margin17.1%-1.3pp

Returns & leverage

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Return on equity11.3%-4.8pp

Debt / equity0×-0.1×

Current ratio6.2×+2.5×

Where this comes from

Reported directly by Shopify in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The official record: Shopify’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Shopify's R&D?: Shopify (SHOP) reported R&D of $437M in Q1 2026.
How has Shopify's R&D changed year-over-year?: Shopify's R&D increased by 15.9% year-over-year, from $377M to $437M.
What is the long-term trend for Shopify's R&D?: Over 3 years (2022 to 2025), Shopify's R&D has grown at a 0.7% compound annual growth rate (CAGR), from $1.5B to $1.54B.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.