Top 100 Stocks by R&D Spending
Top companies ranked by R&D spending, latest annual filings.
What R&D Spending Means for US-listed Companies
R&D spending is the dollars a company puts into research, engineering, and product development each year. Under US GAAP most of it is expensed immediately rather than capitalized, so the outlay lands on the income statement in the year it is incurred and suppresses current earnings even when the work is building assets that will pay off over many future periods. Disclosure quality varies sharply across industries.
Why R&D Spending Matters
Sustained R&D is often what separates firms with a durable competitive moat from those slowly losing share to better-funded rivals, because patent pipelines, platform expansion, and technology leadership are cumulative. Still, R&D spending is not R&D productivity; two firms can commit similar dollars and produce very different pipelines. Timing also distorts cross-sector comparisons, since spike years on major programs look different from steady maintenance budgets.
What to Read Alongside
Read R&D alongside Revenue to gauge innovation intensity as a share of sales, Net Income to see how heavily expensing pressures earnings, and Free Cash Flow since R&D-heavy firms often show lower cash conversion.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc. | Communication Services | $61.09B | $4361.44B |
| 2 | META | Meta Platforms, Inc. | Communication Services | $57.37B | $1502.77B |
| 3 | MSFT | Microsoft Corporation | Technology | $35.56B | $3711.73B |
| 4 | AAPL | Apple Inc. | Technology | $34.55B | $4559.37B |
| 5 | NVDA | NVIDIA Corporation | Technology | $18.50B | $5304.16B |
| 6 | MRK | Merck & Co., Inc. | Healthcare | $15.79B | $317.05B |
| 7 | INTC | Intel Corporation | Technology | $13.77B | $503.44B |
| 8 | LLY | Eli Lilly & Co. | Healthcare | $13.34B | $1062.44B |
| 9 | AVGO | Broadcom Inc. | Technology | $10.98B | $2000.87B |
| 10 | PFE | Pfizer Inc. | Healthcare | $10.44B | $149.33B |
| 11 | ORCL | Oracle Corporation | Technology | $10.27B | $413.26B |
| 12 | BMY | Bristol-Myers Squibb Company | Healthcare | $9.95B | $131.04B |
| 13 | BABA | Alibaba Group Holding Limited | Consumer Cyclical | $9.64B | $303.95B |
| 14 | F | Ford Motor Company | Consumer Cyclical | $9.40B | $54.99B |
| 15 | CSCO | Cisco Systems, Inc. | Technology | $9.30B | $476.44B |
| 16 | ABBV | AbbVie Inc. | Healthcare | $9.10B | $430.95B |
| 17 | QCOM | QUALCOMM Incorporated | Technology | $9.04B | $168.41B |
| 18 | IBM | International Business Machines Corporation | Technology | $8.32B | $219.92B |
| 19 | AMD | Advanced Micro Devices | Technology | $8.09B | $798.74B |
| 20 | AMGN | Amgen Inc. | Healthcare | $7.27B | $219.02B |
| 21 | TSLA | Tesla, Inc. | Consumer Cyclical | $6.41B | $1262.00B |
| 22 | CRM | Salesforce, Inc. | Technology | $5.99B | $152.96B |
| 23 | REGN | Regeneron Pharmaceuticals, Inc. | Healthcare | $5.85B | $79.49B |
| 24 | GILD | Gilead Sciences, Inc. | Healthcare | $5.80B | $162.47B |
| 25 | VRTX | Vertex Pharmaceuticals Incorporated | Healthcare | $3.91B | $122.68B |
| 26 | MU | Micron Technology, Inc. | Technology | $3.80B | $995.53B |
| 27 | BA | The Boeing Company | Industrials | $3.62B | $183.52B |
| 28 | AMAT | Applied Materials, Inc. | Technology | $3.57B | $418.80B |
| 29 | UBER | Uber Technologies, Inc. | Technology | $3.40B | $143.94B |
| 30 | NFLX | Netflix, Inc. | Communication Services | $3.39B | $306.84B |
| 31 | JD | JD.com, Inc. | Consumer Cyclical | $3.18B | $44.31B |
| 32 | DELL | Dell Technologies Inc. | Technology | $3.14B | $282.78B |
| 33 | MRNA | Moderna, Inc. | Healthcare | $3.13B | $21.50B |
| 34 | NOW | ServiceNow, Inc. | Technology | $2.96B | $121.32B |
| 35 | ABT | Abbott Laboratories | Healthcare | $2.94B | $186.81B |
| 36 | INTU | Intuit Inc. | Technology | $2.93B | $88.05B |
| 37 | BIDU | Baidu, Inc. | Communication Services | $2.92B | $37.08B |
| 38 | XYZ | Block, Inc. | Technology | $2.91B | $47.47B |
| 39 | MDT | Medtronic plc | Healthcare | $2.87B | $109.98B |
| 40 | RTX | RTX Corporation | Industrials | $2.81B | $300.89B |
| 41 | ARM | Arm Holdings plc | Technology | $2.78B | $306.17B |
| 42 | WDAY | Workday, Inc. | Technology | $2.68B | $42.04B |
| 43 | TEAM | Atlassian Corporation | Technology | $2.67B | $27.96B |
| 44 | NTES | NetEase, Inc. | Communication Services | $2.53B | $83.46B |
| 45 | HPE | Hewlett Packard Enterprise Company | Technology | $2.52B | $69.43B |
| 46 | SNPS | Synopsys, Inc. | Technology | $2.48B | $77.74B |
| 47 | LRCX | Lam Research Corporation | Technology | $2.38B | $382.60B |
| 48 | NXPI | NXP Semiconductors N.V. | Technology | $2.36B | $58.45B |
| 49 | PDD | PDD Holdings Inc. | Consumer Cyclical | $2.36B | $129.32B |
| 50 | ABNB | Airbnb, Inc. | Consumer Cyclical | $2.35B | $90.00B |
| 51 | DE | Deere & Company | Industrials | $2.31B | $165.97B |
| 52 | MELI | MercadoLibre, Inc. | Consumer Cyclical | $2.27B | $92.78B |
| 53 | TCOM | Trip.com Group Limited | Consumer Cyclical | $2.16B | $29.12B |
| 54 | CAT | Caterpillar Inc. | Industrials | $2.15B | $393.92B |
| 55 | ONC | BeOne Medicines AG | Healthcare | $2.15B | $36.69B |
| 56 | PG | Procter & Gamble Company | Consumer Defensive | $2.10B | $341.62B |
| 57 | TXN | Texas Instruments Incorporated | Technology | $2.08B | $254.25B |
| 58 | MRVL | Marvell Technology, Inc. | Technology | $2.08B | $188.97B |
| 59 | BSX | Boston Scientific Corporation | Healthcare | $2.05B | $71.45B |
| 60 | INCY | Incyte Corporation | Healthcare | $2.05B | $24.00B |
| 61 | STM | STMicroelectronics N.V. | Technology | $2.04B | $47.51B |
| 62 | LMT | Lockheed Martin Corporation | Industrials | $2.00B | $134.52B |
| 63 | PANW | Palo Alto Networks, Inc. | Technology | $1.98B | $292.98B |
| 64 | SNOW | Snowflake Inc. | Technology | $1.97B | $110.22B |
| 65 | HON | Honeywell International, Inc. | Industrials | $1.81B | $76.30B |
| 66 | SNAP | Snap Inc. | Communication Services | $1.79B | $8.83B |
| 67 | BIIB | Biogen Inc. | Healthcare | $1.78B | $30.48B |
| 68 | ADI | Analog Devices, Inc. | Technology | $1.77B | $183.78B |
| 69 | COIN | Coinbase Global, Inc. | Financial Services | $1.67B | $38.36B |
| 70 | RIVN | Rivian Automotive, Inc. | Consumer Cyclical | $1.67B | $22.27B |
| 71 | ADSK | Autodesk, Inc. | Technology | $1.64B | $51.20B |
| 72 | EBAY | eBay Inc. | Consumer Cyclical | $1.64B | $48.90B |
| 73 | SYK | Stryker Corporation | Healthcare | $1.62B | $129.43B |
| 74 | LI | Li Auto Inc. | Consumer Cyclical | $1.62B | $12.47B |
| 75 | HPQ | HP Inc. | Technology | $1.60B | $25.77B |
| 76 | DHR | Danaher Corporation | Healthcare | $1.60B | $140.58B |
| 77 | GE | GE Aerospace | Industrials | $1.58B | $388.62B |
| 78 | RBLX | Roblox Corporation | Communication Services | $1.57B | $25.75B |
| 79 | DDOG | Datadog, Inc. | Technology | $1.55B | $81.62B |
| 80 | SHOP | Shopify Inc. | Technology | $1.54B | $189.70B |
| 81 | KLAC | KLA Corporation | Technology | $1.53B | $252.40B |
| 82 | SRPT | Sarepta Therapeutics, Inc. | Healthcare | $1.52B | $1.77B |
| 83 | NIO | NIO Inc. | Consumer Cyclical | $1.52B | $11.53B |
| 84 | CTVA | Corteva, Inc. | Basic Materials | $1.47B | $51.28B |
| 85 | DASH | DoorDash, Inc. | Consumer Cyclical | $1.43B | $92.40B |
| 86 | PINS | Pinterest, Inc. | Communication Services | $1.43B | $13.21B |
| 87 | TMO | Thermo Fisher Scientific, Inc. | Healthcare | $1.40B | $214.46B |
| 88 | CMI | Cummins Inc. | Industrials | $1.40B | $88.65B |
| 89 | CRWD | CrowdStrike Holdings, Inc. | Technology | $1.38B | $211.18B |
| 90 | ALNY | Alnylam Pharmaceuticals, Inc. | Healthcare | $1.32B | $28.92B |
| 91 | ISRG | Intuitive Surgical, Inc. | Healthcare | $1.31B | $132.02B |
| 92 | BDX | Becton, Dickinson and Co. | Healthcare | $1.26B | $48.79B |
| 93 | GEHC | GE HealthCare Technologies Inc. | Healthcare | $1.26B | $31.76B |
| 94 | ANET | Arista Networks, Inc. | Technology | $1.24B | $242.56B |
| 95 | LCID | Lucid Group, Inc. | Consumer Cyclical | $1.21B | $2.75B |
| 96 | XOM | ExxonMobil Holdings Corporation | Energy | $1.20B | $641.80B |
| 97 | GEV | GE Vernova Inc. | Industrials | $1.20B | $266.41B |
| 98 | SE | Sea Limited American | Consumer Cyclical | $1.16B | $67.99B |
| 99 | MBLY | Mobileye Global Inc. | Consumer Cyclical | $1.15B | $2.13B |
| 100 | SNDK | Sandisk Corporation | Technology | $1.13B | $183.75B |
No companies match this search.
How this ranking is built
Companies are ranked by R&D spending as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.