Intel outspent Nvidia on research every year from 2016 to 2024. Nvidia now sells four times as much.
From 2016 to 2024, Intel spent more on research and development than Nvidia in every single year, $145.3 billion over the decade to Nvidia’s $65.1 billion. In 2025, Nvidia’s revenue was $215.9 billion; Intel’s, $52.9 billion. More than twice the research money, and about a quarter of the sales. The size of a research budget says how much a company is willing to spend. It says nothing about what the money will buy.
A research budget measures how much a company is willing to spend, not what it will learn. What the money buys decides the return.
Five companies spend a third of the money
Alphabet (Google), Meta, Apple, Microsoft and Nvidia spent $218.3 billion on research and development in their latest fiscal years, 32.4% of the $674.2 billion spent by all 630 companies here. That is more than the 42 drugmakers and biotechnology companies on the list spent together: $119.5 billion.
And the gap is widening. Five years before their latest years, the same five spent $92.6 billion between them; they now spend more than twice as much. The other companies on the list with figures for both years went from $290.6 billion to $436 billion, a rise of 50%. Alphabet alone went from $27.6 billion to $61.1 billion. Meanwhile the typical company on the list spends $183.9 million a year on research, 4.4% of its revenue.
| # | Company | R&D | Share of revenue | Five years earlier |
|---|---|---|---|---|
| 1 | Alphabet (Google)2025 | $61.1B | 15.2% | $27.6B |
| 2 | Meta2025 | $57.4B | 28.5% | $18.4B |
| 3 | AppleFY 2026-09 | $45.8B | 9.6% | $21.9B |
| 4 | MicrosoftFY 2026-06 | $35.6B | 10.7% | $20.7B |
| 5 | NvidiaFY 2026-01 | $18.5B | 8.6% | $3.9B |
| 6 | Merck2025 | $15.8B | 24.3% | $13.4B |
| 7 | Johnson & Johnson2025 | $14.7B | 15.6% | $12.2B |
| 8 | Intel2025 | $13.8B | 26.1% | $13.6B |
| 9 | Eli Lilly2025 | $13.3B | 20.5% | $6.0B |
| 10 | BroadcomFY 2025-11 | $11.0B | 17.2% | $5.0B |
| 11 | Pfizer2025 | $10.4B | 16.7% | $8.7B |
| 12 | OracleFY 2026-05 | $10.3B | 15.3% | $6.5B |
| 13 | QualcommFY 2026-09 | $10.2B | 23.7% | $7.2B |
| 14 | Bristol Myers Squibb2025 | $10.0B | 20.6% | $10.0B |
| 15 | CiscoFY 2026-07 | $9.6B | 15.1% | $6.5B |
| 16 | Ford2025 | $9.4B | 5% | $7.1B |
| 17 | AbbVie2025 | $9.1B | 14.9% | $6.4B |
| 18 | IBM2025 | $8.3B | 12.3% | $6.3B |
| 19 | AMD2025 | $8.1B | 23.4% | $2.0B |
| 20 | Amgen2025 | $7.3B | 19.8% | $4.2B |
| 21 | Tesla2025 | $6.4B | 6.8% | $1.5B |
| 22 | SalesforceFY 2026-01 | $6.0B | 14.4% | $3.6B |
| 23 | Regeneron Pharmaceuticals2025 | $5.9B | 40.8% | $2.6B |
| 24 | Gilead Sciences2025 | $5.8B | 19.7% | $4.9B |
| 25 | Micron TechnologyFY 2026-09 | $5.7B | 4.2% | $2.7B |
| 26 | AdobeFY 2025-11 | $4.3B | 18.1% | $2.2B |
| 27 | Vertex Pharmaceuticals2025 | $3.9B | 32.6% | $1.6B |
| 28 | Boeing2025 | $3.6B | 4% | $2.5B |
| 29 | Applied MaterialsFY 2025-10 | $3.6B | 12.6% | $2.2B |
| 30 | Uber2025 | $3.4B | 6.5% | $2.2B |
| 31 | Netflix2025 | $3.4B | 7.5% | $1.8B |
| 32 | IntuitFY 2026-07 | $3.4B | 15.7% | $1.7B |
| 33 | DellFY 2026-01 | $3.1B | 2.8% | $2.5B |
| 34 | Moderna2025 | $3.1B | 161.1% | $1.4B |
| 35 | ServiceNow2025 | $3.0B | 22.3% | $1.0B |
| 36 | Abbott Laboratories2025 | $2.9B | 6.6% | $2.4B |
| 37 | Block2025 | $2.9B | 12% | $881.83M |
| 38 | MedtronicFY 2026-04 | $2.9B | 7.9% | $2.5B |
| 39 | Electronic ArtsFY 2026-03 | $2.8B | 37.6% | $1.8B |
| 40 | RTX (Raytheon)2025 | $2.8B | 3.2% | $2.6B |
| 41 | WorkdayFY 2026-01 | $2.7B | 28% | $1.7B |
| 42 | Palo Alto NetworksFY 2026-07 | $2.6B | 22.2% | $1.1B |
| 43 | Hewlett Packard EnterpriseFY 2025-10 | $2.5B | 7.3% | $1.9B |
| 44 | SynopsysFY 2025-10 | $2.5B | 35.1% | $1.3B |
| 45 | LAM ResearchFY 2026-06 | $2.4B | 10.2% | $1.5B |
| 46 | Airbnb2025 | $2.4B | 19.2% | $2.8B |
| 47 | Deere (John Deere)FY 2025-11 | $2.3B | 5.1% | $1.6B |
| 48 | Mercadolibre2025 | $2.3B | 7.9% | $353.00M |
| 49 | Caterpillar2025 | $2.1B | 3.2% | $1.4B |
| 50 | BeOne Medicines2025 | $2.1B | 40.2% | $1.3B |
More than twice the research money, about a quarter of the sales
Intel’s research budget was larger than Nvidia’s every year from 2016 to 2024, and in 2016 it was eight times as large. The gap closed only in 2025, when Nvidia spent $18.5 billion and Intel $13.8 billion.
The figures by year
| Year | Intel | Nvidia |
|---|---|---|
| 2016 | $12.7B | $1.5B |
| 2017 | $13.0B | $1.8B |
| 2018 | $13.5B | $2.4B |
| 2019 | $13.4B | $2.8B |
| 2020 | $13.6B | $3.9B |
| 2021 | $15.2B | $5.3B |
| 2022 | $17.5B | $7.3B |
| 2023 | $16.0B | $8.7B |
| 2024 | $16.5B | $12.9B |
| 2025 | $13.8B | $18.5B |
The two companies were not buying the same thing. Intel builds its own chips in its own factories, and its annual report says what that costs:
“As an integrated device manufacturer, we have higher capital expenditures and R&D spending than many of our fabless competitors due to the high ongoing investments required to maintain leading-edge process technology and manufacturing capacity.” Intel annual report
Intel ties its heavier research spending to keeping its factories at the leading edge, an investment it calls ongoing: a race run every year to stay in place. Nvidia makes no chips of its own:
“We utilize a fabless and contracting manufacturing strategy, whereby we employ and partner with key suppliers for all phases of the manufacturing process, including wafer fabrication, assembly, testing, and packaging.” Nvidia annual report
Its research went into the layer that sits on top of the chips:
“With our introduction of CUDA in 2006, we opened the parallel processing capabilities of our GPU to a broad range of compute-intensive applications, paving the way for the emergence of modern AI.” Nvidia annual report
“There are over 7.5 million developers worldwide using CUDA and our other software tools to help deploy our technology in our target markets.” Nvidia annual report
Seven and a half million developers writing for one company’s chips is research that compounds: each program written for that platform makes the next customer more likely to buy the hardware. Intel’s spending on its factories bought it the ability to keep making chips. In 2025 it cut the budget:
“2025 R&D expenses decreased by $2.8 billion, or 17%, from 2024, primarily driven by lower payroll-related expenditures resulting from headcount reductions taken under the 2025 and 2024 Restructuring Plans and other related cost-reduction measures, and $610 million of lower share-based compensation.” Intel annual report
A social network spends a larger share of its revenue on research than the big drugmakers
Meta put 28.5% of its revenue into research and development in 2025. Merck spent 24.3%, Eli Lilly 20.5%, Johnson & Johnson 15.6% and Pfizer 16.7%. In 2016, Meta spent $5.9 billion on research; in 2025, $57.4 billion, more than nine times as much.
“Research and development expenses in 2025 increased $13.50 billion, or 31%, compared to 2024.” Meta annual report
“The increase was mostly due to higher employee compensation and infrastructure costs related to research and development, including our AI initiatives.” Meta annual report
The drugmakers’ research runs through clinical trials toward a regulator’s approval. Meta’s is paid, in its own words, in employee compensation and infrastructure, and aimed at what it calls its AI initiatives. Both are research. Only one comes with a regulator who says when it has worked.
Amazon spends more on technology than anyone here spends on research, under another name
Amazon does not report a research and development line. Its research payroll sits inside a broader one, “Technology and infrastructure,” which came to $108.5 billion in 2025, more than any company on this list spent on research. Amazon describes what is in it:
“Technology and infrastructure costs include payroll and related expenses for employees involved in the research and development of new and existing products and services, development, design, and maintenance of our stores, curation and display of products and services made available in our online stores, and infrastructure costs.” Amazon annual report
“Costs to operate our AWS segment are primarily classified as “Technology and infrastructure” as we leverage a shared infrastructure that supports both our internal technology requirements and external sales to AWS customers.” Amazon annual report
So the figure holds research, store maintenance and the cost of running AWS, in one line. It cannot be set beside Alphabet’s $61.1 billion as if the two measured the same thing. Every R&D ranking is a ranking of what companies chose to call R&D, and Amazon chose not to call anything that.
When a drugmaker buys a drug, its research budget doubles
Merck’s research spending more than doubled in one year, and the reason was a purchase:
“Research and development (R&D) expenses were $30.5 billion in 2023 compared with $13.5 billion in 2022.” Merck annual report, 2023
“The increase was primarily due to higher charges for business development activity in 2023, including charges of $10.2 billion for the acquisition of Prometheus, $5.5 billion related to the formation of a collaboration with Daiichi Sankyo and $1.2 billion for the acquisition of Imago, compared with charges of $690 million in aggregate recorded in 2022 related to collaboration and licensing agreements with Moderna, Orna Therapeutics and Orion.” Merck annual report, 2023
The research bought with Prometheus was real, but it was someone else’s, done before Merck owned it. A reader who compared Merck’s 2023 budget with a rival’s would have seen a company spending more than twice as much on discovery as it had the year before. By 2025 Merck’s figure was $15.8 billion. When a drugmaker’s research spending leaps, look for a deal before you look for a breakthrough.
Who spends the largest share of what they earn
Among companies with at least $5 billion of revenue, the largest research shares belong to Regeneron Pharmaceuticals (40.8%), BeOne Medicines (40.2%), Incyte (39.9%), Electronic Arts (37.6%) and Synopsys (35.1%). Biotechnology, chip-design software and games: businesses where the product is the research, and where a year without it is a year of falling behind.
| # | Company | R&D | Share of revenue | Five years earlier |
|---|---|---|---|---|
| 1 | Regeneron Pharmaceuticals2025 | $5.9B | 40.8% | $2.6B |
| 2 | BeOne Medicines2025 | $2.1B | 40.2% | $1.3B |
| 3 | Incyte2025 | $2.1B | 39.9% | $2.2B |
| 4 | Electronic ArtsFY 2026-03 | $2.8B | 37.6% | $1.8B |
| 5 | SynopsysFY 2025-10 | $2.5B | 35.1% | $1.3B |
| 6 | Cadence Design Systems2025 | $1.8B | 33.4% | $1.0B |
| 7 | Vertex Pharmaceuticals2025 | $3.9B | 32.6% | $1.6B |
| 8 | Rivian Automotive2025 | $1.7B | 31% | – |
| 9 | Snap2025 | $1.8B | 30.2% | $1.1B |
| 10 | Meta2025 | $57.4B | 28.5% | $18.4B |
| 11 | WorkdayFY 2026-01 | $2.7B | 28% | $1.7B |
| 12 | Intel2025 | $13.8B | 26.1% | $13.6B |
| 13 | Marvell TechnologyFY 2026-01 | $2.1B | 25.3% | $1.1B |
| 14 | Merck2025 | $15.8B | 24.3% | $13.4B |
| 15 | QualcommFY 2026-09 | $10.2B | 23.7% | $7.2B |
| 16 | AMD2025 | $8.1B | 23.4% | $2.0B |
| 17 | Coinbase2025 | $1.7B | 23.3% | $271.73M |
| 18 | AutodeskFY 2026-01 | $1.6B | 22.8% | $932.00M |
| 19 | ServiceNow2025 | $3.0B | 22.3% | $1.0B |
| 20 | Palo Alto NetworksFY 2026-07 | $2.6B | 22.2% | $1.1B |
Software puts a bigger share of its revenue into research than drugmakers do
The median software company on the list spends 22.3% of its revenue on research and development. The median drugmaker spends 19.7%; the median chipmaker, 14.9%. At the other end, the median packaged-food company spends 0.6%, and the median maker of car parts 3.4%.
- Biotechnology25.1%median share of revenue, 10 companies
- Software22.3%median share of revenue, 59 companies
- Drugmakers19.7%median share of revenue, 32 companies
- Chipmakers14.9%median share of revenue, 38 companies
- Medical devices6.4%median share of revenue, 21 companies
- Carmakers5%median share of revenue, 7 companies
- Car parts3.4%median share of revenue, 14 companies
- Plastics and resins2.8%median share of revenue, 7 companies
- Packaged food0.6%median share of revenue, 7 companies
The ranking follows what each industry sells. A software company’s product is code its engineers write, so the engineers are the research budget. A drug is a molecule that took years of trials to approve, then sells for years under patent. A packaged-food company sells recipes it already has.
Inside one industry, the two numbers can point opposite ways. Ford spent $9.4 billion on research in 2025, more than Tesla’s $6.4 billion. Tesla spent the larger share of what it earned: 6.8% against Ford’s 5%. Which one is investing more depends on whether you count the dollars or the commitment, and neither tells you which car company the money will serve better.
Benchmark what the money buys, not how much there is
It is tempting to set a research budget as a share of revenue and check it against rivals. The list shows why that comparison misleads. Intel’s budget was the bigger one for 9 years, and its own report ties that spending to staying in a manufacturing race. Merck’s more than doubled because it bought a company. Amazon’s does not exist on paper.
Before you set a research budget by a peer’s ratio, ask three questions. What does each dollar buy: capacity to keep up, or something others will build on? Does the spending compound, through a platform, a body of data or a pipeline that gets cheaper to extend? And how much of the figure is research someone else already did, bought rather than performed? A smaller budget aimed at a compounding asset can beat a larger one spent on standing still.
All 630, A to Z
Show every company with its R&D spending
| # | Company | R&D | Share of revenue | Five years earlier |
|---|---|---|---|---|
| 413 | A. O. Smith2025 | $95.00M | 2.5% | $80.70M |
| 473 | Aaon2025 | $58.20M | 4% | $17.40M |
| 36 | Abbott Laboratories2025 | $2.9B | 6.6% | $2.4B |
| 17 | AbbVie2025 | $9.1B | 14.9% | $6.4B |
| 225 | Acadia Pharmaceuticals2025 | $328.80M | 30.7% | $319.13M |
| 102 | AccentureFY 2026-08 | $1.0B | 1.4% | $1.1B |
| 558 | Acco Brands2025 | $22.00M | 1.4% | $19.70M |
| 328 | ACI Worldwide2025 | $167.54M | 9.5% | $139.29M |
| 333 | AcuityFY 2026-08 | $165.60M | 3.6% | $88.30M |
| 439 | Acushnet Holdings2025 | $76.51M | 3% | $48.94M |
| 226 | AdientFY 2026-09 | $327.00M | 2.2% | $316.00M |
| 26 | AdobeFY 2025-11 | $4.3B | 18.1% | $2.2B |
| 297 | ADTRAN Holdings2025 | $204.28M | 18.8% | $113.29M |
| 279 | Advanced Energy Industries2025 | $232.40M | 12.9% | $143.96M |
| 602 | AdvanSix2025 | $8.70M | 0.6% | $11.80M |
| 546 | Aebi Schmidt Holding2025 | $26.49M | 1.7% | – |
| 370 | AeroVironmentFY 2026-04 | $127.68M | 6.5% | $53.76M |
| 202 | Agco2025 | $374.50M | 3.7% | $342.60M |
| 176 | Agilent TechnologiesFY 2025-10 | $455.00M | 6.5% | $495.00M |
| 451 | AGNT2025 | $69.62M | 1.5% | – |
| 409 | Air Products & ChemicalsFY 2025-09 | $96.30M | 0.8% | $83.90M |
| 46 | Airbnb2025 | $2.4B | 19.2% | $2.8B |
| 167 | Akamai Technologies2025 | $513.56M | 12.2% | $269.31M |
| 254 | Alarm.com Holdings2025 | $270.23M | 26.7% | $152.15M |
| 490 | Albemarle2025 | $51.40M | 1% | $59.21M |
| 552 | Alcoa2025 | $24.00M | 0.2% | $27.00M |
| 208 | Align Technology2025 | $369.91M | 9.2% | $175.31M |
| 228 | Alkermes plc.2025 | $323.96M | 22% | $394.59M |
| 366 | Allegion2025 | $132.00M | 3.2% | $54.40M |
| 295 | Allegro MicrosystemsFY 2026-03 | $205.80M | 23.1% | $108.65M |
| 536 | Alliance Laundry2025 | $29.70M | 1.7% | – |
| 322 | Allison Transmission2025 | $174.00M | 5.8% | $147.00M |
| 82 | Alnylam Pharmaceuticals2025 | $1.3B | 35.5% | $654.82M |
| 1 | Alphabet (Google)2025 | $61.1B | 15.2% | $27.6B |
| 306 | Altria Group2025 | $195.00M | 0.8% | $131.00M |
| 326 | AmcorFY 2026-06 | $170.00M | 0.7% | $100.00M |
| 19 | AMD2025 | $8.1B | 23.4% | $2.0B |
| 276 | Ametek2025 | $236.10M | 3.2% | $158.90M |
| 20 | Amgen2025 | $7.3B | 19.8% | $4.2B |
| 331 | Amkor Technology2025 | $166.74M | 2.5% | $140.73M |
| 313 | Amneal Pharmaceuticals2025 | $186.18M | 6.2% | $179.93M |
| 150 | Amphenol2025 | $647.00M | 2.8% | $260.70M |
| 62 | Analog DevicesFY 2025-11 | $1.8B | 16% | $1.1B |
| 423 | Angi2025 | $87.36M | 8.5% | $68.80M |
| 243 | Apellis Pharmaceuticals2025 | $295.85M | 29.5% | $299.92M |
| 592 | Apogee EnterprisesFY 2026-02 | $11.20M | 0.8% | $15.30M |
| 3 | AppleFY 2026-09 | $45.8B | 9.6% | $21.9B |
| 29 | Applied MaterialsFY 2025-10 | $3.6B | 12.6% | $2.2B |
| 282 | AppLovin2025 | $226.51M | 4.1% | $180.65M |
| 397 | Aptargroup2025 | $105.10M | 2.8% | $92.50M |
| 92 | Aptiv2025 | $1.1B | 5.5% | $1.0B |
| 539 | Arcbest2025 | $29.10M | 0.7% | $25.60M |
| 272 | Archer-Daniels-Midland2025 | $246.00M | 0.3% | $160.00M |
| 86 | Arista Networks2025 | $1.2B | 13.7% | $486.59M |
| 577 | Armstrong World Industries2025 | $16.40M | 1% | $14.70M |
| 599 | Array Technologies2025 | $9.90M | 0.8% | – |
| 591 | Arxis2025 | $11.30M | 0.7% | – |
| 484 | AshlandFY 2025-09 | $54.00M | 3% | $56.00M |
| 545 | Astec Industries2025 | $26.90M | 1.9% | $22.10M |
| 563 | ATI2025 | $21.30M | 0.5% | $14.10M |
| 509 | Atmus Filtration Technologies2025 | $40.70M | 2.3% | – |
| 65 | AutodeskFY 2026-01 | $1.6B | 22.8% | $932.00M |
| 189 | Autoliv2025 | $413.00M | 3.8% | $376.00M |
| 99 | Automatic Data ProcessingFY 2026-06 | $1.0B | 4.7% | – |
| 362 | Avery Dennison2025 | $136.60M | 1.5% | $112.80M |
| 408 | Avient2025 | $96.70M | 3% | $59.80M |
| 445 | Axalta Coating Systems2025 | $71.00M | 1.4% | $55.20M |
| 392 | Axcelis Technologies2025 | $108.96M | 13% | $61.83M |
| 145 | Axon Enterprise2025 | $684.31M | 24.6% | $123.19M |
| 156 | Baker Hughes2025 | $600.00M | 2.2% | $595.00M |
| 571 | Balchem2025 | $18.51M | 1.8% | $10.33M |
| 206 | Bausch & Lomb2025 | $371.00M | 7.3% | $253.00M |
| 166 | Baxter International2025 | $518.00M | 4.6% | $521.00M |
| 84 | Becton DickinsonFY 2025-09 | $1.3B | 5.8% | $1.0B |
| 369 | Belden2025 | $128.76M | 4.7% | $73.02M |
| 579 | Bellring BrandsFY 2025-09 | $16.00M | 0.7% | $9.40M |
| 235 | Bentley Systems2025 | $307.58M | 20.5% | $185.51M |
| 50 | BeOne Medicines2025 | $2.1B | 40.2% | $1.3B |
| 240 | BILL HoldingsFY 2026-06 | $300.57M | 18.2% | $89.50M |
| 253 | Bio-rad Laboratories2025 | $275.60M | 10.7% | $217.76M |
| 414 | Bio-techneFY 2026-06 | $94.77M | 7.8% | $70.60M |
| 60 | Biogen2025 | $1.8B | 18% | $4.0B |
| 111 | Biomarin Pharmaceutical2025 | $921.93M | 28.6% | $628.12M |
| 360 | Blackbaud2025 | $138.13M | 12.2% | $100.15M |
| 37 | Block2025 | $2.9B | 12% | $881.83M |
| 314 | Bloom Energy2025 | $185.99M | 9.2% | $83.58M |
| 584 | Blue BirdFY 2025-09 | $15.20M | 1% | $6.40M |
| 28 | Boeing2025 | $3.6B | 4% | $2.5B |
| 141 | Borgwarner2025 | $710.00M | 5% | $476.00M |
| 54 | Boston Scientific2025 | $2.1B | 10.2% | $1.1B |
| 244 | BOXFY 2026-01 | $294.54M | 25% | $201.26M |
| 416 | BradyFY 2026-07 | $94.03M | 5.7% | $44.55M |
| 14 | Bristol Myers Squibb2025 | $10.0B | 20.6% | $10.0B |
| 10 | BroadcomFY 2025-11 | $11.0B | 17.2% | $5.0B |
| 194 | Bruker2025 | $395.20M | 11.5% | $198.00M |
| 327 | Brunswick2025 | $168.70M | 3.1% | $125.90M |
| 542 | Bunge Global2025 | $28.00M | 0% | – |
| 586 | BWX Technologies2025 | $13.87M | 0.4% | $14.19M |
| 471 | CabotFY 2025-09 | $59.00M | 1.6% | $57.00M |
| 61 | Cadence Design Systems2025 | $1.8B | 33.4% | $1.0B |
| 309 | Calix2025 | $190.36M | 19% | $85.26M |
| 461 | Callaway Golf2025 | $65.50M | 3.2% | $46.30M |
| 403 | Campbell'sFY 2026-08 | $99.00M | 1% | $84.00M |
| 359 | CarGurus2025 | $138.28M | 15.2% | $85.73M |
| 496 | Carlisle Companies2025 | $47.10M | 0.9% | $45.40M |
| 543 | Carpenter TechnologyFY 2026-06 | $27.70M | 0.9% | $19.70M |
| 153 | Carrier Global2025 | $625.00M | 2.9% | $419.00M |
| 49 | Caterpillar2025 | $2.1B | 3.2% | $1.4B |
| 280 | CCC Intelligent Solutions2025 | $227.50M | 21.5% | $109.51M |
| 374 | Celanese2025 | $125.00M | 1.3% | $74.00M |
| 626 | Celsius Holdings2025 | $2.40M | 0.1% | $500K |
| 505 | Chart Industries2025 | $41.90M | 1% | $9.10M |
| 393 | Chemours2025 | $108.00M | 1.9% | $93.00M |
| 186 | Chevron2025 | $427.00M | 0.2% | $435.00M |
| 109 | Chime Financial2025 | $934.92M | 42.8% | – |
| 355 | Church & Dwight2025 | $145.60M | 2.3% | $102.60M |
| 116 | CienaFY 2025-11 | $848.33M | 17.8% | $529.89M |
| 455 | CimpressFY 2026-06 | $68.60M | 1.8% | $49.25M |
| 185 | Cirrus LogicFY 2026-03 | $433.95M | 21.7% | $342.76M |
| 15 | CiscoFY 2026-07 | $9.6B | 15.1% | $6.5B |
| 378 | CloroxFY 2025-06 | $121.00M | 1.7% | $145.00M |
| 168 | Cloudflare2025 | $512.49M | 23.6% | $127.14M |
| 358 | Cognex2025 | $138.97M | 14% | $130.98M |
| 138 | CoherentFY 2026-06 | $722.95M | 10.2% | $330.11M |
| 63 | Coinbase2025 | $1.7B | 23.3% | $271.73M |
| 210 | Colgate Palmolive2025 | $366.00M | 1.8% | $290.00M |
| 561 | Columbus McKinnonFY 2026-03 | $21.41M | 1.8% | $12.40M |
| 338 | Commvault SystemsFY 2026-03 | $162.21M | 13.7% | $133.40M |
| 273 | Compass2025 | $245.80M | 3.5% | $145.60M |
| 576 | Compass Diversified Holdings2025 | $16.60M | 0.9% | $3.00M |
| 464 | Conagra BrandsFY 2026-05 | $62.70M | 0.6% | $51.30M |
| 619 | Conduent2025 | $4.00M | 0.1% | $1.00M |
| 171 | Confluent2025 | $481.71M | 41.3% | $105.40M |
| 478 | Conmed2025 | $55.88M | 4.1% | $40.47M |
| 438 | ConocoPhillips2025 | $78.00M | 0.1% | $75.00M |
| 325 | Cooper CompaniesFY 2025-10 | $172.20M | 4.2% | $93.30M |
| 433 | Cooper-Standard2025 | $80.64M | 2.9% | $101.61M |
| 217 | CoreWeave2025 | $352.00M | 6.9% | – |
| 124 | Corning2025 | $800.00M | 5.1% | $1.0B |
| 453 | Corsair Gaming2025 | $69.15M | 4.7% | $50.06M |
| 75 | Corteva2025 | $1.5B | 8.5% | $1.1B |
| 192 | Costar Group2025 | $406.00M | 12.5% | $162.92M |
| 377 | CotyFY 2026-06 | $121.20M | 2.1% | $96.50M |
| 495 | Crane2025 | $47.80M | 2.1% | – |
| 498 | Crane NXT2025 | $46.00M | 2.8% | $74.60M |
| 250 | Credo Technology Group HoldingFY 2026-05 | $279.38M | 20.9% | $34.84M |
| 460 | Cricut2025 | $66.52M | 9.4% | $38.93M |
| 537 | Crocs2025 | $29.60M | 0.7% | $10.20M |
| 80 | CrowdStrikeFY 2026-01 | $1.4B | 28.8% | $214.67M |
| 527 | Crown Holdings2025 | $33.00M | 0.3% | $48.00M |
| 340 | CSG Systems International2025 | $161.57M | 13.2% | $122.85M |
| 613 | CSW IndustrialsFY 2026-03 | $5.80M | 0.5% | – |
| 79 | Cummins2025 | $1.4B | 4.1% | $906.00M |
| 412 | Curtiss Wright2025 | $95.16M | 2.7% | $74.82M |
| 398 | Dana2025 | $105.00M | 1.4% | $146.00M |
| 69 | Danaher2025 | $1.6B | 6.5% | – |
| 72 | Datadog2025 | $1.5B | 45.2% | $210.63M |
| 353 | Dauch2025 | $147.00M | 2.5% | $117.40M |
| 454 | Deckers OutdoorFY 2026-03 | $68.90M | 1.3% | $28.63M |
| 47 | Deere (John Deere)FY 2025-11 | $2.3B | 5.1% | $1.6B |
| 33 | DellFY 2026-01 | $3.1B | 2.8% | $2.5B |
| 347 | Dentsply Sirona2025 | $150.00M | 4.1% | $123.00M |
| 157 | Dexcom2025 | $599.10M | 12.9% | $359.90M |
| 424 | Diebold Nixdorf2025 | $86.70M | 2.3% | $133.40M |
| 339 | Diodes2025 | $162.18M | 10.9% | $94.29M |
| 146 | DocusignFY 2026-01 | $664.99M | 20.7% | $271.52M |
| 264 | Dolby LaboratoriesFY 2025-09 | $261.79M | 19.4% | $239.04M |
| 440 | DonaldsonFY 2026-07 | $76.10M | 2% | $67.80M |
| 76 | DoorDash2025 | $1.4B | 10.4% | $321.00M |
| 334 | Dover2025 | $165.34M | 2% | $142.10M |
| 133 | Dow2025 | $752.00M | 1.9% | $768.00M |
| 135 | Dropbox2025 | $732.00M | 29% | $727.50M |
| 236 | Duolingo2025 | $306.32M | 29.5% | $53.02M |
| 308 | DuPont2025 | $193.00M | 2.8% | $565.00M |
| 172 | DynatraceFY 2026-03 | $474.31M | 23.5% | $111.42M |
| 268 | Eastman Chemical2025 | $255.00M | 2.9% | $226.00M |
| 125 | Eaton2025 | $797.00M | 2.9% | $551.00M |
| 66 | eBay2025 | $1.6B | 14.8% | $1.0B |
| 457 | EchoStar2025 | $68.00M | 0.5% | $29.45M |
| 300 | Ecolab2025 | $202.00M | 1.3% | $185.00M |
| 474 | Edgewell Personal CareFY 2026-09 | $57.50M | 2.9% | $57.80M |
| 96 | Edwards Lifesciences2025 | $1.1B | 17.8% | $760.70M |
| 209 | Elanco Animal Health2025 | $368.00M | 7.8% | $329.00M |
| 178 | ElasticFY 2026-04 | $451.93M | 26% | $199.20M |
| 39 | Electronic ArtsFY 2026-03 | $2.8B | 37.6% | $1.8B |
| 458 | Element Solutions2025 | $67.60M | 2.6% | $48.60M |
| 9 | Eli Lilly2025 | $13.3B | 20.5% | $6.0B |
| 517 | EmbectaFY 2025-09 | $37.30M | 3.5% | $61.40M |
| 487 | Emergent BioSolutions2025 | $53.20M | 7.2% | $237.90M |
| 122 | Emerson ElectricFY 2026-09 | $812.00M | 4.3% | $347.00M |
| 531 | Energizer HoldingsFY 2025-09 | $32.60M | 1.1% | $35.40M |
| 581 | Enerpac Tool GroupFY 2026-08 | $15.40M | 2.4% | $7.40M |
| 381 | Enovis2025 | $120.33M | 5.4% | $34.27M |
| 310 | Enphase2025 | $189.07M | 12.8% | $55.92M |
| 588 | Enpro2025 | $13.30M | 1.2% | $9.40M |
| 224 | Entegris2025 | $329.00M | 10.3% | $136.06M |
| 623 | Enviri2025 | $3.05M | 0.1% | $534K |
| 388 | Envista Holdings2025 | $114.00M | 4.2% | $86.70M |
| 500 | Esab2025 | $44.00M | 1.5% | $34.80M |
| 556 | Esco TechnologiesFY 2025-09 | $23.00M | 2.1% | $13.30M |
| 180 | Etsy2025 | $450.19M | 15.6% | $180.08M |
| 108 | EverpureFY 2026-02 | $963.29M | 26.3% | $480.47M |
| 164 | Exact Sciences2025 | $523.00M | 16.1% | $554.05M |
| 120 | ExelixisFY 2026-01 | $825.00M | 35.6% | $547.85M |
| 587 | Expro Group Holdings2025 | $13.40M | 0.8% | $10.40M |
| 277 | Extreme NetworksFY 2026-06 | $233.88M | 18.2% | $197.00M |
| 88 | Exxon Mobil2025 | $1.2B | 0.4% | $1.0B |
| 162 | F5FY 2025-09 | $539.82M | 17.5% | $441.32M |
| 219 | Factset Research SystemsFY 2026-08 | $346.10M | 14% | $250.10M |
| 292 | Fair IsaacFY 2026-09 | $209.31M | 8.3% | $171.23M |
| 98 | Figma2025 | $1.0B | 97.5% | – |
| 402 | First Advantage2025 | $101.85M | 6.5% | $32.20M |
| 278 | First Solar2025 | $233.42M | 4.5% | $93.74M |
| 344 | Five92025 | $152.33M | 13.3% | $68.75M |
| 630 | Flowers FoodsFY 2026-01 | $9K | 0% | $4.00M |
| 483 | Flowserve2025 | $54.10M | 1.1% | $36.10M |
| 425 | Fluence EnergyFY 2025-09 | $86.22M | 3.8% | $11.54M |
| 257 | FMC2025 | $266.10M | 7.7% | $287.90M |
| 16 | Ford2025 | $9.4B | 5% | $7.1B |
| 121 | Fortinet2025 | $815.50M | 12% | $341.40M |
| 265 | Fortive2025 | $259.20M | 6.2% | $320.70M |
| 452 | FOX Factory HoldingFY 2026-01 | $69.44M | 4.7% | $34.29M |
| 564 | Franklin Electric2025 | $20.00M | 0.9% | $21.70M |
| 469 | GapFY 2026-01 | $60.00M | 0.4% | $46.00M |
| 93 | Garmin2025 | $1.1B | 15.5% | $652.34M |
| 444 | Gates Industrial2025 | $71.90M | 2.1% | $67.20M |
| 70 | GE2025 | $1.6B | 3.4% | $1.7B |
| 85 | GE HealthCare Technologies2025 | $1.3B | 6.1% | – |
| 89 | GE Vernova2025 | $1.2B | 3.1% | – |
| 191 | Gen DigitalFY 2026-04 | $409.00M | 8.2% | $267.00M |
| 274 | Generac2025 | $243.47M | 5.8% | $80.25M |
| 267 | General MillsFY 2026-05 | $256.00M | 1.4% | $239.30M |
| 299 | Gentex2025 | $203.26M | 8% | $115.94M |
| 415 | Gentherm2025 | $94.76M | 6.3% | $81.97M |
| 24 | Gilead Sciences2025 | $5.8B | 19.7% | $4.9B |
| 352 | Globus Medical2025 | $147.25M | 5% | $84.52M |
| 200 | Goodyear Tire & Rubber2025 | $380.00M | 2.1% | $390.00M |
| 371 | GoPro2025 | $126.80M | 19.5% | $131.59M |
| 429 | Graco2025 | $82.30M | 3.7% | $72.19M |
| 606 | Graftech International2025 | $6.47M | 1.3% | $3.98M |
| 569 | Graphic Packaging Holding2025 | $19.00M | 0.2% | $10.00M |
| 610 | Greenbrier CompaniesFY 2026-08 | $5.90M | 0.2% | $6.30M |
| 223 | Guidewire SoftwareFY 2026-07 | $340.10M | 23.1% | $201.47M |
| 470 | HaemoneticsFY 2026-03 | $59.77M | 4.5% | $32.86M |
| 607 | Hain CelestialFY 2026-06 | $6.17M | 0.5% | $10.37M |
| 190 | Halliburton2025 | $411.00M | 1.9% | $309.00M |
| 432 | Halozyme Therapeutics2025 | $81.49M | 5.8% | $34.24M |
| 195 | Hasbro2025 | $385.60M | 7.2% | $259.50M |
| 544 | Hayward Holdings2025 | $27.20M | 2.4% | $20.05M |
| 263 | HealthequityFY 2026-01 | $262.51M | 20% | $124.81M |
| 379 | HeicoFY 2025-10 | $120.94M | 2.7% | $65.56M |
| 485 | Helen of TroyFY 2026-02 | $54.00M | 3% | $53.40M |
| 524 | Helmerich & PayneFY 2025-09 | $34.13M | 0.9% | $21.64M |
| 466 | Hershey2025 | $61.66M | 0.5% | $37.58M |
| 43 | Hewlett Packard EnterpriseFY 2025-10 | $2.5B | 7.3% | $1.9B |
| 477 | Hexcel2025 | $56.40M | 3% | $46.60M |
| 525 | HillenbrandFY 2025-09 | $34.10M | 1.3% | $18.60M |
| 628 | Hillman Solutions2025 | $1.36M | 0.1% | $2.88M |
| 476 | HNIFY 2026-01 | $56.60M | 2% | $35.30M |
| 271 | HologicFY 2025-09 | $248.20M | 6.1% | $222.50M |
| 58 | Honeywell International2025 | $1.8B | 4.8% | $1.3B |
| 520 | Hormel FoodsFY 2025-10 | $35.20M | 0.3% | $31.90M |
| 518 | Howmet Aerospace2025 | $37.00M | 0.4% | $17.00M |
| 68 | HPFY 2025-10 | $1.6B | 2.9% | $1.5B |
| 113 | Hubspot2025 | $905.94M | 28.9% | $205.59M |
| 503 | Hughes Satellite Systems2025 | $42.00M | 2.9% | $29.45M |
| 547 | Huntington Ingalls Industries2025 | $26.00M | 0.2% | $31.00M |
| 382 | Huntsman2025 | $120.00M | 2.1% | $121.00M |
| 361 | Hyster-yale2025 | $137.20M | 3.6% | $100.50M |
| 18 | IBM2025 | $8.3B | 12.3% | $6.3B |
| 555 | Ichor Holdings2025 | $23.09M | 2.4% | $13.36M |
| 422 | ICU Medical2025 | $87.50M | 3.9% | $42.95M |
| 448 | Idex2025 | $70.00M | 2% | $48.20M |
| 270 | Idexx Laboratories2025 | $251.21M | 5.8% | $141.25M |
| 480 | IDTFY 2026-07 | $55.74M | 4.3% | – |
| 238 | Illinois Tool Works2025 | $302.00M | 1.9% | $214.00M |
| 106 | Illumina2025 | $967.00M | 22.3% | $682.00M |
| 55 | Incyte2025 | $2.1B | 39.9% | $2.2B |
| 387 | Ingersoll Rand2025 | $114.30M | 1.5% | $58.00M |
| 541 | Ingevity2025 | $28.40M | 2.4% | $22.60M |
| 446 | Ingredion2025 | $71.00M | 1% | $43.00M |
| 491 | Innospec2025 | $51.00M | 2.9% | $30.90M |
| 239 | Insulet2025 | $301.10M | 11.1% | $146.80M |
| 493 | Integer Holdings2025 | $49.50M | 2.7% | $48.47M |
| 404 | Integra Lifesciences Holdings2025 | $98.97M | 6.1% | $77.38M |
| 8 | Intel2025 | $13.8B | 26.1% | $13.6B |
| 578 | Interface2025 | $16.10M | 1.2% | $18.60M |
| 144 | International Flavors & Fragrances2025 | $694.00M | 6.4% | $357.00M |
| 32 | IntuitFY 2026-07 | $3.4B | 15.7% | $1.7B |
| 83 | Intuitive Surgical2025 | $1.3B | 13% | $595.10M |
| 112 | Ionis Pharmaceuticals2025 | $915.62M | 97% | $531.00M |
| 237 | IonQ2025 | $305.70M | 235.1% | – |
| 383 | IPG Photonics2025 | $117.40M | 11.7% | $126.90M |
| 294 | Itron2025 | $207.04M | 8.7% | $194.10M |
| 391 | ITT2025 | $110.80M | 2.8% | $84.90M |
| 627 | J&J Snack FoodsFY 2025-09 | $1.40M | 0.1% | $700K |
| 535 | JabilFY 2026-08 | $30.00M | 0.1% | $34.00M |
| 319 | Jack Henry & AssociatesFY 2026-06 | $176.44M | 6.9% | $109.05M |
| 128 | Jazz Pharmaceuticals2025 | $782.74M | 18.3% | $335.38M |
| 386 | JBT Marel2025 | $116.30M | 3.1% | $29.30M |
| 7 | Johnson & Johnson2025 | $14.7B | 15.6% | $12.2B |
| 259 | Johnson Controls InternationalFY 2026-09 | $265.00M | 1% | $275.00M |
| 583 | KadantFY 2026-01 | $15.26M | 1.5% | $11.30M |
| 596 | Kaiser Aluminum2025 | $10.70M | 0.3% | $9.10M |
| 419 | Keenova Therapeutics2025 | $90.70M | 6.3% | $290.80M |
| 502 | KennametalFY 2026-06 | $43.20M | 1.8% | $39.50M |
| 198 | Kenvue2025 | $382.00M | 2.5% | – |
| 449 | Keurig Dr Pepper2025 | $70.00M | 0.4% | $69.00M |
| 103 | Keysight TechnologiesFY 2025-10 | $1.0B | 18.7% | $715.00M |
| 629 | Kidz AI2025 | $54K | 1.6% | – |
| 568 | Kimball ElectronicsFY 2026-06 | $19.10M | 1.3% | $20.90M |
| 227 | Kimberly Clark2025 | $326.00M | 2% | $276.00M |
| 73 | KLAFY 2026-06 | $1.5B | 11.3% | $928.49M |
| 245 | Klaviyo2025 | $291.21M | 23.6% | – |
| 528 | Kodak2025 | $33.00M | 3.1% | $34.00M |
| 329 | Kraft-Heinz2025 | $167.00M | 0.7% | $119.00M |
| 510 | Kratos Defense & Security Solutions2025 | $40.00M | 3% | $27.00M |
| 580 | Kronos Worldwide2025 | $16.00M | 0.9% | $16.00M |
| 349 | Kulicke & Soffa IndustriesFY 2025-10 | $149.62M | 22.9% | $123.46M |
| 475 | Kyndryl HoldingsFY 2026-03 | $57.00M | 0.4% | $76.00M |
| 594 | La-z-boyFY 2026-04 | $10.80M | 0.5% | $7.60M |
| 45 | LAM ResearchFY 2026-06 | $2.4B | 10.2% | $1.5B |
| 570 | Lamb Weston HoldingsFY 2026-05 | $18.90M | 0.3% | $12.90M |
| 318 | Lantheus Holdings2025 | $177.31M | 11.5% | $32.79M |
| 255 | Las Vegas Sands2025 | $269.00M | 2.1% | $18.00M |
| 311 | Leidos HoldingsFY 2026-01 | $187.00M | 1.1% | $73.00M |
| 499 | LendingTree2025 | $45.25M | 4% | $43.64M |
| 401 | Lennox International2025 | $103.40M | 2% | $66.80M |
| 368 | Leonardo DRS2025 | $129.00M | 3.5% | $41.00M |
| 269 | Light & Wonder2025 | $252.00M | 7.6% | $148.00M |
| 427 | Lincoln Electric2025 | $85.55M | 2% | $51.41M |
| 354 | Linde2025 | $147.00M | 0.4% | $152.00M |
| 395 | Littelfuse2025 | $106.90M | 4.5% | $52.54M |
| 315 | LivaNova2025 | $185.76M | 13.4% | $152.90M |
| 56 | Lockheed Martin2025 | $2.0B | 2.7% | $1.3B |
| 87 | Lucid2025 | $1.2B | 89.5% | – |
| 213 | LumentumFY 2026-06 | $356.50M | 11.8% | – |
| 179 | Lyft2025 | $451.42M | 7.1% | $909.13M |
| 363 | LyondellBasell Industries2025 | $136.00M | 0.5% | $113.00M |
| 565 | MagneraFY 2025-09 | $20.00M | 0.6% | – |
| 356 | Manhattan Associates2025 | $145.06M | 13.4% | $84.28M |
| 479 | Manitowoc2025 | $55.80M | 2.5% | $30.60M |
| 147 | Maplebear2025 | $650.00M | 17.4% | – |
| 53 | Marvell TechnologyFY 2026-01 | $2.1B | 25.3% | $1.1B |
| 372 | MasimoFY 2026-01 | $126.40M | 8.3% | $118.70M |
| 181 | Match Group2025 | $449.51M | 12.9% | $169.81M |
| 548 | Materion2025 | $25.94M | 1.5% | $20.28M |
| 553 | Mativ Holdings2025 | $23.60M | 1.2% | $13.80M |
| 281 | Mattel2025 | $227.42M | 4.3% | $189.49M |
| 575 | Matthews InternationalFY 2025-09 | $16.73M | 1.1% | $13.36M |
| 293 | Maxlinear2025 | $208.60M | 44.6% | $179.99M |
| 396 | McCormickFY 2025-11 | $106.10M | 1.6% | $68.60M |
| 252 | McGraw HillFY 2026-03 | $276.25M | 13.1% | – |
| 562 | MediaAlpha2025 | $21.40M | 1.9% | $12.45M |
| 617 | Medifast2025 | $4.30M | 1.1% | $2.80M |
| 434 | Medline2025 | $80.00M | 0.3% | – |
| 38 | MedtronicFY 2026-04 | $2.9B | 7.9% | $2.5B |
| 48 | Mercadolibre2025 | $2.3B | 7.9% | $353.00M |
| 6 | Merck2025 | $15.8B | 24.3% | $13.4B |
| 406 | Merit Medical Systems2025 | $97.35M | 6.4% | $57.54M |
| 2 | Meta2025 | $57.4B | 28.5% | $18.4B |
| 515 | Methode ElectronicsFY 2026-05 | $37.50M | 3.7% | $35.70M |
| 301 | Mettler Toledo International2025 | $199.37M | 5% | $140.10M |
| 95 | Microchip TechnologyFY 2026-03 | $1.1B | 23% | $836.40M |
| 25 | Micron TechnologyFY 2026-09 | $5.7B | 4.2% | $2.7B |
| 4 | MicrosoftFY 2026-06 | $35.6B | 10.7% | $20.7B |
| 472 | MiddlebyFY 2026-01 | $58.80M | 1.8% | $35.30M |
| 603 | Miller Industries2025 | $8.20M | 1% | $4.72M |
| 459 | MillerknollFY 2026-05 | $66.70M | 1.7% | $50.80M |
| 557 | Minerals Technologies2025 | $22.90M | 1.1% | $19.90M |
| 182 | MiniMed GroupFY 2026-04 | $448.00M | 14.4% | – |
| 241 | MKS2025 | $299.00M | 7.6% | $173.00M |
| 91 | Mobileye Global2025 | $1.2B | 60.8% | $440.00M |
| 34 | Moderna2025 | $3.1B | 161.1% | $1.4B |
| 538 | Modine ManufacturingFY 2026-03 | $29.30M | 0.9% | $46.30M |
| 193 | Mondelez2025 | $400.00M | 1% | $332.00M |
| 139 | MongoDBFY 2026-01 | $716.30M | 29.1% | $205.16M |
| 197 | Monolithic Power Systems2025 | $382.26M | 13.7% | $137.60M |
| 417 | MoogFY 2025-09 | $93.67M | 2.4% | $110.86M |
| 105 | Motorola Solutions2025 | $970.00M | 8.3% | $686.00M |
| 462 | MSA Safety2025 | $65.34M | 3.5% | $58.27M |
| 317 | Msci2025 | $177.60M | 5.7% | $101.05M |
| 567 | Mueller Water ProductsFY 2025-09 | $19.90M | 1.4% | $15.00M |
| 488 | Nabors Industries2025 | $53.06M | 1.7% | $33.56M |
| 154 | Natera2025 | $624.11M | 27.1% | $100.03M |
| 450 | NCR Atleos2025 | $70.00M | 1.6% | – |
| 343 | NCR Voyix2025 | $155.00M | 5.8% | $234.00M |
| 384 | Nektar Therapeutics2025 | $117.33M | 212.4% | $408.68M |
| 104 | NetAppFY 2026-04 | $991.00M | 14.3% | $881.00M |
| 31 | Netflix2025 | $3.4B | 7.5% | $1.8B |
| 426 | Netgear2025 | $85.72M | 12.3% | $88.79M |
| 341 | Netscout SystemsFY 2026-03 | $159.46M | 18.6% | $179.16M |
| 101 | Neurocrine Biosciences2025 | $1.0B | 35.5% | $275.00M |
| 260 | New York Times2025 | $264.35M | 9.4% | $133.38M |
| 389 | Newell Brands2025 | $114.00M | 1.6% | $144.00M |
| 365 | Newmarket2025 | $132.09M | 4.8% | $140.37M |
| 332 | Newmont2025 | $166.00M | 0.7% | $122.00M |
| 380 | NextpowerFY 2026-03 | $120.91M | 3.4% | $13.01M |
| 456 | NordsonFY 2025-10 | $68.24M | 2.4% | $63.59M |
| 94 | Northrop Grumman2025 | $1.1B | 2.6% | $1.1B |
| 222 | Novavax2025 | $342.32M | 30.5% | $747.03M |
| 418 | NovelisFY 2026-03 | $93.00M | 0.5% | $83.00M |
| 595 | NU Skin Enterprises2025 | $10.80M | 0.7% | $23.30M |
| 126 | NutanixFY 2026-07 | $790.89M | 27.7% | $558.01M |
| 437 | nVent Electric2025 | $78.50M | 2% | $43.50M |
| 5 | NvidiaFY 2026-01 | $18.5B | 8.6% | $3.9B |
| 504 | O-I Glass2025 | $42.00M | 0.7% | $75.00M |
| 621 | Offerpad Solutions2025 | $3.40M | 0.6% | $7.27M |
| 615 | Oil States International2025 | $5.10M | 0.8% | $6.10M |
| 151 | OktaFY 2026-01 | $639.00M | 21.9% | $223.00M |
| 421 | Omnicell2025 | $88.67M | 7.5% | $70.16M |
| 159 | ON Semiconductor2025 | $583.60M | 9.7% | $642.90M |
| 367 | Onto InnovationFY 2026-01 | $131.98M | 13.1% | $84.58M |
| 149 | Open TextFY 2026-06 | $647.71M | 12.3% | $421.45M |
| 436 | Opendoor Technologies2025 | $79.00M | 1.8% | $56.00M |
| 375 | Opko Health2025 | $124.03M | 20.4% | $75.32M |
| 12 | OracleFY 2026-05 | $10.3B | 15.3% | $6.5B |
| 211 | Organon2025 | $366.00M | 5.9% | $210.00M |
| 323 | Oshkosh2025 | $173.70M | 1.7% | $103.90M |
| 435 | OSI SystemsFY 2026-06 | $79.14M | 4.4% | $53.70M |
| 345 | Otis Worldwide2025 | $152.00M | 1.1% | $152.00M |
| 348 | Owens Corning2025 | $150.00M | 1.5% | $82.00M |
| 183 | Paccar2025 | $445.50M | 1.6% | – |
| 160 | Palantir2025 | $557.68M | 12.5% | $560.66M |
| 42 | Palo Alto NetworksFY 2026-07 | $2.6B | 22.2% | $1.1B |
| 256 | Parker-HannifinFY 2026-06 | $267.00M | 1.2% | $205.00M |
| 497 | Pattern2025 | $46.29M | 1.9% | – |
| 247 | Paycom Software2025 | $283.40M | 13.8% | $90.24M |
| 286 | Paylocity HoldingFY 2026-06 | $221.39M | 12.5% | $76.71M |
| 467 | Paymentus Holdings2025 | $61.47M | 5.1% | $24.51M |
| 342 | Payoneer Global2025 | $155.42M | 14.8% | $52.30M |
| 234 | Pegasystems2025 | $312.68M | 17.9% | $236.99M |
| 275 | Peloton InteractiveFY 2026-06 | $242.80M | 9.9% | $247.60M |
| 431 | Penguin SolutionsFY 2026-08 | $81.68M | 4.7% | $59.93M |
| 410 | Pentair2025 | $95.90M | 2.3% | $75.70M |
| 420 | Penumbra2025 | $89.77M | 6.4% | $90.05M |
| 304 | People2025 | $196.02M | 8.2% | $185.34M |
| 118 | PepsiCo2025 | $839.00M | 0.9% | $719.00M |
| 411 | Perrigo2025 | $95.40M | 2.2% | $121.70M |
| 11 | Pfizer2025 | $10.4B | 16.7% | $8.7B |
| 551 | Phibro Animal HealthFY 2026-06 | $24.55M | 1.6% | $17.76M |
| 131 | Philip Morris International2025 | $756.00M | 1.9% | $495.00M |
| 608 | Phillips 662025 | $6.00M | 0% | $48.00M |
| 399 | Phinia2025 | $105.00M | 3% | – |
| 573 | Pilgrims Pride2025 | $17.90M | 0.1% | $5.40M |
| 77 | Pinterest2025 | $1.4B | 33.8% | $606.19M |
| 582 | Pitney Bowes2025 | $15.28M | 0.8% | $38.38M |
| 187 | Playtika Holding2025 | $426.70M | 15.5% | $268.90M |
| 205 | Polaris2025 | $371.90M | 5.2% | $288.10M |
| 533 | Post HoldingsFY 2025-09 | $31.90M | 0.4% | $19.10M |
| 593 | Powell IndustriesFY 2025-09 | $11.01M | 1% | $6.26M |
| 188 | PPG Industries2025 | $423.00M | 2.7% | $379.00M |
| 482 | Precision Biosciences2025 | $54.17M | 158.1% | $98.06M |
| 625 | PremierFY 2025-06 | $2.63M | 0.3% | $2.38M |
| 212 | Procore Technologies2025 | $362.37M | 27.4% | $124.66M |
| 51 | Procter & GambleFY 2026-06 | $2.1B | 2.4% | $1.9B |
| 600 | Progyny2025 | $9.50M | 0.7% | – |
| 174 | PTCFY 2025-09 | $457.69M | 16.7% | $256.57M |
| 175 | PTC Therapeutics2025 | $455.25M | 26.3% | $477.64M |
| 215 | Qnity Electronics2025 | $354.00M | 7.4% | – |
| 137 | QorvoFY 2026-03 | $726.12M | 19.7% | $570.39M |
| 624 | Quad/Graphics2025 | $2.90M | 0.1% | $3.00M |
| 468 | Quaker Chemical2025 | $60.70M | 3.2% | $40.00M |
| 13 | QualcommFY 2026-09 | $10.2B | 23.7% | $7.2B |
| 312 | QuidelOrtho2025 | $186.20M | 6.8% | $84.30M |
| 516 | QuinstreetFY 2026-06 | $37.30M | 2.9% | $19.34M |
| 512 | Rackspace Technology2025 | $39.10M | 1.5% | $36.70M |
| 335 | Ralliant2025 | $165.00M | 8% | – |
| 605 | Rayonier Advanced Materials2025 | $7.00M | 0.5% | $7.00M |
| 523 | RBC BearingsFY 2026-03 | $34.40M | 1.8% | – |
| 127 | Reddit2025 | $783.14M | 35.6% | – |
| 302 | Regal Rexnord2025 | $198.70M | 3.3% | $67.00M |
| 23 | Regeneron Pharmaceuticals2025 | $5.9B | 40.8% | $2.6B |
| 233 | Remitly Global2025 | $313.91M | 19.2% | $40.78M |
| 330 | Resideo Technologies2025 | $167.00M | 2.2% | $74.00M |
| 201 | ResmedFY 2026-06 | $378.29M | 6.7% | $225.28M |
| 614 | REV GroupFY 2025-10 | $5.80M | 0.2% | $5.80M |
| 290 | Revvity2025 | $215.84M | 7.6% | $146.44M |
| 494 | Reynolds Consumer Products2025 | $48.00M | 1.3% | $41.00M |
| 232 | RingCentral2025 | $316.99M | 12.6% | $189.48M |
| 64 | Rivian Automotive2025 | $1.7B | 31% | – |
| 214 | Robinhood2025 | $355.00M | 7.9% | $52.00M |
| 71 | Roblox2025 | $1.6B | 32.1% | $201.43M |
| 140 | Rockwell AutomationFY 2026-09 | $714.00M | 7.9% | $422.50M |
| 136 | Roku2025 | $729.48M | 15.4% | $355.78M |
| 115 | Roper Technologies2025 | $852.50M | 10.8% | $382.40M |
| 177 | Royalty Pharma2025 | $452.00M | 19% | $26.29M |
| 405 | RPM InternationalFY 2026-05 | $97.90M | 1.2% | $77.60M |
| 40 | RTX (Raytheon)2025 | $2.8B | 3.2% | $2.6B |
| 204 | RubrikFY 2026-01 | $373.68M | 28.4% | – |
| 285 | SailPointFY 2026-01 | $222.96M | 20.8% | – |
| 22 | SalesforceFY 2026-01 | $6.0B | 14.4% | $3.6B |
| 220 | SamsaraFY 2026-01 | $344.59M | 21.3% | $99.74M |
| 81 | SandiskFY 2026-07 | $1.3B | 6.6% | – |
| 622 | Sanfilippo John B & SONFY 2026-06 | $3.33M | 0.3% | $2.00M |
| 534 | SanminaFY 2025-09 | $31.09M | 0.4% | $22.56M |
| 74 | Sarepta Therapeutics2025 | $1.5B | 69.2% | $722.34M |
| 589 | Science Applications InternationalFY 2026-01 | $13.00M | 0.2% | $6.00M |
| 521 | Scotts Miracle-groFY 2025-09 | $34.80M | 1% | $39.70M |
| 463 | Seaboard2025 | $64.00M | 0.7% | $134.00M |
| 132 | Seagate Technology HoldingsFY 2026-07 | $755.00M | 6.2% | $903.00M |
| 430 | Sealed Air2025 | $81.90M | 1.5% | $95.90M |
| 303 | SemtechFY 2026-01 | $196.35M | 18.7% | $117.53M |
| 364 | Sensata Technologies Holding2025 | $133.80M | 3.6% | $131.43M |
| 489 | Sensient Technologies2025 | $52.90M | 3.3% | $38.50M |
| 229 | SentinelOneFY 2026-01 | $323.85M | 32.3% | $62.44M |
| 35 | ServiceNow2025 | $3.0B | 22.3% | $1.0B |
| 609 | Shift4 Payments2025 | $6.00M | 0.1% | $1.20M |
| 216 | Silicon LaboratoriesFY 2026-01 | $353.25M | 45% | $235.19M |
| 611 | Simply Good FoodsFY 2026-08 | $5.90M | 0.4% | $3.50M |
| 590 | Simpson Manufacturing2025 | $11.50M | 0.5% | $10.10M |
| 261 | Sirius XM2025 | $263.00M | 3.1% | $263.00M |
| 119 | Skyworks SolutionsFY 2026-10 | $837.00M | 21.1% | $532.30M |
| 142 | SLB2025 | $709.00M | 2% | $580.00M |
| 526 | Sleep NumberFY 2026-01 | $33.94M | 2.4% | $40.91M |
| 598 | Smith & Wesson BrandsFY 2026-04 | $10.30M | 2% | $7.48M |
| 291 | Smithfield Foods2025 | $214.00M | 1.4% | – |
| 59 | Snap2025 | $1.8B | 30.2% | $1.1B |
| 443 | Snap-onFY 2026-01 | $72.40M | 1.4% | $57.40M |
| 57 | SnowflakeFY 2026-01 | $2.0B | 42% | $237.95M |
| 148 | SoFi Technologies2025 | $648.33M | 17.9% | $201.20M |
| 287 | Solaredge Technologies2025 | $221.25M | 18.7% | $163.12M |
| 407 | Solstice Advanced Materials2025 | $97.00M | 2.5% | – |
| 134 | Solventum2025 | $739.00M | 8.9% | – |
| 530 | Somnigroup International2025 | $32.90M | 0.4% | $23.10M |
| 560 | Sonoco Products2025 | $21.50M | 0.3% | $22.00M |
| 249 | SonosFY 2025-09 | $279.97M | 19.4% | $214.67M |
| 554 | Spectrum Brands HoldingsFY 2025-09 | $23.20M | 0.8% | $29.20M |
| 486 | SPX Technologies2025 | $54.00M | 2.4% | $28.10M |
| 620 | SS Innovations International2025 | $3.69M | 8.7% | – |
| 169 | SS&C Technologies2025 | $507.50M | 8.1% | $399.40M |
| 230 | Stanley Black & DeckerFY 2026-01 | $321.40M | 2.1% | $200.00M |
| 492 | SteelcaseFY 2025-02 | $50.40M | 1.6% | $50.60M |
| 522 | Stepan2025 | $34.80M | 1.5% | $36.00M |
| 390 | SterisFY 2026-03 | $112.90M | 1.9% | $66.33M |
| 559 | StrideFY 2026-06 | $22.00M | 0.9% | $3.70M |
| 67 | Stryker2025 | $1.6B | 6.5% | $984.00M |
| 519 | Sunrun2025 | $36.13M | 1.2% | $19.55M |
| 129 | Super Micro ComputerFY 2026-06 | $771.23M | 2% | $224.37M |
| 289 | SymboticFY 2025-09 | $216.01M | 9.6% | $55.86M |
| 199 | SynapticsFY 2026-06 | $381.80M | 31.9% | $313.40M |
| 44 | SynopsysFY 2025-10 | $2.5B | 35.1% | $1.3B |
| 97 | Take Two Interactive SoftwareFY 2026-03 | $1.1B | 16.1% | $317.30M |
| 307 | Tandem Diabetes Care2025 | $193.11M | 19% | $63.57M |
| 123 | TE ConnectivityFY 2026-09 | $803.00M | 4% | $612.00M |
| 501 | Teads Holding2025 | $43.55M | 3.3% | $28.96M |
| 428 | TechnipFMC2025 | $83.10M | 0.8% | $75.30M |
| 251 | Teladoc Health2025 | $277.92M | 11% | $164.94M |
| 231 | Teledyne Technologies2025 | $317.30M | 5.2% | – |
| 357 | Teleflex2025 | $144.78M | 7.3% | $119.75M |
| 324 | Tempus AI2025 | $172.92M | 13.6% | – |
| 507 | Tennant2025 | $41.20M | 3.4% | $30.10M |
| 248 | Teradata2025 | $280.00M | 16.8% | $334.00M |
| 170 | Teradyne2025 | $504.60M | 15.8% | $374.96M |
| 513 | Terex2025 | $39.00M | 0.7% | $58.90M |
| 21 | Tesla2025 | $6.4B | 6.8% | $1.5B |
| 52 | Texas Instruments2025 | $2.1B | 11.8% | $1.5B |
| 165 | TextronFY 2026-01 | $521.00M | 3.5% | $549.00M |
| 78 | Thermo Fisher2025 | $1.4B | 3.1% | $1.2B |
| 506 | Thor IndustriesFY 2026-07 | $41.58M | 0.4% | – |
| 511 | Thryv Holdings2025 | $39.11M | 5% | – |
| 601 | Tigo Energy2025 | $9.24M | 0% | – |
| 572 | Titan International2025 | $18.32M | 1% | $9.01M |
| 203 | Toast2025 | $374.00M | 6.1% | $109.00M |
| 337 | ToroFY 2025-10 | $162.30M | 3.6% | $124.10M |
| 163 | Trade Desk2025 | $525.14M | 18.1% | $166.65M |
| 218 | Trane Technologies2025 | $347.60M | 1.6% | $165.00M |
| 346 | TransDigmFY 2026-09 | $151.00M | 1.4% | $106.00M |
| 618 | Trex2025 | $4.20M | 0.4% | $3.40M |
| 152 | TrimbleFY 2026-01 | $630.70M | 17.6% | $475.90M |
| 447 | Trinet Group2025 | $71.00M | 1.4% | $40.00M |
| 585 | Tronox Holdings2025 | $15.00M | 0.5% | $12.00M |
| 540 | TTM Technologies2025 | $28.99M | 1% | $19.77M |
| 100 | Twilio2025 | $1.0B | 20.1% | $530.55M |
| 296 | Tyler Technologies2025 | $204.59M | 8.8% | $88.36M |
| 373 | Tyson FoodsFY 2025-09 | $126.00M | 0.2% | $98.00M |
| 30 | Uber2025 | $3.4B | 6.5% | $2.2B |
| 298 | UbiquitiFY 2026-06 | $204.17M | 6.2% | $116.17M |
| 196 | UiPathFY 2026-01 | $385.21M | 23.9% | $109.92M |
| 532 | Ultra Clean Holdings2025 | $32.00M | 1.6% | $14.80M |
| 566 | Union Carbide2025 | $20.00M | 0.5% | $24.00M |
| 550 | Unisys2025 | $24.60M | 1.3% | $26.60M |
| 161 | United Therapeutics2025 | $550.00M | 17.3% | $357.70M |
| 110 | Unity Software2025 | $929.52M | 50.3% | $403.51M |
| 266 | Upstart Holdings2025 | $257.60M | 24.7% | $38.80M |
| 597 | Usana Health SciencesFY 2026-01 | $10.69M | 1.2% | $10.63M |
| 574 | Valhi2025 | $17.00M | 0.8% | $16.00M |
| 529 | Valmont Industries2025 | $33.00M | 0.8% | $21.40M |
| 130 | Veeva SystemsFY 2026-01 | $767.39M | 24% | $294.22M |
| 221 | Venture Global2025 | $344.00M | 2.5% | – |
| 258 | Veralto2025 | $266.00M | 4.8% | – |
| 350 | Verint SystemsFY 2025-01 | $149.31M | 16.4% | $134.24M |
| 400 | Verisign2025 | $103.60M | 6.3% | $74.70M |
| 508 | Verisk Analytics2025 | $40.90M | 1.3% | $44.60M |
| 27 | Vertex Pharmaceuticals2025 | $3.9B | 32.6% | $1.6B |
| 184 | Vertiv Holdings2025 | $441.70M | 4.3% | $228.60M |
| 336 | ViasatFY 2026-03 | $164.91M | 3.6% | $108.50M |
| 107 | Viatris2025 | $965.90M | 6.8% | $512.60M |
| 262 | Viavi SolutionsFY 2026-06 | $262.70M | 17.3% | – |
| 376 | Vishay Intertechnology2025 | $122.39M | 4% | $70.86M |
| 246 | Vistance Networks2025 | $283.50M | 14.7% | $703.30M |
| 288 | Visteon2025 | $220.00M | 5.8% | $201.00M |
| 320 | Vontier2025 | $175.70M | 5.7% | $126.20M |
| 612 | Wabash National2025 | $5.90M | 0.4% | $21.90M |
| 305 | Waters2025 | $195.71M | 6.2% | $140.78M |
| 442 | Watts Water Technologies2025 | $73.50M | 3% | $42.20M |
| 481 | Waystar Holding2025 | $54.62M | 5% | – |
| 394 | Weatherford International2025 | $108.00M | 2.2% | $97.00M |
| 441 | West Pharmaceutical Services2025 | $74.30M | 2.4% | $46.90M |
| 90 | Western DigitalFY 2026-07 | $1.2B | 9% | $2.2B |
| 284 | Westinghouse Air Brake Technologies2025 | $223.00M | 2% | $162.00M |
| 616 | Weyerhaeuser2025 | $5.00M | 0.1% | $5.00M |
| 514 | Wheels Up Experience2025 | $38.76M | 5.3% | $21.01M |
| 207 | Whirlpool2025 | $370.00M | 2.4% | $455.00M |
| 321 | WolfspeedFY 2025-06 | $175.10M | 23.1% | $152.00M |
| 351 | WoodwardFY 2025-09 | $147.57M | 4.1% | $133.13M |
| 41 | WorkdayFY 2026-01 | $2.7B | 28% | $1.7B |
| 283 | Xylem2025 | $226.00M | 2.5% | $187.00M |
| 242 | Yelp2025 | $297.80M | 20.3% | $230.10M |
| 549 | YETI HoldingsFY 2026-01 | $25.20M | 1.3% | $11.20M |
| 604 | Yum China Holdings2025 | $8.00M | 0.1% | $3.00M |
| 158 | Zebra Technologies2025 | $593.00M | 11% | $453.00M |
| 385 | Zeta Global Holdings2025 | $117.17M | 9% | $31.77M |
| 465 | Ziff Davis2025 | $61.96M | 4.3% | $57.15M |
| 155 | Zillow Group2025 | $607.00M | 23.5% | $324.00M |
| 173 | Zimmer Biomet Holdings2025 | $458.50M | 5.6% | $322.80M |
| 143 | Zoetis2025 | $698.00M | 7.4% | $463.00M |
| 117 | ZoomFY 2026-01 | $844.88M | 17.4% | $164.08M |
| 316 | ZoomInfo Technologies2025 | $182.00M | 14.6% | $51.40M |
| 114 | ZscalerFY 2026-07 | $903.40M | 26.9% | $174.65M |
Asked about R&D spending
Which company spends the most on R&D?
Among companies that report a research and development line, Alphabet (Google), with $61.1 billion in its latest fiscal year, then Meta ($57.4 billion), Apple ($45.8 billion), Microsoft ($35.6 billion) and Nvidia ($18.5 billion). Amazon reports no R&D line: its research payroll sits inside "Technology and infrastructure," which came to $108.5 billion in 2025 and also holds the cost of running AWS and its online stores.
What percentage of revenue do companies spend on R&D?
The median among the 630 companies here is 4.4%. It runs far higher in drugs, chips and software: among companies with at least $5 billion of revenue, Regeneron Pharmaceuticals (40.8%), BeOne Medicines (40.2%) and Incyte (39.9%) spend the largest shares.
Does Amazon report R&D spending?
Not as a separate line. Amazon reports "Technology and infrastructure," $108.5 billion in 2025, which includes the pay of people working on research and development along with store maintenance, infrastructure and the cost of operating AWS. It cannot be compared directly with another company's R&D line.
Which industry spends the most on R&D?
Software and internet companies, by total: the 98 here spent $235.5 billion. The 42 drugmakers and biotechnology companies spent $119.5 billion, less than the five biggest spenders alone ($218.3 billion).
How much does Apple spend on R&D?
$45.8 billion in its latest fiscal year, 9.6% of revenue, against $21.9 billion five years earlier. Microsoft spent $35.6 billion (10.7%), Alphabet $61.1 billion (15.2%) and Meta $57.4 billion (28.5%).
Did Nvidia spend more on R&D than Intel?
Not until recently. Intel spent more every year from 2016 to 2024; over 2016 to 2025 it spent $145.3 billion against Nvidia's $65.1 billion. In 2025, Nvidia's $18.5 billion passed Intel's $13.8 billion.
When does a product become a platform, and what does a third party need before it builds? The Platform Bet pack works out the rate a platform needs and the most a builder will pay, from nine sourced platform bets.
Stratrix analysis of the annual reports of 630 US companies with at least $1 billion of revenue in a year since 2016 that report research and development expense, filed with the SEC to November 15, 2026. R&D and revenue are as each company reports them for the same fiscal year; where a company reports R&D both with and without research acquired in a purchase, the figure without it is used. Companies that report under foreign rules are not included. Years are calendar years, with each fiscal year placed in the year it mostly covers.
For information and strategic analysis only, not investment advice. Stratrix does not recommend buying, selling or holding any security.
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