Companies spending over 15% of revenue on research
Reported research and development expense against revenue in the latest annual period. Filers that do not report R&D separately are absent rather than counted as zero.
| Company | Revenue | Net income | Gross margin | Free cash flow |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $402.84B | $132.17B | 59.7% | $73.27B |
| METAMeta Platforms, Inc. | $200.97B | $60.46B | 82.0% | $46.11B |
| ORCLORACLE CORP | $67.36B | $17.09B | Unavailable | -$23.69B |
| MRKMerck & Co., Inc. | $65.01B | $18.25B | 74.8% | $12.36B |
| AVGOBroadcom Inc. | $63.89B | Unavailable | 67.8% | $26.91B |
| CSCOCISCO SYSTEMS, INC. | $63.32B | $13.27B | 64.5% | $12.77B |
| INTCINTEL CORP | $52.85B | -$267.00M | 34.8% | -$4.95B |
| BMYBRISTOL MYERS SQUIBB CO | $48.19B | $7.05B | 71.1% | $12.84B |
| QCOMQUALCOMM INC/DE | $44.28B | $5.54B | 55.4% | Unavailable |
| AMDADVANCED MICRO DEVICES INC | $34.64B | $4.34B | 49.5% | $6.74B |
| INTUINTUIT INC. | $21.45B | $4.57B | Unavailable | $8.66B |
| REGNREGENERON PHARMACEUTICALS, INC. | $14.34B | $4.50B | Unavailable | Unavailable |
| NOWServiceNow, Inc. | $13.28B | $1.75B | 77.5% | $4.58B |
| NXPINXP Semiconductors N.V. | $12.27B | $2.02B | 54.7% | $2.42B |
| ABNBAirbnb, Inc. | $12.24B | $2.51B | 83.0% | Unavailable |
| PANWPalo Alto Networks Inc | $11.48B | $307.00M | 70.4% | Unavailable |
| ADIANALOG DEVICES INC | $11.02B | $2.27B | 61.5% | $4.28B |
| WDAYWorkday, Inc. | $9.55B | $693.00M | Unavailable | $2.78B |
| MRVLMarvell Technology, Inc. | $8.19B | $2.67B | 51.0% | $1.40B |
| GRMNGARMIN LTD | $7.25B | $1.66B | 58.7% | $1.36B |
| ADSKAutodesk, Inc. | $7.21B | $1.12B | 91.0% | $2.41B |
| COIN BankCoinbase Global, Inc. | $7.18B | $1.26B | Unavailable | Unavailable |
| SNPSSYNOPSYS INC | $7.05B | $1.33B | 77.0% | $1.35B |
| TEAMAtlassian Corp | $6.57B | -$53.83M | 84.8% | $1.32B |
| NTAPNetApp, Inc. | $6.24B | $1.28B | 78.5% | $1.87B |
| EWEdwards Lifesciences Corp | $6.07B | $1.07B | 78.0% | $1.34B |
| SNAPSnap Inc | $5.93B | -$460.49M | 55.0% | $437.19M |
| RIVNRivian Automotive, Inc. / DE | $5.39B | -$3.65B | 2.7% | -$2.49B |
| KEYSKeysight Technologies, Inc. | $5.38B | $850.00M | 62.1% | $1.28B |
| ONCBeOne Medicines Ltd. | $5.34B | $286.93M | 87.5% | $941.74M |
| INCYINCYTE CORP | $5.14B | $1.29B | 92.8% | Unavailable |
| TWLOTWILIO INC | $5.07B | $33.83M | 48.9% | Unavailable |
| RBLXRoblox Corp | $4.89B | -$1.07B | 78.1% | $1.36B |
| ZMZoom Communications, Inc. | $4.87B | $1.90B | 77.0% | $1.92B |
| CRWDCrowdStrike Holdings, Inc. | $4.81B | -$162.50M | 74.7% | $1.31B |
| CIENCIENA CORP | $4.77B | $123.34M | 42.0% | $665.29M |
| ROKUROKU, INC | $4.74B | $88.36M | 43.8% | $478.44M |
| MCHPMICROCHIP TECHNOLOGY INC | $4.71B | $230.00M | 57.7% | $871.00M |
| SNOWSnowflake Inc. | $4.68B | -$1.33B | 67.2% | $1.12B |
| ILMNILLUMINA, INC. | $4.34B | $850.00M | 66.1% | $931.00M |
| PINSPINTEREST, INC. | $4.22B | $416.86M | 80.1% | $1.25B |
| SWKSSKYWORKS SOLUTIONS, INC. | $4.09B | $477.10M | 41.2% | $1.11B |
| CARTMaplebear Inc. | $3.74B | $447.00M | 73.7% | $910.00M |
| ALNYALNYLAM PHARMACEUTICALS, INC. | $3.71B | $313.75M | 81.8% | $465.38M |
| QRVOQorvo, Inc. | $3.68B | $338.99M | 45.9% | $679.56M |
| PEverpure, Inc. | $3.66B | $188.18M | 70.4% | $615.74M |
| SOFI BankSoFi Technologies, Inc. | $3.61B | $481.32M | 83.1% | Unavailable |
| TRMBTRIMBLE INC. | $3.59B | $424.00M | 69.1% | $360.90M |
| DDOGDatadog, Inc. | $3.43B | $107.74M | 80.0% | $1.00B |
| ZSZscaler, Inc. | $3.35B | -$63.18M | 76.8% | $852.35M |
| BMRNBIOMARIN PHARMACEUTICAL INC | $3.22B | $348.90M | 77.7% | $724.96M |
| DOCUDOCUSIGN, INC. | $3.22B | $309.08M | 79.4% | $1.06B |
| VEEVVEEVA SYSTEMS INC | $3.20B | $908.91M | 75.5% | Unavailable |
| UTHRUNITED THERAPEUTICS Corp | $3.18B | $1.33B | 87.9% | $1.04B |
| HUBSHUBSPOT INC | $3.13B | $45.91M | 83.8% | $707.55M |
| FFIVF5, INC. | $3.09B | $692.38M | 81.4% | $906.41M |
| OKTAOkta, Inc. | $2.92B | $235.00M | 77.4% | $875.00M |
| TTDTrade Desk, Inc. | $2.90B | $443.30M | 78.6% | $795.71M |
| ETSYETSY INC | $2.88B | $162.98M | 71.6% | $678.03M |
| NTNXNutanix, Inc. | $2.85B | $1.51B | 86.8% | $840.68M |
How common this has been
1.0% of companies met this in 2016 and 2.3% in 2025; the share has widened.
| Year | Share | Companies | |
|---|---|---|---|
| 2016 | 1.0% | 25 of 2,421 | |
| 2017 | 1.5% | 44 of 3,029 | |
| 2018 | 1.5% | 48 of 3,238 | |
| 2019 | 1.6% | 55 of 3,534 | |
| 2020 | 1.6% | 62 of 3,849 | |
| 2021 | 1.8% | 72 of 4,065 | |
| 2022 | 2.0% | 86 of 4,332 | |
| 2023 | 2.2% | 100 of 4,573 | |
| 2024 | 2.0% | 97 of 4,764 | |
| 2025 | 2.3% | 111 of 4,909 |
Each year is the screen re-run against the figures each company had reported by that December, so it is what the answer would have been at the time rather than today’s companies with old numbers. The denominator is companies with usable figures that year, which grows as coverage does.
Fiscal year ends differ between companies; each row shows that company’s own latest annual period. Figures are the filers’ own, normalized from their SEC filings.
This screen runs as rd_ratio > 15% AND revenue > 1b. Open it in the screener to change the conditions, or read the methodology for how each figure is chosen.