2025 R&D Spending And Intensity Benchmarks

VIRGINIA BEACH, Va. - Rezul -- Schonfeld & Associates, Inc. has released the latest edition of its annual study R&D Ratios & Budgets. The new research report covers R&D spending and intensity in fiscal 2025 by more than 2,700 individual publicly traded companies within 280 industries. R&D Intensity, a key performance indicator, expresses a company's investment in research and development relative to its revenue. It is defined as the ratio of R&D spending to revenue.

The pharmaceutical industry continues to be the biggest R&D investor in fiscal 2025 with budgets of drug companies increasing slightly to $195 billion. Software companies contributed a total of over $132 billion to this investment pool.

The biggest single R&D investor in 2025 was Amazon at over $108 billion, followed by Alphabet at $61 billion, and then Meta, Microsoft and Apple at over $31 billion each. Firms involved with digital content are investing much more heavily than those in more traditional arenas.

Pharmaceutical firms continued significant R&D spending in 2025. Merck, the top spender at $15.7 billion, is followed by Johnson & Johnson, Astrazeneca, AbbVie, Eli Lilly, Pfizer, and Novartis each spending over $10 billion. The biotech industry, led by Amgen, decreased R&D spending by nearly 8% to $36 billion. Electromedical apparatus makers, led by Medtronic, spent a total of over $3.5 billion, an increase of 2% over 2024.

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R&D budgets of semiconductor makers grew to over $93 billion, an increase of over 13%. Nvidia had the largest R&D budget, $18 billion, a 43% increase from 2024. Major suppliers to the infrastructure of the Internet cloud continue robust R&D spending to remain competitive.

The 2025 R&D spending of the automotive industry, led by Stellantis, Toyota, Honda, Ford and General Motors each spending over $8 billion, was up over 24% from the 2024 total with industry revenues up over 2%.

R&D Ratios & Budgets is an essential reference presenting R&D spending and intensity information published annually by Schonfeld & Associates, Inc. The study is based on 10-K annual report information submitted to the U.S. Securities & Exchange Commission.

R&D Ratios & Budgets contains information for each of the over 2,700 individual publicly traded companies. Fiscal year 2025 revenue and R&D spending are listed as well as annual growth rates of each. R&D intensity for 2025 is presented along with the lowest and highest R&D Intensity ratio during the past five years. The range of values gives an insight into the stability of the firm's commitment to funding R&D as well as its direction.

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The industry summary section within R&D Ratios & Budgets presents for each of 280 industries: total fiscal year 2025 revenue and R&D spending as well as annual growth rates of each. The industry R&D intensity ratio for 2025 is listed so that an individual company's value can be compared to the value for the industry as a whole and to answer the question: Is this company leading or lagging its peers in prioritizing innovation?

To allow for further investigation, two Excel datafiles are available for purchase along with the PDF report. Each contains five years of revenue, R&D spending and R&D intensity information. One file contains company data and the other industry information.

The 2026 edition of the R&D Ratios & Budgets PDF study is $395 and the study along with Excel datafiles is $495. Contact Schonfeld & Associates, Inc., 1932 Terramar Lane, Virginia Beach, VA 23456. Call for more information or to place an order: 800-205-0030 or visit https://www.saibooks.com/product/r-d-ratios-budgets-2 for immediate download.