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2023 Ranking of companies spending the most on research and development

The companies that bet the most on innovation: amount spent on research and development during the fiscal year 2023.

Share prices and capitalizations at 2026-11-05·Annual accounts for the fiscal year 2023·Calculated on 2026-11-08· 14842 companies ranked
Metric : research and development expenses for the fiscal year 2023 (published annual accounts). Currency : Amounts converted into US dollars at the exchange rate of the day of calculation; the amount in the currency of the accounts is repeated under each value. Only companies whose data is published are ranked: a missing value excludes the company, it is never replaced by zero or estimated.
#EnterpriseMarketSector R&D expenses (USD)
1Amazon.com, Inc.AMZN🇺🇸United StatesConsumer Cyclical85,62 billion $
2Alphabet Inc.GOOG🇺🇸United StatesTechnology45,43 billion $
3Meta Platforms, Inc.META🇺🇸United StatesTechnology38,48 billion $
4Merck & Co., Inc.MRK🇺🇸United StatesHealthcare30,53 billion $
5Apple Inc.AAPL🇺🇸United StatesTechnology29,91 billion $
6Microsoft CorporationMSFT🇺🇸United StatesTechnology27,20 billion $
7Samsung Electronics Co., Ltd.SSNLF🇰🇷KoreaTechnology20,78 billion $28 340 Md₩
8Volkswagen AGVOW3.DE🇩🇪GermanyConsumer Cyclical17,64 billion $15,82 Md€
9Roche Holding AGRO.SW🇨🇭EuropeHealthcare17,30 billion $14,20 Bn CHF
10Intel CorporationINTC🇺🇸United StatesTechnology16,05 billion $
11Johnson & JohnsonJNJ🇺🇸United StatesHealthcare15,09 billion $
12Novartis AGNOVN.SW🇨🇭EuropeHealthcare11,37 billion $
13Pfizer Inc.PFE🇺🇸United StatesHealthcare10,58 billion $
14AstraZeneca PLCAZN🇬🇧United KingdomHealthcare10,52 billion $
15Tencent Holdings LimitedTCEHY🇨🇳ChinaCommunication Services9,61 billion $64,08 billion CN¥
16Eli Lilly and CompanyLLY🇺🇸United StatesHealthcare9,31 billion $
17Bristol-Myers Squibb CompanyBMY🇺🇸United StatesHealthcare9,21 billion $
18QUALCOMM IncorporatedQCOM🇺🇸United StatesTechnology8,82 billion $
19Oracle CorporationORCL🇺🇸United StatesTechnology8,62 billion $
20Alibaba Group Holding LimitedBABAF🇨🇳ChinaConsumer Cyclical8,51 billion $56,74 billion CN¥
21Bayerische Motoren Werke AGBMW.DE🇩🇪GermanyConsumer Cyclical8,40 billion $7,54 Md€
22Toyota Motor CorporationTOYOF🇯🇵JapanConsumer Cyclical7,84 billion $1 242 Bn¥
23AbbVie Inc.ABBV🇺🇸United StatesHealthcare7,67 billion $
24Cisco Systems, Inc.CSCO🇺🇸United StatesTechnology7,55 billion $
25NVIDIA CorporationNVDA🇺🇸United StatesTechnology7,34 billion $
26SanofiSAN.PA🇫🇷FranceHealthcare7,25 billion $6,51 Md€
27SAP SESAP.DE🇩🇪GermanyTechnology7,05 billion $6,32 Md€
28GSK plcGSK🇬🇧United KingdomHealthcare7,00 billion $5,25 Bn£
29Mercedes-Benz Group AGMBG.DE🇩🇪GermanyConsumer Cyclical6,95 billion $6,23 Md€
30China State Construction Engineering Corporation Limited601668.SS🇨🇳ChinaIndustrials6,91 billion $46,07 billion CN¥
31Siemens AGSIE.DE🇩🇪GermanyIndustrials6,82 billion $6,11 Md€
32International Business Machines CorporationIBM🇺🇸United StatesTechnology6,78 billion $
33Elite Pharmaceuticals, Inc.ELTP🇺🇸United StatesHealthcare6,20 billion $
34Bayer AGBAYN.DE🇩🇪GermanyHealthcare5,99 billion $5,37 Md€
35BYD Company LimitedBYDDF🇨🇳ChinaConsumer Cyclical5,93 billion $39,57 billion CN¥
36Advanced Micro Devices, Inc.AMD🇺🇸United StatesTechnology5,87 billion $
37Gilead Sciences, Inc.GILD🇺🇸United StatesHealthcare5,72 billion $
38Taiwan Semiconductor Manufacturing Company LimitedTSM🇹🇼TaiwanTechnology5,56 billion $182,37 Bn NT$
39Honda Motor Co., Ltd.HNDAF🇯🇵JapanConsumer Cyclical5,56 billion $880,91 Bn¥
40Broadcom Inc.AVGO🇺🇸United StatesTechnology5,25 billion $
41Telefonaktiebolaget LM Ericsson (publ)ERIC-B.ST🇸🇪EuropeTechnology5,24 billion $51,80 billion SEK
42Salesforce, Inc.CRM🇺🇸United StatesTechnology5,05 billion $
43Moderna, Inc.MRNA🇺🇸United StatesHealthcare4,84 billion $
44Novo Nordisk A/SNOVO-B.CO🇩🇰EuropeHealthcare4,84 billion $32,44 Bn DKK
45Nokia OyjNOKIA.HE🇫🇮EuropeTechnology4,82 billion $4,33 Md€
46Amgen Inc.AMGN🇺🇸United StatesHealthcare4,78 billion $
47Sony Group CorporationSONY🇯🇵JapanTechnology4,64 billion $735,70 Bn¥
48Continental AGCON.DE🇩🇪GermanyConsumer Cyclical4,60 billion $4,13 Md€
49Takeda Pharmaceutical Company LimitedTAK🇯🇵JapanHealthcare4,60 billion $728,62 Bn¥
50China Railway Group LimitedCRWOF🇨🇳ChinaIndustrials4,50 billion $30,00 billion CN¥
51China Mobile Limited600941.SS🇭🇰Hong KongCommunication Services4,30 billion $28,71 billion CN¥
52BAIC Motor Corporation LimitedBMCLF🇨🇳ChinaConsumer Cyclical4,26 billion $28,44 billion CN¥
53ASML Holding N.V.ASML.AS🇳🇱EuropeTechnology4,15 billion $3,72 Md€
54China Communications Construction Company Limited601800.SS🇨🇳ChinaIndustrials4,09 billion $27,32 billion CN¥
55China Railway Construction Corporation Limited601186.SS🇨🇳ChinaIndustrials4,01 billion $26,73 billion CN¥
56Regeneron Pharmaceuticals, Inc.REGN🇺🇸United StatesHealthcare3,99 billion $
57Tesla, Inc.TSLA🇺🇸United StatesConsumer Cyclical3,97 billion $
58Airbus SEEADSF🇳🇱EuropeIndustrials3,81 billion $3,42 Md€
59ZTE CorporationZTCOF🇨🇳ChinaTechnology3,79 billion $25,29 billion CN¥
60Baidu, Inc.BAIDF🇨🇳ChinaCommunication Services3,63 billion $24,19 billion CN¥
61Power Construction Corporation of China, Ltd601669.SS🇨🇳ChinaIndustrials3,49 billion $23,25 billion CN¥
62Adobe Inc.ADBE🇺🇸United StatesTechnology3,47 billion $
63MediaTek Inc.2454.TW🇹🇼TaiwanTechnology3,40 billion $111,38 Bn NT$
64The Boeing CompanyBA🇺🇸United StatesIndustrials3,38 billion $
65Hon Hai Precision Industry Co., Ltd.HNHPF🇹🇼TaiwanTechnology3,36 billion $110,02 Bn NT$
66PetroChina Company LimitedPCCYF🇺🇸United StatesEnergy3,29 billion $21,97 billion CN¥
67DENSO CorporationDNZOY🇺🇸United StatesConsumer Cyclical3,29 billion $521,62 Bn¥
68Panasonic Holdings CorporationPCRFF🇯🇵JapanTechnology3,20 billion $507,57 Bn¥
69MeituanMPNGY🇨🇳ChinaConsumer Cyclical3,18 billion $21,20 billion CN¥
70Uber Technologies, Inc.UBER🇺🇸United StatesTechnology3,16 billion $
71Vertex Pharmaceuticals IncorporatedVRTX🇺🇸United StatesHealthcare3,16 billion $
72Micron Technology, Inc.MU🇺🇸United StatesTechnology3,11 billion $
73Applied Materials, Inc.AMAT🇺🇸United StatesTechnology3,10 billion $
74PayPal Holdings, Inc.PYPL🇺🇸United StatesFinancial Services2,97 billion $
75Metallurgical Corporation of China Ltd.MLLUY🇨🇳ChinaIndustrials2,96 billion $19,73 billion CN¥
76Xiaomi CorporationXIACY🇺🇸United StatesTechnology2,86 billion $19,10 billion CN¥
77RTX CorporationRTX🇺🇸United StatesIndustrials2,81 billion $
78Dell Technologies Inc.DELL🇺🇸United StatesTechnology2,78 billion $
79SAIC Motor Corporation Limited600104.SS🇨🇳ChinaConsumer Cyclical2,76 billion $18,39 billion CN¥
80Exor N.V.EXO.AS🇳🇱EuropeConsumer Cyclical2,76 billion $2,47 Md€
81Contemporary Amperex Technology Co., LimitedCYATY🇨🇳ChinaIndustrials2,75 billion $18,36 billion CN¥
82SK hynix Inc.000660.KS🇰🇷KoreaTechnology2,75 billion $3 751 Md₩
83Porsche AG VzP911.DE🇩🇪GermanyConsumer Cyclical2,75 billion $2,46 Md€
84Block, Inc.XYZ🇺🇸United StatesTechnology2,72 billion $
85Abbott LaboratoriesABT🇺🇸United StatesHealthcare2,72 billion $
86Merck KGaAMRK.DE🇩🇪GermanyHealthcare2,72 billion $2,44 Md€
87Biogen Inc.BIIB🇺🇸United StatesHealthcare2,70 billion $
88Medtronic plcMDT🇮🇪EuropeHealthcare2,70 billion $
89AB Volvo (publ)VOLV-B.ST🇸🇪EuropeIndustrials2,69 billion $26,64 billion SEK
90Netflix, Inc.NFLX🇺🇸United StatesCommunication Services2,68 billion $
91Intuit Inc.INTU🇺🇸United StatesTechnology2,54 billion $
92NetEase, Inc.NETTF🇨🇳ChinaTechnology2,47 billion $16,48 billion CN¥
93JD.com, Inc.JDCMF🇨🇳ChinaConsumer Cyclical2,46 billion $16,39 billion CN¥
94NXP Semiconductors N.V.NXPI🇳🇱EuropeTechnology2,42 billion $
95Renault S.A.RNO.PA🇫🇷FranceConsumer Cyclical2,39 billion $2,14 Md€
96BASF SeBAS.DE🇩🇪GermanyBasic Materials2,37 billion $2,13 Md€
97Infineon Technologies AGIFX.DE🇩🇪GermanyTechnology2,36 billion $2,12 Md€
98Hewlett Packard Enterprise CompanyHPE🇺🇸United StatesTechnology2,35 billion $
99Instacart (Maplebear Inc.)CART🇺🇸United StatesConsumer Cyclical2,31 billion $
100Valeo SEFR.PA🇫🇷FranceConsumer Cyclical2,26 billion $2,03 Md€
Raw data (JSON)

⚠ Ranking provided for information purposes, based on public data. It does not constitute investment advice. Values may contain source errors and change with financial publications.

Frequently Asked Questions

About this ranking

How is this 2023 ranking established?
It ranks companies by their research and development expenses for the fiscal year 2023, based on published annual accounts and data. No value is estimated: a company without this data is simply excluded.
Are the amounts comparable between countries?
Yes: amounts are converted to US dollars at the exchange rate of the calculation day, and the amount in the account currency is repeated under each value.
Is this ranking investment advice?
No. It is provided purely for informational purposes and does not constitute investment advice. Investing involves the risk of capital loss.

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