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2874 companies · fiscal year 2025 · SEC EDGAR · September 25, 2026

Industrials companies that spend the most on R&D

Research and development expense is what the company charged to R&D in the income statement for the year. Most companies report no R&D at all — the line is absent rather than zero — so this ranking covers the roughly 40% of filers that do. Figures are for fiscal year 2025 and are read directly from each company's SEC filings; the source column on every row links to the document.

Ranks 1–100 of 172 · Fiscal year 2025 · Data as of September 25, 2026

ASML Holding (ASML) tops the list with $5.3B in r&d expense for fiscal 2025, ahead of Boeing ($3.6B) and RTX ($2.8B). The top 10 together report $26.3B in r&d expense; the gap between #1 and #10 is ×3.30. 172 companies in Industrials report r&d expense, 13.5% of the 1270-filer universe. The last place on the list, Neogenomics, comes in at $37.1M.

R&D expense
#CompanyR&D expenseYoY15-year trend
1ASML HoldingASMLNL$5.3B+14.0%
2BoeingBAUS$3.6B−5.2%
3RTXRTXUS$2.8B−4.3%
4Lam ResearchLRCXUS$2.4B+13.3%
5AirbnbABNBUS$2.4B+14.5%
6DeereDEUS$2.3B+0.9%
7CaterpillarCATUS$2.1B+1.9%
8Lockheed MartinLMTUS$2.0B+25.0%
9Honeywell InternationalHONUS$1.8B+24.6%
10General DynamicsGDUS$1.6B+4.4%
11CumminsCMIUS$1.4B−4.6%
12SeaSESG$1.2B−4.1%
13GarminGRMNCH$1.1B+13.3%
14Northrop GrummanNOCUS$1.1B0.0%
15CNH IndustrialCNHGB$1.0B+10.9%
16EatonETNIE$797M+0.4%
17TE ConnectivityTELIE$699M+12.6%
18Axon EnterpriseAXONUS$684M+55.0%
19Carrier GlobalCARRUS$625M−8.9%
20Elbit SystemsESLTIL$600M+10.2%
21Zebra TechnologiesZBRAUS$593M+5.3%
22TextronTXTUS$521M+6.1%
23AgcoAGCOUS$375M−1.8%
24PolarisPIIUS$372M+10.4%
25Stanley Black & DeckerSWKUS$321M−2.3%
26Teledyne TechnologiesTDYUS$317M+8.4%
27BRPDOOCA$311M+8.9%
28Illinois Tool WorksITWUS$302M+3.4%
29Johnson Controls InternationalJCIIE$273M+2.2%
30Rocket LabRKLBUS$271M+55.2%
31Generac HoldingsGNRCUS$243M+10.9%
32Parker-HannifinPHUS$240M−5.1%
33XylemXYLUS$226M−1.7%
34Westinghouse Air Brake TechnologiesWABUS$223M+8.3%
35SymboticSYMUS$216M+24.5%
36Firefly AerospaceFLYUS$200M+33.9%
37Regal RexnordRRXUS$199M+12.6%
38Bloom EnergyBEUS$186M+25.1%
39BrunswickBCUS$169M−0.5%
40Resideo TechnologiesREZIUS$167M+50.5%
41DoverDOVUS$165M+10.5%
42ToroTTCUS$162M−6.2%
43WoodwardWWDUS$148M+4.9%
44Acm ResearchACMRUS$145M+37.5%
45Hyster-YaleHYUS$137M+1.0%
46AllegionALLEUS$132M+17.1%
47Leonardo DRSDRSUS$129M+40.2%
48AerovironmentAVAVUS$128M+26.8%
49HeicoHEIUS$121M+8.7%
50Veeco InstrumentsVECOUS$120M−3.9%
51TransDigm GroupTDGUS$118M+10.3%
52JBT MarelJBTMUS$116M+456.5%
53Ingersoll RandIRUS$114M−2.0%
54Hesai GroupHSAICN$114M−2.8%
55IttITTUS$111M−4.7%
56Axcelis TechnologiesACLSUS$109M+3.3%
57LittelfuseLFUSUS$107M−0.8%
58Lennox InternationalLIIUS$103M+10.5%
59MillerknollMLKNUS$100M+6.9%
60PentairPNRGB$95.9M+2.5%
61Curtiss WrightCWUS$95.2M+3.8%
62MoogMOG-AUS$93.7M−16.9%
63DonaldsonDCIUS$87.8M−6.2%
64Lincoln ElectricLECOUS$85.6M+4.6%
65GracoGGGUS$82.3M−5.7%
66Nvent ElectricNVTUS$78.5M+18.8%
67EmbraerEMBJBR$74.4M+35.3%
68Arlo TechnologiesARLOUS$73.7M+0.6%
69Watts Water TechnologiesWTSUS$73.5M+4.4%
70Snap-OnSNAUS$72.4M+8.1%
71Gates IndustrialGTESUS$71.9M+8.1%
72IdexIEXUS$70.0M+3.9%
73NordsonNDSNUS$68.2M+5.0%
74CricutCRCTUS$66.5M+10.1%
75OusterOUSTUS$65.2M+12.2%
76SeaboardSEBUS$64.0M−43.4%
77MiddlebyMIDDUS$58.8M+15.7%
78AaonAAONUS$58.2M+23.0%
79Plug PowerPLUGUS$58.0M−24.9%
80HniHNIUS$56.6M+5.6%
81ManitowocMTWUS$55.8M+35.8%
82BallBALLUS$55.0M0.0%
83FlowserveFLSUS$54.1M−22.6%
84SPX TechnologiesSPXCUS$54.0M+17.6%
85AshlandASHUS$54.0M−1.8%
86MoodysMCOUS$51.1M+21.7%
87Fortune Brands InnovationsFBINUS$48.2M−4.2%
88CraneCRUS$47.8M+3.7%
89Crane NXTCXTUS$46.0M+16.5%
90KennametalKMTUS$44.4M+0.5%
91EsabESABUS$44.0M+12.2%
92AstronicsATROUS$43.5M−16.5%
93Proto LabsPRLBUS$42.8M+3.7%
94TimkenTKRUS$41.4M+11.0%
95TennantTNCUS$41.2M−5.9%
96Kratos Defense & Security SolutionsKTOSUS$40.0M−0.7%
97TerexTEXUS$39.0M+56.0%
98Wheels Up ExperienceUPUS$38.8M−4.7%
99Kornit DigitalKRNTIL$37.7M−9.3%
100NeogenomicsNEOUS$37.1M+19.0%

All figures from SEC filings · FY2025 · 100

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{{cite web |title=Industrials companies that spend the most on R&D |url=https://companiesranked.com/en/industrial-companies-that-spend-the-most-on-research-and-development |website=CompaniesRanked |date=2026-09-25 |language=en}}

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CompaniesRanked. (September 25, 2026). Industrials companies that spend the most on R&D. CompaniesRanked. https://companiesranked.com/en/industrial-companies-that-spend-the-most-on-research-and-development

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@misc{companiesranked-en-industrial-companies-that-spend-the-most-on-research-and-development-2026,
  author       = {{CompaniesRanked}},
  title        = {{Industrials companies that spend the most on R\&D}},
  year         = {2026},
  howpublished = {\url{https://companiesranked.com/en/industrial-companies-that-spend-the-most-on-research-and-development}},
  note         = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
  urldate      = {2026-09-25}
}

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