In Q4'26, ARM's total operating expenses reached $947M USD, comprising $698M in R&D expenses and $249M in SG&A expenses, marking a slight quarterly decline from $1.021B in Q3'26 primarily due to moderated R&D spending. Over the period from Q1'24 to Q4'26, R&D expenses exhibited strong overall growth from $337M to $698M, with notable acceleration in later quarters peaking at $737M in Q3'26 before a pullback, reflecting intensified investment in innovation. SG&A expenses remained relatively stable, fluctuating between $175M and $290M with an average around $250M, indicating consistent administrative costs amid the company's expansion. The stacked bar chart highlights R&D as the dominant component, driving a 181% increase in total operating expenses to nearly $1B, underscoring ARM's focus on research amid volatile but upward trends.