As of Q4'25, Confluent's total operating expenses reached their highest level in the observed period, with R&D Expenses at 122M USD and SG&A Expenses at 212M USD. This marks a significant increase from previous quarters, particularly in SG&A, which saw a sharp rise from 183M USD in Q3'25 to 212M USD in Q4'25. From Q1'23 to Q4'25, both R&D and SG&A expenses exhibited an overall upward trend, with SG&A consistently representing the larger portion of total operating expenses. While R&D expenses grew steadily, SG&A expenses remained relatively stable through 2023 before accelerating in 2024 and surging in the final quarter of 2025. This pattern suggests increasing investment in both research and administrative functions, with a notable emphasis on SG&A growth toward the end of the period.