As of Q4'25, Shopify's latest reported operating expenses show R&D Expenses at USD 390M and SG&A Expenses at USD 558M. Both categories have increased compared to the previous quarter, with SG&A Expenses remaining the larger component of total operating costs. From Q1'23 to Q4'25, the chart reveals a generally upward trend in both R&D and SG&A Expenses, despite some quarterly fluctuations. SG&A Expenses consistently outpace R&D, with notable jumps in Q1'24 and Q1'25, indicating periods of accelerated spending. Overall, the data suggests sustained investment in both operational and administrative functions over the observed period.