In Q4'25, SHOP's total operating expenses reached $948M USD, comprising $390M in R&D expenses and $558M in SG&A expenses, marking a moderate increase from the prior quarter and reflecting ongoing investments in innovation and administrative functions. From Q1'23 to Q4'25, both R&D and SG&A expenses exhibited an overall upward trend, with total operating expenses rising from $868M to $948M USD, driven by consistent growth in SG&A (from $410M to $558M) and a volatile but net increasing R&D pattern (peaking at $648M in Q2'23 before stabilizing around $375M-$394M in recent quarters). Notable inflection points include a sharp R&D decline in Q3'23 to $313M followed by steady recovery, while SG&A showed resilience with quarterly fluctuations under 10% but cumulative growth exceeding 36% over the period, indicating efficient cost management amid expansion.