Companies in Canada 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.
Shopify (SHOP) tops the list with $1.5B in r&d expense for fiscal 2025, ahead of Magna International ($792M) and Open Text ($756M). The top 10 together report $4.8B in r&d expense; the gap between #1 and #10 is ×16.01. 25 companies in Canada report r&d expense, 2.0% of the 1270-filer universe. The last place on the list, Terrascend, comes in at $136,000.
| # | Company | R&D expense | YoY | 15-year trend |
|---|---|---|---|---|
| 1 | ShopifySHOPCATechnology | $1.5B | +12.4% | |
| 2 | Magna InternationalMGACAConsumer discretionary | $792M | −9.4% | |
| 3 | Open TextOTEXCATechnology | $756M | −12.6% | |
| 4 | Bausch Health CompaniesBHCCAHealthcare | $629M | +2.1% | |
| 5 | Bausch & LombBLCOCAHealthcare | $371M | +8.2% | |
| 6 | BRPDOOCAIndustrials | $311M | +8.9% | |
| 7 | CelesticaCLSCATechnology | $118M | +51.5% | |
| 8 | BlackberryBBCATechnology | $114M | +4.4% | |
| 9 | Descartes SystemsDSGXCATechnology | $105M | +10.3% | |
| 10 | Imperial OilIMOCAEnergy | $95.9M | +11.3% | |
| 11 | Canadian SolarCSIQCATechnology | $90.7M | −24.9% | |
| 12 | DoceboDCBOCATechnology | $50.1M | +14.1% | |
| 13 | BceBCECACommunication services | $42.9M | −10.9% | |
| 14 | Aurinia PharmaceuticalsAUPHCAHealthcare | $32.5M | +56.4% | |
| 15 | CamecoCCJCAMaterials | $27.5M | +3.2% | |
| 16 | Teck ResourcesTECKCAMaterials | $25.1M | −31.4% | |
| 17 | TucowsTCXCATechnology | $17.8M | −4.4% | |
| 18 | Cenovus EnergyCVECAEnergy | $15.1M | −21.9% | |
| 19 | TelesatTSATCACommunication services | $8.3M | −2.0% | |
| 20 | ImaxIMAXCAConsumer discretionary | $5.8M | +14.0% | |
| 21 | Triple Flag Precious MetalsTFPMCAFinancials | $5.6M | +65.9% | |
| 22 | Cronos GroupCRONCAHealthcare | $4.4M | +5.2% | |
| 23 | Canopy GrowthCGCCAHealthcare | $1.9M | −6.6% | |
| 24 | SNDLSNDLCAHealthcare | $350,005 | +38.5% | |
| 25 | TerrascendTSNDFCAConsumer staples | $136,000 | — |
All figures from SEC filings · FY2025 · 25
see sources
- Shopify 0001594805-26-000007
- Magna International 0001193125-26-128771
- Open Text 0001002638-26-000068
- Bausch Health Companies 0000885590-26-000023
- Bausch & Lomb 0001860742-26-000007
- BRP 0001193125-26-125055
- Celestica 0001030894-26-000011
- Blackberry 0001070235-26-000039
- Descartes Systems 0001104659-26-026450
- Imperial Oil 0000049938-26-000009
- Canadian Solar 0001104659-26-041976
- Docebo 0001628280-26-012566
- Bce 0001193125-26-095004
- Aurinia Pharmaceuticals 0001600620-26-000017
- Cameco 0001193125-26-116229
- Teck Resources 0000886986-26-000004
- Tucows 0001437749-26-008009
- Cenovus Energy 0001564590-20-004341
- Telesat 0001213900-26-028638
- Imax 0001628280-26-011770
- Triple Flag Precious Metals 0001104659-26-036188
- Cronos Group 0001656472-26-000016
- Canopy Growth 0001193125-26-270260
- SNDL 0001193125-26-102524
- Terrascend 0000950170-23-008501
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<p style="max-width:680px;font:13px system-ui,sans-serif">Source: <a href="https://companiesranked.com/en/companies-in-canada-that-spend-the-most-on-research-and-development">Companies in Canada that spend the most on R&D</a> — CompaniesRanked, compiled from SEC EDGAR filings</p>Cite this page
Ready-made references for the figures on this page, as published on September 25, 2026.
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{{cite web |title=Companies in Canada that spend the most on R&D |url=https://companiesranked.com/en/companies-in-canada-that-spend-the-most-on-research-and-development |website=CompaniesRanked |date=2026-09-25 |language=en}}APA 7
CompaniesRanked. (September 25, 2026). Companies in Canada that spend the most on R&D. CompaniesRanked. https://companiesranked.com/en/companies-in-canada-that-spend-the-most-on-research-and-developmentBibTeX
@misc{companiesranked-en-companies-in-canada-that-spend-the-most-on-research-and-development-2026,
author = {{CompaniesRanked}},
title = {{Companies in Canada that spend the most on R\&D}},
year = {2026},
howpublished = {\url{https://companiesranked.com/en/companies-in-canada-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}
}The figures are rebuilt with every data refresh, so the reference carries the publication date. Add your own access date if your style requires one.
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