Cloudflare (NET) Capital Expenditures (2018 - 2026)
Cloudflare's Capital Expenditures came in at $49.96 million for Q2 2026, down 16.6% from $59.9 million a year earlier and down 23.4% from the prior quarter.
Powered by 
Analysis
Cloudflare (NET) Capital Expenditures (2018 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Cloudflare reported Capital Expenditures of $285.02 million, up 5.9% year-over-year; for FY2025, it came in at $315.62 million, up 70.6% from FY2024.
- Capital Expenditures carries a five-year compound annual growth rate of 41.1% (FY2020 to FY2025).
- Going back by year, Capital Expenditures was $185.04 million in FY2024 (+61.8%), $114.4 million in FY2023 (-20.3%), $143.61 million in FY2022 (+54.4%) and $92.99 million in FY2021 (+64.9%).
- The Q2 2026 figure represents the lowest quarterly Capital Expenditures since Q2 2024.
- Year-over-year, Capital Expenditures increased in six of the last eight quarters, with growth averaging 67.0%.
- The fastest year-over-year change in Capital Expenditures over five years came in Q2 2022 (growth of 173.2%), and the weakest in Q3 2023 (a decline of 34.9%).
- Business Quant data shows NET's Capital Expenditures at $65.23 million (Q1 2026), $85.19 million (Q4 2025) and $84.64 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Capex (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,932.24 Bn | 3,855.40 Bn | 60.48 Bn | 35.80 Bn |
| 2 | International Business Machines | 219.04 Bn | 169.85 Bn | 9.91 Bn | 229.00 Mn |
| 3 | Cloudflare | 104.70 Bn | 88.23 Bn | 499.52 Mn | 49.96 Mn |
| 4 | Equinix | 97.19 Bn | 85.75 Bn | 1.40 Bn | 1.68 Bn |
| 5 | Nebius | 40.23 Bn | 13.66 Bn | 448.70 Mn | -5.66 Bn |
| 6 | CoreWeave | 33.76 Bn | 20.85 Bn | 1.70 Bn | 6.42 Bn |
| 7 | Verisign | 27.46 Bn | 24.67 Bn | 384.60 Mn | 18.80 Mn |
| 8 | Nutanix | 17.98 Bn | 9.67 Bn | 651.35 Mn | 37.44 Mn |
| 9 | GoDaddy | 13.83 Bn | 9.41 Bn | 828.20 Mn | 5.10 Mn |
| 10 | Akamai Technologies | 12.69 Bn | 6.10 Bn | 613.75 Mn | 144.93 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 49.96 Mn |
| Mar 31, 2026 | 65.23 Mn |
| Dec 31, 2025 | 85.19 Mn |
| Sep 30, 2025 | 84.64 Mn |
| Jun 30, 2025 | 59.90 Mn |
| Mar 31, 2025 | 85.89 Mn |
| Dec 31, 2024 | 73.15 Mn |
| Sep 30, 2024 | 50.20 Mn |
| Jun 30, 2024 | 29.63 Mn |
| Mar 31, 2024 | 32.06 Mn |
| Dec 31, 2023 | 30.82 Mn |
| Sep 30, 2023 | 27.29 Mn |
| Jun 30, 2023 | 38.75 Mn |
| Mar 31, 2023 | 17.54 Mn |
| Dec 31, 2022 | 40.15 Mn |
| Sep 30, 2022 | 41.90 Mn |
| Jun 30, 2022 | 37.08 Mn |
| Mar 31, 2022 | 24.48 Mn |
| Dec 31, 2021 | 28.33 Mn |
| Sep 30, 2021 | 28.81 Mn |
API Access
Cloudflare Capital Expenditures API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=capital-expenditures&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "capital-expenditures", "ticker": "NET", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=capital-expenditures&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();