Cloudflare (NET) Capital Expenditures (2018 - 2026)
Cloudflare's (NET) quarterly Capital Expenditures came in at $50.0 million in Q2 2026, down 16.59% year-over-year from $59.9 million in Q2 2025, and down 23.41% quarter-over-quarter from $65.2 million in Q1 2026.
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Analysis
Cloudflare (NET) Capital Expenditures (2018 - 2026) Analysis & Trends
Cloudflare has disclosed Capital Expenditures across 9 years of filings, most recently posting $50.0 million for Q2 2026.
- In Q2 2026, Capital Expenditures fell 16.59% year-over-year to $50.0 million; the TTM figure through Jun 2026 stood at $285.0 million (up 5.9% YoY), while the FY2025 annual figure was $315.6 million, up 70.57% from the prior year.
- Capital Expenditures came in at $50.0 million for Q2 2026 at Cloudflare, down from $65.2 million in the prior quarter.
- In the past five years, Capital Expenditures ranged from a high of $85.9 million in Q1 2025 to a low of $17.5 million in Q1 2023.
- Average Capital Expenditures over 5 years is $48.5 million, with a median of $41.0 million recorded in 2022.
- Year-over-year, Capital Expenditures surged 173.24% in 2022 and tumbled 34.86% in 2023.
- Over 5 years, Capital Expenditures stood at $40.1 million in 2022, then declined by 23.24% to $30.8 million in 2023, then surged by 137.39% to $73.2 million in 2024, then climbed by 16.45% to $85.2 million in 2025, then sank by 41.35% to $50.0 million in 2026.
- Per Business Quant data, the three most recent Capital Expenditures figures were $50.0 million in Q2 2026, $65.2 million in Q1 2026, and $85.2 million in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Capex (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,717.88 Bn | 3,585.13 Bn | 60.48 Bn | 35.80 Bn |
| 2 | International Business Machines | 219.37 Bn | 208.10 Bn | 9.91 Bn | 229.00 Mn |
| 3 | Cloudflare | 113.46 Bn | 109.29 Bn | 499.52 Mn | 49.96 Mn |
| 4 | Equinix | 102.39 Bn | 100.19 Bn | 1.40 Bn | 1.58 Bn |
| 5 | Nebius | 57.34 Bn | 49.30 Bn | 448.70 Mn | -5.66 Bn |
| 6 | CoreWeave | 47.88 Bn | 42.34 Bn | 1.70 Bn | 6.42 Bn |
| 7 | Verisign | 26.51 Bn | 25.48 Bn | 384.60 Mn | 18.80 Mn |
| 8 | Nutanix | 18.85 Bn | 16.49 Bn | 651.35 Mn | 37.44 Mn |
| 9 | Akamai Technologies | 17.01 Bn | 13.65 Bn | 613.75 Mn | 144.93 Mn |
| 10 | DigitalOcean Holdings | 14.83 Bn | 14.06 Bn | 154.66 Mn | 33.69 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();