Cloudflare (NET) Convertible Debt (2020 - 2026)
Cloudflare (NET) posted Convertible Debt of $1.98 billion for Q2 2026, down 39.4% from $3.26 billion a year earlier but up 0.1% from the prior quarter.
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Analysis
Cloudflare (NET) Convertible Debt (2020 - 2026) Analysis & Trends
At the end of FY2025, Cloudflare's Convertible Debt came in at $1.97 billion, up 53.4% from FY2024.
- Annual Convertible Debt shows a five-year compound annual growth rate of 38.8% (FY2020 to FY2025).
- In prior years, Cloudflare's Convertible Debt was $1.29 billion in FY2024 (+0.3%), $1.28 billion in FY2023 (-10.6%), $1.44 billion in FY2022 (+25.2%) and $1.15 billion in FY2021 (+199.2%).
- Quarterly Convertible Debt has run from a low of $1.14 billion in Q3 2021 to a high of $3.26 billion in Q2 2025 over five years.
- On a year-over-year basis, Convertible Debt increased in seven of the last eight quarters, with growth averaging 34.4%.
- The strongest year-over-year quarter for Convertible Debt in the past five years was Q1 2022, with growth of 265.3%; the weakest was Q2 2026, with a decline of 39.4%.
- According to Business Quant data, Convertible Debt for the three prior quarters was $1.98 billion (Q1 2026), $1.97 billion (Q4 2025) and $1.97 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Microsoft | 3,932.24 Bn | 3,855.40 Bn | 60.48 Bn |
| 2 | International Business Machines | 219.04 Bn | 169.85 Bn | 9.91 Bn |
| 3 | Cloudflare | 104.70 Bn | 88.23 Bn | 499.52 Mn |
| 4 | Equinix | 97.19 Bn | 85.75 Bn | 1.40 Bn |
| 5 | Nebius | 40.23 Bn | 13.66 Bn | 448.70 Mn |
| 6 | CoreWeave | 33.76 Bn | 20.85 Bn | 1.70 Bn |
| 7 | Verisign | 27.46 Bn | 24.67 Bn | 384.60 Mn |
| 8 | Nutanix | 17.98 Bn | 9.67 Bn | 651.35 Mn |
| 9 | GoDaddy | 13.83 Bn | 9.41 Bn | 828.20 Mn |
| 10 | Akamai Technologies | 12.69 Bn | 6.10 Bn | 613.75 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.98 Bn |
| Mar 31, 2026 | 1.98 Bn |
| Dec 31, 2025 | 1.97 Bn |
| Sep 30, 2025 | 1.97 Bn |
| Jun 30, 2025 | 3.26 Bn |
| Mar 31, 2025 | 1.29 Bn |
| Dec 31, 2024 | 1.29 Bn |
| Sep 30, 2024 | 1.29 Bn |
| Jun 30, 2024 | 1.29 Bn |
| Mar 31, 2024 | 1.28 Bn |
| Dec 31, 2023 | 1.28 Bn |
| Sep 30, 2023 | 1.28 Bn |
| Jun 30, 2023 | 1.28 Bn |
| Mar 31, 2023 | 1.44 Bn |
| Dec 31, 2022 | 1.44 Bn |
| Sep 30, 2022 | 1.44 Bn |
| Jun 30, 2022 | 1.43 Bn |
| Mar 31, 2022 | 1.43 Bn |
| Dec 31, 2021 | 1.15 Bn |
| Sep 30, 2021 | 1.14 Bn |
API Access
Cloudflare Convertible Debt 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=convertible-debt&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "convertible-debt", "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=convertible-debt&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();