Growth Metrics

Cloudflare (NET) Cost of Revenue (2018 - 2025)

Cloudflare (NET) has disclosed Cost of Revenue for 8 consecutive years, with -$117.2 million as the latest value for Q4 2025.

  • Quarterly Cost of Revenue fell 161.03% to -$117.2 million in Q4 2025 from the year-ago period, while the trailing twelve-month figure was $371.8 million through Dec 2025, down 32.54% year-over-year, with the annual reading at $552.5 million for FY2025, 25.91% down from the prior year.
  • Cost of Revenue hit -$117.2 million in Q4 2025 for Cloudflare, down from $146.3 million in the prior quarter.
  • In the past five years, Cost of Revenue ranged from a high of $214.0 million in Q1 2025 to a low of -$117.2 million in Q4 2025.
  • Historically, Cost of Revenue has averaged $92.5 million across 5 years, with a median of $116.8 million in 2022.
  • Biggest YoY gain for Cost of Revenue was 741.68% in 2025; the steepest drop was 161.03% in 2025.
  • Year by year, Cost of Revenue stood at -$84.7 million in 2021, then skyrocketed by 255.88% to $132.0 million in 2022, then plummeted by 36.93% to $83.3 million in 2023, then surged by 130.5% to $192.0 million in 2024, then tumbled by 161.03% to -$117.2 million in 2025.
  • Business Quant data shows Cost of Revenue for NET at -$117.2 million in Q4 2025, $146.3 million in Q3 2025, and $128.7 million in Q2 2025.