Cloudflare (NET) Cost of Revenue (2018 - 2026)
Cloudflare's Cost of Revenue was $196.54 million in Q2 2026, up 52.7% from $128.68 million a year earlier and up 6.7% from the prior quarter.
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Analysis
Cloudflare (NET) Cost of Revenue (2018 - 2026) Analysis & Trends
On a trailing twelve-month basis, Cloudflare's Cost of Revenue was $688.97 million through Jun 30, 2026, up 53.5% year-over-year; for FY2025, it came in at $552.53 million, up 45.9% from FY2024.
- Cost of Revenue has now increased for eight consecutive years, with a five-year compound annual growth rate of 40.5% (FY2020 to FY2025).
- In earlier years, Cost of Revenue was $378.7 million in FY2024 (+23.4%), $307.01 million in FY2023 (+32.0%), $232.61 million in FY2022 (+58.1%) and $147.13 million in FY2021 (+45.6%).
- The Q2 2026 figure marks the highest quarterly Cost of Revenue in data going back to Q3 2018.
- Compared with a year earlier, Cost of Revenue has increased for 28 straight quarters, with growth averaging 43.4% over the last eight quarters.
- The year-over-year growth in Cost of Revenue has ranged between 18.3% (Q2 2024) and 65.1% (Q3 2022) over the last five years.
- Per Business Quant data, NET's Cost of Revenue in the three quarters before Q2 2026 was $184.16 million (Q1 2026), $161.96 million (Q4 2025) and $146.32 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,932.24 Bn | 3,855.40 Bn | 60.48 Bn | 29.53 Bn |
| 2 | International Business Machines | 219.04 Bn | 169.85 Bn | 9.91 Bn | 7.26 Bn |
| 3 | Cloudflare | 104.70 Bn | 88.23 Bn | 499.52 Mn | 196.54 Mn |
| 4 | Equinix | 97.19 Bn | 85.75 Bn | 1.40 Bn | 1.23 Bn |
| 5 | Nebius | 40.23 Bn | 13.66 Bn | 448.70 Mn | 133.60 Mn |
| 6 | CoreWeave | 33.76 Bn | 20.85 Bn | 1.70 Bn | 879.00 Mn |
| 7 | Verisign | 27.46 Bn | 24.67 Bn | 384.60 Mn | 50.00 Mn |
| 8 | Nutanix | 17.98 Bn | 9.67 Bn | 651.35 Mn | 105.73 Mn |
| 9 | GoDaddy | 13.83 Bn | 9.41 Bn | 828.20 Mn | 469.80 Mn |
| 10 | Akamai Technologies | 12.69 Bn | 6.10 Bn | 613.75 Mn | 485.93 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 196.54 Mn |
| Mar 31, 2026 | 184.16 Mn |
| Dec 31, 2025 | 161.96 Mn |
| Sep 30, 2025 | 146.32 Mn |
| Jun 30, 2025 | 128.68 Mn |
| Mar 31, 2025 | 115.58 Mn |
| Dec 31, 2024 | 108.69 Mn |
| Sep 30, 2024 | 95.97 Mn |
| Jun 30, 2024 | 89.01 Mn |
| Mar 31, 2024 | 85.04 Mn |
| Dec 31, 2023 | 83.28 Mn |
| Sep 30, 2023 | 78.07 Mn |
| Jun 30, 2023 | 75.22 Mn |
| Mar 31, 2023 | 70.43 Mn |
| Dec 31, 2022 | 67.79 Mn |
| Sep 30, 2022 | 61.97 Mn |
| Jun 30, 2022 | 55.80 Mn |
| Mar 31, 2022 | 47.05 Mn |
| Dec 31, 2021 | 42.50 Mn |
| Sep 30, 2021 | 37.53 Mn |
API Access
Cloudflare Cost of Revenue 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=cost-of-revenue&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "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=cost-of-revenue&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();