Cloudflare (NET) Cost of Revenue (2018 - 2026)

Cloudflare has disclosed Cost of Revenue across 9 years of filings, most recently posting $184.2 million for Q1 2026.

• Cost of Revenue for Q1 2026 came in at $184.2 million, up 59.34% year-over-year; the trailing twelve-month figure through Mar 2026 was $801.0 million (up 279.75% YoY), and the FY2025 annual result was $920.8 million, up 143.15% from the prior year.
• Cost of Revenue came in at $184.2 million for Q1 2026 at Cloudflare, down from $251.1 million in the prior quarter.
• In the past five years, Cost of Revenue ranged from a high of $251.1 million in Q4 2025 to a low of -$175.1 million in Q4 2024.
• The 5-year median for Cost of Revenue is $117.6 million (2022), against an average of $104.8 million.
• Across the five-year window, Cost of Revenue tumbled 196.1% in 2023 and surged 243.41% in 2025, its largest moves.
• Cloudflare's Cost of Revenue stood at $132.0 million in 2022, then sank by 196.1% to -$126.9 million in 2023, then tumbled by 38.0% to -$175.1 million in 2024, then soared by 243.41% to $251.1 million in 2025, then retreated by 26.67% to $184.2 million in 2026.
• The last three Cost of Revenue figures came in at $184.2 million (Q1 2026), $251.1 million (Q4 2025), and $146.3 million (Q3 2025), per Business Quant data.