Cloudflare (NET) Cost of Revenue (2018 - 2026)
Cloudflare (NET) posted Cost of Revenue of $184.2 million for Q1 2026, up 13.71% sequentially from $162.0 million in Q4 2025, and up 59.34% YoY from $115.6 million in Q1 2025.
Cloudflare (NET) Cost of Revenue (2018 - 2026) Analysis & Trends
Cloudflare has reported Cost of Revenue for 9 years, with the latest figure at $184.2 million in Q1 2026.
- Quarterly Cost of Revenue rose 59.34% year-over-year to $184.2 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $621.1 million (up 51.77% YoY) and the FY2025 annual result came in at $552.5 million, up 45.9% from the prior year.
- Cost of Revenue rose to $184.2 million in Q1 2026 per NET's latest filing, from $162.0 million in the prior quarter.
- Over five years, Cost of Revenue peaked at $184.2 million in Q1 2026 and troughed at $47.1 million in Q1 2022.
- A 5-year average of $97.4 million and a median of $85.0 million in 2024 frame the typical range for Cost of Revenue.
- The sharpest annual moves came in 2022 and 2024: Cost of Revenue soared 65.14% in 2022, then grew 18.33% in 2024.
- Over 5 years, Cost of Revenue stood at $67.8 million in 2022, then advanced by 22.86% to $83.3 million in 2023, then jumped by 30.5% to $108.7 million in 2024, then soared by 49.01% to $162.0 million in 2025, then climbed by 13.71% to $184.2 million in 2026.
- According to Business Quant data, Cost of Revenue over the past three periods registered $184.2 million, $162.0 million, and $146.3 million for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,679.34 Bn | 3,546.58 Bn | 60.48 Bn | 29.53 Bn |
| 2 | Oracle | 433.50 Bn | 402.15 Bn | - | - |
| 3 | Palantir Technologies | 418.20 Bn | 408.90 Bn | 1.64 Bn | 296.87 Mn |
| 4 | Palo Alto Networks | 312.41 Bn | 309.30 Bn | 2.03 Bn | 974.00 Mn |
| 5 | Fortinet | 117.38 Bn | 113.31 Bn | 1.64 Bn | 404.70 Mn |
| 6 | Cloudflare | 101.74 Bn | 97.57 Bn | 499.52 Mn | 196.54 Mn |
| 7 | Synopsys | 80.70 Bn | 78.49 Bn | 1.77 Bn | 637.38 Mn |
| 8 | CoreWeave | 58.00 Bn | 52.46 Bn | 1.70 Bn | 879.00 Mn |
| 9 | Block | 49.79 Bn | 43.33 Bn | 3.17 Bn | 3.45 Bn |
| 10 | NetApp | 40.59 Bn | 37.00 Bn | 1.37 Bn | 583.00 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 196.54 Mn |
| Jun 30, 2026 | 196.54 Mn |
| Mar 31, 2026 | 184.16 Mn |
| Mar 31, 2026 | 184.16 Mn |
| Dec 31, 2025 | 161.96 Mn |
| Dec 31, 2025 | 161.96 Mn |
| Sep 30, 2025 | 146.32 Mn |
| Sep 30, 2025 | 146.32 Mn |
| Jun 30, 2025 | 128.68 Mn |
| Jun 30, 2025 | 128.68 Mn |
| Mar 31, 2025 | 115.58 Mn |
| Mar 31, 2025 | 115.58 Mn |
| Dec 31, 2024 | 108.69 Mn |
| Dec 31, 2024 | 108.69 Mn |
| Sep 30, 2024 | 95.97 Mn |
| Sep 30, 2024 | 95.97 Mn |
| Jun 30, 2024 | 89.01 Mn |
| Jun 30, 2024 | 89.01 Mn |
| Mar 31, 2024 | 85.04 Mn |
| Mar 31, 2024 | 85.04 Mn |