Cloudflare (NET) Cost of Revenue (2018 - 2026)
Cloudflare's (NET) quarterly Cost of Revenue came in at $196.5 million in Q2 2026, up 52.74% year-over-year from $128.7 million in Q2 2025, and up 6.73% quarter-over-quarter from $184.2 million in Q1 2026.
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Analysis
Cloudflare (NET) Cost of Revenue (2018 - 2026) Analysis & Trends
Cloudflare has disclosed Cost of Revenue across 9 years of filings, most recently posting $196.5 million for Q2 2026.
- In Q2 2026, Cost of Revenue rose 52.74% year-over-year to $196.5 million; the TTM figure through Jun 2026 stood at $689.0 million (up 53.48% YoY), while the FY2025 annual figure was $552.5 million, up 45.9% from the prior year.
- Cost of Revenue came in at $196.5 million for Q2 2026 at Cloudflare, up from $184.2 million in the prior quarter.
- In the past five years, Cost of Revenue ranged from a high of $196.5 million in Q2 2026 to a low of $47.1 million in Q1 2022.
- Average Cost of Revenue over 5 years is $102.9 million, with a median of $87.0 million recorded in 2024.
- Year-over-year, Cost of Revenue surged 65.14% in 2022 and climbed 18.33% in 2024.
- Over 5 years, Cost of Revenue stood at $67.8 million in 2022, then rose by 22.86% to $83.3 million in 2023, then surged by 30.5% to $108.7 million in 2024, then jumped by 49.01% to $162.0 million in 2025, then increased by 21.36% to $196.5 million in 2026.
- Per Business Quant data, the three most recent Cost of Revenue figures were $196.5 million in Q2 2026, $184.2 million in Q1 2026, and $162.0 million in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,717.88 Bn | 3,585.13 Bn | 60.48 Bn | 29.53 Bn |
| 2 | International Business Machines | 219.37 Bn | 208.10 Bn | 9.91 Bn | 7.26 Bn |
| 3 | Cloudflare | 113.46 Bn | 109.29 Bn | 499.52 Mn | 196.54 Mn |
| 4 | Equinix | 102.39 Bn | 100.19 Bn | 1.40 Bn | 1.23 Bn |
| 5 | Nebius | 57.34 Bn | 49.30 Bn | 448.70 Mn | 133.60 Mn |
| 6 | CoreWeave | 47.88 Bn | 42.34 Bn | 1.70 Bn | 879.00 Mn |
| 7 | Verisign | 26.51 Bn | 25.48 Bn | 384.60 Mn | 50.00 Mn |
| 8 | Nutanix | 18.85 Bn | 16.49 Bn | 651.35 Mn | 105.73 Mn |
| 9 | Akamai Technologies | 17.01 Bn | 13.65 Bn | 613.75 Mn | 485.93 Mn |
| 10 | DigitalOcean Holdings | 14.83 Bn | 14.06 Bn | 154.66 Mn | 126.52 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();