Cloudflare (NET) Invested Capital (2018 - 2026)

Cloudflare has disclosed Invested Capital across 9 years of filings, most recently posting $2.8 billion for Q1 2026.

• Invested Capital for Q1 2026 came in at $2.8 billion, up 97.7% year-over-year; the trailing twelve-month figure through Mar 2026 was $2.8 billion (up 97.7% YoY), and the FY2025 annual result was $2.8 billion, up 162.89% from the prior year.
• Invested Capital came in at $2.8 billion for Q1 2026 at Cloudflare, up from $2.8 billion in the prior quarter.
• In the past five years, Invested Capital ranged from a high of $2.8 billion in Q1 2026 to a low of $515.5 million in Q1 2022.
• The 5-year median for Invested Capital is $797.2 million (2024), against an average of $1.2 billion.
• Across the five-year window, Invested Capital sank 35.89% in 2022 and surged 171.02% in 2025, its largest moves.
• Cloudflare's Invested Capital stood at $624.0 million in 2022, then climbed by 22.29% to $763.0 million in 2023, then surged by 37.11% to $1.0 billion in 2024, then soared by 162.89% to $2.8 billion in 2025, then gained by 2.49% to $2.8 billion in 2026.
• The last three Invested Capital figures came in at $2.8 billion (Q1 2026), $2.8 billion (Q4 2025), and $2.6 billion (Q3 2025), per Business Quant data.