Cloudflare (NET) Invested Capital (2018 - 2026)
Cloudflare (NET) posted Invested Capital of $2.91 billion for Q2 2026, up 3.3% from the prior quarter.
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Analysis
Cloudflare (NET) Invested Capital (2018 - 2026) Analysis & Trends
For FY2025, Cloudflare's Invested Capital came in at $2.75 billion, up 162.9% from FY2024.
- Annual Invested Capital shows a five-year compound annual growth rate of 27.5% (FY2020 to FY2025).
- In prior years, Cloudflare's Invested Capital was $1.05 billion in FY2024, $623.96 million in FY2022 (-24.2%) and $823.48 million in FY2021 (+0.8%).
- The Q2 2026 figure stands as the highest quarterly Invested Capital in data going back to Q4 2018.
- According to Business Quant data, Invested Capital for the three prior quarters was $2.82 billion (Q1 2026), $2.75 billion (Q4 2025) and $2.64 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,932.24 Bn | 3,855.40 Bn | 60.48 Bn | 482.68 Bn |
| 2 | International Business Machines | 219.04 Bn | 169.85 Bn | 9.91 Bn | 96.53 Bn |
| 3 | Cloudflare | 104.70 Bn | 88.23 Bn | 499.52 Mn | 2.91 Bn |
| 4 | Equinix | 97.19 Bn | 85.75 Bn | 1.40 Bn | 34.08 Bn |
| 5 | Nebius | 40.23 Bn | 13.66 Bn | 448.70 Mn | 18.89 Bn |
| 6 | CoreWeave | 33.76 Bn | 20.85 Bn | 1.70 Bn | 8.69 Bn |
| 7 | Verisign | 27.46 Bn | 24.67 Bn | 384.60 Mn | 80.30 Mn |
| 8 | Nutanix | 17.98 Bn | 9.67 Bn | 651.35 Mn | - |
| 9 | GoDaddy | 13.83 Bn | 9.41 Bn | 828.20 Mn | 3.78 Bn |
| 10 | Akamai Technologies | 12.69 Bn | 6.10 Bn | 613.75 Mn | 6.45 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 2.91 Bn |
| Mar 31, 2026 | 2.82 Bn |
| Dec 31, 2025 | 2.75 Bn |
| Sep 30, 2025 | 2.64 Bn |
| Dec 31, 2024 | 1.05 Bn |
| Jun 30, 2023 | 677.16 Mn |
| Dec 31, 2022 | 623.96 Mn |
| Sep 30, 2022 | 593.99 Mn |
| Jun 30, 2022 | 580.49 Mn |
| Mar 31, 2022 | 515.48 Mn |
| Dec 31, 2021 | 823.48 Mn |
| Dec 31, 2020 | 816.94 Mn |
| Dec 31, 2019 | 725.83 Mn |
| Sep 30, 2019 | 740.44 Mn |
| Dec 31, 2018 | -113.25 Mn |
API Access
Cloudflare Invested Capital 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=invested-capital&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "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=invested-capital&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();