Cloudflare (NET) Operating Expenses (2018 - 2026)
Cloudflare (NET) posted Operating Expenses of $517.6 million for Q1 2026, up 3.15% sequentially from $501.8 million in Q4 2025, and up 24.19% YoY from $416.8 million in Q1 2025.
Cloudflare (NET) Operating Expenses (2018 - 2026) Analysis & Trends
Cloudflare has reported Operating Expenses for 9 years, with the latest figure at $517.6 million in Q1 2026.
- Quarterly Operating Expenses rose 24.19% year-over-year to $517.6 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $1.9 billion (up 27.02% YoY) and the FY2025 annual result came in at $1.8 billion, up 26.07% from the prior year.
- Operating Expenses improved to $517.6 million in Q1 2026 per NET's latest filing, from $501.8 million in the prior quarter.
- Over five years, Operating Expenses peaked at $517.6 million in Q1 2026 and troughed at $205.1 million in Q1 2022.
- A 5-year average of $347.4 million and a median of $346.7 million in 2024 frame the typical range for Operating Expenses.
- The sharpest annual moves came in 2022 and 2023: Operating Expenses jumped 66.3% in 2022, then increased 18.99% in 2023.
- Over 5 years, Operating Expenses stood at $257.6 million in 2022, then advanced by 25.01% to $322.0 million in 2023, then rose by 19.86% to $386.0 million in 2024, then jumped by 30.0% to $501.8 million in 2025, then gained by 3.15% to $517.6 million in 2026.
- According to Business Quant data, Operating Expenses over the past three periods registered $517.6 million, $501.8 million, and $453.2 million for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,679.34 Bn | 3,546.58 Bn | 60.48 Bn | 12.28 Bn |
| 2 | Oracle | 433.50 Bn | 402.15 Bn | - | 13.05 Bn |
| 3 | Palantir Technologies | 418.20 Bn | 408.90 Bn | 1.64 Bn | 726.59 Mn |
| 4 | Palo Alto Networks | 312.41 Bn | 309.30 Bn | 2.03 Bn | 2.21 Bn |
| 5 | Fortinet | 117.38 Bn | 113.31 Bn | 1.64 Bn | 953.90 Mn |
| 6 | Cloudflare | 101.74 Bn | 97.57 Bn | 499.52 Mn | 705.21 Mn |
| 7 | Synopsys | 80.70 Bn | 78.49 Bn | 1.77 Bn | 1.57 Bn |
| 8 | CoreWeave | 58.00 Bn | 52.46 Bn | 1.70 Bn | 2.62 Bn |
| 9 | Block | 49.79 Bn | 43.33 Bn | 3.17 Bn | 2.72 Bn |
| 10 | NetApp | 40.59 Bn | 37.00 Bn | 1.37 Bn | 833.00 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 705.21 Mn |
| Mar 31, 2026 | 517.59 Mn |
| Dec 31, 2025 | 501.79 Mn |
| Sep 30, 2025 | 453.17 Mn |
| Jun 30, 2025 | 450.90 Mn |
| Mar 31, 2025 | 416.76 Mn |
| Dec 31, 2024 | 385.98 Mn |
| Sep 30, 2024 | 364.91 Mn |
| Jun 30, 2024 | 346.68 Mn |
| Mar 31, 2024 | 348.11 Mn |
| Dec 31, 2023 | 322.02 Mn |
| Sep 30, 2023 | 296.75 Mn |
| Jun 30, 2023 | 289.45 Mn |
| Mar 31, 2023 | 267.02 Mn |
| Dec 31, 2022 | 257.60 Mn |
| Sep 30, 2022 | 237.84 Mn |
| Jun 30, 2022 | 243.25 Mn |
| Mar 31, 2022 | 205.14 Mn |
| Dec 31, 2021 | 192.16 Mn |
| Sep 30, 2021 | 161.32 Mn |