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Cloudflare (NET) Operating Expenses (2018 - 2025)

Cloudflare's Operating Expenses history spans 8 years, with the latest figure at $501.8 million for Q4 2025.

  • For Q4 2025, Operating Expenses rose 30.0% year-over-year to $501.8 million; the TTM value through Dec 2025 reached $1.8 billion, up 26.07%, while the annual FY2025 figure was $1.8 billion, 26.07% up from the prior year.
  • Operating Expenses for Q4 2025 was $501.8 million at Cloudflare, up from $453.2 million in the prior quarter.
  • Across five years, Operating Expenses topped out at $501.8 million in Q4 2025 and bottomed at $137.2 million in Q1 2021.
  • The 5-year median for Operating Expenses is $293.1 million (2023), against an average of $301.2 million.
  • The largest annual shift saw Operating Expenses soared 66.3% in 2022 before it grew 18.99% in 2023.
  • A 5-year view of Operating Expenses shows it stood at $192.2 million in 2021, then soared by 34.05% to $257.6 million in 2022, then grew by 25.01% to $322.0 million in 2023, then increased by 19.86% to $386.0 million in 2024, then soared by 30.0% to $501.8 million in 2025.
  • Per Business Quant, the three most recent readings for NET's Operating Expenses are $501.8 million (Q4 2025), $453.2 million (Q3 2025), and $450.9 million (Q2 2025).