Cloudflare (NET) Operating Expenses (2018 - 2026)
Cloudflare (NET) recorded Operating Expenses of $705.21 million in Q2 2026, up 56.4% from $450.9 million a year earlier and up 36.2% from the prior quarter.
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Analysis
Cloudflare (NET) Operating Expenses (2018 - 2026) Analysis & Trends
On a TTM basis, Cloudflare's Operating Expenses came in at $2.18 billion as of Jun 30, 2026, up 34.6% year-over-year; for FY2025, it was $1.82 billion, up 26.1% from FY2024.
- Annual Operating Expenses has increased for eight straight years, with a five-year compound annual growth rate of 33.1% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $1.45 billion in FY2024 (+23.0%), $1.18 billion in FY2023 (+24.5%), $943.83 million in FY2022 (+48.2%) and $636.98 million in FY2021 (+45.8%).
- The Q2 2026 figure is the highest quarterly Operating Expenses in data going back to Q3 2018.
- On a year-over-year basis, Operating Expenses has increased for 28 consecutive quarters, with growth averaging 28.4% over the last eight quarters.
- The year-over-year growth in Operating Expenses has ranged between 19.0% (Q2 2023) and 66.3% (Q2 2022) over the last five years.
- Per Business Quant, the preceding three quarters came in at $517.59 million (Q1 2026), $501.79 million (Q4 2025) and $453.17 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,932.24 Bn | 3,855.40 Bn | 60.48 Bn | 12.28 Bn |
| 2 | International Business Machines | 219.04 Bn | 169.85 Bn | 9.91 Bn | 7.29 Bn |
| 3 | Cloudflare | 104.70 Bn | 88.23 Bn | 499.52 Mn | 705.21 Mn |
| 4 | Equinix | 97.19 Bn | 85.75 Bn | 1.40 Bn | 1.96 Bn |
| 5 | Nebius | 40.23 Bn | 13.66 Bn | 448.70 Mn | 758.20 Mn |
| 6 | CoreWeave | 33.76 Bn | 20.85 Bn | 1.70 Bn | 2.62 Bn |
| 7 | Verisign | 27.46 Bn | 24.67 Bn | 384.60 Mn | 138.30 Mn |
| 8 | Nutanix | 17.98 Bn | 9.67 Bn | 651.35 Mn | 581.36 Mn |
| 9 | GoDaddy | 13.83 Bn | 9.41 Bn | 828.20 Mn | 955.50 Mn |
| 10 | Akamai Technologies | 12.69 Bn | 6.10 Bn | 613.75 Mn | 1.02 Bn |
Historic Data
Download Data
Historic 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 |
API Access
Cloudflare Operating Expenses 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=operating-expenses&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();