Cloudflare (NET) Operating Leases (2020 - 2026)
Cloudflare (NET) posted Operating Leases of $180.85 million for Q2 2026, up 24.9% from $144.8 million a year earlier but down 0.7% from the prior quarter.
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Analysis
Cloudflare (NET) Operating Leases (2020 - 2026) Analysis & Trends
At the end of FY2025, Cloudflare's Operating Leases came in at $182.03 million, up 41.9% from FY2024.
- Annual Operating Leases has increased for three consecutive years, with a five-year compound annual growth rate of 46.1% (FY2020 to FY2025).
- In prior years, Cloudflare's Operating Leases was $128.27 million in FY2024 (+13.0%), $113.49 million in FY2023 (+5.5%), $107.62 million in FY2022 (-1.3%) and $109.04 million in FY2021 (+299.3%).
- Quarterly Operating Leases has run from a low of $81.11 million in Q3 2021 to a high of $182.11 million in Q1 2026 over five years.
- On a year-over-year basis, Operating Leases has increased in each of the last 11 quarters, with growth averaging 28.1% over the last eight quarters.
- The strongest year-over-year quarter for Operating Leases in the past five years was Q1 2022, with growth of 347.3%; the weakest was Q1 2023, with a decline of 5.1%.
- According to Business Quant data, Operating Leases for the three prior quarters was $182.11 million (Q1 2026), $182.03 million (Q4 2025) and $173.43 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Microsoft | 3,944.62 Bn | 3,880.11 Bn | 62.56 Bn |
| 2 | International Business Machines | 231.10 Bn | 185.71 Bn | 9.71 Bn |
| 3 | Equinix | 100.11 Bn | 88.01 Bn | 1.31 Bn |
| 4 | Cloudflare | 96.02 Bn | 78.46 Bn | 557.23 Mn |
| 5 | Nebius | 31.44 Bn | 4.87 Bn | 448.70 Mn |
| 6 | Verisign | 27.82 Bn | 25.17 Bn | 393.20 Mn |
| 7 | CoreWeave | 25.57 Bn | 12.66 Bn | 1.70 Bn |
| 8 | Nutanix | 15.68 Bn | 7.37 Bn | 651.35 Mn |
| 9 | GoDaddy | 14.30 Bn | 9.69 Bn | 843.00 Mn |
| 10 | Akamai Technologies | 12.01 Bn | 5.41 Bn | 613.75 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 180.90 Mn |
| Jun 30, 2026 | 180.85 Mn |
| Mar 31, 2026 | 182.11 Mn |
| Dec 31, 2025 | 182.03 Mn |
| Sep 30, 2025 | 173.43 Mn |
| Jun 30, 2025 | 144.80 Mn |
| Mar 31, 2025 | 134.52 Mn |
| Dec 31, 2024 | 128.27 Mn |
| Sep 30, 2024 | 121.37 Mn |
| Jun 30, 2024 | 112.51 Mn |
| Mar 31, 2024 | 113.02 Mn |
| Dec 31, 2023 | 113.49 Mn |
| Sep 30, 2023 | 101.67 Mn |
| Jun 30, 2023 | 106.99 Mn |
| Mar 31, 2023 | 108.80 Mn |
| Dec 31, 2022 | 107.62 Mn |
| Sep 30, 2022 | 104.02 Mn |
| Jun 30, 2022 | 105.35 Mn |
| Mar 31, 2022 | 114.62 Mn |
| Dec 31, 2021 | 109.04 Mn |
API Access
Cloudflare Operating Leases 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-leases&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-leases", "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-leases&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();