Cloudflare (NET) Research & Development (2018 - 2026)
Cloudflare (NET) reported Research & Development of $159.49 million for Q2 2026, up 18.5% from $134.56 million a year earlier and up 5.6% from the prior quarter.
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Analysis
Cloudflare (NET) Research & Development (2018 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Cloudflare's Research & Development came in at $573.3 million, up 19.2% year-over-year; for FY2025, it was $512.49 million, up 21.6% from FY2024.
- Research & Development has increased for eight consecutive years, with a five-year compound annual growth rate of 32.2% (FY2020 to FY2025).
- By year, Research & Development came in at $421.37 million in FY2024 (+17.7%), $358.14 million in FY2023 (+20.1%), $298.3 million in FY2022 (+57.5%) and $189.41 million in FY2021 (+49.0%).
- The Q2 2026 figure ranks as the highest quarterly Research & Development in data going back to Q3 2018.
- Year over year, Research & Development has now increased in each of the last 28 quarters, with growth averaging 23.3% over the last eight quarters.
- The year-over-year growth in Research & Development has ranged between 7.6% (Q1 2024) and 81.7% (Q2 2022) over the last five years.
- Per Business Quant data, the three quarters before Q2 2026 came in at $150.97 million (Q1 2026), $141.89 million (Q4 2025) and $120.96 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,932.24 Bn | 3,855.40 Bn | 60.48 Bn | 10.00 Bn |
| 2 | International Business Machines | 219.04 Bn | 169.85 Bn | 9.91 Bn | 2.31 Bn |
| 3 | Cloudflare | 104.70 Bn | 88.23 Bn | 499.52 Mn | 159.49 Mn |
| 4 | Equinix | 97.19 Bn | 85.75 Bn | 1.40 Bn | - |
| 5 | Nebius | 40.23 Bn | 13.66 Bn | 448.70 Mn | 191.00 Mn |
| 6 | CoreWeave | 33.76 Bn | 20.85 Bn | 1.70 Bn | - |
| 7 | Verisign | 27.46 Bn | 24.67 Bn | 384.60 Mn | 27.50 Mn |
| 8 | Nutanix | 17.98 Bn | 9.67 Bn | 651.35 Mn | 205.05 Mn |
| 9 | GoDaddy | 13.83 Bn | 9.41 Bn | 828.20 Mn | - |
| 10 | Akamai Technologies | 12.69 Bn | 6.10 Bn | 613.75 Mn | 148.82 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 159.49 Mn |
| Mar 31, 2026 | 150.97 Mn |
| Dec 31, 2025 | 141.89 Mn |
| Sep 30, 2025 | 120.96 Mn |
| Jun 30, 2025 | 134.56 Mn |
| Mar 31, 2025 | 115.09 Mn |
| Dec 31, 2024 | 120.21 Mn |
| Sep 30, 2024 | 110.91 Mn |
| Jun 30, 2024 | 102.55 Mn |
| Mar 31, 2024 | 87.70 Mn |
| Dec 31, 2023 | 96.40 Mn |
| Sep 30, 2023 | 90.59 Mn |
| Jun 30, 2023 | 89.61 Mn |
| Mar 31, 2023 | 81.54 Mn |
| Dec 31, 2022 | 79.70 Mn |
| Sep 30, 2022 | 76.43 Mn |
| Jun 30, 2022 | 75.11 Mn |
| Mar 31, 2022 | 67.05 Mn |
| Dec 31, 2021 | 61.76 Mn |
| Sep 30, 2021 | 46.77 Mn |
API Access
Cloudflare Research & Development 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=research-and-development&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "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=research-and-development&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();