Cloudflare (NET) Research & Development (2018 - 2026)
Cloudflare's (NET) quarterly Research & Development came in at $276.1 million in Q2 2026, up 25.88% year-over-year from $219.4 million in Q2 2025, and up 1.66% quarter-over-quarter from $271.6 million in Q1 2026.
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Analysis
Cloudflare (NET) Research & Development (2018 - 2026) Analysis & Trends
Cloudflare has disclosed Research & Development across 9 years of filings, most recently posting $276.1 million for Q2 2026.
- In Q2 2026, Research & Development rose 25.88% year-over-year to $276.1 million; the TTM figure through Jun 2026 stood at $1.0 billion (up 27.71% YoY), while the FY2025 annual figure was $920.8 million, up 23.47% from the prior year.
- Research & Development came in at $276.1 million for Q2 2026 at Cloudflare, up from $271.6 million in the prior quarter.
- In the past five years, Research & Development ranged from a high of $276.1 million in Q2 2026 to a low of $100.1 million in Q1 2022.
- Average Research & Development over 5 years is $182.2 million, with a median of $179.9 million recorded in 2024.
- Year-over-year, Research & Development surged 54.78% in 2022 and climbed 10.26% in 2025.
- Over 5 years, Research & Development stood at $132.0 million in 2022, then gained by 25.11% to $165.2 million in 2023, then gained by 16.19% to $192.0 million in 2024, then jumped by 30.82% to $251.1 million in 2025, then increased by 9.95% to $276.1 million in 2026.
- Per Business Quant data, the three most recent Research & Development figures were $276.1 million in Q2 2026, $271.6 million in Q1 2026, and $251.1 million in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,833.59 Bn | 3,756.75 Bn | 60.48 Bn | 10.00 Bn |
| 2 | International Business Machines | 212.47 Bn | 163.37 Bn | 9.91 Bn | 2.31 Bn |
| 3 | Cloudflare | 112.40 Bn | 95.93 Bn | 499.52 Mn | 159.49 Mn |
| 4 | Equinix | 99.47 Bn | 88.02 Bn | 1.40 Bn | - |
| 5 | Nebius | 60.05 Bn | 33.48 Bn | 448.70 Mn | 191.00 Mn |
| 6 | CoreWeave | 48.26 Bn | 35.35 Bn | 1.70 Bn | - |
| 7 | Verisign | 25.97 Bn | 23.18 Bn | 384.60 Mn | 27.50 Mn |
| 8 | Nutanix | 18.41 Bn | 10.09 Bn | 651.35 Mn | 205.05 Mn |
| 9 | Akamai Technologies | 16.36 Bn | 9.77 Bn | 613.75 Mn | 148.82 Mn |
| 10 | DigitalOcean Holdings | 14.67 Bn | 12.67 Bn | 154.66 Mn | 57.52 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();