Cloudflare (NET) Shares Outstanding (Diluted) (2019 - 2026)
Cloudflare's Shares Outstanding (Diluted) came in at 354.33 million for Q2 2026, up 2.0% from 347.49 million a year earlier and up 0.5% from the prior quarter.
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Analysis
Cloudflare (NET) Shares Outstanding (Diluted) (2019 - 2026) Analysis & Trends
For FY2025, Cloudflare's Shares Outstanding (Diluted) was 348.42 million, up 2.1% from FY2024.
- Shares Outstanding (Diluted) has increased in each of the last six years, with a five-year compound annual growth rate of 3.1% (FY2020 to FY2025).
- Going back by year, Shares Outstanding (Diluted) was 341.41 million in FY2024 (+2.3%), 333.66 million in FY2023 (+2.2%), 326.33 million in FY2022 (+4.5%) and 312.32 million in FY2021 (+4.2%).
- The Q2 2026 figure represents the highest quarterly Shares Outstanding (Diluted) in data going back to Q4 2019.
- Year-over-year, Shares Outstanding (Diluted) has increased for 23 consecutive quarters, with growth averaging 2.1% over the last eight quarters.
- Over the past five years, the year-over-year growth in Shares Outstanding (Diluted) ranged from 2.0% (Q2 2026) to 5.7% (Q1 2022).
- Business Quant data shows NET's Shares Outstanding (Diluted) at 352.63 million (Q1 2026), 348.42 million (Q4 2025) and 349.31 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Shares Outstanding (Dil.) (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,833.59 Bn | 3,756.75 Bn | 60.48 Bn | 7.45 Bn |
| 2 | International Business Machines | 212.47 Bn | 163.37 Bn | 9.91 Bn | 953.30 Mn |
| 3 | Cloudflare | 112.40 Bn | 95.93 Bn | 499.52 Mn | 354.33 Mn |
| 4 | Equinix | 99.47 Bn | 88.02 Bn | 1.40 Bn | 99.14 Mn |
| 5 | Nebius | 60.05 Bn | 33.48 Bn | 448.70 Mn | 282.72 Mn |
| 6 | CoreWeave | 48.26 Bn | 35.35 Bn | 1.70 Bn | 551.00 Mn |
| 7 | Verisign | 25.97 Bn | 23.18 Bn | 384.60 Mn | 91.10 Mn |
| 8 | Nutanix | 18.41 Bn | 10.09 Bn | 651.35 Mn | 292.18 Mn |
| 9 | Akamai Technologies | 16.36 Bn | 9.77 Bn | 613.75 Mn | 153.69 Mn |
| 10 | DigitalOcean Holdings | 14.67 Bn | 12.67 Bn | 154.66 Mn | 126.55 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 354.33 Mn |
| Mar 31, 2026 | 352.63 Mn |
| Dec 31, 2025 | 348.42 Mn |
| Sep 30, 2025 | 349.31 Mn |
| Jun 30, 2025 | 347.49 Mn |
| Mar 31, 2025 | 345.72 Mn |
| Dec 31, 2024 | 341.41 Mn |
| Sep 30, 2024 | 342.36 Mn |
| Jun 30, 2024 | 340.65 Mn |
| Mar 31, 2024 | 338.58 Mn |
| Dec 31, 2023 | 333.66 Mn |
| Sep 30, 2023 | 334.67 Mn |
| Jun 30, 2023 | 332.30 Mn |
| Mar 31, 2023 | 330.39 Mn |
| Dec 31, 2022 | 326.33 Mn |
| Sep 30, 2022 | 326.59 Mn |
| Jun 30, 2022 | 325.20 Mn |
| Mar 31, 2022 | 323.33 Mn |
| Dec 31, 2021 | 312.32 Mn |
| Sep 30, 2021 | 314.54 Mn |
API Access
Cloudflare Shares Outstanding (Diluted) 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=shares-outstanding-diluted&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "shares-outstanding-diluted", "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=shares-outstanding-diluted&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();