Cloudflare, Inc. (NET) Spending and interest coverage
- R&D / revenue · 12 months: Value 22.82%; Formula and calculation Research and development expense / revenue. Period ending 2026-06-30..
- Stock-based compensation / revenue · 12 months: Value 20.21%; Formula and calculation Share-based compensation / revenue. Period ending 2026-06-30..
- Interest coverage · 12 months: Value (m); Formula and calculation Estimated: average term debt × dated USD coupon proxy + average commercial paper × matching-currency disclosed rate at or before period end. Swaps, foreign-exchange, lease interest and amortization are not quantified..
Spending and interest coverage
Overview →Financial period ending 2026-06-30; current quote (m). Amounts retain their stated periods and units.
| Metric | Value | Formula and calculation |
|---|---|---|
| R&D / revenue · 12 months | 22.82% | Research and development expense / revenue. Period ending 2026-06-30. $573.30M ÷ $2.51B × 100 ≈ 22.82% |
| Stock-based compensation / revenue · 12 months | 20.21% | Share-based compensation / revenue. Period ending 2026-06-30. $507.65M ÷ $2.51B × 100 ≈ 20.21% |
| Interest coverage · 12 months | (m) | Estimated: average term debt × dated USD coupon proxy + average commercial paper × matching-currency disclosed rate at or before period end. Swaps, foreign-exchange, lease interest and amortization are not quantified. Calculation unavailable: missing inputs remain (m). |
Calculation inputs
| Input | Amount with unit | Raw financial data |
|---|---|---|
| Research and development spending | 573.30M USD | Research and Development Expense |
| Revenue | 2.51B USD | Revenue from Contract with Customer, Excluding Assessed Tax |
| Stock-based compensation | 507.65M USD | Share-based Payment Arrangement, Noncash Expense |
| Operating income | -354.38M USD | Operating Income (Loss) |
| Interest expense · reported / estimated | (m) | Interest Expense · Estimated expense assumptions |
Latest interest expense basis: (m). Estimated values carry *; expand each history row’s basis for its dated balances and rate assumptions.
Calculated history
Changes compare with the next older row (previous quarter), unless explicitly labeled otherwise. Rolling 12-month growth compares two successive quarter-end rolling totals; it is not year-over-year growth.
| Period ending | Research and development spending (USD) | Revenue (USD) | Stock-based compensation (USD) | Operating income (USD) | Interest expense · reported / estimated (USD) | R&D / revenue | SBC / revenue | Interest coverage | Interest expense basis |
|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | $573.30M | $2.51B | $507.65M | $-354.38M | (m) | 22.82% | 20.21% | (m) | (m) |
| 2026-03-31 | $548.37M | $2.33B | $470.16M | $-215.95M | (m) | 23.55% | 20.19% | (m) | (m) |
| 2025-12-31 | $512.49M | $2.17B | $451.45M | $-207.21M | (m) | 23.64% | 20.82% | (m) | (m) |
| 2025-09-30 | $490.81M | $2.01B | $422.32M | $-192.69M | (m) | 24.38% | 20.98% | (m) | (m) |
| 2025-06-30 | $480.77M | $1.88B | $400.66M | $-186.02M | (m) | 25.55% | 21.30% | (m) | (m) |
| 2025-03-31 | $448.76M | $1.77B | $364.27M | $-153.46M | (m) | 25.35% | 20.58% | (m) | (m) |
| 2024-12-31 | $421.37M | $1.67B | $338.46M | $-154.76M | (m) | 25.24% | 20.27% | (m) | (m) |
| 2024-09-30 | $397.56M | $1.57B | $318.39M | $-162.87M | (m) | 25.29% | 20.25% | (m) | (m) |
| 2024-06-30 | $377.24M | $1.48B | $303.91M | $-171.29M | (m) | 25.53% | 20.57% | (m) | (m) |
| 2024-03-31 | $364.31M | $1.39B | $286.31M | $-192.76M | $4.85M | 26.30% | 20.67% | -39.78× | Reported |
| 2023-12-31 | $358.14M | $1.30B | $273.99M | $-185.49M | $5.87M | 27.62% | 21.13% | -31.59× | Reported |
| 2023-09-30 | $341.44M | $1.21B | $259.80M | $-193.35M | $5.68M | 28.24% | 21.49% | -34.05× | Reported |
| 2023-06-30 | $327.28M | $1.13B | $239.79M | $-200.08M | $6.05M | 29.03% | 21.27% | -33.06× | Reported |
| 2023-03-31 | $312.79M | $1.05B | $226.21M | $-208.45M | $5.55M | 29.70% | 21.48% | -37.54× | Reported |
| 2022-12-31 | $298.30M | $975.24M | $202.78M | $-201.20M | $4.98M | 30.59% | 20.79% | -40.37× | Reported |
| 2022-09-30 | $280.36M | $894.14M | $171.04M | $-191.58M | $20.22M | 31.36% | 19.13% | -9.48× | Reported |
| 2022-06-30 | $250.70M | $812.63M | $140.33M | $-172.12M | $31.15M | 30.85% | 17.27% | -5.53× | Reported |
| 2022-03-31 | $216.94M | $730.54M | $106.06M | $-136.45M | $40.56M | 29.70% | 14.52% | -3.36× | Reported |
| 2021-12-31 | $189.41M | $656.43M | $90.14M | $-127.68M | $49.23M | 28.85% | 13.73% | -2.59× | Reported |
| 2021-09-30 | $162.40M | $588.76M | $77.88M | $-111.36M | $43.19M | 27.58% | 13.23% | -2.58× | Reported |
| 2021-06-30 | $146.53M | $530.57M | $69.58M | $-106.12M | $40.57M | 27.62% | 13.11% | -2.62× | Reported |
| 2021-03-31 | $133.32M | $477.86M | $61.48M | $-101.95M | $35.13M | 27.90% | 12.87% | -2.90× | Reported |
| 2020-12-31 | $127.14M | $431.06M | $56.33M | $-106.77M | $24.96M | 29.50% | 13.07% | -4.28× | Reported |
| 2020-09-30 | $118.68M | $389.06M | $51.71M | $-111.97M | $15.04M | 30.50% | 13.29% | -7.44× | Reported |
| 2020-06-30 | $115.64M | $348.84M | $59.87M | $-131.80M | $5.62M | 33.15% | 17.16% | -23.44× | Reported |
| 2020-03-31 | $106.37M | $316.55M | $48.47M | $-126.87M | $906.00K | 33.60% | 15.31% | -140.03× | Reported |
| 2019-12-31 | $90.67M | $287.02M | $36.63M | $-107.95M | $1.11M | 31.59% | 12.76% | -97.07× | Reported |
| 2019-09-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2019-06-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2019-03-31 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2018-12-31 | $54.46M | $192.67M | $27.35M | $-84.90M | $992.00K | 28.27% | 14.19% | -85.58× | Reported |
| 2018-09-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2017-12-31 | $33.65M | $134.91M | $2.75M | $-9.73M | $862.00K | 24.94% | 2.04% | -11.29× | Reported |
(m) means missing inputs. Historical market-based ratios use the saved close on or immediately before period ending and that period’s reported shares; current quotes are not substituted. Five-year projections repeat historical CAGR, not analyst forecasts.