Technologies for network packet processing include a computing device that receives incoming network packets. The computing device adds the incoming network packets to an input lockless shared ring, and then classifies the network packets. After classification, the computing device adds the network packets to multiple lockless shared traffic class rings, with each ring associated with a traffic class and output port. The computing device may allocate bandwidth between network packets active during a scheduling quantum in the traffic class rings associated with an output port, schedule the network packets in the traffic class rings for transmission, and then transmit the network packets in response to scheduling. The computing device may perform traffic class separation in parallel with bandwidth allocation and traffic scheduling. In some embodiments, the computing device may perform bandwidth allocation and/or traffic scheduling on each traffic class ring in parallel. Other embodiments are described and claimed.