NYSE : NET
Cloudflare, Inc. — Financial statements
Technology · Software - Infrastructure · United States
Last price 310.3 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 110.49B
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Financial statements
Cloudflare, Inc. (NET) reported revenue of 2.51B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.51B | 2.17B | 1.67B | 1.30B | 975.24M | 656.43M |
| Cost of Revenue | 688.97M | 552.52M | 378.70M | 307.00M | 232.61M | 147.13M |
| Gross Profit | 1.82B | 1.62B | 1.29B | 989.74M | 742.63M | 509.29M |
| Selling, General & Admin | 1.45B | 1.30B | 1.01B | 817.08M | 641.58M | 447.19M |
| Research & Development | 573.30M | 512.49M | 421.37M | 358.14M | 298.30M | 189.41M |
| Operating Expenses | 2.02B | 1.81B | 1.43B | 1.18B | 939.89M | 636.60M |
| Operating Income | -196.13M | -198.20M | -139.06M | -185.49M | -197.26M | -127.30M |
| Interest Expense | -11.45M | -8.77M | -5.20M | -5.87M | -4.98M | -49.23M |
| Interest & Investment Income | 164.51M | 131.22M | 87.43M | 68.17M | 14.88M | 1.97M |
| Other Non Operating Income (Expenses) | 3.32M | -7.95M | 1.66M | -4.37M | 577.00K | -794.00K |
| EBT Excluding Unusual Items | -39.75M | -83.70M | -55.17M | -127.56M | -186.79M | -175.36M |
| Merger & Restructuring Charges | -156.99M | -3.91M | -702.00K | -3.95M | -380.00K | |
| Asset Writedown | -1.26M | -5.10M | ||||
| Other Unusual Items | -15.00M | -50.30M | -72.23M | |||
| Pretax Income | -198.00M | -92.71M | -70.87M | -177.86M | -190.73M | -247.98M |
| Income Tax Expense | 8.28M | 9.56M | 7.93M | 6.09M | 2.65M | 12.33M |
| Net Income | -206.28M | -102.27M | -78.80M | -183.95M | -193.38M | -260.31M |
| Net Income to Common | -206.28M | -102.27M | -78.80M | -183.95M | -193.38M | -260.31M |
| Shares Outstanding (Basic) | 351.86M | 348.42M | 341.41M | 333.66M | 326.33M | 312.32M |
| Shares Outstanding (Diluted) | 351.86M | 348.42M | 341.41M | 333.66M | 326.33M | 312.32M |
| EPS (Basic) | -0.59 | -0.29 | -0.23 | -0.55 | -0.59 | -0.83 |
| EPS (Diluted) | -0.59 | -0.29 | -0.23 | -0.55 | -0.59 | -0.83 |
| Free Cash Flow | 341.92M | 281.01M | 180.50M | 133.93M | -20.01M | -28.34M |
| Free Cash Flow Per Share | 0.97 | 0.81 | 0.53 | 0.40 | -0.06 | -0.09 |
| Gross Margin | 72.58% | 74.51% | 77.32% | 76.33% | 76.15% | 77.59% |
| Operating Margin | -7.81% | -9.14% | -8.33% | -14.30% | -20.23% | -19.39% |
| Profit Margin | -8.21% | -4.72% | -4.72% | -14.19% | -19.83% | -39.66% |
| Free Cash Flow Margin | 13.61% | 12.96% | 10.81% | 10.33% | -2.05% | -4.32% |
| EBITDA | -3.61M | -39.56M | -36.04M | -71.17M | -115.12M | -81.54M |
| EBITDA Margin | -0.14% | -1.82% | -2.16% | -5.49% | -11.80% | -12.42% |
| D&A For EBITDA | 192.52M | 158.64M | 103.02M | 114.32M | 82.14M | 45.76M |
| EBIT | -196.13M | -198.20M | -139.06M | -185.49M | -197.26M | -127.30M |
| EBIT Margin | -7.81% | -9.14% | -8.33% | -14.30% | -20.23% | -19.39% |
| Advertising Expenses | 95.20M | 78.60M | 57.60M | 43.50M | 36.20M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.66B | 943.54M | 147.69M | 86.86M | 204.18M | 313.78M |
| Short-Term Investments | 2.50B | 3.16B | 1.71B | 1.59B | 1.45B | 1.51B |
| Cash & Short-Term Investments | 4.16B | 4.10B | 1.86B | 1.67B | 1.65B | 1.82B |
| Receivables | 450.13M | 406.02M | 333.32M | 259.31M | 156.84M | 101.62M |
| Prepaid Expenses | 153.28M | 128.20M | 75.48M | 47.50M | 70.56M | 29.43M |
| Restricted Cash | 12.16M | 9.36M | 4.27M | 2.52M | 10.55M | 2.96M |
| Total Current Assets | 4.78B | 4.64B | 2.27B | 1.98B | 1.89B | 1.96B |
| Property, Plant & Equipment | 950.06M | 855.51M | 634.97M | 460.54M | 418.13M | 313.62M |
| Goodwill | 376.20M | 226.56M | 181.09M | 148.05M | 148.05M | 23.53M |
| Other Intangible Assets | 57.37M | 41.80M | 21.86M | 19.56M | 32.48M | 1.25M |
| Long-Term Deferred Charges | 240.52M | 219.50M | 172.22M | 133.24M | 93.14M | 70.32M |
| Other Long-Term Assets | 71.60M | 48.05M | 22.02M | 15.30M | 8.22M | 7.49M |
| Total Assets | 6.47B | 6.04B | 3.30B | 2.76B | 2.59B | 2.37B |
| Accounts Payable | 127.03M | 84.11M | 105.81M | 53.73M | 35.61M | 26.09M |
| Accrued Expenses | 317.32M | 220.06M | 162.46M | 127.40M | 110.34M | 108.64M |
| Current Portion of Long-Term Debt | 1.29B | 1.29B | 12.12M | |||
| Current Portion of Leases | 78.24M | 70.90M | 47.63M | 38.35M | 33.27M | 25.18M |
| Current Unearned Revenue | 812.19M | 684.21M | 477.76M | 347.61M | 218.65M | 116.55M |
| Total Current Liabilities | 2.63B | 2.35B | 793.65M | 567.08M | 397.87M | 288.56M |
| Long-Term Debt | 1.98B | 1.97B | 1.29B | 1.28B | 1.44B | 1.15B |
| Long-Term Leases | 180.84M | 182.03M | 128.27M | 113.49M | 107.62M | 109.04M |
| Long-Term Unearned Revenue | 40.25M | 41.09M | 22.09M | 17.24M | 11.73M | 4.68M |
| Other Long-Term Liabilities | 27.97M | 29.34M | 23.62M | 15.54M | 10.53M | 11.55M |
| Total Liabilities | 4.85B | 4.58B | 2.25B | 2.00B | 1.96B | 1.56B |
| Common Stock | 355.00K | 351.00K | 344.00K | 337.00K | 328.00K | 321.00K |
| Additional Paid-In Capital | 3.03B | 2.65B | 2.15B | 1.78B | 1.48B | 1.49B |
| Retained Earnings | -1.40B | -1.20B | -1.10B | -1.02B | -839.89M | -680.83M |
| Comprehensive Income & Other | -10.23M | 12.26M | -4.25M | 1.98M | -11.90M | -2.65M |
| Total Common Equity | 1.62B | 1.46B | 1.05B | 763.05M | 623.96M | 811.36M |
| Shareholders' Equity | 1.62B | 1.46B | 1.05B | 763.05M | 623.96M | 811.36M |
| Total Liabilities & Equity | 6.47B | 6.04B | 3.30B | 2.76B | 2.59B | 2.37B |
| Total Debt | 3.53B | 3.52B | 1.46B | 1.44B | 1.58B | 1.29B |
| Net Cash (Debt) | 633.45M | 582.92M | 392.71M | 238.54M | 72.85M | 528.64M |
| Net Cash Per Share | 1.80 | 1.67 | 1.15 | 0.71 | 0.22 | 1.69 |
| Filing Date Shares Outstanding | 356.08M | 351.98M | 345.07M | 337.66M | 330.32M | 324.08M |
| Total Common Shares Outstanding | 355.93M | 351.89M | 344.86M | 337.53M | 330.09M | 323.61M |
| Working Capital | 2.15B | 2.29B | 1.48B | 1.42B | 1.49B | 1.67B |
| Book Value Per Share | 4.55 | 4.15 | 3.03 | 2.26 | 1.89 | 2.51 |
| Tangible Book Value | 1.19B | 1.19B | 843.25M | 595.44M | 443.43M | 786.58M |
| Tangible Book Value Per Share | 3.33 | 3.38 | 2.45 | 1.76 | 1.34 | 2.43 |
| Machinery | 872.45M | 768.99M | 526.74M | 371.34M | 276.95M | 181.84M |
| Construction In Progress | 102.72M | 58.37M | 68.97M | 45.56M | 72.83M | 41.42M |
| Leasehold Improvements | 52.72M | 50.91M | 49.05M | 42.98M | 20.39M | 12.89M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -206.28M | -102.27M | -78.80M | -183.95M | -193.38M | -260.31M |
| Depreciation & Amortization | 192.52M | 158.64M | 103.02M | 114.32M | 82.14M | 45.76M |
| Other Amortization | 160.26M | 139.79M | 106.48M | 87.39M | 69.97M | 96.29M |
| Loss (Gain) From Sale of Investments | -31.14M | -29.90M | -42.08M | -44.44M | -263.00K | 8.36M |
| Stock-Based Compensation | 507.65M | 451.45M | 338.46M | 273.99M | 202.78M | 90.14M |
| Provision & Write-off of Bad Debts | 12.33M | 14.99M | 10.04M | 13.64M | 4.83M | 3.80M |
| Other Operating Activities | 62.97M | 67.72M | 52.23M | 98.19M | 36.82M | 77.22M |
| Change in Accounts Receivable | -131.10M | -85.10M | -84.05M | -116.11M | -58.41M | -38.39M |
| Change in Accounts Payable | 10.32M | 8.86M | 18.63M | 11.78M | -9.61M | 2.46M |
| Change in Unearned Revenue | 268.32M | 223.81M | 135.01M | 134.47M | 102.20M | 64.39M |
| Change in Other Net Operating Assets | -212.43M | -244.90M | -178.51M | -134.87M | -113.49M | -25.07M |
| Operating Cash Flow | 633.43M | 603.11M | 380.43M | 254.41M | 123.59M | 64.65M |
| Capital Expenditures | -291.51M | -322.10M | -199.93M | -120.48M | -143.61M | -92.99M |
| Cash Acquisitions | -113.04M | -44.40M | -23.10M | -88.19M | -5.61M | |
| Sale (Purchase) of Intangibles | -33.53M | -26.93M | -28.48M | -20.55M | -19.76M | -14.75M |
| Investment in Securities | -36.88M | -1.42B | -78.76M | -45.25M | 15.82M | -596.03M |
| Other Investing Activities | 3.08M | 1.83M | 38.00K | 74.00K | 36.00K | 53.00K |
| Investing Cash Flow | -471.87M | -1.81B | -330.22M | -186.20M | -235.70M | -709.32M |
| Long-Term Debt Issued | 2.00B | 1.29B | ||||
| Long-Term Debt Repaid | -207.65M | -16.57M | -370.65M | |||
| Total Debt Repaid | -207.65M | -16.57M | -370.65M | |||
| Net Debt Issued (Repaid) | 2.00B | -207.65M | -16.57M | 923.10M | ||
| Issuance of Common Stock | 53.45M | 58.56M | 32.71M | 33.93M | 25.40M | 36.48M |
| Repurchase of Common Stock | -59.51M | -48.25M | -16.77M | -7.99M | -2.49M | -3.82M |
| Other Financing Activities | -5.02M | -6.58M | -3.15M | -10.48M | -108.28M | |
| Financing Cash Flow | -11.08M | 2.00B | 12.79M | -192.19M | 6.35M | 847.49M |
| Net Cash Flow | 150.48M | 800.14M | 62.99M | -123.98M | -105.75M | 202.81M |
| Free Cash Flow | 341.92M | 281.01M | 180.50M | 133.93M | -20.01M | -28.34M |
| Free Cash Flow Margin | 13.61% | 12.96% | 10.81% | 10.33% | -2.05% | -4.32% |
| Free Cash Flow Per Share | 0.97 | 0.81 | 0.53 | 0.40 | -0.06 | -0.09 |
| Levered Free Cash Flow | 691.95M | 383.34M | 342.95M | 307.83M | 74.51M | 105.57M |
| Unlevered Free Cash Flow | 689.36M | 381.75M | 342.24M | 306.98M | 72.97M | 90.17M |
| Cash Interest Paid | 52.00K | 29.00K | 75.00K | 670.00K | 1.24M | 3.63M |
| Cash Income Tax Paid | 8.42M | 7.77M | 5.00M | 4.45M | 2.22M | 1.55M |
| Change in Working Capital | -64.89M | -97.32M | -108.92M | -104.73M | -79.30M | 3.39M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 99.95B | 69.06B | 36.96B | 27.96B | 14.86B | 42.31B |
| Enterprise Value | 99.32B | 68.52B | 36.58B | 27.80B | 14.79B | 41.74B |
| Last Close Price | 280.70 | 197.15 | 107.68 | 83.26 | 45.21 | 131.50 |
| Forward PE | 189.91 | 176.23 | 137.82 | 161.73 | 286.04 | |
| PS Ratio | 39.78 | 31.85 | 22.13 | 21.56 | 15.23 | 64.45 |
| PB Ratio | 61.67 | 47.33 | 35.32 | 36.64 | 23.81 | 52.15 |
| P/TBV Ratio | 84.24 | 57.99 | 43.83 | 46.95 | 33.51 | 53.79 |
| P/FCF Ratio | 292.32 | 245.75 | 204.74 | 208.74 | ||
| P/OCF Ratio | 157.79 | 114.50 | 97.14 | 109.89 | 120.21 | 654.46 |
| PEG Ratio | 3.82 | 6.57 | 2.64 | 3.58 | 7.57 | |
| EV/Sales Ratio | 39.53 | 31.60 | 21.91 | 21.44 | 15.16 | 63.59 |
| EV/FCF Ratio | 290.47 | 243.82 | 202.67 | 207.59 | ||
| Debt / Equity Ratio | 2.18 | 2.41 | 1.40 | 1.88 | 2.53 | 1.59 |
| Debt / EBITDA Ratio | 47.28 | 130.94 | 108.88 | |||
| Debt / FCF Ratio | 10.32 | 12.52 | 8.11 | 10.72 | ||
| Net Debt / Equity Ratio | -0.39 | -0.40 | -0.38 | -0.31 | -0.12 | -0.65 |
| Net Debt / EBITDA Ratio | 175.47 | 14.74 | 10.90 | 3.35 | 0.63 | 6.48 |
| Net Debt / FCF Ratio | -1.85 | -2.07 | -2.18 | -1.78 | 3.64 | 18.66 |
| Asset Turnover | 0.42 | 0.46 | 0.55 | 0.48 | 0.39 | 0.35 |
| Quick Ratio | 1.75 | 1.92 | 2.76 | 3.41 | 4.54 | 6.67 |
| Current Ratio | 1.82 | 1.98 | 2.86 | 3.50 | 4.75 | 6.78 |
| Return on Equity (ROE) | -14.43% | -8.16% | -8.71% | -26.52% | -26.95% | -31.97% |
| Return on Assets (ROA) | -2.04% | -2.65% | -2.87% | -4.34% | -4.97% | -4.24% |
| Return on Capital Employed (ROCE) | -5.10% | -5.40% | -5.50% | -8.50% | -9.00% | -6.10% |
| Earnings Yield | -0.21% | -0.15% | -0.21% | -0.66% | -1.30% | -0.61% |
| FCF Yield | 0.34% | 0.41% | 0.49% | 0.48% | -0.14% | -0.07% |
| Buyback Yield / Dilution | -2.02% | -2.05% | -2.32% | -2.24% | -4.49% | -4.18% |