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Financials · NET

Cloudflare Inc. (NET) financials

For the twelve months ended Jun 30, 2026, Cloudflare Inc. reported $2.51B of revenue and -$206.28M of net income.

Revenue, TTM
$2.51B
Revenue growth, YoY
+33.5%
Net income, TTM
-$206.28M
Net margin
-8.2%
Free cash flow, TTM
$348.40M
EPS, diluted, TTM
-$0.58
Cash
$1.66B
P/S
34.65
Market cap
$87.07B
Annual revenue$2.17B
FY2017FY2025
Annual net income-$102.27M
FY2017FY2025
Annual free cash flow$287.50M
FY2017FY2025

NET revenue and earnings growth

NET revenueQ2 2026$696.06M

Quarter YoY
+35.9%
QoQ
+8.8%
FY YoY
+29.8%
5Y CAGR
+38.1%

NET revenue was $696.06M in fiscal Q2 2026 (ended Jun 30, 2026), up 35.9% from a year earlier and up 8.8% from the prior quarter. For the full fiscal 2025 it was $2.17B, up 29.8% from fiscal 2024. Compound annual growth was +38.1% over 5 years. It rose in each of the last 8 fiscal years. Fiscal 2025 is the highest of the 9 fiscal years on file.

NET net incomeQ2 2026-$169.98M

NET net income was -$169.98M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$50.45M a year earlier. For the full fiscal 2025 it was -$102.27M, compared with -$78.80M in fiscal 2024.

NET EPSQ2 2026-$0.48

NET diluted EPS was -$0.48 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$0.15 a year earlier. For the full fiscal 2025 it was -$0.29, compared with -$0.23 in fiscal 2024.

NET free cash flowQ2 2026$67.60M

Quarter YoY
+69.4%
QoQ
-27.4%
FY YoY
+47.1%

NET free cash flow was $67.60M in fiscal Q2 2026 (ended Jun 30, 2026), up 69.4% from a year earlier and down 27.4% from the prior quarter. For the full fiscal 2025 it was $287.50M, up 47.1% from fiscal 2024. Fiscal 2025 is the highest of the 9 fiscal years on file.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
Revenue$2.17B$1.67B$1.30B$975.24M$656.43M$431.06M$287.02M$192.67M$134.91M
Cost of revenue$552.52M$378.70M$307.00M$232.61M$147.13M$101.06M$63.42M$43.54M$28.79M
Gross profit$1.62B$1.29B$989.74M$742.63M$509.29M$330.00M$223.60M$149.14M$106.13M
Research and development$512.49M$421.37M$358.14M$298.30M$189.41M$127.14M$90.67M$54.46M$33.65M
Selling, general and admin$389.31M$278.52M$217.97M$179.77M$119.50M$91.75M$81.58M$85.18M$20.31M
Operating income-$207.21M-$154.76M-$185.49M-$201.20M-$127.68M-$106.77M-$107.95M-$84.90M-$9.73M
Interest expense$8.77M$5.20M$5.87M$4.98M$49.23M$24.96M$1.11M$992.0K$862.0K
Pre-tax income-$92.71M-$70.87M-$177.86M-$190.73M-$247.98M-$124.97M-$104.71M-$86.09M-$9.71M
Income tax$9.56M$7.93M$6.09M$2.65M$12.33M-$5.60M$1.11M$1.08M$1.03M
Net income-$102.27M-$78.80M-$183.95M-$193.38M-$260.31M-$119.37M-$105.83M-$87.16M-$10.75M
EPS, basic-$0.29-$0.23-$0.55-$0.59-$0.83-$0.40-$0.72-$1.08-$0.14
EPS, diluted-$0.29-$0.23-$0.55-$0.59-$0.83-$0.40-$0.72-$1.08-$0.14
Diluted shares348.4M341.4M333.7M326.3M312.3M299.8M146.3M81.0M77.1M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
Cash and equivalents$943.54M$154.21M$91.22M$215.20M$320.96M$118.15M$145.64M$31.43M$26.88M
Receivables$382.49M$316.75M$248.27M$148.54M$95.54M$63.50M$33.87M$25.16M-
Current assets$4.64B$2.27B$1.98B$1.89B$1.96B$1.13B$689.87M$196.74M-
Goodwill$226.56M$181.09M$148.05M$148.05M$23.53M$17.17M$4.08M$4.08M-
Total assets$6.04B$3.30B$2.76B$2.59B$2.37B$1.38B$830.82M$298.38M-
Current liabilities$2.35B$793.65M$567.08M$397.87M$288.56M$141.38M$83.88M$61.38M-
Short-term debt------$0$255.0K-
Total liabilities$4.58B$2.25B$2.00B$1.96B$1.56B$563.71M$105.00M$80.36M-
Shareholders' equity$1.46B$1.05B$763.05M$623.96M$811.36M$816.94M$725.83M-$113.50M-$59.83M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
Operating cash flow$603.11M$380.43M$254.41M$123.59M$64.65M-$17.13M-$38.92M-$43.28M$3.17M
Capital expenditures$315.62M$185.04M$114.40M$143.61M$92.99M$56.38M$43.29M$25.47M$19.03M
Free cash flow$287.50M$195.39M$140.01M-$20.01M-$28.34M-$73.50M-$82.21M-$68.75M-$15.86M
Investing cash flow-$1.81B-$330.22M-$186.20M-$235.70M-$709.32M-$515.27M-$417.64M-$120.80M$9.54M
Financing cash flow$2.00B$12.79M-$192.19M$6.35M$847.49M$504.91M$570.77M$168.62M-$149.0K
Share repurchases$0$0$34.0K$3.0K$189.0K$157.0K$283.0K$65.0K$16.0K
Stock-based compensation$451.45M$338.46M$273.99M$202.78M$90.14M$56.33M$36.63M$27.35M$2.75M
Depreciation and amortization$189.74M$127.72M$135.82M$102.33M$66.61M$49.39M$29.48M$18.91M$12.17M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
Revenue growth, YoY29.8%28.8%33.0%48.6%52.3%50.2%49.0%42.8%-
Gross margin74.5%77.3%76.3%76.1%77.6%76.6%77.9%77.4%78.7%
Operating margin-9.6%-9.3%-14.3%-20.6%-19.5%-24.8%-37.6%-44.1%-7.2%
Net margin-4.7%-4.7%-14.2%-19.8%-39.7%-27.7%-36.9%-45.2%-8.0%
Free cash flow margin13.3%11.7%10.8%-2.1%-4.3%-17.1%-28.6%-35.7%-11.8%
Return on equity-7.0%-7.5%-24.1%-31.0%-32.1%-14.6%-14.6%--
Return on assets-1.7%-2.4%-6.7%-7.5%-11.0%-8.6%-12.7%-29.2%-
Current ratio1.982.863.504.746.787.998.223.21-

Source: XBRL data Cloudflare Inc. files with the SEC, latest filing dated Aug 6, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

NET peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
NET$2.51B+33.5%-$206.28M-8.2%$87.07B
MSFT$346.44B+17.9%$142.63B41.2%$3.98T
PLTR$7.29B+87.1%$3.67B50.3%$373.45B
ORCL$71.78B+21.6%$18.92B26.4%$348.21B
SAP€36.80B+7.7%€7.16B19.5%$299.18B
CRWD$5.40B+24.3%$58.46M1.1%$222.40B
SHOP$14.17B+32.5%$2.13B15.0%$184.94B
CRM$43.94B+11.2%$9.66B22.0%$183.04B
NOW$15.43B+21.8%$1.45B9.4%$106.25B

NET FAQ

9 questions
  • What is NET revenue?
    Cloudflare Inc. (NET) reported $2.51B of revenue for the twelve months ended Jun 30, 2026. That is up 33.5% from the year before. Revenue for fiscal 2025 was $2.17B.
  • Is NET profitable?
    No. Cloudflare Inc. reported a net loss of $206.28M for the twelve months ended Jun 30, 2026.
  • How much cash and debt does NET have?
    Cloudflare Inc. reported $1.66B in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is NET revenue growing?
    Cloudflare Inc.'s revenue changed +29.8% in fiscal 2025, to $2.17B. Its compound annual growth rate was +38.1% over 5 years.
  • What is NET gross margin?
    Cloudflare Inc.'s gross profit was $1.82B on $2.51B of revenue for the twelve months ended Jun 30, 2026, a gross margin of 72.6%.
  • What is NET free cash flow?
    Cloudflare Inc. generated $348.40M of free cash flow for the twelve months ended Jun 30, 2026, which is operating cash flow of $633.43M less capital expenditures.
  • What is NET earnings per share?
    Diluted earnings per share were -$0.58 for the twelve months ended Jun 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did NET last report financial results?
    The latest statements here come from Cloudflare Inc.'s 10-Q filed on Aug 6, 2026, covering the period ended Jun 30, 2026.
  • Where does this NET financial data come from?
    Quantisnow builds these statements from the structured XBRL data Cloudflare Inc. files with the SEC. It is provided for information only and is not investment advice.