Technology · Information Technology Services

Cloudflare, Inc.

NYSENET ISINUS18915M1071 SEC CIK0001477333 Listed on NYSE · USD

$315.00 +9.20 (+2.92%) Pre-market $307.09 (-2.51%) ≈ ₹29,563 a share

Open chart

Price, last 12 months+35.30% in a year

Key numbers

Market value: $112.89B
P/E (TTM): -460.1
Forward P/E: 197.1
EPS (TTM): $-0.68
Dividend yield: —
Beta: 1.36
Day range: $0.00 – $0.00
52-week range: $158.83 – $370.35
Volume: 4,605,167
10-day avg volume: $5.32M
Revenue (TTM): $2.73B
EBITDA (TTM): $39.22M
Gross margin: 71.9%
Net margin: -8.8%
Return on equity: -17.0%
Debt / equity: 303.2%
Price / sales: 41.31
Shares out: 358.39M

52W low52W high

Quarterly results

Results for each quarter

Last 12 quarters from 10-Q and 10-K filings with the US SEC. Q4 = full year minus the first three quarters. Hover a bar to see the number.

Revenue and net income

$362.47M$-42.83M$-27.87M

Dec 23

$378.60M$-54.55M$-35.54M

Mar 24

$401.00M$-34.70M$-15.08M

Jun 24

$430.08M$-30.79M$-15.33M

Sep 24

$459.95M$-34.72M$-12.85M

Dec 24

$479.09M$-53.25M$-38.45M

Mar 25

$512.32M$-67.26M$-50.45M

Jun 25

$562.03M$-37.46M$-1.29M

Sep 25

$614.51M$-49.23M$-12.08M

Dec 25

$639.76M$-61.99M$-22.93M

Mar 26

$696.06M$-205.70M$-169.98M

Jun 26

$782.51M$-67.93M$-34.07M

Sep 26

Revenue · QoQ (vs last quarter)

—+4.4%+5.9%+7.3%+6.9%+4.2%+6.9%+9.7%+9.3%+4.1%+8.8%+12%

Revenue · YoY (vs a year ago)

————+27%+27%+28%+31%+34%+34%+36%+39%

Net income · QoQ (vs last quarter)

—-28%+58%-1.7%+16%-199%-31%+97%-836%-90%-641%+80%

Net income · YoY (vs a year ago)

————+54%-8.2%-235%+92%+6.0%+40%-237%-2,541%

RevenueOperating incomeNet incomeLine = trend

US$	Dec 23	Mar 24	Jun 24	Sep 24	Dec 24	Mar 25	Jun 25	Sep 25	Dec 25	Mar 26	Jun 26	Sep 26
Revenue	$362.47M	$378.60M	$401.00M	$430.08M	$459.95M	$479.09M	$512.32M	$562.03M	$614.51M	$639.76M	$696.06M	$782.51M
Cost of revenue	$83.28M	$85.04M	$89.01M	$95.97M	$108.69M	$115.58M	$128.68M	$146.32M	$161.96M	$184.16M	$196.54M	$225.28M
Gross profit	$279.19M	$293.56M	$311.99M	$334.12M	$351.26M	$363.51M	$383.64M	$415.71M	$452.55M	$455.60M	$499.52M	$557.23M
Gross margin	77.0%	77.5%	77.8%	77.7%	76.4%	75.9%	74.9%	74.0%	73.6%	71.2%	71.8%	71.2%
Research & development	$96.40M	$87.70M	$102.55M	$110.91M	$120.21M	$115.09M	$134.56M	$120.96M	$141.89M	$150.97M	$159.49M	$168.20M
Operating income	$-42.83M	$-54.55M	$-34.70M	$-30.79M	$-34.72M	$-53.25M	$-67.26M	$-37.46M	$-49.23M	$-61.99M	$-205.70M	$-67.93M
Operating margin	-11.8%	-14.4%	-8.7%	-7.2%	-7.5%	-11.1%	-13.1%	-6.7%	-8.0%	-9.7%	-29.6%	-8.7%
Interest expense	$1.07M	$1.10M	$1.22M	$1.43M	$1.45M	$1.44M	$1.52M	$2.91M	$2.89M	$2.56M	$3.09M	$3.55M
Pre-tax income	$-25.81M	$-33.27M	$-13.93M	$-12.82M	$-10.84M	$-36.76M	$-47.29M	$1.85M	$-10.51M	$-21.40M	$-167.94M	$-27.30M
Income tax	$2.05M	$2.27M	$1.15M	$2.51M	$2.01M	$1.70M	$3.16M	$3.14M	$1.57M	$1.53M	$2.04M	$6.77M
Net income	$-27.87M	$-35.54M	$-15.08M	$-15.33M	$-12.85M	$-38.45M	$-50.45M	$-1.29M	$-12.08M	$-22.93M	$-169.98M	$-34.07M
Net margin	-7.7%	-9.4%	-3.8%	-3.6%	-2.8%	-8.0%	-9.8%	-0.2%	-2.0%	-3.6%	-24.4%	-4.4%
EPS (diluted)	—	$-0.10	$-0.04	$-0.04	—	$-0.11	$-0.15	$0.00	—	$-0.07	$-0.48	$-0.10

Income statement

Results for each year

8 fiscal years from the company's 10-K filings with the US SEC.

Revenue, gross profit and net income

$192.67M$149.14M$-87.16M

FY18

$287.02M$223.60M$-105.83M

FY19

$431.06M$330.00M$-119.37M

FY20

$656.43M$509.29M$-260.31M

FY21

$975.24M$742.63M$-193.38M

FY22

$1.30B$989.74M$-183.95M

FY23

$1.67B$1.29B$-78.80M

FY24

$2.17B$1.62B$-102.27M

FY25

Revenue · YoY (vs a year ago)

—+49%+50%+52%+49%+33%+29%+30%

Net income · YoY (vs a year ago)

—-21%-13%-118%+26%+4.9%+57%-30%

RevenueGross profitNet incomeLine = trend

FY18

$-0.72

FY19

$-0.40

FY20

$-0.83

FY21

$-0.59

FY22

$-0.55

FY23

$-0.23

FY24

$-0.29

FY25

EPS (diluted) · YoY (vs a year ago)

——+44%-107%+29%+6.8%+58%-26%

EPS (diluted)Line = trend

US$	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$192.67M	$287.02M	$431.06M	$656.43M	$975.24M	$1.30B	$1.67B	$2.17B
Revenue growth	—	49.0%	50.2%	52.3%	48.6%	33.0%	28.8%	29.8%
Cost of revenue	$43.54M	$63.42M	$101.06M	$147.13M	$232.61M	$307.01M	$378.70M	$552.53M
Gross profit	$149.14M	$223.60M	$330.00M	$509.29M	$742.63M	$989.74M	$1.29B	$1.62B
Gross margin	77.4%	77.9%	76.6%	77.6%	76.1%	76.3%	77.3%	74.5%
Research & development	$54.46M	$90.67M	$127.14M	$189.41M	$298.30M	$358.14M	$421.37M	$512.49M
Operating income	$-84.90M	$-107.95M	$-106.77M	$-127.68M	$-201.20M	$-185.49M	$-154.76M	$-207.21M
Operating margin	-44.1%	-37.6%	-24.8%	-19.5%	-20.6%	-14.3%	-9.3%	-9.6%
Depreciation & amortisation	$18.91M	$29.48M	$49.39M	$66.61M	$102.34M	$135.82M	$127.72M	$189.74M
Interest expense	$992.00K	$1.11M	$24.96M	$49.23M	$4.98M	$5.87M	$5.20M	$8.77M
Pre-tax income	$-86.09M	$-104.71M	$-124.97M	$-247.98M	$-190.73M	$-177.86M	$-70.87M	$-92.71M
Income tax	$1.08M	$1.12M	$-5.60M	$12.33M	$2.65M	$6.09M	$7.93M	$9.56M
Net income	$-87.16M	$-105.83M	$-119.37M	$-260.31M	$-193.38M	$-183.95M	$-78.80M	$-102.27M
Net margin	-45.2%	-36.9%	-27.7%	-39.7%	-19.8%	-14.2%	-4.7%	-4.7%
EPS (diluted)	—	$-0.72	$-0.40	$-0.83	$-0.59	$-0.55	$-0.23	$-0.29

Balance sheet

Assets and debt

At each fiscal year end.

Equity, debt and cash

$-113.51M$255.00K$160.66M

FY18

$725.83M$0$636.95M

FY19

$816.94M$1.03B

FY20

$811.36M$1.82B

FY21

$623.96M$1.65B

FY22

$763.05M$1.67B

FY23

$1.05B$1.86B

FY24

$1.46B$4.10B

FY25

Shareholders' equity · YoY (vs a year ago)

—+739%+13%-0.7%-23%+22%+37%+39%

Shareholders' equityTotal debtCash + short-term investmentsLine = trend

US$	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & equivalents	$25.06M	$138.98M	$108.90M	$313.78M	$204.18M	$86.86M	$147.69M	$943.54M
Short-term investments	$135.60M	$497.97M	$923.20M	$1.51B	$1.45B	$1.59B	$1.71B	$3.16B
Current assets	$196.74M	$689.87M	$1.13B	$1.96B	$1.89B	$1.98B	$2.27B	$4.64B
Total assets	$298.38M	$830.82M	$1.38B	$2.37B	$2.59B	$2.76B	$3.30B	$6.04B
Current liabilities	$61.38M	$83.88M	$141.38M	$288.57M	$397.87M	$567.08M	$793.65M	$2.35B
Short-term debt	$255.00K	$0	—	—	—	—	—	—
Total debt	$255.00K	$0	—	—	—	—	—	—
Total liabilities	$80.36M	$105.00M	$563.71M	$1.56B	$1.96B	$2.00B	$2.25B	$4.58B
Shareholders' equity	$-113.51M	$725.83M	$816.94M	$811.36M	$623.96M	$763.05M	$1.05B	$1.46B
Current ratio	3.21	8.22	7.99	6.78	4.74	3.50	2.86	1.98
Debt / equity	—	0.00	—	—	—	—	—	—
Return on equity	—	-14.6%	-14.6%	-32.1%	-31.0%	-24.1%	-7.5%	-7.0%

Cash flow

Cash coming in and going out

Free cash flow = cash from operations minus capital spending. Shareholder returns = dividends + buybacks.

Free cash flow and shareholder returns

$-43.28M$-68.75M$65.00K

FY18

$-38.92M$-82.21M$283.00K

FY19

$-17.13M$-73.50M$157.00K

FY20

$64.65M$-28.34M$189.00K

FY21

$123.60M$-20.01M$3.00K

FY22

$254.41M$140.01M$34.00K

FY23

$380.43M$195.39M$0

FY24

$603.11M$287.50M$0

FY25

Operating cash flow · YoY (vs a year ago)

—+10%+56%+477%+91%+106%+50%+59%

Free cash flow · YoY (vs a year ago)

—-20%+11%+61%+29%+800%+40%+47%

Operating cash flowFree cash flowDividends + buybacksLine = trend

US$	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash from operations	$-43.28M	$-38.92M	$-17.13M	$64.65M	$123.60M	$254.41M	$380.43M	$603.11M
Capital spending	$-25.47M	$-43.29M	$-56.38M	$-92.99M	$-143.61M	$-114.40M	$-185.04M	$-315.62M
Free cash flow	$-68.75M	$-82.21M	$-73.50M	$-28.34M	$-20.01M	$140.01M	$195.39M	$287.50M
FCF margin	-35.7%	-28.6%	-17.1%	-4.3%	-2.1%	10.8%	11.7%	13.3%
Stock-based pay	$27.35M	$36.63M	$56.33M	$90.14M	$202.78M	$273.99M	$338.46M	$451.45M
Cash from investing	$-120.80M	$-417.64M	$-515.27M	$-709.32M	$-235.70M	$-186.20M	$-330.22M	$-1.81B
Cash from financing	$168.62M	$570.77M	$504.91M	$847.49M	$6.35M	$-192.19M	$12.79M	$2.00B
Share buybacks	$-65.00K	$-283.00K	$-157.00K	$-189.00K	$-3.00K	$-34.00K	$0	$0

About

About Cloudflare, Inc.

Cloudflare, Inc., is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.

From Wikipedia (CC BY-SA 4.0).

Company details

Company name: Cloudflare, Inc.
Ticker: NET
Exchange: NYSE
ISIN: US18915M1071
SEC CIK: 0001477333
Sector: Technology
Industry: Information Technology Services
SEC industry (SIC): Services-prepackaged Software (7372)
Incorporated in: Delaware
Financial year ends: 31 December
Filer type: Large accelerated filer
Latest annual report (10-K): 26 Feb 2026
CEO: Matthew Prince
Chair: Matthew Prince,Michelle Zatlyn
Headquarters: San Francisco
Address: 101 Townsend St., San Francisco, Ca 94107
Founded: 2009
Employees: 5,156
Trades in: US dollars (USD)
Website: cloudflare.com

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Cloudflare, Inc.

Key numbers

Quarterly results

Revenue and net income

Income statement

Revenue, gross profit and net income

Balance sheet

Equity, debt and cash

Cash flow

Free cash flow and shareholder returns

About

Company details

News

Peers