Revenue
$2.17B
Fiscal year ended 2025-12-31Operating income
-$207.20M
Fiscal year ended 2025-12-31Free cash flow
$287.50M
Fiscal year ended 2025-12-31Cloudflare, Inc. (NET) reported revenue of $2.17B and net income of -$102.27M for the fiscal year ended 2025-12-31. This page shows 9 annual periods of income statement, balance sheet and cash flow figures normalized from Cloudflare, Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Services-Prepackaged Software.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.17B | $1.67B | $1.30B | $975.24M | $656.43M | $431.06M | $287.02M | $192.67M | $134.92M |
| 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 |
| Operating income | -$207.20M | -$154.76M | -$185.48M | -$201.20M | -$127.68M | -$106.77M | -$107.95M | -$84.90M | -$9.73M |
| Net income | -$102.27M | -$78.80M | -$183.95M | -$193.38M | -$260.31M | -$119.37M | -$105.83M | -$87.16M | -$10.75M |
| Research & development | $512.49M | $421.37M | $358.14M | $298.30M | $189.41M | $127.14M | $90.67M | $54.46M | $33.65M |
| Weighted-average diluted shares | shares 348.42M | shares 341.41M | shares 333.66M | shares 326.33M | shares 312.32M | shares 299.77M | shares 146.31M | Unavailable | Unavailable |
| Pretax income | -$92.71M | -$70.87M | -$177.86M | -$190.73M | -$247.98M | -$124.97M | -$104.71M | -$86.09M | -$9.72M |
| Income tax expense | $9.56M | $7.93M | $6.09M | $2.65M | $12.33M | -$5.60M | $1.12M | $1.08M | $1.03M |
| Diluted EPS | $-0.29 | $-0.23 | $-0.55 | $-0.59 | $-0.83 | $-0.40 | $-0.72 | Unavailable | Unavailable |
| Selling, general & administrative | $1.31B | $1.02B | $817.08M | $645.53M | $447.57M | $309.63M | $240.88M | $179.57M | $82.21M |
| General & administrative | $389.31M | $278.52M | $217.96M | $179.77M | $119.50M | $91.75M | $81.58M | $85.18M | $20.31M |
| Selling & marketing | $920.82M | $745.79M | $599.12M | $465.76M | $328.06M | $217.88M | $159.30M | $94.39M | $61.90M |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $943.54M | $147.69M | $86.86M | $204.18M | $313.78M | $108.90M | $138.98M | $25.06M | Unavailable |
| Total assets | $6.04B | $3.30B | $2.76B | $2.59B | $2.37B | $1.38B | $830.82M | $298.38M | Unavailable |
| Current assets | $4.64B | $2.27B | $1.98B | $1.89B | $1.96B | $1.13B | $689.87M | $196.74M | Unavailable |
| Total liabilities | $4.58B | $2.25B | $2.00B | $1.96B | $1.56B | $563.71M | $105.00M | $80.36M | Unavailable |
| Current liabilities | $2.35B | $793.65M | $567.08M | $397.87M | $288.56M | $141.38M | $83.88M | $61.38M | Unavailable |
| Total equity incl. NCI | $1.46B | $1.05B | $763.05M | $623.96M | $811.36M | $816.94M | $725.83M | -$113.50M | -$59.83M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | $0 | $4.44M | $0 | $0 | $331.52M | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | $382.49M | $316.75M | $248.27M | $148.54M | $95.54M | $63.50M | $33.87M | $25.16M | Unavailable |
| Goodwill | $226.56M | $181.09M | $148.05M | $148.05M | $23.53M | $17.17M | $4.08M | $4.08M | Unavailable |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | $84.12M | $105.81M | $53.73M | $35.61M | $26.09M | $14.48M | $11.46M | $14.28M | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $603.11M | $380.43M | $254.41M | $123.60M | $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 |
| 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 | $12.78M | -$192.18M | $6.35M | $847.49M | $504.91M | $570.77M | $168.62M | -$149.00K |
| Net change in cash | $800.14M | $62.99M | -$123.98M | -$105.75M | $202.81M | -$27.49M | $114.21M | $4.54M | $12.56M |
| Stock-based compensation | $451.45M | $338.46M | $273.99M | $202.78M | $90.14M | $56.33M | $36.63M | $27.35M | $2.76M |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | $0 | $0 | $34.00K | $3.00K | $189.00K | $157.00K | $283.00K | $65.00K | $16.00K |
| Depreciation & amortization | $189.74M | $127.72M | $135.82M | $102.34M | $66.61M | $49.39M | $29.48M | $18.90M | $12.17M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 |
|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $287.50M | $195.39M | $140.01M | -$20.01M | -$28.34M | -$73.50M | -$82.21M | -$68.75M | -$15.86M |
| Gross margin | 74.5% | 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% |
| FCF margin | 13.3% | 11.7% | 10.8% | -2.1% | -4.3% | -17.1% | -28.6% | -35.7% | -11.8% |
| SBC / revenue | 20.8% | 20.3% | 21.1% | 20.8% | 13.7% | 13.1% | 12.8% | 14.2% | 2.0% |
| Current ratio | 1.98x | 2.86x | 3.50x | 4.74x | 6.78x | 7.99x | 8.22x | 3.21x | Unavailable |
| Revenue YoY growth | 29.8% | 28.8% | 33.0% | 48.6% | 52.3% | 50.2% | 49.0% | 42.8% | Unavailable |
| Net margin | -4.7% | -4.7% | -14.2% | -19.8% | -39.7% | -27.7% | -36.9% | -45.2% | -8.0% |
| R&D / revenue | 23.6% | 25.2% | 27.6% | 30.6% | 28.9% | 29.5% | 31.6% | 28.3% | 24.9% |
| CapEx / revenue | 14.6% | 11.1% | 8.8% | 14.7% | 14.2% | 13.1% | 15.1% | 13.2% | 14.1% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open NET in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-06View SEC filing
10-Q · Filed 2026-05-08View SEC filing
10-K · Filed 2026-02-26View SEC filing
10-Q · Filed 2025-10-30View SEC filing
10-Q · Filed 2025-07-31View SEC filing
10-Q · Filed 2025-05-08View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.