Cloudflare
NET · NYSEServices-Prepackaged Software · Fiscal year ends Dec 31
Cloudflare reported revenue of $2.2B in the fiscal year ended Dec 2025, up 29.8% from the year before. Operating income was −$207M, an operating margin of −9.6%, and net income was −$102M. Operating cash flow of $603M less capital expenditure of $316M left free cash flow of $287M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $656M | $975M | $1.3B | $1.7B | $2.2B |
| Cost of revenue | $147M | $233M | $307M | $379M | $553M |
| Gross profit | $509M | $743M | $990M | $1.3B | $1.6B |
| Research & development | $189M | $298M | $358M | $421M | $512M |
| Operating income | −$128M | −$201M | −$185M | −$155M | −$207M |
| Interest expense | $49M | $5M | $6M | $5M | $9M |
| Pre-tax income | −$248M | −$191M | −$178M | −$71M | −$93M |
| Income tax | $12M | $3M | $6M | $8M | $10M |
| Net income | −$260M | −$193M | −$184M | −$79M | −$102M |
| Diluted EPS | −0.83 | −0.59 | −0.55 | −0.23 | −0.29 |
| Diluted shares | 312M | 326M | 334M | 341M | 348M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $314M | $204M | $87M | $148M | $944M |
| Receivables | $96M | $149M | $248M | $317M | $382M |
| Current assets | $2B | $1.9B | $2B | $2.3B | $4.6B |
| Net PP&E | $184M | $287M | $323M | $467M | $619M |
| Goodwill | $24M | $148M | $148M | $181M | $227M |
| Total assets | $2.4B | $2.6B | $2.8B | $3.3B | $6B |
| Payables | $26M | $36M | $54M | $106M | $84M |
| Deferred revenue | $117M | $219M | $348M | $478M | $684M |
| Current liabilities | $289M | $398M | $567M | $794M | $2.4B |
| Total liabilities | $1.6B | $2B | $2B | $2.3B | $4.6B |
| Shareholders' equity | $811M | $624M | $763M | $1B | $1.5B |
| Backlog (remaining obligations) | $624M | $907M | $1.2B | $1.7B | $2.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $65M | $124M | $254M | $380M | $603M |
| Capital expenditure | $93M | $144M | $114M | $185M | $316M |
| Free cash flow | −$28M | −$20M | $140M | $195M | $287M |
| Depreciation & amortisation | $67M | $102M | $136M | $128M | $190M |
| Stock-based compensation | $90M | $203M | $274M | $338M | $451M |
| Acquisitions | $6M | $88M | $6M | – | – |
| Share buybacks | $189,000 | $3,000 | $34,000 | $0 | $0 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 48.6% | 33.0% | 28.8% | 29.8% |
| Gross margin | 77.6% | 76.1% | 76.3% | 77.3% | 74.5% |
| Operating margin | −19.5% | −20.6% | −14.3% | −9.3% | −9.6% |
| Net margin | −39.7% | −19.8% | −14.2% | −4.7% | −4.7% |
| Return on equityBlank when equity is negative | −32.1% | −31.0% | −24.1% | −7.5% | −7.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −6.1% | −9.2% | −8.5% | −6.2% | −5.6% |
| Free cash flow margin | −4.3% | −2.1% | 10.8% | 11.7% | 13.3% |
| Cash conversion (CFO ÷ net income) | −0.25x | −0.64x | −1.38x | −4.83x | −5.90x |
| Receivable days | 53 | 56 | 70 | 69 | 64 |
| Payable days | 65 | 56 | 64 | 102 | 56 |
| Interest cover | −2.59x | −40.4x | −31.6x | −29.8x | −23.6x |
| Current ratio | 6.78x | 4.74x | 3.50x | 2.86x | 1.98x |
Recent filings
More in Services-Prepackaged Software
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.