Cloudflare NET
Public, NYSE, reports in USD. Founded 2009.
Theme: Cloud.
Cloud services, AWS v2.
2025-08-01 — Follow closely
Financials millions, USD
| Period | Revenue | Growth % | Gross margin % | R&D % | Operating income | Operating margin % | Net income | EPS (diluted) | Rule of 40 | basis |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2.2bn USD | 29.8 % | 74.5 % | 22.8 % | -207m USD | -9.5 % | -102m USD | -0.27 | 20.3 | |
| 2024 | 1.7bn USD | 28.7 % | 77.3 % | 25.2 % | -155m USD | -9.3 % | -79m USD | -0.23 | 19.5 | |
| 2023 | 1.3bn USD | 33.0 % | 76.3 % | 29.7 % | -185m USD | -14.3 % | -184m USD | -0.55 | 18.8 | |
| 2022 | 975m USD | – | 76.1 % | 30.6 % | -201m USD | -20.6 % | -193m USD | -0.59 | – | |
| 2026-Q2 | 696m USD | 35.9 % | 71.8 % | 22.9 % | -55m USD | -7.9 % | -170m USD | -0.48 | 28.0 | |
| 2026-Q1 | 640m USD | – | 71.2 % | 23.6 % | -62m USD | -9.7 % | -23m USD | -0.07 | – | |
| 2025-Q4 | 615m USD | – | 73.6 % | 23.1 % | -49m USD | -8.0 % | -12m USD | -0.03 | – | |
| 2025-Q3 | 562m USD | – | 74.0 % | 21.5 % | -37m USD | -6.7 % | -1.3m USD | 0.00 | – | |
| 2025-Q2 | 512m USD | – | 74.9 % | 26.3 % | -67m USD | -13.1 % | -50m USD | -0.15 | – |
Sources
- 2025: 2025_10-K_Summary_2026-07-10.xlsx
- 2024: yfinance
- 2023: 2025_10-K_Summary_2026-07-10.xlsx
- 2022: 2025_10-K_Summary_2026-07-10.xlsx
- 2026-Q2: yfinance
- 2026-Q1: yfinance
- 2025-Q4: yfinance
- 2025-Q3: yfinance
- 2025-Q2: yfinance
Latest quarter 2026-Q2, ended 2026-06-30, vs 2025-Q2
| 2026-Q2 | 2025-Q2 | change | |
|---|---|---|---|
| Revenue | 696m USD | 512m USD | +184m (+36 %) |
| Op. margin | -7.9 % | -13.1 % | +5.2 pts |
| FCF | 56m USD | 33m USD | +23m (+69 %) |
| Op. income | -55m USD | ||
| Net income | -170m USD | ||
| EPS (diluted) | -0.48 |
Cash flow millions, USD
| Period | Cash from operations | Capex | Free cash flow | FCF margin % | CFO / net income % | NOPAT | Unlevered FCF | Levered FCF | Net change in cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 603m USD | 343m USD | 261m USD | 12.0 % | – | – | – | 2.3bn USD | 800m USD |
| 2024 | 380m USD | 214m USD | 167m USD | 10.0 % | – | – | – | 167m USD | 63m USD |
| 2023 | 254m USD | 135m USD | 119m USD | 9.2 % | – | – | – | -88m USD | -124m USD |
| 2022 | 124m USD | 163m USD | -40m USD | -4.1 % | – | – | – | -56m USD | -106m USD |
NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.
Quotes
| Price | 330.54 USD | 2026-09-15 | |
|---|---|---|---|
| Market cap | 117.7bn USD | 2026-09-15 | |
| 52w high | 334.60 USD | 2026-09-15 | |
| 52w low | 158.83 USD | 2026-09-15 | |
| Off 52w high % | -1.2 % | ||
| P/S | 54.3 | ||
| Lifetime CAGR | 4.6 % |
Notes
- 2025-08-01 opinion Follow closely