Cloudflare
NET NYSE Internet Services & Infrastructure Financials FY2017–FY2025
Cloudflare's revenue rose 29.9% to $2.2 billion in fiscal 2025. Its operating margin was −9.6%, down from −9.3% a year earlier. Free cash flow was $288 million, up 47.1%. The diluted share count rose 2.0%.
What Cloudflare does
Cloudflare runs a global network that businesses and other organizations use to protect their websites, apps and internal networks from attacks, make them load faster and keep them online. Developers can also build and run software, including AI applications, directly on that network. It also offers consumer apps. At the end of 2025 it had about 332,000 paying customers in more than 190 countries, from small businesses to large companies and governments. It also offers a free plan for some of its products.
Cloudflare earns money mainly from subscriptions to its network and products, and it reports a single business segment. Larger customers sign contracts on its Enterprise plan; smaller ones pay as they go on its Pro and Business plans. Customers outside the United States brought in 51% of 2025 revenue, and no single customer accounted for more than 10%. It competes with makers of on-premises network hardware, with firms that sell cloud services for a single task such as content delivery or email security, and with parts of the big public cloud providers.
Its network spans more than 330 cities in over 125 countries and connects with over 13,000 other networks. Customers with more than $100,000 in annualized revenue (a quarter’s revenue times four), which it calls large customers, grew to 4,298 at the end of 2025 from 3,497 a year earlier. Cloudflare had 5,156 full-time employees at the end of 2025, 2,452 of them outside the United States, and its headquarters is in the San Francisco Bay Area.
- Legal name
- Cloudflare, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001477333-26-000016
0001477333
Revenue and margins
Cloudflare had $2.2B of revenue in fiscal 2025, up 29.9% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $288M in fiscal 2025, 13.3% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Cloudflare returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 2.1%.
Value Cloudflare yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $836M and divides by 348.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Cloudflare can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.8B | $1.6B | $1.7B | $1.9B | $4.1B |
| Debt incl. finance leases | $1.2B | $1.4B | $1.3B | $1.3B | $3.3B |
| Debt / equity | 1.4x | 2.3x | 1.7x | 1.2x | 2.2x |
| Interest coverage | −2.6x | −40.4x | −31.6x | −29.8x | −23.6x |
| Current ratio | 6.8x | 4.7x | 3.5x | 2.9x | 2.0x |
| Quick ratio | 6.8x | 4.7x | 3.5x | 2.9x | 2.0x |
| Total assets | $2.4B | $2.6B | $2.8B | $3.3B | $6.0B |
| Total liabilities | $1.6B | $2.0B | $2.0B | $2.3B | $4.6B |
| Shareholders' equity | $811M | $624M | $763M | $1.0B | $1.5B |
| Net debt (− = net cash) | −$663M | −$214M | −$390M | −$569M | −$836M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$68.9M
4 insiders
Of sales under plans
100%
$68.9M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 19, 2026 | Carl LedbetterDirector | Sold plan | 5,000 | $304.40 | $1.5M | Form 4 |
| Oct 19, 2026 | Thomas J SeifertChief Financial Officer | Sold plan | 12,500 | $299.59 | $3.7M | Form 4 |
| Sep 22, 2026 | Carl LedbetterDirector | Sold plan | 5,000 | $353.15 | $1.8M | Form 4 |
| Sep 17, 2026 | Thomas J SeifertChief Financial Officer | Sold plan | 10,000 | $332.46 | $3.3M | Form 4 |
| Sep 14, 2026 | Carl LedbetterDirector | Sold plan | 5,000 | $312.22 | $1.6M | Form 4 |
| Sep 8, 2026 | Michelle ZatlynPresident & Board Co-chair, Director | Sold plan | 33,003 | $277.43 | $9.2M | Form 4 |
| Sep 4, 2026 | Michelle ZatlynPresident & Board Co-chair, Director | Sold plan | 33,003 | $281.67 | $9.3M | Form 4 |
| Sep 3, 2026 | Michelle ZatlynPresident & Board Co-chair, Director | Sold plan | 33,003 | $278.92 | $9.2M | Form 4 |
| Aug 21, 2026 | Michelle ZatlynPresident and Board Co-Chair, Director | Sold plan | 33,003 | $277.43 | $9.2M | Form 4 |
| Aug 20, 2026 | Michelle ZatlynPresident and Board Co-Chair, Director | Sold plan | 33,003 | $285.06 | $9.4M | Form 4 |
| Aug 19, 2026 | Michelle ZatlynPresident and Board Co-Chair, Director | Sold plan | 33,003 | $294.63 | $9.7M | Form 4 |
| Aug 18, 2026 | Janel RileyChief Accounting Officer | Sold plan | 3,481 | $305.27 | $1.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 6 / 9 | 6 / 9 | 3 / 9 |
| Accruals ratio | −16.4% | −15.2% | −15.1% |
| Altman Z'' | 2.11 | 2.01 | 1.95 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Cloudflare NET | $115.4B | 29.9% | −9.6% | 13.3% | −29.7% | — | 3 | |
| Wix.com WIX | $4.7B | 13.2% | 0.1% | 29.2% | — | — | 7 | Compare → |
| Verisign VRSN | $27.1B | 6.4% | 67.7% | 64.5% | — | 32.3x | 8 | Compare → |
| Akamai Technologies AKAM | $14.4B | 5.4% | 13.5% | 24.0% | 6.3% | 33.8x | 6 | Compare → |
| GoDaddy GDDY | $14.8B | 8.3% | 22.8% | 31.8% | 30.6% | 16.8x | 5 | Compare → |
9 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $135M | $193M | $287M | $431M | $656M | $975M | $1.3B | $1.7B | $2.2B |
| Gross profit | $106M | $149M | $224M | $330M | $509M | $743M | $990M | $1.3B | $1.6B |
| Research and development | $33.6M | $54.5M | $90.7M | $127M | $189M | $298M | $358M | $421M | $513M |
| Operating income | −$9.7M | −$84.9M | −$108M | −$107M | −$128M | −$201M | −$186M | −$155M | −$207M |
| Interest expense | $0.9M | $1.0M | $1.1M | $25.0M | $49.2M | $5.0M | $5.9M | $5.2M | $8.8M |
| Pretax income | −$9.7M | −$86.1M | −$105M | −$125M | −$248M | −$191M | −$178M | −$70.9M | −$92.7M |
| Income tax | $1.0M | $1.1M | $1.1M | −$5.6M | $12.3M | $2.6M | $6.1M | $7.9M | $9.6M |
| Net income | −$10.7M | −$87.2M | −$106M | −$119M | −$260M | −$193M | −$184M | −$78.8M | −$102M |
| Diluted EPS | −$0.14 | −$1.08 | −$0.72 | −$0.40 | −$0.83 | −$0.59 | −$0.55 | −$0.23 | −$0.29 |
| Diluted shares | 0.08B | 0.08B | 0.15B | 0.30B | 0.31B | 0.33B | 0.33B | 0.34B | 0.35B |
| Cash flow | |||||||||
| Cash from operations | $3.2M | −$43.3M | −$38.9M | −$17.1M | $64.6M | $124M | $254M | $380M | $603M |
| Capital expenditure | $19.0M | $25.5M | $43.3M | $56.4M | $93.0M | $144M | $114M | $185M | $316M |
| Free cash flow | −$15.9M | −$68.8M | −$82.2M | −$73.5M | −$28.3M | −$20.0M | $140M | $195M | $288M |
| Depreciation and amortization | $12.2M | $18.9M | $29.5M | $49.4M | $66.6M | $102M | $136M | $128M | $190M |
| Stock-based compensation | $2.8M | $27.3M | $36.6M | $56.3M | $90.1M | $203M | $274M | $339M | $452M |
| Acquisitions | $0.2M | $0.0M | $0.0M | $13.9M | $5.6M | $88.2M | $6.1M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.1M | $0.3M | $0.2M | $0.2M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.1M | $0.3M | $0.2M | $0.2M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | |||||||||
| Cash and short-term investments | $26.9M | $161M | $637M | $1.0B | $1.8B | $1.6B | $1.7B | $1.9B | $4.1B |
| Total debt | — | — | $0.0M | $383M | $1.2B | $1.4B | $1.3B | $1.3B | $3.3B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $197M | $690M | $1.1B | $2.0B | $1.9B | $2.0B | $2.3B | $4.6B |
| Current liabilities | — | $61.4M | $83.9M | $141M | $289M | $398M | $567M | $794M | $2.4B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $73.2M | $102M | $124M | $184M | $287M | $323M | $467M | $619M |
| Total assets | — | $298M | $831M | $1.4B | $2.4B | $2.6B | $2.8B | $3.3B | $6.0B |
| Total liabilities | — | $80.4M | $105M | $564M | $1.6B | $2.0B | $2.0B | $2.3B | $4.6B |
| Shareholders' equity | −$59.8M | −$114M | $726M | $817M | $811M | $624M | $763M | $1.0B | $1.5B |
| Margins | |||||||||
| Gross margin | 78.7% | 77.4% | 77.9% | 76.6% | 77.6% | 76.2% | 76.3% | 77.3% | 74.5% |
| Operating margin | −7.2% | −44.1% | −37.6% | −24.8% | −19.5% | −20.6% | −14.3% | −9.3% | −9.6% |
| EBITDA margin | 1.8% | −34.3% | −27.3% | −13.3% | −9.3% | −10.1% | −3.8% | −1.6% | −0.8% |
| Net margin | −8.0% | −45.2% | −36.9% | −27.7% | −39.7% | −19.8% | −14.2% | −4.7% | −4.7% |
| FCF margin | −11.8% | −35.7% | −28.6% | −17.1% | −4.3% | −2.1% | 10.8% | 11.7% | 13.3% |
| Returns | |||||||||
| Return on capital | — | — | — | −65.6% | — | −56.9% | −37.4% | −28.8% | −29.7% |
| Return on capital employed | — | — | −21.9% | −10.8% | −7.7% | −9.4% | −8.5% | −6.6% | −6.7% |
| Return on equity | — | — | −34.6% | −15.5% | −32.0% | −27.0% | −26.5% | −8.7% | −8.2% |
| Return on assets | — | — | −18.7% | −10.8% | −13.9% | −7.8% | −6.9% | −2.6% | −2.2% |
| Growth | |||||||||
| Revenue growth | — | 42.8% | 49.0% | 50.2% | 52.3% | 48.6% | 33.0% | 28.8% | 29.9% |
| FCF growth | — | — | — | — | — | — | — | 39.6% | 47.1% |
| Share count change | — | 5.0% | 80.7% | 104.9% | 4.2% | 4.5% | 2.2% | 2.3% | 2.1% |
| Financial health | |||||||||
| Debt / equity | — | — | 0.0x | 0.5x | 1.4x | 2.3x | 1.7x | 1.2x | 2.2x |
| Interest coverage | −11.3x | −85.6x | −97.1x | −4.3x | −2.6x | −40.4x | −31.6x | −29.8x | −23.6x |
| Current ratio | — | 3.2x | 8.2x | 8.0x | 6.8x | 4.7x | 3.5x | 2.9x | 2.0x |
| Quick ratio | — | 3.2x | 8.2x | 8.0x | 6.8x | 4.7x | 3.5x | 2.9x | 2.0x |
| Capital allocation | |||||||||
| Capex / revenue | 14.1% | 13.2% | 15.1% | 13.1% | 14.2% | 14.7% | 8.8% | 11.1% | 14.6% |
| Stock comp / revenue | 2.0% | 14.2% | 12.8% | 13.1% | 13.7% | 20.8% | 21.1% | 20.3% | 20.8% |
| Payouts / FCF | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% |
| Quality scores | |||||||||
| Piotroski F-score | — | — | — | 2.0 | 3.0 | 4.0 | 6.0 | 6.0 | 3.0 |
| Altman Z'' | — | −2.6 | 10.0 | 4.7 | 3.9 | 2.5 | 2.1 | 2.0 | 2.0 |
| Accruals ratio | — | — | −11.9% | −9.3% | −17.3% | −12.8% | −16.4% | −15.2% | −15.1% |
Source: SEC EDGAR XBRL filings (CIK 0001477333). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.