Cloudflare
NET NYSE· Internet Services & Infrastructure
Last close · Oct 26, 2026
$331.86
KIRA · Stoqly’s AI analyst, in plain words
- Cloudflare had $2.2B of revenue in fiscal 2025, up 29.9% on the year before. Over five years, revenue changed +38.1% a year on average.
- Its operating margin was −9.6%, down 0.3 pts: of every 100 in sales, about −10 is left after running the business.
- Cloudflare lost $102M in fiscal 2025.
- Free cash flow was $288M in fiscal 2025, 13.3% of revenue.
- Cloudflare returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 2.1%.
- Cloudflare has $836M more cash than debt.
Market cap
$117.6B
P/E
—
Revenue
$2.2B
Net income
−$102M
Free cash flow
$288M
Operating margin
−9.6%
Cloudflare in 30 seconds · fiscal 2025
Are sales growing?
+29.9%
Yes. Sales grew 29.9% last year.
Does it make a profit?
−4.7%
No. It lost money last year.
Does profit turn into cash?
13.3%
Yes. 13.3% of sales ends up as free cash.
How healthy are the accounts?
3 / 9
Weak. It passes 3 of 9 health tests.
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%.
Biggest risks, in its own words
- Its history of net losses, and the chance that it does not reach or keep profitability.
- Failing to win and keep large customers, or to handle the extra demands of serving them.
- Its free plan may cost more than the benefits it brings from free customers.
- Backlash or legal trouble over the activities or content of the websites it serves.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Legal name
- Cloudflare, Inc.
- CIK
- 0001477333
Cloudflare · NET
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $656M | $975M | $1.3B | $1.7B | $2.2B |
| Revenue growth | 52.3% | 48.6% | 33.0% | 28.8% | 29.9% |
| Gross margin | 77.6% | 76.2% | 76.3% | 77.3% | 74.5% |
| Operating margin | −19.5% | −20.6% | −14.3% | −9.3% | −9.6% |
| Net income | −$260M | −$193M | −$184M | −$78.8M | −$102M |
| Net margin | −39.7% | −19.8% | −14.2% | −4.7% | −4.7% |
| Diluted EPS | −$0.83 | −$0.59 | −$0.55 | −$0.23 | −$0.29 |
| Cash | |||||
| Cash from operations | $64.6M | $124M | $254M | $380M | $603M |
| Capital expenditure | $93.0M | $144M | $114M | $185M | $316M |
| Free cash flow | −$28.3M | −$20.0M | $140M | $195M | $288M |
| FCF margin | −4.3% | −2.1% | 10.8% | 11.7% | 13.3% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.2M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share count change | 4.2% | 4.5% | 2.2% | 2.3% | 2.1% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $811M | $624M | $763M | $1.0B | $1.5B |
| Current ratio | 6.8x | 4.7x | 3.5x | 2.9x | 2.0x |
| Interest coverage | −2.6x | −40.4x | −31.6x | −29.8x | −23.6x |
| Returns and quality | |||||
| Return on capital | — | −56.9% | −37.4% | −28.8% | −29.7% |
| Return on equity | −32.0% | −27.0% | −26.5% | −8.7% | −8.2% |
| Piotroski F-score | 3 | 4 | 6 | 6 | 3 |
| Altman Z'' | 3.9 | 2.5 | 2.1 | 2.0 | 2.0 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$700M
10 insiders
Of sales under plans
100%
$700M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cloudflare · NET
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
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 | $117.6B | 29.9% | −9.6% | 13.3% | −29.7% | — | 3 |
| Wix.com WIX | $4.6B | 13.2% | 0.1% | 29.2% | — | — | 7 |
| Verisign VRSN | $27.9B | 6.4% | 67.7% | 64.5% | — | 33.2x | 8 |
| Akamai Technologies AKAM | $15.1B | 5.4% | 13.5% | 24.0% | 6.3% | 35.6x | 6 |
| GoDaddy GDDY | $14.4B | 8.3% | 22.8% | 31.8% | 30.6% | 16.3x | 5 |
KIRA
At $331.86 a share, the company is worth $117.6B.
Cloudflare grew sales faster than 4 of its 4 similar companies.
Source: SEC EDGAR XBRL filings (CIK 0001477333). Data updated October 11, 2026. For information only — not investment advice. Check the original filings before relying on any figure.