Cloudflare Inc Financials
Cloudflare Inc (NET) reported $2.2B in revenue for fiscal year 2025, up 29.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cloudflare’s operating model now turns fast revenue growth into rising cash generation before GAAP profitability.
From FY2023 to FY2025, operating cash flow rose from$254M to$603M while the company still reported net losses in both years. Free cash flow also climbed from$140M to$287M even with lower gross margin in FY2025, showing the business is becoming self-funding in cash terms before GAAP earnings fully reflect it.
The model remains investment-heavy: R&D spending reached
FY2025 also changed the balance-sheet posture: cash rose to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Cloudflare Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Cloudflare Inc has an operating margin of -9.6%, meaning the company loses $10 on every $100 of revenue. This results in a profitability score of 35/100. This is down from -9.3% the prior year.
Cloudflare Inc's revenue surged 29.8% year-over-year to $2.2B, reflecting rapid business expansion. This strong growth earns a score of 89/100.
Cloudflare Inc has elevated debt relative to equity (D/E of 3.14), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 19/100, reflecting increased financial risk.
Cloudflare Inc's current ratio of 1.98 indicates adequate short-term liquidity, earning a score of 57/100. The company can meet its near-term obligations, though with limited headroom.
Cloudflare Inc converts 13.3% of revenue into free cash flow ($287.5M). This strong cash generation earns a score of 73/100.
Cloudflare Inc posts a -7.0% return on equity (ROE), meaning it loses $7 for every $100 of shareholders' equity. This results in a returns score of 42/100. This is up from -7.5% the prior year.
Cloudflare Inc scores 14.11, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($104.4B) relative to total liabilities ($4.6B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Cloudflare Inc passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
Cloudflare Inc reported a net loss of $102.3M while generating $603.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Cloudflare Inc reported an operating loss of $207.2M against $8.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Cloudflare Inc generated $2.2B in revenue in fiscal year 2025. This represents an increase of 29.8% from the prior year.
Cloudflare Inc's EBITDA was -$17.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 35.4% from the prior year.
Cloudflare Inc reported -$102.3M in net income in fiscal year 2025. This represents a decrease of 29.8% from the prior year.
Cloudflare Inc earned -$0.29 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 26.1% from the prior year.
Cash & Balance Sheet
Cloudflare Inc generated $287.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 47.1% from the prior year.
Cloudflare Inc held $943.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Cloudflare Inc's gross margin was 74.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.8 percentage points from the prior year.
Cloudflare Inc's operating margin was -9.6% in fiscal year 2025, reflecting core business profitability. This is down 0.3 percentage points from the prior year.
Cloudflare Inc's net profit margin was -4.7% in fiscal year 2025, showing the share of revenue converted to profit. That is unchanged from the prior year.
Cloudflare Inc's ROE was -7.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.5 percentage points from the prior year.
Capital Allocation
Cloudflare Inc invested $512.5M in research and development in fiscal year 2025. This represents an increase of 21.6% from the prior year.
Cloudflare Inc repurchased no shares in fiscal year 2025.
Cloudflare Inc invested $315.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 70.6% from the prior year.
NET Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5B | $2.2B+29.8% | $1.7B+28.8% | $1.3B+33.0% | $975.2M+48.6% | $656.4M+52.3% | $431.1M+50.2% | $287.0M+49.0% | $192.7M+42.8% | $134.9M |
| Cost of Revenue | $689.0M | $552.5M+45.9% | $378.7M+23.4% | $307.0M+32.0% | $232.6M+58.1% | $147.1M+45.6% | $101.1M+59.3% | $63.4M+45.7% | $43.5M+51.2% | $28.8M |
| Gross Profit | $1.8B | $1.6B+25.1% | $1.3B+30.4% | $989.7M+33.3% | $742.6M+45.8% | $509.3M+54.3% | $330.0M+47.6% | $223.6M+49.9% | $149.1M+40.5% | $106.1M |
| R&D Expenses | $573.3M | $512.5M+21.6% | $421.4M+17.7% | $358.1M+20.1% | $298.3M+57.5% | $189.4M+49.0% | $127.1M+40.2% | $90.7M+66.5% | $54.5M+61.9% | $33.6M |
| SG&A Expenses | $418.6M | $389.3M+39.8% | $278.5M+27.8% | $218.0M+21.2% | $179.8M+50.4% | $119.5M+30.2% | $91.8M+12.5% | $81.6M-4.2% | $85.2M+319.4% | $20.3M |
| Operating Income | -$354.4M | -$207.2M-33.9% | -$154.8M+16.6% | -$185.5M+7.8% | -$201.2M-57.6% | -$127.7M-19.6% | -$106.8M+1.1% | -$107.9M-27.1% | -$84.9M-772.5% | -$9.7M |
| Interest Expense | $11.5M | $8.8M+68.7% | $5.2M-11.5% | $5.9M+17.8% | $5.0M-89.9% | $49.2M+97.2% | $25.0M+2145.0% | $1.1M+12.1% | $992K+15.1% | $862K |
| Income Tax | $8.3M | $9.6M+20.6% | $7.9M+30.3% | $6.1M+129.9% | $2.6M-78.5% | $12.3M+320.1% | -$5.6M-602.5% | $1.1M+3.5% | $1.1M+4.3% | $1.0M |
| Net Income | -$206.3M | -$102.3M-29.8% | -$78.8M+57.2% | -$183.9M+4.9% | -$193.4M+25.7% | -$260.3M-118.1% | -$119.4M-12.8% | -$105.8M-21.4% | -$87.2M-711.0% | -$10.7M |
| EPS (Diluted) | — | -$0.29-26.1% | -$0.23+58.2% | -$0.55+6.8% | -$0.59+28.9% | -$0.83-107.5% | -$0.40 | -$0.72 | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NET Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.0B+82.9% | $3.3B+19.6% | $2.8B+6.6% | $2.6B+9.1% | $2.4B+71.8% | $1.4B+66.2% | $830.8M+178.4% | $298.4M | N/A |
| Current Assets | $4.6B+104.7% | $2.3B+14.4% | $2.0B+5.0% | $1.9B-3.5% | $2.0B+73.1% | $1.1B+63.8% | $689.9M+250.7% | $196.7M | N/A |
| Cash & Equivalents | $943.5M+538.9% | $147.7M+70.0% | $86.9M-57.5% | $204.2M-34.9% | $313.8M+188.1% | $108.9M-21.6% | $139.0M+454.7% | $25.1M-6.8% | $26.9M |
| Accounts Receivable | $382.5M+20.8% | $316.8M+27.6% | $248.3M+67.1% | $148.5M+55.5% | $95.5M+50.5% | $63.5M+87.5% | $33.9M+34.6% | $25.2M | N/A |
| Goodwill | $226.6M+25.1% | $181.1M+22.3% | $148.0M0.0% | $148.0M+529.2% | $23.5M+37.1% | $17.2M+320.5% | $4.1M0.0% | $4.1M | N/A |
| Total Liabilities | $4.6B+103.0% | $2.3B+12.9% | $2.0B+1.7% | $2.0B+26.2% | $1.6B+176.1% | $563.7M+436.9% | $105.0M-74.5% | $411.9M | N/A |
| Current Liabilities | $2.4B+196.2% | $793.7M+40.0% | $567.1M+42.5% | $397.9M+37.9% | $288.6M+104.1% | $141.4M+68.5% | $83.9M+36.7% | $61.4M | N/A |
| Total Equity | $1.5B+39.5% | $1.0B+37.1% | $763.0M+22.3% | $624.0M-23.1% | $811.4M-0.7% | $816.9M+12.6% | $725.8M+739.5% | -$113.5M-89.7% | -$59.8M |
| Retained Earnings | -$1.2B-9.3% | -$1.1B-7.7% | -$1.0B-21.9% | -$839.9M-23.4% | -$680.8M-61.9% | -$420.5M-39.4% | -$301.7M-54.0% | -$195.9M | N/A |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
NET Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $633.4M | $603.1M+58.5% | $380.4M+49.5% | $254.4M+105.8% | $123.6M+91.2% | $64.6M+477.4% | -$17.1M+56.0% | -$38.9M+10.1% | -$43.3M-1466.6% | $3.2M |
| Capital Expenditures | $285.0M | $315.6M+70.6% | $185.0M+61.8% | $114.4M-20.3% | $143.6M+54.4% | $93.0M+64.9% | $56.4M+30.2% | $43.3M+70.0% | $25.5M+33.8% | $19.0M |
| Free Cash Flow | $348.4M | $287.5M+47.1% | $195.4M+39.6% | $140.0M+799.7% | -$20.0M+29.4% | -$28.3M+61.4% | -$73.5M+10.6% | -$82.2M-19.6% | -$68.7M-333.4% | -$15.9M |
| Investing Cash Flow | -$471.9M | -$1.8B-447.1% | -$330.2M-77.3% | -$186.2M+21.0% | -$235.7M+66.8% | -$709.3M-37.7% | -$515.3M-23.4% | -$417.6M-245.7% | -$120.8M-1365.7% | $9.5M |
| Financing Cash Flow | -$11.1M | $2.0B+15572.5% | $12.8M+106.7% | -$192.2M-3128.0% | $6.3M-99.3% | $847.5M+67.8% | $504.9M-11.5% | $570.8M+238.5% | $168.6M+113268.5% | -$149K |
| Share Buybacks | N/A | $0 | $0-100.0% | $34K+1033.3% | $3K-98.4% | $189K+20.4% | $157K-44.5% | $283K+335.4% | $65K+306.3% | $16K |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NET Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.5%-2.8pp | 77.3%+1.0pp | 76.3%+0.2pp | 76.1%-1.4pp | 77.6%+1.0pp | 76.6%-1.3pp | 77.9%+0.5pp | 77.4%-1.3pp | 78.7% |
| Operating Margin | -9.6%-0.3pp | -9.3%+5.0pp | -14.3%+6.3pp | -20.6%-1.2pp | -19.4%+5.3pp | -24.8%+12.8pp | -37.6%+6.5pp | -44.1%-36.9pp | -7.2% |
| Net Margin | -4.7%0.0pp | -4.7%+9.5pp | -14.2%+5.6pp | -19.8%+19.8pp | -39.7%-12.0pp | -27.7%+9.2pp | -36.9%+8.4pp | -45.2%-37.3pp | -8.0% |
| Return on Equity | -7.0%+0.5pp | -7.5%+16.6pp | -24.1%+6.9pp | -31.0%+1.1pp | -32.1%-17.5pp | -14.6%0.0pp | -14.6% | N/A | N/A |
| Return on Assets | -1.7%+0.7pp | -2.4%+4.3pp | -6.7%+0.8pp | -7.5%+3.5pp | -11.0%-2.3pp | -8.6%+4.1pp | -12.7%+16.5pp | -29.2% | N/A |
| Current Ratio | 1.98-0.9x | 2.86-0.6x | 3.50-1.2x | 4.75-2.0x | 6.78-1.2x | 7.99-0.2x | 8.22+5.0x | 3.21 | N/A |
| Debt-to-Equity | 3.14+1.0x | 2.16-0.5x | 2.62-0.5x | 3.15+1.2x | 1.92+1.2x | 0.69+0.5x | 0.14 | N/A | N/A |
| FCF Margin | 13.3%+1.6pp | 11.7%+0.9pp | 10.8%+12.8pp | -2.1%+2.3pp | -4.3%+12.7pp | -17.1%+11.6pp | -28.6%+7.0pp | -35.7%-23.9pp | -11.8% |
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Where Cloudflare Inc Ranks
Frequently Asked Questions
What is Cloudflare Inc's annual revenue?
Cloudflare Inc (NET) reported $2.2B in total revenue for fiscal year 2025. This represents a 29.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cloudflare Inc's revenue growing?
Cloudflare Inc (NET) revenue grew by 29.8% year-over-year, from $1.7B to $2.2B in fiscal year 2025.
Is Cloudflare Inc profitable?
No, Cloudflare Inc (NET) reported a net income of -$102.3M in fiscal year 2025, with a net profit margin of -4.7%.
What is Cloudflare Inc's EBITDA?
Cloudflare Inc (NET) had EBITDA of -$17.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Cloudflare Inc's gross margin?
Cloudflare Inc (NET) had a gross margin of 74.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cloudflare Inc's operating margin?
Cloudflare Inc (NET) had an operating margin of -9.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Cloudflare Inc's net profit margin?
Cloudflare Inc (NET) had a net profit margin of -4.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Cloudflare Inc's return on equity (ROE)?
Cloudflare Inc (NET) has a return on equity of -7.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cloudflare Inc's free cash flow?
Cloudflare Inc (NET) generated $287.5M in free cash flow during fiscal year 2025. This represents a 47.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cloudflare Inc's operating cash flow?
Cloudflare Inc (NET) generated $603.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cloudflare Inc's total assets?
Cloudflare Inc (NET) had $6.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cloudflare Inc's capital expenditures?
Cloudflare Inc (NET) invested $315.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Cloudflare Inc spend on research and development?
Cloudflare Inc (NET) invested $512.5M in research and development during fiscal year 2025.
What is Cloudflare Inc's current ratio?
Cloudflare Inc (NET) had a current ratio of 1.98 as of fiscal year 2025, which is generally considered healthy.
What is Cloudflare Inc's debt-to-equity ratio?
Cloudflare Inc (NET) had a debt-to-equity ratio of 3.14 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cloudflare Inc's return on assets (ROA)?
Cloudflare Inc (NET) had a return on assets of -1.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cloudflare Inc's Altman Z-Score?
Cloudflare Inc (NET) has an Altman Z-Score of 14.11, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cloudflare Inc's Piotroski F-Score?
Cloudflare Inc (NET) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cloudflare Inc's earnings high quality?
Cloudflare Inc (NET) reported a net loss of $102.3M while generating $603.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cloudflare Inc cover its interest payments?
Cloudflare Inc (NET) reported an operating loss of $207.2M against $8.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cloudflare Inc?
Cloudflare Inc (NET) scores 53 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.