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Cloudflare Inc (NET) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

TECHNOLOGY · SOFTWARE - INFRASTRUCTURE · DATA UPDATED 2026-07-19

Cloudflare Inc (NET) operates in the SOFTWARE - INFRASTRUCTURE industry and is headquartered in San Francisco, United States with about 5,483 employees. Its market capitalization is roughly $93 billion. In the fiscal year ended 2025-12-31, NET reported $2.2B in revenue and ($102M) in net income.

Cloudflare, Inc. operates as a cloud services provider that delivers a range of services to businesses worldwide.

Interactive charts & full statements → Open the NET valuation workbench →

NET Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Total Revenue	$2.3B	$2.2B	$1.7B	$1.3B	$975M	$656M	$431M	$287M	$193M	$135M	$85M
Gross Profit	$1.7B	$1.6B	$1.3B	$990M	$743M	$509M	$330M	$224M	$149M	$106M	$61M
Gross Margin %	73.3%	74.5%	77.3%	76.3%	76.1%	77.6%	76.6%	77.9%	77.4%	78.7%	71.7%
Operating Income (EBIT)	($216M)	($207M)	($155M)	($185M)	($201M)	($128M)	($107M)	($108M)	($85M)	($10M)	($17M)
Operating Margin %	-9.3%	-9.6%	-9.3%	-14.3%	-20.6%	-19.4%	-24.8%	-37.6%	-44.1%	-7.2%	-20.1%
Net Income	($87M)	($102M)	($79M)	($184M)	($193M)	($260M)	($119M)	($106M)	($87M)	($11M)	($17M)
Net Margin %	-3.7%	-4.7%	-4.7%	-14.2%	-19.8%	-39.7%	-27.7%	-36.9%	-45.2%	-8.0%	-20.4%
EBITDA	$138M	$106M	$62M	($185M)	($83M)	($132M)	($51M)	($74M)	($66M)	$3M	($8M)
Earnings Per Share (EPS)	$-0.25	$-0.29	$-0.23	$-0.55	$-0.59	$-0.83	$-0.40	$-0.35	$-0.37	$-0.04	$-0.07
Shares Outstanding (M)	353M	348M	341M	334M	326M	312M	300M	300M	237M	251M	237M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NET Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$640M	$615M	$562M	$512M	$479M	$460M	$430M	$401M
Gross Profit	$456M	$453M	$416M	$384M	$364M	$351M	$334M	$312M
Gross Margin %	71.2%	73.6%	74.0%	74.9%	75.9%	76.4%	77.7%	77.8%
Operating Income (EBIT)	($62M)	($49M)	($37M)	($67M)	($53M)	($35M)	($31M)	($35M)
Operating Margin %	-9.7%	-8.0%	-6.7%	-13.1%	-11.1%	-7.5%	-7.2%	-8.6%
Net Income	($23M)	($12M)	($1M)	($50M)	($38M)	($13M)	($15M)	($15M)
Net Margin %	-3.6%	-2.0%	-0.2%	-9.8%	-8.0%	-2.8%	-3.6%	-3.8%
EBITDA	$39M	$45M	$54M	$0M	$7M	$27M	$20M	$17M
Earnings Per Share (EPS)	$-0.07	$-0.03	$-0.00	$-0.15	$-0.11	$-0.04	$-0.04	$-0.04
Shares Outstanding (M)	353M	351M	342M	347M	346M	344M	342M	341M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NET Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Cash from Operations (CFO)	$679M	$667M	$380M	$254M	$124M	$65M	($17M)	($39M)	($43M)	$3M	($13M)
Capital Expenditures (CapEx)	$324M	$343M	$185M	$135M	$163M	$108M	$75M	$57M	$35M	$23M	$19M
Free Cash Flow (FCF)	$356M	$324M	$195M	$119M	($40M)	($43M)	($92M)	($96M)	($78M)	($20M)	($32M)
FCF Margin %	15.3%	15.0%	11.7%	9.2%	-4.1%	-6.6%	-21.4%	-33.5%	-40.6%	-14.7%	-37.6%
Dividends Paid	—	—	—	—	—	$15M	$11M	$6M	—	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NET Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$158M	$254M	$167M	$100M	$146M	$127M	$105M	$75M
Capital Expenditures (CapEx)	$74M	$98M	$85M	$67M	$93M	$80M	$59M	$37M
Free Cash Flow (FCF)	$84M	$156M	$82M	$33M	$53M	$48M	$45M	$38M
FCF Margin %	13.1%	25.3%	14.7%	6.5%	11.0%	10.4%	10.5%	9.5%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NET Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Total Assets	$6.2B	$6.0B	$3.3B	$2.8B	$2.6B	$2.4B	$1.4B	$831M	$298M	$163M
Cash & Cash Equivalents	$943M	$944M	$148M	$87M	$204M	$314M	$109M	$139M	$25M	$24M
Total Liabilities	$4.6B	$4.6B	$2.3B	$2.0B	$2.0B	$1.6B	$564M	$105M	$412M	$223M
Total Debt (Short + Long-Term)	$3.3B	$3.3B	$1.3B	$1.3B	$1.5B	$1.2B	$401M	$28M	$2M	$1M
Total Shareholders' Equity	$1.5B	$1.5B	$1.0B	$763M	$624M	$816M	$817M	$726M	($114M)	($60M)

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive NET viewer.

Other Companies in SOFTWARE - INFRASTRUCTURE

CRWV · CoreWeave, Inc. Class A Common Stock — $39 billion
TWLO · Twilio Inc — $29 billion

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