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NET Cloudflare, Inc.

NYSETechnologyServices-Prepackaged SoftwareSan Francisco, CAFY ends December 31

FY2025 10-K filed Feb 26, 2026 (SEC EDGAR)

FY2025 at a glance

Fundamentals from SEC filings, not quotes
Revenue
$2.17BYoYup 29.85%ended Dec 31, 2025
Net income
-$102M-4.7% margin
Diluted EPS
-$0.29YoY—
Free cash flow
$287M13.3% margin
Cash
$944M
Total debt
—
About Cloudflare, Inc.

Overview

Cloudflare, Inc. (NET) is listed on NYSE; the SEC classifies it under "Services-Prepackaged Software".

For fiscal 2025 (ended Dec 31, 2025) it reported revenue of $2.17B, up 29.8% from fiscal 2024.

Net income was -$102.27M, a net margin of -4.7%.

At fiscal year end it had total assets of $6.04B and stockholders' equity of $1.46B (24.2% of assets).

Fiscal years shown
FY2019–FY2025 (7 years)
Latest 10-K
Apr 29, 2026
Latest filing
8-KAug 13, 2026
FY2019–FY2025 · annual 10-K

Charts

Revenue and net income

Revenue and net income, fiscal years FY2019 to FY2025.
PeriodRevenueNet incomeNet margin
FY2019$287M-$106M-36.9%
FY2020$431M-$119M-27.7%
FY2021$656M-$260M-39.7%
FY2022$975M-$193M-19.8%
FY2023$1.3B-$184M-14.2%
FY2024$1.67B-$78.8M-4.7%
FY2025$2.17B-$102M-4.7%

Gross, operating and net margin

Gross, operating and net margin, fiscal years FY2019 to FY2025.
PeriodGross marginOperating marginNet margin
FY201977.9%-37.6%-36.9%
FY202076.6%-24.8%-27.7%
FY202177.6%-19.5%-39.7%
FY202276.1%-20.6%-19.8%
FY202376.3%-14.3%-14.2%
FY202477.3%-9.3%-4.7%
FY202574.5%-9.6%-4.7%

Diluted EPS

Diluted EPS, fiscal years FY2019 to FY2025.
PeriodEPS (diluted)
FY2019—
FY2020—
FY2021-$0.83
FY2022-$0.59
FY2023-$0.55
FY2024-$0.23
FY2025-$0.29

Free cash flow vs net income

Free cash flow vs net income, fiscal years FY2019 to FY2025.
PeriodFree cash flowNet income
FY2019-$82.2M-$106M
FY2020-$73.5M-$119M
FY2021-$28.3M-$260M
FY2022-$20M-$193M
FY2023$140M-$184M
FY2024$195M-$78.8M
FY2025$287M-$102M

Diluted shares

Diluted shares, fiscal years FY2019 to FY2025.
PeriodDiluted shares (weighted)
FY2019—
FY2020—
FY2021312M
FY2022326M
FY2023334M
FY2024341M
FY2025348M

Cash vs total debt

Cash vs total debt, fiscal years FY2019 to FY2025.
PeriodCash & equivalents
FY2019$139M
FY2020$109M
FY2021$314M
FY2022$204M
FY2023$86.9M
FY2024$148M
FY2025$944M

Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

FY2025 · 5-year trend

Ratios

Profitability

Gross margin
74.5%
Operating margin
-9.6%
Net margin
-4.7%
FCF margin
13.3%
Return on equity
-8.2%
Return on assets
-2.2%

Growth

Growth. Compound annual growth: (end ÷ start)^(1 ÷ years) − 1, both ends positive.
Metric1y3y CAGR5y CAGR
Revenueup 29.85%up 30.51%up 38.13%
EPS (diluted)———
Free cash flowup 47.14%——
Change in share count
+2.05%

Financial strength

Current ratio
1.98×
Liabilities / assets
75.8%
Interest coverage
-23.6×
Equity / assets
24.2%

Shareholder returns

Buybacks
$0
Stock comp. / revenue
20.8%
Piotroski F-Score · Altman Z''-Score

Quality screens

Piotroski F-Score

3 of 8 checks passed

FY2025 vs FY2024

Partial: 8 of 9 checks could be computed.

  • FailPositive return on assets-3.1%
  • PassPositive operating cash flow$603M
  • FailReturn on assets improved-3.1% vs -2.9%
  • PassOperating cash flow above net income18.3% vs -3.1%
  • —Not computableLong-term debt / assets fell—
  • FailCurrent ratio improved1.98× vs 2.86×
  • FailNo increase in share count348M vs 341M
  • FailGross margin improved74.5% vs 77.3%
  • PassAsset turnover improved0.66× vs 0.6×

Altman Z''-Score

Grey zone (1.10–2.60)

FY2025

Altman Z''-Score: Components
ComponentsRatioWeightPoints
Working capital / assets0.380×6.562.49
Retained earnings / assets-0.200×3.26-0.65
Operating income / assets-0.034×6.72-0.23
Equity / liabilities0.319×1.050.33
Z''1.95

Screening heuristic, not a recommendation. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Last 7 fiscal years · newest first

Financial statements

USD millions, except per-share figures (USD). Share counts in millions.

Income statement

Income statement. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019
Revenue2,1681,6701,297975656431287
YoY (Revenue)+29.85%+28.76%+32.97%+48.57%+52.28%+50.18%—
Gross profit1,6151,291990743509330224
Research & development51242135829818912790.7
Operating income-207-155-185-201-128-107-108
Interest expense8.775.25.874.9849.2251.11
Pretax income-92.7-70.9-178-191-248-125-105
Income tax9.567.936.092.6512.3-5.61.12
Net income-102-78.8-184-193-260-119-106
EPS (basic)-0.29-0.23-0.55-0.59-0.83——
EPS (diluted)-0.29-0.23-0.55-0.59-0.83——
Diluted shares (weighted)348341334326312——

Balance sheet

Balance sheet. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019
Cash & equivalents94414886.9204314109139
Receivables38231724814995.563.533.9
Current assets4,6452,2691,9831,8881,9561,130690
Goodwill22718114814823.517.24.08
Total assets6,0363,3012,7602,5882,3721,381831
Current liabilities2,35179456739828914183.9
Short-term debt——————0
Total liabilities4,5772,2551,9971,9641,556564105
Retained earnings-1,205-1,103-1,024-840-681-421-302
Stockholders' equity1,4591,046763624811817726

Cash flow

Cash flow. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019
Operating cash flow60338025412464.6-17.1-38.9
Capital expenditures3161851141449356.443.3
Free cash flow287195140-20-28.3-73.5-82.2
YoY (Free cash flow)+47.14%+39.56%—————
Depreciation & amortization19012813610266.649.429.5
Stock-based compensation45133827420390.156.336.6
Share repurchases000.0300.190.160.28
Key financials (annual, 10-K)

Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.

FY2025 · per diluted weighted share

Per share and valuation context

EPS (diluted)
-$0.29
Revenue per share
$6.22
FCF per share
$0.83
Book value per share
$4.19
Tangible book per share
$3.54
Cash per share
$2.71
Public floatas of Jun 30, 2025
$35.7B

Price ratios need a live quote. This page shows no stock prices. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Price ratio calculator

Type a share price to compute ratios from the latest 10-K figures. Nothing is stored or sent. (FY2025)

Market capPrice × diluted weighted shares
—
P/EPrice ÷ diluted EPS
—
P/BPrice ÷ book value per share
—
P/SPrice ÷ revenue per share
—
P/FCFPrice ÷ FCF per share
—
Dividend yieldDividends per share ÷ price
—
SEC EDGAR

Filing timeline

  1. 8-K
    Current report· Aug 10, 2026(SEC EDGAR)
    • 1.01Material agreement
    • 2.03New financial obligation
    • 3.02Unregistered sale of equity
    • 8.01Other events
    • 9.01Financial statements and exhibits
  2. 10-Q
    Quarterly report· Jun 30, 2026(SEC EDGAR)
  3. 8-K
    Current report· Aug 6, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
  4. 8-K/A
    Current report (amendment)· Jun 30, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 5.07Shareholder vote results
    • 9.01Financial statements and exhibits
  5. 8-K
    Current report· Jun 30, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 5.07Shareholder vote results
    • 9.01Financial statements and exhibits
  6. DEF 14A
    Proxy statement· Jun 30, 2026(SEC EDGAR)
  7. 10-Q
    Quarterly report· Mar 31, 2026(SEC EDGAR)
  8. 8-K/A
    Current report (amendment)· May 7, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 2.05Exit or disposal costs
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
  9. 8-K
    Current report· May 7, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
  10. 10-K/A
    Annual report (amendment)· Dec 31, 2025(SEC EDGAR)
All filings on SEC EDGAR
SIC 7372 · Services-Prepackaged Software

Peers (same SIC code)

Peers (same SIC code)
TickerRevenue (FY)YoYNet marginROEF-Score5y revenue
MSFTMICROSOFT CORP$332B—40.3%———
ORCLORACLE CORP$67.4B—25.4%———
CRMSalesforce, Inc.$41.5Bup 9.58%18.0%12.4%7/9
SHOPSHOPIFY INC.$11.6B—10.7%———
CRWDCrowdStrike Holdings, Inc.$4.81B—-3.4%———
SNOWSnowflake Inc.$4.68Bup 29.16%-28.4%-54.1%—
PLTRPalantir Technologies Inc.$4.48B—36.3%———
NETCloudflare, Inc. (This company)$2.17Bup 29.85%-4.7%-8.2%—
SAPSAP SE——————
Peer median$11.6Bup 19.37%18.0%-20.8%7/9—

Companies with the same 4-digit SIC code, ordered by latest revenue. The median excludes this company. — = not reported or not computable.

Frequently asked questions

What does Cloudflare, Inc. do?

The SEC classifies Cloudflare, Inc. under Standard Industrial Classification (SIC) code 7372, "Services-Prepackaged Software". It is headquartered in San Francisco, CA. It is incorporated in DE. In fiscal 2025 it reported revenue of $2.17B and net income of -$102.27M in its annual 10-K report.

What was Cloudflare, Inc.'s revenue in 2025?

Cloudflare, Inc. reported revenue of $2.17B for fiscal 2025, which ended Dec 31, 2025, up 29.8% from $1.67B in fiscal 2024, according to its annual 10-K report filed with the SEC on Feb 26, 2026.

What was Cloudflare, Inc.'s net income in 2025?

Cloudflare, Inc. reported a net loss of $102.27M for fiscal 2025, a net margin of -4.7% of revenue.

Where is Cloudflare, Inc. listed?

According to the SEC, Cloudflare, Inc.'s ticker NET is listed on NYSE.

When does Cloudflare, Inc.'s fiscal year end?

According to the SEC, Cloudflare, Inc.'s fiscal year ends on December 31; its latest reported fiscal year (2025) ended Dec 31, 2025.

Source: SEC EDGAR · Last updated:

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Not investment advice: This page shows financial data that companies reported to the US Securities and Exchange Commission, for information only. It is not investment advice or a recommendation to buy or sell any security, and it shows no stock prices. Data may be incomplete, restated or out of date — check the original filings on SEC EDGAR before making decisions.