Cloudflare, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Cloudflare, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	135	193	287	431	656	975	1,297	1,670	2,168
Cost of revenue	28.8	43.5	63.4	101	147	233	307	379	553
Gross profit	106	149	224	330	509	743	990	1,291	1,615
Research and development	33.7	54.5	90.7	127	189	298	358	421	512
Selling and marketing	61.9	94.4	159	218	328	466	599	746	921
General and administrative	20.3	85.2	81.6	91.8	120	180	218	279	389
Operating expenses	116	234	332	437	637	944	1,175	1,446	1,823
Operating income	-9.73	-84.9	-108	-107	-128	-201	-185	-155	-207
Interest expense	0.86	0.99	1.11	25	49.2	4.98	5.87	5.2	8.77
Other non-operating income	0.02	-1.19	3.23	-18.2	-120	10.5	7.62	83.9	114
Pre-tax income	-9.72	-86.1	-105	-125	-248	-191	-178	-70.9	-92.7
Income tax	1.03	1.08	1.12	-5.6	12.3	2.65	6.09	7.93	9.56
Net income	-10.7	-87.2	-106	-119	-260	-193	-184	-78.8	-102
EBITDA	2.44	-66	-78.5	-57.4	-61.1	-98.9	-49.7	-27	-17.5
EPS, basic	-0.14	-1.08	-0.72	-0.40	-0.83	-0.59	-0.55	-0.23	-0.29
EPS, diluted	-0.14	-1.08	-0.72	-0.40	-0.83	-0.59	-0.55	-0.23	-0.29
Shares, basic (weighted)	77.1	81	146	300	312	326	334	341	348
Shares, diluted (weighted)	77.1	81	146	300	312	326	334	341	348

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	26.9	25.1	139	109	314	204	86.9	148	944
Short-term investments		136	498	923	1,508	1,446	1,587	1,708	3,158
Receivables		25.2	33.9	63.5	95.5	149	248	317	382
Other current assets		1.16	3.31	10.3	29.4	70.6	47.5	75.5	128
Total current assets		197	690	1,130	1,956	1,888	1,983	2,269	4,645
Property, plant and equipment		73.2	101	124	184	287	323	467	619
Lease right-of-use assets			0	43.1	130	132	139	168	238
Goodwill		4.08	4.08	17.2	23.5	148	148	181	227
Intangible assets		0.16	0.03	2.8	1.25	32.5	19.6	21.9	41.8
Long-term investments		0
Other non-current assets		1.88	3.53	13.1	2.84	6.92	12.6	18.9	45.8
Total assets		298	831	1,381	2,372	2,588	2,760	3,301	6,036
Accounts payable		14.3	11.5	14.5	26.1	35.6	53.7	106	84.1
Accrued liabilities		4.07	5.33	6.92	65.9	42	63.8	80.9	111
Deferred revenue		16.8	30.8	54.9	117	219	348	478	684
Short-term debt		0.26	0
Total current liabilities		61.4	83.9	141	289	398	567	794	2,351
Lease liabilities			0	27.3	109	108	113	128	182
Other non-current liabilities		6.7	9.8	9.86	7.11	10.5	15.5	23.6	29.3
Total liabilities		80.4	105	564	1,556	1,964	1,997	2,255	4,577
Total debt		0.26	0
Paid-in capital		82.3	1,027	1,237	1,495	1,475	1,785	2,153	2,651
Retained earnings		-196	-302	-421	-681	-840	-1,024	-1,103	-1,205
Other comprehensive income		-0.06	0.06	0.16	-2.65	-11.9	1.98	-4.25	12.3
Shareholders' equity	-59.8	-114	726	817	811	624	763	1,046	1,459
Total equity	-59.8	-114	726	817	811	624	763	1,046	1,459
Total liabilities and equity		298	831	1,381	2,372	2,588	2,760	3,301	6,036

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-10.7	-87.2	-106	-119	-260	-193	-184	-78.8	-102
Depreciation and amortization	12.2	18.9	29.5	49.4	66.6	102	136	128	190
Stock-based compensation	2.76	27.3	36.6	56.3	90.1	203	274	338	451
Deferred income tax	-0.14	0.39	0.37	-6.93	8.74	-0.14	2.26	2.11	1.33
Change in receivables	-2.07	-14.8	-11.2	-33	-35.8	-56.2	-113	-78.5	-80.6
Change in payables	-0.96	4.39	-1.33	1.69	2.46	-9.61	11.8	18.6	8.86
Cash from operations	3.17	-43.3	-38.9	-17.1	64.6	124	254	380	603
Capital expenditures	-19	-25.5	-43.3	-56.4	-93	-144	-114	-185	-316
Acquisitions	-0.25	0	0	-13.9	-5.61	-88.2	-6.08
Purchases of investments	-47.1	-145	-537	-1,267	-1,589	-1,133	-1,878	-1,572	-3,537
Sales and maturities of investments	79.8	59.2	175	840	968	1,149	1,812	1,493	2,122
Cash from investing	9.54	-121	-418	-515	-709	-236	-186	-330	-1,807
Stock issued	1.09	4.41	3.06	7.46	15	15.3	19.1	19.8	25.4
Share buybacks	-0.02	-0.07	-0.28	-0.16	-0.19	-0	-0.03	0	0
Cash from financing	-0.15	169	571	505	847	6.35	-192	12.8	2,004
Net change in cash	12.6	4.55	114	-27.5	203	-106	-124	63	800
Free cash flow	-15.9	-68.7	-82.2	-73.5	-28.3	-20	140	195	287
Interest paid	0.81	0.79	0.79	2.19	3.63	1.24	0.67	0.08	0.03
Income taxes paid	0.83	1.3	1.04	0.7	1.55	2.22	4.45	5	7.77

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $349.02 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	72.6%	Gross profit / revenue.
Operating margin	-14.1%	Operating income / revenue.
EBITDA margin	-5.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-7.9%	Pre-tax income / revenue.
Net margin	-8.2%	Net income / revenue.
FCF margin	13.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.2%	Cash from operations / revenue.
Return on equity (ROE)	-12.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.2%	Net income / average total assets.
R&D / revenue	22.8%	Research and development expense / revenue.
Stock-based pay / revenue	20.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	11.3%	Capital expenditures / revenue.
D&A / revenue	8.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	29.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	30.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	38.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	25.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	29.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	37.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	58.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	69.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	47.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	39.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	32.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	82.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	32.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	34.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.82x	Current assets / current liabilities.
Quick ratio	1.74x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.58x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	75.0%	Total liabilities / total assets.
Interest coverage	-30.9x	Operating income / interest expense.
Working capital	$2.15B	Current assets - current liabilities.
Goodwill and intangibles / assets	6.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.19B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.39x	Revenue / average total assets.
Fixed asset turnover	3.57x	Revenue / average property, plant and equipment.
Receivables turnover	5.94x	Revenue / average receivables.
Days sales outstanding	61 days	365 x average receivables / revenue.
Days payables	67 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	45.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.58	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$7.09	Revenue / diluted weighted shares.
FCF per share	$0.98	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.79	Cash from operations / diluted weighted shares.
Book value per share	$4.57	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.35	Tangible book value / shares outstanding.
Cash per share	$11.75	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$124.28B	Share price x shares outstanding.
Enterprise value	$120.12B	Market cap + total debt - cash - short-term investments.
P/S	49.5x	Market cap / revenue.
P/B	76.7x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	105x	Market cap / tangible book value, when positive.
P/FCF	357x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	196x	Market cap / cash from operations, when positive.
EV/Sales	47.8x	Enterprise value / revenue.
EV/FCF	345x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.3%	Free cash flow / market cap.
Earnings yield	-0.2%	Net income / market cap (the inverse of P/E).

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

Cloudflare, Inc. reported revenue of $2.17B for fiscal 2025, 29.8% higher than the year before.

Was Cloudflare, Inc. profitable in fiscal 2025?

No. It reported a net loss of $102.3M.

How much free cash flow did Cloudflare, Inc. generate in fiscal 2025?

Cash from operations of $603.1M minus capital expenditures of $315.6M left free cash flow of $287.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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