Cloudflare, Inc. financials
Source: EDGAR filings · Built 2026-06-02T03:38:56Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | 287.50M | 195.39M | 140.01M | -20.01M | -28.34M | -73.50M |
| EBITDA | -17.46M | -27.04M | -49.66M | -98.87M | -61.08M | -57.38M |
| Working Capital | 2.29B | 1.48B | 1.42B | 1.49B | 1.67B | 988.58M |
| Net Debt | 2.57B | 1.32B | 1.35B | 1.37B | 979.43M | 319.41M |
| Gross Margin | 74.51% | 77.32% | 76.33% | 76.15% | 77.59% | 76.56% |
| Operating Margin | -9.56% | -9.27% | -14.30% | -20.63% | -19.45% | -24.77% |
| Net Margin | -4.72% | -4.72% | -14.19% | -19.83% | -39.66% | -27.69% |
| Return on Equity (ROE) | -7.01% | -7.53% | -24.11% | -30.99% | -32.08% | -14.61% |
| Return on Assets (ROA) | -1.69% | -2.39% | -6.67% | -7.47% | -10.97% | -8.65% |
| Current Ratio | 1.98× | 2.86× | 3.50× | 4.75× | 6.78× | 7.99× |
| Debt-to-Equity | 2.41× | 1.40× | 1.88× | 2.53× | 1.59× | 0.52× |
| Effective Tax Rate | -10.31% | -11.19% | -3.42% | -1.39% | -4.97% | 4.48% |
| Cash Conversion Ratio | -5.90× | -4.83× | -1.38× | -0.64× | -0.25× | 0.14× |
| Accruals Ratio | -0.12× | -0.14× | -0.16× | -0.12× | -0.14× | -0.07× |
| SBC % of Revenue | 20.82% | 20.27% | 21.13% | 20.79% | 13.73% | 13.07% |
| CapEx Coverage | 1.91× | 2.06× | 2.22× | 0.86× | 0.70× | -0.30× |
| Free Cash Flow Per Share | $0.83 | $0.57 | $0.42 | $-0.06 | $-0.09 | $-0.25 |
Valuation Metrics
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 2.17B | 1.67B | 1.30B | 975.24M | 656.43M | 431.06M |
| Cost of Revenue | 552.52M | 378.70M | 307.00M | 232.61M | 147.13M | 101.06M |
| Gross Profit | 1.62B | 1.29B | 989.74M | 742.63M | 509.29M | 330.00M |
| Research and Development Expense | 512.49M | 421.37M | 358.14M | 298.30M | 189.41M | 127.14M |
| Operating Expenses | 1.82B | 1.45B | 1.18B | 943.83M | 636.98M | 436.77M |
| Operating Income (Loss) | -207.21M | -154.76M | -185.49M | -201.20M | -127.68M | -106.77M |
| Income Tax Expense (Benefit) | 9.56M | 7.93M | 6.09M | 2.65M | 12.33M | -5.60M |
| Net Income (Loss) Attributable to Parent | -102.27M | -78.80M | -183.95M | -193.38M | -260.31M | -119.37M |
| Earnings Per Share, Basic | $-0.29 | $-0.23 | $-0.55 | $-0.59 | $-0.83 | $-0.40 |
| Weighted Average Number of Shares Outstanding, Basic | 348.42M | 341.41M | 333.66M | 326.33M | 312.32M | 299.77M |
| Earnings Per Share, Diluted | $-0.29 | $-0.23 | $-0.55 | $-0.59 | $-0.83 | $-0.40 |
| Weighted Average Number of Shares Outstanding, Diluted | 348.42M | 341.41M | 333.66M | 326.33M | 312.32M | 299.77M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 943.54M | 147.69M | 86.86M | 204.18M | 313.78M | 108.89M |
| Assets, Current | 4.64B | 2.27B | 1.98B | 1.89B | 1.96B | 1.13B |
| Assets | 6.04B | 3.30B | 2.76B | 2.59B | 2.37B | 1.38B |
| Liabilities, Current | 2.35B | 793.65M | 567.08M | 397.87M | 288.56M | 141.38M |
| Liabilities | 4.58B | 2.25B | 2.00B | 1.96B | 1.56B | 563.71M |
| Stockholders' Equity Attributable to Parent | 1.46B | 1.05B | 763.05M | 623.96M | 811.36M | 816.94M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 603.11M | 380.43M | 254.41M | 123.59M | 64.65M | -17.13M |
| Payments to Acquire Property, Plant, and Equipment | 315.62M | 185.04M | 114.40M | 143.61M | 92.99M | 56.38M |
| Net Cash Provided by (Used in) Investing Activities | -1.81B | -330.22M | -186.20M | -235.70M | -709.32M | -515.27M |
| Payments for Repurchase of Common Stock | 0 | 0 | 34.00K | 3.00K | 189.00K | 157.00K |
| Net Cash Provided by (Used in) Financing Activities | 2.00B | 12.79M | -192.19M | 6.35M | 847.49M | 504.91M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | 93.10M | 105.22M | 182.28M | 99.79M | 59.90M | 54.16M |
| EBITDA | -4.18M | 3.35M | — | — | -11.04M | 1.53M |
| Working Capital | 2.30B | 2.29B | 2.31B | 3.55B | 1.80B | 1.48B |
| Net Debt | 2.59B | 2.57B | 2.45B | 1.94B | 1.27B | 1.32B |
| Gross Margin | 71.21% | 73.64% | 73.97% | 74.88% | 75.88% | 76.37% |
| Operating Margin | -9.69% | -8.01% | -6.67% | -13.13% | -11.11% | -7.55% |
| Net Margin | -3.58% | -1.97% | -0.23% | -9.85% | -8.03% | -2.79% |
| Return on Equity (ROE) | -1.50% | -0.83% | -0.10% | -4.07% | -2.70% | -1.23% |
| Return on Assets (ROA) | -0.37% | -0.20% | -0.02% | -0.91% | -1.03% | -0.39% |
| Current Ratio | 1.96× | 1.98× | 2.04× | 5.14× | 3.20× | 2.86× |
| Debt-to-Equity | 2.31× | 2.41× | 2.60× | 2.79× | 1.04× | 1.40× |
| Effective Tax Rate | -7.13% | -14.93% | 169.73% | -6.68% | -4.61% | -18.49% |
| Cash Conversion Ratio | -6.91× | -15.77× | -319.92× | -4.87× | -3.79× | -9.91× |
| Accruals Ratio | -0.03× | -0.03× | -0.07× | -0.05× | -0.05× | -0.04× |
| SBC % of Revenue | 17.86% | 20.12% | 58.33% | 42.53% | 19.94% | 20.54% |
| CapEx Coverage | 2.43× | 2.24× | 1.79× | 1.68× | 1.70× | 1.74× |
| Free Cash Flow Per Share | $0.26 | $0.30 | $0.52 | $0.29 | $0.17 | $0.16 |
Valuation Metrics
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 639.75M | 614.51M | 562.03M | 512.32M | 479.09M | 459.95M |
| Cost of Revenue | 184.16M | 161.96M | 146.32M | 128.68M | 115.58M | 108.69M |
| Gross Profit | 455.60M | 452.55M | 415.71M | 383.64M | 363.51M | 351.26M |
| Research and Development Expense | 150.97M | 141.89M | 120.96M | 134.56M | 115.09M | 120.21M |
| Operating Expenses | 517.59M | 501.79M | 453.17M | 450.90M | 416.76M | 385.98M |
| Operating Income (Loss) | -61.99M | -49.23M | -37.46M | -67.26M | -53.25M | -34.72M |
| Income Tax Expense (Benefit) | 1.53M | 1.57M | 3.14M | 3.16M | 1.70M | 2.00M |
| Net Income (Loss) Attributable to Parent | -22.93M | -12.08M | -1.29M | -50.45M | -38.45M | -12.85M |
| Earnings Per Share, Basic | $-0.07 | $-0.03 | $0.00 | $-0.15 | $-0.11 | $-0.04 |
| Weighted Average Number of Shares Outstanding, Basic | 352.63M | 348.42M | 349.31M | 347.49M | 345.72M | 341.41M |
| Earnings Per Share, Diluted | $-0.07 | $-0.03 | $0.00 | $-0.15 | $-0.11 | $-0.04 |
| Weighted Average Number of Shares Outstanding, Diluted | 352.63M | 348.42M | 349.31M | 347.49M | 345.72M | 341.41M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 932.23M | 943.54M | 1.05B | 1.52B | 204.46M | 147.69M |
| Assets, Current | 4.72B | 4.64B | 4.54B | 4.41B | 2.62B | 2.27B |
| Assets | 6.16B | 6.04B | 5.79B | 5.56B | 3.72B | 3.30B |
| Liabilities, Current | 2.41B | 2.35B | 2.22B | 857.59M | 821.01M | 793.65M |
| Liabilities | 4.64B | 4.58B | 4.44B | 4.32B | 2.30B | 2.25B |
| Stockholders' Equity Attributable to Parent | 1.53B | 1.46B | 1.35B | 1.24B | 1.43B | 1.05B |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 158.33M | 190.41M | 412.70M | 245.58M | 145.78M | 127.31M |
| Payments to Acquire Property, Plant, and Equipment | 65.23M | 85.19M | 230.43M | 145.79M | 85.89M | 73.15M |
| Net Cash Provided by (Used in) Investing Activities | -158.81M | -291.72M | -1.51B | -885.46M | -92.44M | -167.03M |
| Payments for Repurchase of Common Stock | — | — | — | — | — | 0 |
| Net Cash Provided by (Used in) Financing Activities | -9.47M | -3.83M | 2.01B | 2.01B | 3.52M | 8.03M |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (NET CIK 0001477333),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.