Cloudflare Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	2,168	1,670	1,297	975.24	656.43
Revenue Growth (YoY)	29.85%	28.75%	32.97%	48.57%	52.28%
Cost of Revenue	552.53	378.7	307.01	232.61	147.13
Gross Profit	1,615	1,291	989.74	742.63	509.29
Selling, General & Admin	1,304	1,009	817.08	641.58	447.19
Research & Development	512.49	421.37	358.14	298.3	189.41
Operating Expenses	1,816	1,430	1,175	939.89	636.6
Operating Income	-201.09	-139.06	-185.49	-197.26	-127.3
Interest Expense	-8.77	-5.2	-5.87	-4.98	-49.23
Interest & Investment Income	131.22	87.43	68.17	14.88	1.97
Other Non Operating Income (Expenses)	-7.95	1.66	-4.37	0.58	-0.79
EBT Excluding Unusual Items	-86.59	-55.17	-127.56	-186.79	-175.36
Merger & Restructuring Charges	-3.91	-0.7	-	-3.95	-0.38
Asset Writedown	-5.1	-	-	-	-
Legal Settlements	2.89	-	-	-	-
Other Unusual Items	-	-15	-50.3	-	-72.23
Pretax Income	-92.71	-70.87	-177.86	-190.73	-247.98
Income Tax Expense	9.56	7.93	6.09	2.65	12.33
Net Income	-102.27	-78.8	-183.95	-193.38	-260.31
Net Income to Common	-102.27	-78.8	-183.95	-193.38	-260.31
Shares Outstanding (Basic)	348	341	334	326	312
Shares Outstanding (Diluted)	348	341	334	326	312
Shares Change (YoY)	2.05%	2.32%	2.24%	4.49%	4.18%
EPS (Basic)	-0.29	-0.23	-0.55	-0.59	-0.83
EPS (Diluted)	-0.29	-0.23	-0.55	-0.59	-0.83
Free Cash Flow	287.5	195.39	140.01	-20.01	-28.34
Free Cash Flow Per Share	0.82	0.57	0.42	-0.06	-0.09
Gross Margin	74.51%	77.32%	76.33%	76.15%	77.59%
Operating Margin	-9.28%	-8.33%	-14.30%	-20.23%	-19.39%
Profit Margin	-4.72%	-4.72%	-14.19%	-19.83%	-39.66%
Free Cash Flow Margin	13.26%	11.70%	10.80%	-2.05%	-4.32%
EBITDA	-11.34	-36.04	-71.17	-115.12	-81.54
EBITDA Margin	-0.52%	-2.16%	-5.49%	-11.80%	-12.42%
D&A For EBITDA	189.74	103.02	114.32	82.14	45.76
EBIT	-201.09	-139.06	-185.49	-197.26	-127.3
EBIT Margin	-9.28%	-8.33%	-14.30%	-20.23%	-19.39%
Advertising Expenses	-	78.6	57.6	43.5	36.2

Source: S&P Global Market Intelligence. Standard template. Financial Sources.