Cloudflare Cash Flow 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
Net Income	-102.27	-78.8	-183.95	-193.38	-260.31
Depreciation & Amortization	298.44	209.5	201.71	152.11	142.05
Stock-Based Compensation	451.45	338.46	273.99	202.78	90.14
Other Adjustments	52.81	20.19	67.38	41.39	89.38
Change in Receivables	-80.6	-78.52	-113.36	-56.2	-35.85
Changes in Accounts Payable	8.86	18.63	11.78	-9.61	2.46
Changes in Accrued Expenses	42.1	28.64	25.79	-5.36	58.9
Changes in Unearned Revenue	223.82	135.01	134.47	102.2	64.39
Changes in Other Operating Activities	-291.5	-212.68	-163.41	-110.34	-86.51
Operating Cash Flow	603.11	380.43	254.41	123.6	64.65
Operating Cash Flow Growth	58.54%	49.54%	105.84%	91.18%	-
Capital Expenditures	-315.62	-185.04	-114.4	-143.61	-92.99
Purchases of Intangible Assets	-26.94	-28.48	-20.55	-19.76	-14.75
Purchases of Investments	-3,537	-1,572	-1,878	-1,133	-1,589
Proceeds from Sale of Investments	2,122	1,493	1,832	1,149	993.23
Payments for Business Acquisitions	-50.88	-37.99	-6.08	-88.19	-5.61
Other Investing Activities	1.83	0.04	0.07	0.04	0.05
Investing Cash Flow	-1,807	-330.22	-186.2	-235.7	-709.32
Long-Term Debt Issued	2,000	-	-	-	1,294
Long-Term Debt Repaid	-	-	-207.65	-16.57	-370.65
Net Long-Term Debt Issued (Repaid)	2,000	-	-207.65	-16.57	923.1
Issuance of Common Stock	58.56	32.71	33.93	25.4	36.48
Repurchase of Common Stock	-48.25	-16.77	-7.99	-2.49	-3.82
Net Common Stock Issued (Repurchased)	10.3	15.93	25.95	22.92	32.66
Other Financing Activities	-6.58	-3.15	-10.48	-	-108.28
Financing Cash Flow	2,004	12.79	-192.19	6.35	847.49
Net Cash Flow	800.14	62.99	-123.98	-105.75	202.81
Free Cash Flow	287.5	195.39	140.01	-20.01	-28.34
Free Cash Flow Growth	47.14%	39.56%	-	-	-
FCF Margin	13.26%	11.70%	10.80%	-2.05%	-4.32%
Free Cash Flow Per Share	0.83	0.57	0.42	-0.06	-0.09
Levered Free Cash Flow	1,864	-84.73	-295.65	-224.55	751.09
Unlevered Free Cash Flow	-262.48	-178.01	-95.88	-218.59	-45.73

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.