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	189.74	103.02	114.32	82.14	45.76
Other Amortization	108.69	106.48	87.39	69.97	96.29
Loss (Gain) From Sale of Investments	-29.9	-42.08	-44.44	-0.26	8.36
Stock-Based Compensation	451.45	338.46	273.99	202.78	90.14
Provision & Write-off of Bad Debts	14.99	10.04	13.64	4.83	3.8
Other Operating Activities	67.72	52.23	98.19	36.82	77.22
Change in Accounts Receivable	-85.1	-84.05	-116.11	-58.41	-38.39
Change in Accounts Payable	8.86	18.63	11.78	-9.61	2.46
Change in Unearned Revenue	223.82	135.01	134.47	102.2	64.39
Change in Other Net Operating Assets	-244.9	-178.51	-134.87	-113.49	-25.07
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
Cash Acquisitions	-50.88	-37.99	-6.08	-88.19	-5.61
Sale (Purchase) of Intangibles	-26.94	-28.48	-20.55	-19.76	-14.75
Investment in Securities	-1,415	-78.76	-45.25	15.82	-596.03
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
Total Debt Repaid	-	-	-207.65	-16.57	-370.65
Net 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
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%	-	-	-
Free Cash Flow Margin	13.26%	11.70%	10.80%	-2.05%	-4.32%
Free Cash Flow Per Share	0.82	0.57	0.42	-0.06	-0.09
Cash Interest Paid	-	0.08	0.67	1.24	3.63
Cash Income Tax Paid	-	5	4.45	2.22	1.55
Levered Free Cash Flow	388.03	357.84	313.91	74.51	105.57
Unlevered Free Cash Flow	386.43	357.13	313.06	72.97	90.17
Change in Working Capital	-97.32	-108.92	-104.73	-79.3	3.39

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