Cloudflare, Inc. (NET)

NYSE: NET · Real-Time Price · USD

347.28

-4.98 (-1.41%)

At close: Sep 30, 2026, 4:00 PM EDT

349.01

+1.73 (0.50%)

After-hours: Sep 30, 2026, 7:59 PM EDT

Cloudflare Financials Overview

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

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	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	2,512	2,168	1,670	1,297	975.24	656.43
Revenue Growth	33.53%	29.85%	28.75%	32.97%	48.57%	52.28%
Gross Profit	1,823	1,615	1,291	989.74	742.63	509.29
Operating Income	-196.13	-198.2	-139.06	-185.49	-197.26	-127.3
Net Income	-206.28	-102.27	-78.8	-183.95	-193.38	-260.31
Earnings Per Share	-0.59	-0.29	-0.23	-0.55	-0.59	-0.83
EPS Growth	-	-	-	-	-	-

Revenue by Segment

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	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
United States	1,256	1,073	849.5	678.18	515.72	342.58
EMEA	684.05	598.62	466.5	356.57	258.29	172.13
Asia Pacific	379.31	329.76	223.23	168.83	133.35	96.54
Other Geographic	192.5	166.56	130.39	93.17	67.88	45.18
Revenue (Total)	2,512	2,168	1,670	1,297	975.24	656.43

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	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
Cash & Investments	4,163	4,101	1,856	1,674	1,650	1,822
Total Debt	3,529	3,518	1,463	1,435	1,577	1,293
Net Cash (Debt)	633.45	582.92	392.71	238.54	72.85	528.64
Net Cash Growth	27.30%	48.44%	64.63%	227.46%	-86.22%	-12.45%
Net Cash Per Share	1.80	1.67	1.15	0.71	0.22	1.69

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	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
Operating Cash Flow	633.43	603.11	380.43	254.41	123.6	64.65
Capital Expenditures	-291.51	-322.1	-199.93	-120.48	-143.61	-92.99
Free Cash Flow	341.92	281.01	180.5	133.93	-20.01	-28.34
Free Cash Flow Growth	76.63%	55.68%	34.78%	-	-	-

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	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
Gross Margin	72.58%	74.51%	77.32%	76.33%	76.15%	77.59%
Operating Margin	-7.81%	-9.14%	-8.33%	-14.30%	-20.23%	-19.39%
Pretax Margin	-7.88%	-4.28%	-4.24%	-13.72%	-19.56%	-37.78%
Profit Margin	-8.21%	-4.72%	-4.72%	-14.19%	-19.83%	-39.66%
FCF Margin	13.61%	12.96%	10.81%	10.33%	-2.05%	-4.32%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct '26 Oct 1, 2026	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
Forward PE	234.98	176.23	137.82	161.73	286.04	-
P/FCF Ratio	361.66	245.75	204.74	208.74	-	-
PS Ratio	49.22	31.85	22.13	21.56	15.23	64.45