Cloudflare (NET) Financials

$195.93 +3.16 (+1.64%)

Closing price 08/22/2025 03:59 PM Eastern

Extended Trading

$196.58 +0.65 (+0.33%)

As of 08/22/2025 07:56 PM Eastern

Annual Income Statements for Cloudflare

This table shows Cloudflare's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-11	-87	-106	-119	-260	-193	-184	-79
Consolidated Net Income / (Loss)	-11	-87	-106	-119	-260	-193	-184	-79
Net Income / (Loss) Continuing Operations	-11	-87	-106	-119	-260	-193	-184	-79
Total Pre-Tax Income	-9.72	-86	-105	-125	-248	-191	-178	-71
Total Operating Income	-9.73	-85	-108	-107	-128	-201	-185	-155
Total Gross Profit	106	149	224	330	509	743	990	1,291
Total Revenue	135	193	287	431	656	975	1,297	1,670
Operating Revenue	135	193	287	431	656	975	1,297	1,670
Total Cost of Revenue	29	44	63	101	147	233	307	379
Operating Cost of Revenue	29	44	63	101	147	233	307	379
Total Operating Expenses	116	234	332	437	637	944	1,175	1,446
Selling, General & Admin Expense	20	85	82	92	120	180	218	279
Marketing Expense	62	94	159	218	328	466	599	746
Research & Development Expense	34	54	91	127	189	298	358	421
Total Other Income / (Expense), net	0.02	-1.19	3.23	-18	-120	10	7.62	84
Interest Expense	0.86	0.99	1.11	25	121	4.98	56	5.20
Interest & Investment Income	0.76	1.90	5.79	6.59	1.97	15	68	87
Other Income / (Expense), net	0.12	-2.09	-1.44	0.17	-0.79	0.58	-4.37	1.66
Income Tax Expense	1.03	1.08	1.12	-5.60	12	2.65	6.09	7.93
Basic Earnings per Share	($0.14)	($1.08)	($0.72)	($0.40)	($0.83)	($0.59)	($0.55)	($0.23)
Weighted Average Basic Shares Outstanding	77.15M	80.98M	146.31M	299.77M	312.32M	326.33M	333.66M	341.41M
Diluted Earnings per Share	($0.14)	($1.08)	($0.72)	($0.40)	($0.83)	($0.59)	($0.55)	($0.23)
Weighted Average Diluted Shares Outstanding	77.15M	80.98M	146.31M	299.77M	312.32M	326.33M	333.66M	341.41M
Weighted Average Basic & Diluted Shares Outstanding	77.15M	80.98M	146.31M	299.77M	324.08M	330.32M	337.66M	345.07M

This table shows Cloudflare's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-46	-38	-94	-24	-28	-36	-15	-15	-13	-38	-50
Consolidated Net Income / (Loss)	-46	-38	-94	-24	-28	-36	-15	-15	-13	-38	-50
Net Income / (Loss) Continuing Operations	-46	-38	-94	-24	-28	-36	-15	-15	-13	-38	-50
Total Pre-Tax Income	-45	-37	-93	-22	-26	-33	-14	-13	-11	-37	-47
Total Operating Income	-51	-47	-56	-39	-43	-55	-35	-31	-35	-53	-67
Total Gross Profit	207	220	233	258	279	294	312	334	351	364	384
Total Revenue	275	290	308	336	362	379	401	430	460	479	512
Operating Revenue	275	290	308	336	362	379	401	430	460	479	512
Total Cost of Revenue	68	70	75	78	83	85	89	96	109	116	129
Operating Cost of Revenue	68	70	75	78	83	85	89	96	109	116	129
Total Operating Expenses	258	267	289	297	322	348	347	365	386	417	451
Selling, General & Admin Expense	46	48	53	56	60	66	70	69	74	88	97
Marketing Expense	132	137	147	150	165	194	175	185	192	214	219
Research & Development Expense	80	82	90	91	96	88	103	111	120	115	135
Total Other Income / (Expense), net	5.85	11	-37	17	17	21	21	18	24	16	20
Interest Expense	0.88	2.13	52	1.14	1.07	1.10	1.22	1.43	1.45	1.44	1.52
Interest & Investment Income	8.32	13	17	18	20	21	22	22	22	21	25
Other Income / (Expense), net	-1.60	-0.86	-1.53	0.12	-2.10	1.12	0.27	-3.07	3.33	-3.47	-3.91
Income Tax Expense	1.07	1.31	1.47	1.25	2.05	2.27	1.15	2.51	2.01	1.70	3.16
Basic Earnings per Share	($0.13)	($0.12)	($0.28)	($0.07)	($0.08)	($0.10)	($0.04)	($0.04)	($0.05)	($0.11)	($0.15)
Weighted Average Basic Shares Outstanding	326.33M	330.39M	332.30M	334.67M	333.66M	338.58M	340.65M	342.36M	341.41M	345.72M	347.49M
Diluted Earnings per Share	($0.13)	($0.12)	($0.28)	($0.07)	($0.08)	($0.10)	($0.04)	($0.04)	($0.05)	($0.11)	($0.15)
Weighted Average Diluted Shares Outstanding	326.33M	330.39M	332.30M	334.67M	333.66M	338.58M	340.65M	342.36M	341.41M	345.72M	347.49M
Weighted Average Basic & Diluted Shares Outstanding	330.32M	331.91M	334.22M	335.77M	337.66M	339.79M	341.70M	343.19M	345.07M	346.61M	348.48M

This table details how cash moves in and out of Cloudflare's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	13	4.55	114	-27	203	-106	-124	63
Net Cash From Operating Activities	3.17	-43	-39	-17	65	124	254	380
Net Cash From Continuing Operating Activities	3.17	-43	-39	-17	65	124	254	380
Net Income / (Loss) Continuing Operations	-11	-87	-106	-119	-260	-193	-184	-79
Consolidated Net Income / (Loss)	-11	-87	-106	-119	-260	-193	-184	-79
Depreciation Expense	12	19	29	49	67	102	136	128
Amortization Expense	4.29	6.49	9.02	41	84	50	21	40
Non-Cash Adjustments To Reconcile Net Income	-0.26	32	40	78	159	242	380	392
Changes in Operating Assets and Liabilities, net	-2.29	-13	-12	-66	15	-77	-99	-101
Net Cash From Investing Activities	9.54	-121	-418	-515	-709	-236	-186	-330
Net Cash From Continuing Investing Activities	9.54	-121	-418	-515	-709	-236	-186	-330
Purchase of Property, Plant & Equipment	-19	-25	-43	-56	-93	-144	-114	-185
Acquisitions	-4.19	-9.37	-14	-33	-20	-108	-27	-66
Purchase of Investments	-47	-145	-537	-1,267	-1,589	-1,133	-1,878	-1,572
Sale and/or Maturity of Investments	80	59	177	840	993	1,149	1,832	1,493
Other Investing Activities, net	0.03	0.06	0.04	0.40	0.05	0.04	0.07	0.04
Net Cash From Financing Activities	-0.15	169	571	505	847	6.35	-192	13
Net Cash From Continuing Financing Activities	-0.15	169	571	505	847	6.35	-192	13
Repayment of Debt	-5.10	0.00	-0.26	-13	-390	-17	-208	-2.15
Repurchase of Common Equity	-0.02	0.00	-5.55	-0.16	-0.19	-0.00	-0.03	0.00
Issuance of Common Equity	0.00	0.07	571	11	15	15	19	20
Other Financing Activities, net	4.96	19	6.03	-68	-71	7.63	-3.59	-4.86
Cash Interest Paid	0.81	0.79	0.79	2.19	3.63	1.24	0.67	0.08
Cash Income Taxes Paid	0.83	1.30	1.04	0.70	1.55	2.22	4.45	5.00

This table details how cash moves in and out of Cloudflare's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	66	53	-104	-67	-6.42	171	-102	26	-32	57	1,314
Net Cash From Operating Activities	78	36	64	68	85	74	75	105	127	146	100
Net Cash From Continuing Operating Activities	78	36	64	68	85	74	75	105	127	146	100
Net Income / (Loss) Continuing Operations	-46	-38	-94	-24	-28	-36	-15	-15	-13	-38	-50
Consolidated Net Income / (Loss)	-46	-38	-94	-24	-28	-36	-15	-15	-13	-38	-50
Depreciation Expense	30	32	34	34	36	30	30	32	36	42	45
Amortization Expense	10	7.04	5.39	4.82	4.21	6.38	8.56	11	14	18	20
Non-Cash Adjustments To Reconcile Net Income	70	70	134	85	91	84	97	103	108	114	137
Changes in Operating Assets and Liabilities, net	14	-34	-14	-33	-18	-12	-46	-25	-18	10	-52
Net Cash From Investing Activities	-20	16	0.11	-100	-102	97	-184	-76	-167	-92	-793
Net Cash From Continuing Investing Activities	-20	16	0.11	-100	-102	97	-184	-76	-167	-92	-793
Purchase of Property, Plant & Equipment	-40	-18	-39	-27	-31	-32	-30	-50	-73	-86	-60
Acquisitions	-4.32	-4.97	-5.73	-5.93	-9.99	-5.92	-21	-10	-29	-12	-8.23
Purchase of Investments	-378	-476	-319	-498	-584	-299	-492	-397	-385	-404	-1,127
Sale and/or Maturity of Investments	402	514	363	431	524	434	358	381	320	409	402
Other Investing Activities, net	0.01	0.05	0.01	0.01	0.01	0.01	0.00	0.01	0.01	0.24	0.14
Net Cash From Financing Activities	8.02	1.25	-169	-35	9.79	0.02	7.14	-2.41	8.03	3.52	2,008
Net Cash From Continuing Financing Activities	8.02	1.25	-169	-35	9.79	0.02	7.14	-2.41	8.03	3.52	2,008
Other Financing Activities, net	1.42	1.25	-6.78	0.79	1.16	0.02	-1.16	-2.41	-1.31	3.52	22
Cash Interest Paid	0.60	0.00	0.59	0.07	0.00	0.01	0.06	0.01	0.01	0.00	0.01
Cash Income Taxes Paid	0.78	1.26	1.30	1.45	0.45	0.90	1.84	1.28	0.97	1.03	2.47

This table presents Cloudflare's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	298	831	1,381	2,372	2,588	2,760	3,301
Total Current Assets	197	690	1,130	1,956	1,888	1,983	2,269
Cash & Equivalents	25	139	109	314	204	87	148
Restricted Cash	-	0.00	2.59	2.96	11	2.52	4.27
Short-Term Investments	136	498	923	1,508	1,446	1,587	1,708
Accounts Receivable	25	34	63	96	149	248	317
Prepaid Expenses	9.37	17	28	29	71	48	75
Other Current Assets	1.55	2.06	3.54	6.08	8.29	11	17
Plant, Property, & Equipment, net	73	101	124	184	287	323	467
Total Noncurrent Assets	28	39	127	232	413	454	565
Goodwill	4.08	4.08	17	24	148	148	181
Intangible Assets	0.16	0.03	2.80	1.25	32	20	22
Other Noncurrent Operating Assets	24	35	107	208	233	286	362
Total Liabilities & Shareholders' Equity	298	831	1,381	2,372	2,588	2,760	3,301
Total Liabilities	80	105	564	1,556	1,964	1,997	2,255
Total Current Liabilities	61	84	141	289	398	567	794
Accounts Payable	14	11	14	26	36	54	106
Accrued Expenses	16	28	20	38	68	64	82
Current Deferred Revenue	17	31	55	117	219	348	478
Current Employee Benefit Liabilities	14	13	34	71	42	64	81
Other Current Liabilities	-	0.00	18	25	33	38	48
Total Noncurrent Liabilities	19	21	422	1,268	1,566	1,430	1,461
Long-Term Debt	-	0.00	383	1,147	1,436	1,283	1,287
Noncurrent Deferred Revenue	0.22	0.80	1.89	4.68	12	17	22
Other Noncurrent Operating Liabilities	8.32	9.80	37	116	118	129	152
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-114	726	817	811	624	763	1,046
Total Preferred & Common Equity	-114	726	817	811	624	763	1,046
Total Common Equity	-114	726	817	811	624	763	1,046
Common Stock	82	1,027	1,237	1,495	1,476	1,785	2,153
Retained Earnings	-196	-302	-421	-681	-840	-1,024	-1,103
Accumulated Other Comprehensive Income / (Loss)	-0.06	0.06	0.16	-2.65	-12	1.98	-4.25

This table presents Cloudflare's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	2,491	2,668	2,533	2,590	2,802	2,917	3,063	3,721	5,562
Total Current Assets	1,816	1,954	1,818	1,858	2,016	2,093	2,164	2,624	4,406
Cash & Equivalents	138	256	159	94	254	157	183	204	1,519
Restricted Cash	11	11	2.80	1.61	5.54	1.00	1.00	4.37	4.37
Short-Term Investments	1,498	1,459	1,425	1,480	1,462	1,600	1,641	1,710	2,441
Accounts Receivable	127	180	178	199	213	250	253	286	308
Prepaid Expenses	35	41	44	71	70	71	73	403	113
Other Current Assets	7.21	8.02	8.67	12	12	13	13	16	21
Plant, Property, & Equipment, net	264	298	293	310	329	339	397	514	547
Total Noncurrent Assets	411	415	422	422	456	485	502	583	609
Goodwill	149	148	148	148	148	156	157	181	181
Intangible Assets	37	28	23	18	14	22	19	24	22
Other Noncurrent Operating Assets	224	239	251	256	294	307	326	378	406
Total Liabilities & Shareholders' Equity	2,491	2,668	2,533	2,590	2,802	2,917	3,063	3,721	5,562
Total Liabilities	1,897	2,015	1,891	1,891	2,004	2,035	2,090	2,295	4,323
Total Current Liabilities	339	445	473	478	574	596	642	821	858
Accounts Payable	39	55	32	41	48	60	74	94	96
Accrued Expenses	55	69	55	56	68	67	69	90	80
Current Deferred Revenue	171	239	268	294	356	371	390	508	547
Current Employee Benefit Liabilities	45	47	47	52	62	58	66	76	78
Other Current Liabilities	29	35	35	35	39	41	43	53	57
Total Noncurrent Liabilities	1,557	1,570	1,418	1,413	1,430	1,439	1,448	1,474	3,465
Long-Term Debt	1,435	1,437	1,281	1,282	1,284	1,285	1,286	1,288	3,261
Noncurrent Deferred Revenue	8.69	13	19	17	18	24	22	28	36
Other Noncurrent Operating Liabilities	114	120	118	113	128	130	140	159	169
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	594	653	642	699	797	882	973	1,426	1,240
Total Preferred & Common Equity	594	653	642	699	797	882	973	1,426	1,240
Total Common Equity	594	653	642	699	797	882	973	1,426	1,240
Common Stock	1,405	1,537	1,621	1,699	1,858	1,957	2,047	2,563	2,415
Retained Earnings	-794	-878	-972	-996	-1,059	-1,074	-1,090	-1,141	-1,192
Accumulated Other Comprehensive Income / (Loss)	-17	-6.14	-6.31	-4.15	-0.90	-1.32	16	3.65	17

This table displays calculated financial ratios and metrics derived from Cloudflare's official financial filings.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	85.62%	48.97%	50.18%	52.28%	48.57%	32.97%	28.76%
EBITDA Growth	0.00%	-1,997.87%	-15.09%	76.56%	231.97%	-322.47%	33.20%	143.95%
EBIT Growth	0.00%	-1,609.46%	-51.50%	2.55%	-20.53%	-56.16%	5.37%	19.36%
NOPAT Growth	0.00%	-1,545.10%	-54.06%	1.09%	-19.59%	-57.58%	7.81%	16.56%
Net Income Growth	0.00%	-1,421.96%	-42.83%	-12.80%	-118.07%	25.71%	4.88%	57.16%
EPS Growth	0.00%	-1,342.86%	66.67%	44.44%	-107.50%	28.92%	6.78%	58.18%
Operating Cash Flow Growth	0.00%	-2,933.25%	20.17%	55.99%	477.42%	91.18%	105.84%	49.54%
Free Cash Flow Firm Growth	0.00%	0.00%	32.31%	-31.80%	47.59%	-428.85%	74.31%	-110.85%
Invested Capital Growth	0.00%	0.00%	92.07%	66.55%	-9.39%	166.46%	-7.39%	27.88%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	10.79%	11.49%	9.07%	7.26%	6.20%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	59.58%	-7.07%	-47.87%	19.28%	257.56%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	5.10%	-15.11%	-5.69%	3.73%	8.13%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	4.65%	-14.66%	-5.03%	4.07%	4.98%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-5.17%	-20.05%	14.04%	8.94%	16.01%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-73.91%	-18.57%	15.71%	8.33%	11.54%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	17.35%	-1.42%	324.81%	43.57%	2.96%	12.37%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	34.41%	-16.91%	36.91%	-48.05%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	12.24%	-17.64%	4.61%	-8.77%	8.92%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	157.32%	154.81%	77.90%	76.56%	77.59%	76.15%	76.33%	77.32%
EBITDA Margin	10.16%	-63.94%	-49.40%	-3.85%	3.34%	-5.00%	-2.51%	0.86%
Operating Margin	-14.42%	-88.13%	-75.22%	-24.77%	-19.45%	-20.63%	-14.30%	-9.27%
EBIT Margin	-14.25%	-90.30%	-76.22%	-24.73%	-19.57%	-20.57%	-14.64%	-9.17%
Profit (Net Income) Margin	-15.93%	-90.48%	-73.74%	-27.69%	-39.66%	-19.83%	-14.19%	-4.72%
Tax Burden Percent	221.27%	202.50%	202.13%	95.52%	104.97%	101.39%	103.42%	111.19%
Interest Burden Percent	202.08%	98.96%	191.45%	117.24%	193.01%	95.07%	93.68%	46.29%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-174.65%	-90.25%	-56.42%	-56.66%	-51.25%	-33.73%	-25.69%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-137.66%	-164.92%	-49.44%	-30.70%	-39.44%	-16.20%	-31.80%
Return on Net Nonoperating Assets (RNNOA)	0.00%	94.68%	184.44%	40.95%	24.77%	24.38%	7.21%	16.98%
Return on Equity (ROE)	0.00%	-79.96%	-44.85%	-15.47%	-31.89%	-26.86%	-26.52%	-8.71%
Cash Return on Invested Capital (CROIC)	0.00%	-374.65%	-255.35%	-106.36%	-46.81%	-142.09%	-26.06%	-50.15%
Operating Return on Assets (OROA)	0.00%	-58.31%	-38.75%	-9.64%	-6.85%	-8.09%	-7.10%	-5.05%
Return on Assets (ROA)	0.00%	-29.21%	-37.49%	-10.80%	-13.87%	-7.80%	-6.88%	-2.60%
Return on Common Equity (ROCE)	0.00%	41.63%	-29.10%	-15.47%	-31.80%	-26.78%	-26.52%	-8.71%
Return on Equity Simple (ROE_SIMPLE)	0.00%	76.79%	-29.16%	-14.61%	-32.08%	-30.99%	-24.11%	-7.53%
Net Operating Profit after Tax (NOPAT)	-6.81	-59	-76	-75	-89	-141	-130	-108
NOPAT Margin	-10.10%	-61.69%	-52.65%	-17.34%	-13.62%	-14.44%	-10.01%	-6.49%
Net Nonoperating Expense Percent (NNEP)	0.00%	-36.99%	-6.97%	-6.99%	-25.95%	-11.81%	-17.53%	6.12%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-6.84%	-6.34%	-4.64%
Cost of Revenue to Revenue	42.68%	45.19%	44.19%	23.44%	22.41%	23.85%	23.68%	22.68%
SG&A Expenses to Revenue	30.10%	88.42%	56.84%	21.29%	18.21%	18.43%	16.81%	16.68%
R&D to Revenue	49.88%	56.53%	63.18%	29.50%	28.85%	30.59%	27.62%	25.24%
Operating Expenses to Revenue	171.75%	242.93%	231.02%	101.33%	97.04%	96.78%	90.63%	86.59%
Earnings before Interest and Taxes (EBIT)	-9.62	-87	-109	-107	-128	-201	-190	-153
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.85	-62	-71	-17	22	-49	-33	14
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	10.51	28.58	52.15	23.81	36.64	35.32
Price to Tangible Book Value (P/TBV)	0.00	0.00	10.57	29.30	53.79	33.50	46.95	43.82
Price to Revenue (P/Rev)	3.89	5.45	17.84	54.17	64.45	15.23	21.56	22.13
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	10.38	66.28	137.14	277.67	36.61	74.47	76.86
Enterprise Value to Revenue (EV/Rev)	0.00	3.67	22.18	52.66	63.45	15.00	21.26	21.79
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	1,899.40	0.00	0.00	2,540.48
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	644.23	118.39	108.34	95.63
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.10	0.03	0.47	1.42	2.30	1.68	1.23
Long-Term Debt to Equity	0.00	0.10	0.03	0.47	1.41	2.30	1.68	1.23
Financial Leverage	0.00	-0.69	-0.82	-0.83	-0.81	-0.62	-0.45	-0.53
Leverage Ratio	0.00	2.74	2.39	1.43	2.30	3.45	3.86	3.35
Compound Leverage Factor	0.00	2.71	2.29	1.68	4.44	3.28	3.61	1.55
Debt to Total Capital	0.00%	9.36%	2.85%	31.93%	58.69%	69.71%	62.71%	55.17%
Short-Term Debt to Total Capital	0.00%	0.22%	0.00%	0.00%	0.61%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	9.13%	2.85%	31.93%	58.08%	69.71%	62.71%	55.17%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	289.90%	0.00%	0.00%	0.22%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-49.63%	197.15%	68.07%	41.09%	30.29%	37.29%	44.83%
Debt to EBITDA	0.00	-0.35	-0.15	-23.07	52.86	-29.44	-39.39	89.89
Net Debt to EBITDA	0.00	4.87	17.67	39.21	-30.36	4.60	12.06	-40.00
Long-Term Debt to EBITDA	0.00	-0.34	-0.15	-23.07	52.30	-29.44	-39.39	89.89
Debt to NOPAT	0.00	-0.18	-0.24	-5.13	-12.97	-10.20	-9.88	-11.88
Net Debt to NOPAT	0.00	5.05	16.58	8.72	7.45	1.59	3.03	5.29
Long-Term Debt to NOPAT	0.00	-0.30	-0.24	-5.13	-12.83	-10.20	-9.88	-11.88
Altman Z-Score	0.00	6.46	44.15	25.35	16.85	4.90	8.74	10.25
Noncontrolling Interest Sharing Ratio	0.00%	152.06%	70.25%	0.00%	0.27%	0.31%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	6.41	8.22	7.99	6.78	4.75	3.50	2.86
Quick Ratio	0.00	6.05	15.99	7.75	6.64	4.52	3.39	2.74
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-127	-107	-141	-74	-391	-100	-212
Operating Cash Flow to CapEx	33.28%	-339.91%	-179.80%	-30.38%	69.52%	86.07%	222.39%	205.60%
Free Cash Flow to Firm to Interest Expense	0.00	-257.03	-192.25	-5.64	-0.61	-78.35	-1.79	-40.71
Operating Cash Flow to Interest Expense	7.35	-87.26	-69.99	-0.69	0.53	24.80	4.53	73.22
Operating Cash Flow Less CapEx to Interest Expense	-36.81	-138.60	-147.85	-2.94	-0.23	-4.02	2.49	37.60
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.65	1.02	0.39	0.35	0.39	0.49	0.55
Accounts Receivable Turnover	0.00	15.32	19.45	8.85	8.25	7.99	6.54	5.91
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	5.26	3.29	3.83	4.27	4.15	4.26	4.23
Accounts Payable Turnover	0.00	6.10	9.85	7.79	7.25	7.54	6.87	4.75
Days Sales Outstanding (DSO)	0.00	95.31	37.53	41.22	44.22	45.68	55.85	61.76
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	239.52	74.09	46.86	50.32	48.40	53.10	76.88
Cash Conversion Cycle (CCC)	0.00	-144.21	-73.12	-5.64	-6.11	-2.73	2.74	-15.12
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	68	99	166	150	400	370	473
Invested Capital Turnover	0.00	11.32	6.86	3.25	4.16	3.55	3.37	3.96
Increase / (Decrease) in Invested Capital	0.00	68	31	66	-16	250	-30	103
Enterprise Value (EV)	0.00	1,413	6,376	22,700	41,648	14,633	27,563	36,382
Market Capitalization	525	1,050	7,629	23,352	42,310	14,857	27,956	36,955
Book Value per Share	$0.00	($1.40)	$2.42	$2.66	$2.52	$1.90	$2.27	$3.05
Tangible Book Value per Share	$0.00	($1.45)	$2.40	$2.59	$2.44	$1.35	$1.77	$2.46
Total Capital	0.00	229	736	1,200	1,975	2,060	2,046	2,334
Total Debt	0.00	11	11	383	1,159	1,436	1,283	1,287
Total Long-Term Debt	0.00	10	11	383	1,147	1,436	1,283	1,287
Net Debt	0.00	-150	-626	-651	-666	-224	-393	-573
Capital Expenditures (CapEx)	19	25	43	56	93	144	114	185
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-25	-31	-46	-145	-170	-260	-385
Debt-free Net Working Capital (DFNWC)	0.00	136	606	989	1,679	1,490	1,416	1,475
Net Working Capital (NWC)	0.00	135	606	989	1,667	1,490	1,416	1,475
Net Nonoperating Expense (NNE)	3.94	28	30	45	171	53	54	-30
Net Nonoperating Obligations (NNO)	0.00	-150	-626	-651	-666	-224	-393	-573
Total Depreciation and Amortization (D&A)	16	25	38	90	150	152	157	167
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-26.00%	-21.57%	-10.70%	-22.15%	-17.48%	-20.07%	-23.05%
Debt-free Net Working Capital to Revenue	0.00%	140.77%	422.26%	229.34%	255.84%	152.78%	109.20%	88.36%
Net Working Capital to Revenue	0.00%	140.50%	422.26%	229.34%	254.00%	152.78%	109.20%	88.36%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.14)	($1.08)	($0.72)	($0.40)	($0.83)	($0.59)	($0.55)	($0.23)
Adjusted Weighted Average Basic Shares Outstanding	77.15M	80.98M	302.64M	308.83M	312.32M	326.33M	333.66M	341.41M
Adjusted Diluted Earnings per Share	($0.14)	($1.08)	($0.72)	($0.40)	($0.83)	($0.59)	($0.55)	($0.23)
Adjusted Weighted Average Diluted Shares Outstanding	77.15M	80.98M	302.64M	308.83M	312.32M	326.33M	333.66M	341.41M
Adjusted Basic & Diluted Earnings per Share	($0.14)	($1.08)	($0.72)	($0.40)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	77.15M	80.98M	146.31M	299.77M	324.08M	330.32M	337.66M	345.07M
Normalized Net Operating Profit after Tax (NOPAT)	-6.81	-59	-76	-75	-89	-141	-130	-108
Normalized NOPAT Margin	-10.10%	-61.69%	-52.65%	-17.34%	-13.62%	-14.44%	-10.01%	-6.49%
Pre Tax Income Margin	-14.40%	-89.36%	-72.97%	-28.99%	-37.78%	-19.56%	-13.72%	-4.24%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-22.31	-175.38	-196.74	-4.27	-1.06	-40.25	-3.38	-29.47
NOPAT to Interest Expense	-15.80	-119.82	-135.90	-2.99	-0.74	-28.26	-2.31	-20.85
EBIT Less CapEx to Interest Expense	-66.46	-226.73	-274.60	-6.53	-1.82	-69.07	-5.42	-65.08
NOPAT Less CapEx to Interest Expense	-59.96	-171.16	-213.76	-5.25	-1.50	-57.07	-4.35	-56.46
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.30%	0.00%	-10.49%	-0.13%	-0.07%	0.00%	-0.02%	0.00%

This table displays calculated financial ratios and metrics derived from Cloudflare's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	41.89%	36.77%	31.54%	32.20%	31.95%	30.47%	29.99%	28.15%	26.89%	26.54%	27.76%
EBITDA Growth	-456.39%	-28.19%	27.33%	105.32%	63.13%	-76.80%	120.31%	4,760.45%	514.85%	119.15%	-256.99%
EBIT Growth	-26.04%	-18.80%	10.28%	10.15%	14.08%	-11.01%	40.33%	13.39%	30.15%	-6.16%	-106.72%
NOPAT Growth	-23.44%	-18.11%	12.97%	14.66%	15.51%	-15.40%	38.23%	21.47%	18.94%	2.39%	-93.86%
Net Income Growth	40.75%	7.97%	-48.68%	44.68%	39.31%	6.67%	84.04%	34.86%	53.89%	-8.19%	-234.57%
EPS Growth	45.83%	7.69%	-40.00%	46.15%	38.46%	16.67%	85.71%	42.86%	37.50%	-10.00%	-275.00%
Operating Cash Flow Growth	92.34%	202.67%	68.49%	59.53%	9.37%	102.06%	16.08%	53.78%	49.00%	98.13%	33.39%
Free Cash Flow Firm Growth	-2,059.00%	-95.94%	80.46%	77.98%	99.84%	80.63%	-30.34%	1.36%	-27,657.52%	-1,282.02%	-183.44%
Invested Capital Growth	166.46%	65.04%	2.20%	6.19%	-7.39%	-1.10%	10.07%	7.11%	27.88%	120.92%	31.25%
Revenue Q/Q Growth	8.21%	5.63%	6.31%	8.79%	8.01%	4.45%	5.91%	7.25%	6.94%	4.16%	6.94%
EBITDA Q/Q Growth	-270.30%	22.34%	-94.64%	100.95%	-2,668.93%	-272.33%	122.36%	127.29%	119.26%	-82.81%	-283.28%
EBIT Q/Q Growth	-20.18%	7.96%	-19.88%	32.24%	-14.92%	-18.90%	35.56%	1.65%	7.31%	-80.70%	-25.49%
NOPAT Q/Q Growth	-10.32%	6.74%	-18.83%	30.19%	-9.22%	-27.37%	36.39%	11.25%	-12.75%	-53.37%	-26.32%
Net Income Q/Q Growth	-7.92%	17.06%	-148.06%	75.09%	-18.40%	-27.55%	57.58%	-1.68%	16.20%	-199.30%	-31.19%
EPS Q/Q Growth	0.00%	7.69%	-133.33%	75.00%	-14.29%	-25.00%	60.00%	0.00%	-25.00%	-120.00%	-36.36%
Operating Cash Flow Q/Q Growth	83.01%	-53.39%	77.00%	5.66%	25.46%	-13.88%	1.68%	39.98%	21.56%	14.51%	-31.55%
Free Cash Flow Firm Q/Q Growth	-22.86%	38.11%	73.20%	-8.06%	99.10%	-7,341.76%	-80.36%	18.21%	-152.86%	-270.52%	63.01%
Invested Capital Q/Q Growth	4.61%	-8.96%	2.00%	9.32%	-8.77%	-2.78%	13.52%	6.39%	8.92%	67.95%	-32.56%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.32%	75.73%	75.62%	76.74%	77.02%	77.54%	77.80%	77.69%	76.37%	75.88%	74.88%
EBITDA Margin	-4.49%	-3.30%	-6.04%	0.05%	-1.25%	-4.47%	0.94%	2.00%	4.10%	0.68%	-1.16%
Operating Margin	-18.45%	-16.29%	-18.21%	-11.68%	-11.82%	-14.41%	-8.65%	-7.16%	-7.55%	-11.11%	-13.13%
EBIT Margin	-19.04%	-16.59%	-18.70%	-11.65%	-12.40%	-14.11%	-8.59%	-7.87%	-6.82%	-11.84%	-13.89%
Profit (Net Income) Margin	-16.72%	-13.12%	-30.62%	-7.01%	-7.69%	-9.39%	-3.76%	-3.56%	-2.79%	-8.03%	-9.85%
Tax Burden Percent	102.39%	103.57%	101.58%	105.63%	107.96%	106.82%	108.23%	119.57%	118.49%	104.61%	106.68%
Interest Burden Percent	85.76%	76.39%	161.18%	56.99%	57.44%	62.28%	40.47%	37.87%	34.55%	64.81%	66.44%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-45.84%	-41.11%	-39.13%	-25.10%	-27.87%	-38.61%	-22.96%	-18.75%	-20.92%	-23.85%	-36.61%
ROIC Less NNEP Spread (ROIC-NNEP)	-43.49%	-39.40%	-16.53%	-26.65%	-28.55%	-39.34%	-25.44%	-20.25%	-23.29%	-23.63%	-36.04%
Return on Net Nonoperating Assets (RNNOA)	26.89%	19.69%	6.60%	10.42%	12.70%	19.70%	12.42%	10.08%	12.43%	11.36%	19.99%
Return on Equity (ROE)	-18.95%	-21.42%	-32.53%	-14.69%	-15.16%	-18.91%	-10.54%	-8.68%	-8.49%	-12.50%	-16.62%
Cash Return on Invested Capital (CROIC)	-142.09%	-99.03%	-40.32%	-40.37%	-26.06%	-36.18%	-40.34%	-34.01%	-50.15%	-93.96%	-54.60%
Operating Return on Assets (OROA)	-7.49%	-6.96%	-8.43%	-5.54%	-6.01%	-7.15%	-4.66%	-4.38%	-3.76%	-6.43%	-6.17%
Return on Assets (ROA)	-6.57%	-5.51%	-13.80%	-3.34%	-3.73%	-4.76%	-2.04%	-1.98%	-1.54%	-4.36%	-4.37%
Return on Common Equity (ROCE)	-18.89%	-21.42%	-32.53%	-14.69%	-15.16%	-18.91%	-10.54%	-8.68%	-8.49%	-12.50%	-16.62%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-29.13%	-34.43%	-28.89%	0.00%	-22.76%	-11.57%	-9.64%	0.00%	-5.73%	0.00%
Net Operating Profit after Tax (NOPAT)	-35	-33	-39	-27	-30	-38	-24	-22	-24	-37	-47
NOPAT Margin	-12.92%	-11.40%	-12.75%	-8.18%	-8.27%	-10.09%	-6.06%	-5.01%	-5.28%	-7.78%	-9.19%
Net Nonoperating Expense Percent (NNEP)	-2.34%	-1.71%	-22.60%	1.55%	0.69%	0.73%	2.48%	1.50%	2.37%	-0.22%	-0.57%
Return On Investment Capital (ROIC_SIMPLE)	-1.72%	-	-	-	-1.47%	-	-	-	-1.04%	-1.37%	-1.05%
Cost of Revenue to Revenue	24.68%	24.27%	24.38%	23.26%	22.98%	22.46%	22.20%	22.31%	23.63%	24.12%	25.12%
SG&A Expenses to Revenue	16.69%	16.71%	17.23%	16.67%	16.66%	17.51%	17.37%	15.99%	16.05%	18.30%	18.93%
R&D to Revenue	29.01%	28.10%	29.05%	26.99%	26.60%	23.17%	25.57%	25.79%	26.14%	24.02%	26.26%
Operating Expenses to Revenue	93.78%	92.02%	93.83%	88.42%	88.84%	91.95%	86.46%	84.85%	83.92%	86.99%	88.01%
Earnings before Interest and Taxes (EBIT)	-52	-48	-58	-39	-45	-53	-34	-34	-31	-57	-71
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-12	-9.58	-19	0.18	-4.55	-17	3.79	8.60	19	3.24	-5.94
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	23.81	31.21	33.80	30.13	36.64	40.78	31.93	28.40	35.32	27.27	54.75
Price to Tangible Book Value (P/TBV)	33.50	42.70	46.06	39.50	46.95	51.21	39.99	34.70	43.82	31.85	65.48
Price to Revenue (P/Rev)	15.23	19.34	19.25	17.43	21.56	23.47	19.05	17.58	22.13	21.97	36.08
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	36.61	55.19	57.73	51.21	74.47	89.14	67.74	62.36	76.86	48.12	125.29
Enterprise Value to Revenue (EV/Rev)	15.00	19.06	19.01	17.18	21.26	23.16	18.73	17.24	21.79	21.61	35.70
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2,540.48	1,109.08	2,712.31
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	118.39	102.72	96.66	84.08	108.34	110.01	91.65	80.05	95.63	84.52	140.64
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.30	2.20	2.05	1.83	1.68	1.61	1.46	1.32	1.23	0.90	2.63
Long-Term Debt to Equity	2.30	2.20	2.00	1.83	1.68	1.61	1.46	1.32	1.23	0.90	2.63
Financial Leverage	-0.62	-0.50	-0.40	-0.39	-0.45	-0.50	-0.49	-0.50	-0.53	-0.48	-0.55
Leverage Ratio	3.45	4.30	4.09	3.93	3.86	3.77	3.58	3.38	3.35	2.93	4.00
Compound Leverage Factor	2.95	3.28	6.60	2.24	2.21	2.35	1.45	1.28	1.16	1.90	2.66
Debt to Total Capital	69.71%	68.77%	67.23%	64.71%	62.71%	61.70%	59.32%	56.93%	55.17%	47.47%	72.45%
Short-Term Debt to Total Capital	0.00%	0.00%	1.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	69.71%	68.77%	65.43%	64.71%	62.71%	61.70%	59.32%	56.93%	55.17%	47.47%	72.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	30.29%	31.23%	32.77%	35.29%	37.29%	38.30%	40.68%	43.07%	44.83%	52.53%	27.55%
Debt to EBITDA	-29.44	-28.25	-30.01	-31.77	-39.39	-32.16	-73.39	-141.53	89.89	37.35	131.65
Net Debt to EBITDA	4.60	5.67	6.17	7.27	12.06	10.95	27.01	59.25	-40.00	-18.29	-28.41
Long-Term Debt to EBITDA	-29.44	-28.25	-29.20	-31.77	-39.39	-32.16	-73.39	-141.53	89.89	37.35	131.65
Debt to NOPAT	-10.20	-9.85	-9.40	-9.48	-9.88	-9.52	-10.72	-11.28	-11.88	-11.99	-25.04
Net Debt to NOPAT	1.59	1.98	1.93	2.17	3.03	3.24	3.95	4.72	5.29	5.87	5.40
Long-Term Debt to NOPAT	-10.20	-9.85	-9.15	-9.48	-9.88	-9.52	-10.72	-11.28	-11.88	-11.99	-25.04
Altman Z-Score	5.09	6.62	7.35	7.20	8.91	10.25	8.87	8.51	10.38	10.74	10.18
Noncontrolling Interest Sharing Ratio	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.75	4.40	3.84	3.89	3.50	3.51	3.51	3.37	2.86	3.20	5.14
Quick Ratio	4.52	4.26	3.73	3.71	3.39	3.36	3.37	3.24	2.74	2.68	4.98
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-285	-176	-47	-51	-0.46	-34	-62	-50	-127	-472	-175
Operating Cash Flow to CapEx	194.60%	207.59%	166.33%	249.53%	277.26%	229.53%	252.54%	208.61%	174.03%	169.74%	166.61%
Free Cash Flow to Firm to Interest Expense	-325.89	-83.01	-0.91	-44.91	-0.43	-31.07	-50.61	-35.18	-88.23	-327.36	-114.66
Operating Cash Flow to Interest Expense	89.28	17.13	1.24	59.84	79.93	66.89	61.42	73.08	88.10	101.03	65.48
Operating Cash Flow Less CapEx to Interest Expense	43.40	8.88	0.50	35.86	51.10	37.75	37.10	38.05	37.48	41.51	26.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.39	0.42	0.45	0.48	0.49	0.51	0.54	0.56	0.55	0.54	0.44
Accounts Receivable Turnover	7.99	6.90	7.51	7.41	6.54	7.05	6.90	6.95	5.91	7.09	6.75
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	4.15	4.21	4.19	4.21	4.26	4.41	4.67	4.45	4.23	4.20	4.24
Accounts Payable Turnover	7.54	5.85	6.25	7.30	6.87	6.28	7.30	6.16	4.75	5.78	5.78
Days Sales Outstanding (DSO)	45.68	52.87	48.58	49.26	55.85	51.77	52.88	52.52	61.76	51.50	54.10
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	48.40	62.37	58.39	49.97	53.10	58.10	50.01	59.25	76.88	63.15	63.10
Cash Conversion Cycle (CCC)	-2.73	-9.51	-9.81	-0.71	2.74	-6.33	2.87	-6.73	-15.12	-11.65	-9.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	400	364	371	406	370	360	408	435	473	795	536
Invested Capital Turnover	3.55	3.61	3.07	3.07	3.37	3.83	3.79	3.74	3.96	3.07	3.98
Increase / (Decrease) in Invested Capital	250	143	7.98	24	-30	-4.01	37	29	103	435	128
Enterprise Value (EV)	14,633	20,079	21,426	20,776	27,563	32,075	27,672	27,102	36,382	38,256	67,173
Market Capitalization	14,857	20,368	21,697	21,069	27,956	32,513	28,145	27,640	36,955	38,886	67,877
Book Value per Share	$1.90	$1.98	$1.93	$2.09	$2.27	$2.35	$2.59	$2.85	$3.05	$4.13	$3.58
Tangible Book Value per Share	$1.35	$1.44	$1.42	$1.60	$1.77	$1.88	$2.07	$2.33	$2.46	$3.54	$2.99
Total Capital	2,060	2,090	1,959	1,982	2,046	2,082	2,167	2,259	2,334	2,714	4,500
Total Debt	1,436	1,437	1,317	1,282	1,283	1,284	1,285	1,286	1,287	1,288	3,261
Total Long-Term Debt	1,436	1,437	1,281	1,282	1,283	1,284	1,285	1,286	1,287	1,288	3,261
Net Debt	-224	-289	-271	-294	-393	-437	-473	-539	-573	-631	-704
Capital Expenditures (CapEx)	40	18	39	27	31	32	30	50	73	86	60
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-170	-216	-207	-196	-260	-280	-261	-303	-385	-116	-416
Debt-free Net Working Capital (DFNWC)	1,490	1,510	1,380	1,380	1,416	1,442	1,497	1,522	1,475	1,803	3,548
Net Working Capital (NWC)	1,490	1,510	1,345	1,380	1,416	1,442	1,497	1,522	1,475	1,803	3,548
Net Nonoperating Expense (NNE)	10	4.99	55	-3.91	-2.12	-2.64	-9.21	-6.22	-11	1.18	3.36
Net Nonoperating Obligations (NNO)	-224	-289	-271	-294	-393	-437	-473	-539	-573	-631	-704
Total Depreciation and Amortization (D&A)	40	39	39	39	40	36	38	42	50	60	65
Debt-free, Cash-free Net Working Capital to Revenue	-17.48%	-20.53%	-18.38%	-16.19%	-20.07%	-20.19%	-17.69%	-19.25%	-23.05%	-6.55%	-22.10%
Debt-free Net Working Capital to Revenue	152.78%	143.36%	122.45%	114.17%	109.20%	104.11%	101.31%	96.83%	88.36%	101.87%	188.59%
Net Working Capital to Revenue	152.78%	143.36%	119.31%	114.17%	109.20%	104.11%	101.31%	96.83%	88.36%	101.87%	188.59%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.13)	($0.12)	($0.28)	($0.07)	($0.08)	($0.10)	($0.04)	($0.04)	($0.05)	($0.11)	($0.15)
Adjusted Weighted Average Basic Shares Outstanding	326.33M	330.39M	332.30M	334.67M	333.66M	338.58M	340.65M	342.36M	341.41M	345.72M	347.49M
Adjusted Diluted Earnings per Share	($0.13)	($0.12)	($0.28)	($0.07)	($0.08)	($0.10)	($0.04)	($0.04)	($0.05)	($0.11)	($0.15)
Adjusted Weighted Average Diluted Shares Outstanding	326.33M	330.39M	332.30M	334.67M	333.66M	338.58M	340.65M	342.36M	341.41M	345.72M	347.49M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	330.32M	331.91M	334.22M	335.77M	337.66M	339.79M	341.70M	343.19M	345.07M	346.61M	348.48M
Normalized Net Operating Profit after Tax (NOPAT)	-35	-33	-39	-27	-30	-38	-24	-22	-24	-37	-47
Normalized NOPAT Margin	-12.92%	-11.40%	-12.75%	-8.18%	-8.27%	-10.09%	-6.06%	-5.01%	-5.28%	-7.78%	-9.19%
Pre Tax Income Margin	-16.33%	-12.67%	-30.15%	-6.64%	-7.12%	-8.79%	-3.47%	-2.98%	-2.36%	-7.67%	-9.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-59.76	-22.64	-1.11	-34.36	-42.03	-48.57	-28.27	-23.63	-21.72	-39.30	-46.70
NOPAT to Interest Expense	-40.55	-15.56	-0.76	-24.12	-28.05	-34.71	-19.94	-15.04	-16.82	-25.83	-30.90
EBIT Less CapEx to Interest Expense	-105.64	-30.89	-1.86	-58.34	-70.86	-77.71	-52.59	-58.66	-72.35	-98.82	-86.00
NOPAT Less CapEx to Interest Expense	-86.43	-23.82	-1.51	-48.10	-56.87	-63.86	-44.26	-50.08	-67.44	-85.35	-70.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-0.02%	-0.02%	-0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Cloudflare (NYSE:NET) has demonstrated consistent revenue growth over the last four years, with Q2 revenues increasing from approximately $308 million in 2023 to over $512 million in Q2 2025. This reflects strong top-line expansion, likely driven by growing adoption of their internet infrastructure services.

Positive Trends:

Operating revenue rose steadily each quarter, showing strong demand for Cloudflare's services.
Gross profit expanded from about $233 million in Q2 2023 to $383 million in Q2 2025, indicating improved revenue scale relative to cost of revenue.
Net cash from operating activities improved to nearly $100 million in Q2 2025, supporting operational cash flow generation despite net losses.
Significant cash and cash equivalents increased to nearly $1.52 billion by Q2 2025, providing financial flexibility.
Short-term investments almost doubled from about $1.6 billion in Q2 2023 to $2.44 billion in Q2 2025, indicating strong liquidity management.
Cloudflare continues to invest in property, plant & equipment, showing commitment to infrastructure build-out ($60 million in Q2 2025).

Neutral Trends:

Operating expenses increased consistently, driven by selling, general & administrative, marketing, and research & development expenses, reflecting ongoing investment in growth and product innovation.
The company maintains significant long-term debt ($3.26 billion in Q2 2025), consistent with previous years; debt levels are stable but sizable.
Non-cash adjustments and amortization expenses have increased, indicating larger intangible assets and capitalized costs.
Share count has steadily increased, diluting earnings per share, which impacts reported EPS metrics.

Negative Trends:

Cloudflare continues reporting net losses each quarter, with net loss widening to -$50 million in Q2 2025 from roughly -$15 million in Q2 2023.
Operating income remains negative, reflecting that operating expenses outpace gross profits.
Despite growing revenues, the company’s net income has not yet turned positive, which may concern investors focused on profitability.
Significant investing cash outflows primarily due to large purchases of investments ($1.13 billion outflow in Q2 2025), which could pressure cash balances if not managed prudently.
Changes in operating assets and liabilities have negatively impacted operating cash flow in recent quarters, indicating working capital challenges.

Overall, Cloudflare is exhibiting strong revenue and gross profit growth, accompanied by strategic reinvestments into its business and infrastructure, supported by ample liquidity. However, the persistence of quarterly losses and sizable operating expenses highlight ongoing challenges in achieving profitability. Investors should watch for continued revenue momentum alongside potential margin improvements and effective cost control in future quarters.

08/23/25 03:02 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Cloudflare's Financials

When does Cloudflare's fiscal year end?

According to the most recent income statement we have on file, Cloudflare's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Cloudflare's net income changed over the last 7 years?

Cloudflare's net income appears to be on an upward trend, with a most recent value of -$78.80 million in 2024, rising from -$10.75 million in 2017. The previous period was -$183.95 million in 2023. See Cloudflare's forecast for analyst expectations on what’s next for the company.

What is Cloudflare's operating income?

Cloudflare's total operating income in 2024 was -$154.76 million, based on the following breakdown:

Total Gross Profit: $1.29 billion
Total Operating Expenses: $1.45 billion

How has Cloudflare's revenue changed over the last 7 years?

Over the last 7 years, Cloudflare's total revenue changed from $134.92 million in 2017 to $1.67 billion in 2024, a change of 1,137.5%.

How much debt does Cloudflare have?

Cloudflare's total liabilities were at $2.25 billion at the end of 2024, a 12.9% increase from 2023, and a 2,705.9% increase since 2018.

How much cash does Cloudflare have?

In the past 6 years, Cloudflare's cash and equivalents has ranged from $25.06 million in 2018 to $313.78 million in 2021, and is currently $147.69 million as of their latest financial filing in 2024.

How has Cloudflare's book value per share changed over the last 7 years?

Over the last 7 years, Cloudflare's book value per share changed from 0.00 in 2017 to 3.05 in 2024, a change of 304.8%.

Related Companies

This page (NYSE:NET) was last updated on 8/23/2025 by MarketBeat.com Staff

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Cloudflare (NET) Financials

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Cloudflare (NET) Financials

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