Cloudflare (NET) Financials

$201.46 +3.90 (+1.97%)

Closing price 03:59 PM Eastern

Extended Trading

$201.89 +0.43 (+0.21%)

As of 08:00 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-11	-87	-106	-119	-260	-193	-184	-79	-102
Consolidated Net Income / (Loss)	-11	-87	-106	-119	-260	-193	-184	-79	-102
Net Income / (Loss) Continuing Operations	-11	-87	-106	-119	-260	-193	-184	-79	-102
Total Pre-Tax Income	-9.72	-86	-105	-125	-248	-191	-178	-71	-93
Total Operating Income	-9.73	-85	-108	-107	-128	-201	-185	-155	-207
Total Gross Profit	106	149	224	330	509	743	990	1,291	1,615
Total Revenue	135	193	287	431	656	975	1,297	1,670	2,168
Operating Revenue	135	193	287	431	656	975	1,297	1,670	2,168
Total Cost of Revenue	29	44	63	101	147	233	307	379	553
Operating Cost of Revenue	29	44	63	101	147	233	307	379	553
Total Operating Expenses	116	234	332	437	637	944	1,175	1,446	1,823
Selling, General & Admin Expense	20	85	82	92	120	180	218	279	389
Marketing Expense	62	94	159	218	328	466	599	746	921
Research & Development Expense	34	54	91	127	189	298	358	421	512
Total Other Income / (Expense), net	0.02	-1.19	3.23	-18	-120	10	7.62	84	114
Interest Expense	0.86	0.99	1.11	25	121	4.98	56	5.20	8.77
Interest & Investment Income	0.76	1.90	5.79	6.59	1.97	15	68	87	131
Other Income / (Expense), net	0.12	-2.09	-1.44	0.17	-0.79	0.58	-4.37	1.66	-7.95
Income Tax Expense	1.03	1.08	1.12	-5.60	12	2.65	6.09	7.93	9.56
Basic Earnings per Share	($0.14)	($1.08)	($0.72)	($0.40)	($0.83)	($0.59)	($0.55)	($0.23)	($0.29)
Weighted Average Basic Shares Outstanding	77.15M	80.98M	146.31M	299.77M	312.32M	326.33M	333.66M	341.41M	348.42M
Diluted Earnings per Share	($0.14)	($1.08)	($0.72)	($0.40)	($0.83)	($0.59)	($0.55)	($0.23)	($0.29)
Weighted Average Diluted Shares Outstanding	77.15M	80.98M	146.31M	299.77M	312.32M	326.33M	333.66M	341.41M	348.42M
Weighted Average Basic & Diluted Shares Outstanding	77.15M	80.98M	146.31M	299.77M	324.08M	330.32M	337.66M	345.07M	351.98M

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-24	-28	-36	-15	-15	-13	-38	-50	-1.29	-12	-23
Consolidated Net Income / (Loss)	-24	-28	-36	-15	-15	-13	-38	-50	-1.29	-12	-23
Net Income / (Loss) Continuing Operations	-24	-28	-36	-15	-15	-13	-38	-50	-1.29	-12	-23
Total Pre-Tax Income	-22	-26	-33	-14	-13	-11	-37	-47	1.85	-11	-21
Total Operating Income	-39	-43	-55	-35	-31	-35	-53	-67	-37	-49	-62
Total Gross Profit	258	279	294	312	334	351	364	384	416	453	456
Total Revenue	336	362	379	401	430	460	479	512	562	615	640
Operating Revenue	336	362	379	401	430	460	479	512	562	615	640
Total Cost of Revenue	78	83	85	89	96	109	116	129	146	162	184
Operating Cost of Revenue	78	83	85	89	96	109	116	129	146	162	184
Total Operating Expenses	297	322	348	347	365	386	417	451	453	502	518
Selling, General & Admin Expense	56	60	66	70	69	74	88	97	96	109	95
Marketing Expense	150	165	194	175	185	192	214	219	236	251	272
Research & Development Expense	91	96	88	103	111	120	115	135	121	142	151
Total Other Income / (Expense), net	17	17	21	21	18	24	16	20	39	39	41
Interest Expense	1.14	1.07	1.10	1.22	1.43	1.45	1.44	1.52	2.91	2.89	2.56
Interest & Investment Income	18	20	21	22	22	22	21	25	43	42	40
Other Income / (Expense), net	0.12	-2.10	1.12	0.27	-3.07	3.33	-3.47	-3.91	-0.31	-0.27	2.99
Income Tax Expense	1.25	2.05	2.27	1.15	2.51	2.01	1.70	3.16	3.14	1.57	1.53
Basic Earnings per Share	($0.07)	($0.08)	($0.10)	($0.04)	($0.04)	($0.05)	($0.11)	($0.15)	$0.00	($0.03)	($0.07)
Weighted Average Basic Shares Outstanding	334.67M	333.66M	338.58M	340.65M	342.36M	341.41M	345.72M	347.49M	349.31M	348.42M	352.63M
Diluted Earnings per Share	($0.07)	($0.08)	($0.10)	($0.04)	($0.04)	($0.05)	($0.11)	($0.15)	$0.00	($0.03)	($0.07)
Weighted Average Diluted Shares Outstanding	334.67M	333.66M	338.58M	340.65M	342.36M	341.41M	345.72M	347.49M	349.31M	348.42M	352.63M
Weighted Average Basic & Diluted Shares Outstanding	335.77M	337.66M	339.79M	341.70M	343.19M	345.07M	346.61M	348.48M	350.28M	351.98M	353.47M

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	13	4.55	114	-27	203	-106	-124	63	800
Net Cash From Operating Activities	3.17	-43	-39	-17	65	124	254	380	603
Net Cash From Continuing Operating Activities	3.17	-43	-39	-17	65	124	254	380	603
Net Income / (Loss) Continuing Operations	-11	-87	-106	-119	-260	-193	-184	-79	-102
Consolidated Net Income / (Loss)	-11	-87	-106	-119	-260	-193	-184	-79	-102
Depreciation Expense	12	19	29	49	67	102	136	128	190
Amortization Expense	4.29	6.49	9.02	41	84	50	21	40	79
Non-Cash Adjustments To Reconcile Net Income	-0.26	32	40	78	159	242	380	392	528
Changes in Operating Assets and Liabilities, net	-2.29	-13	-12	-66	15	-77	-99	-101	-92
Net Cash From Investing Activities	9.54	-121	-418	-515	-709	-236	-186	-330	-1,807
Net Cash From Continuing Investing Activities	9.54	-121	-418	-515	-709	-236	-186	-330	-1,807
Purchase of Property, Plant & Equipment	-19	-25	-43	-56	-93	-144	-114	-185	-316
Acquisitions	-4.19	-9.37	-14	-33	-20	-108	-27	-66	-78
Purchase of Investments	-47	-145	-537	-1,267	-1,589	-1,133	-1,878	-1,572	-3,537
Sale and/or Maturity of Investments	80	59	177	840	993	1,149	1,832	1,493	2,122
Other Investing Activities, net	0.03	0.06	0.04	0.40	0.05	0.04	0.07	0.04	1.83
Net Cash From Financing Activities	-0.15	169	571	505	847	6.35	-192	13	2,004
Net Cash From Continuing Financing Activities	-0.15	169	571	505	847	6.35	-192	13	2,004
Repayment of Debt	-5.10	0.00	-0.26	-13	-390	-17	-208	-2.15	-29
Repurchase of Common Equity	-0.02	0.00	-5.55	-0.16	-0.19	-0.00	-0.03	0.00	0.00
Issuance of Debt	-	0.36	0.00	575	1,294	-	0.00	0.00	2,000
Issuance of Common Equity	0.00	0.07	571	11	15	15	19	20	25
Other Financing Activities, net	4.96	19	6.03	-68	-71	7.63	-3.59	-4.86	7.30
Cash Interest Paid	0.81	0.79	0.79	2.19	3.63	1.24	0.67	0.08	0.03
Cash Income Taxes Paid	0.83	1.30	1.04	0.70	1.55	2.22	4.45	5.00	7.77

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-67	-6.42	171	-102	26	-32	57	1,314	-466	-105	-9.94
Net Cash From Operating Activities	68	85	74	75	105	127	146	100	167	190	158
Net Cash From Continuing Operating Activities	68	85	74	75	105	127	146	100	167	190	158
Net Income / (Loss) Continuing Operations	-24	-28	-36	-15	-15	-13	-38	-50	-1.29	-12	-23
Consolidated Net Income / (Loss)	-24	-28	-36	-15	-15	-13	-38	-50	-1.29	-12	-23
Depreciation Expense	34	36	30	30	32	36	42	45	49	53	58
Amortization Expense	4.82	4.21	6.38	8.56	11	14	18	20	19	22	26
Non-Cash Adjustments To Reconcile Net Income	85	91	84	97	103	108	114	137	131	147	135
Changes in Operating Assets and Liabilities, net	-33	-18	-12	-46	-25	-18	10	-52	-31	-19	-38
Net Cash From Investing Activities	-100	-102	97	-184	-76	-167	-92	-793	-630	-292	-159
Net Cash From Continuing Investing Activities	-100	-102	97	-184	-76	-167	-92	-793	-630	-292	-159
Purchase of Property, Plant & Equipment	-27	-31	-32	-30	-50	-73	-86	-60	-85	-85	-65
Acquisitions	-5.93	-9.99	-5.92	-21	-10	-29	-12	-8.23	-7.51	-50	-18
Purchase of Investments	-498	-584	-299	-492	-397	-385	-404	-1,127	-1,056	-951	-769
Sale and/or Maturity of Investments	431	524	434	358	381	320	409	402	518	793	693
Other Investing Activities, net	0.01	0.01	0.01	0.00	0.01	0.01	0.24	0.14	0.30	1.15	0.55
Net Cash From Financing Activities	-35	9.79	0.02	7.14	-2.41	8.03	3.52	2,008	-3.57	-3.83	-9.47
Net Cash From Continuing Financing Activities	-35	9.79	0.02	7.14	-2.41	8.03	3.52	2,008	-3.57	-3.83	-9.47
Other Financing Activities, net	0.79	1.16	0.02	-1.16	-2.41	-1.31	3.52	22	-2.45	-16	-9.47
Cash Interest Paid	0.07	0.00	0.01	0.06	0.01	0.01	0.00	0.01	0.02	0.01	0.03
Cash Income Taxes Paid	1.45	0.45	0.90	1.84	1.28	0.97	1.03	2.47	2.34	1.93	2.34

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	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	298	831	1,381	2,372	2,588	2,760	3,301	6,036
Total Current Assets	197	690	1,130	1,956	1,888	1,983	2,269	4,645
Cash & Equivalents	25	139	109	314	204	87	148	944
Restricted Cash	-	0.00	2.59	2.96	11	2.52	4.27	9.36
Short-Term Investments	136	498	923	1,508	1,446	1,587	1,708	3,158
Accounts Receivable	25	34	63	96	149	248	317	382
Prepaid Expenses	9.37	17	28	29	71	48	75	128
Other Current Assets	1.55	2.06	3.54	6.08	8.29	11	17	24
Plant, Property, & Equipment, net	73	101	124	184	287	323	467	619
Total Noncurrent Assets	28	39	127	232	413	454	565	773
Goodwill	4.08	4.08	17	24	148	148	181	227
Intangible Assets	0.16	0.03	2.80	1.25	32	20	22	42
Other Noncurrent Operating Assets	24	35	107	208	233	286	362	504
Total Liabilities & Shareholders' Equity	298	831	1,381	2,372	2,588	2,760	3,301	6,036
Total Liabilities	80	105	564	1,556	1,964	1,997	2,255	4,577
Total Current Liabilities	61	84	141	289	398	567	794	2,351
Short-Term Debt	0.26	-	-	12	-	-	0.00	1,291
Accounts Payable	14	11	14	26	36	54	106	84
Accrued Expenses	16	28	20	38	68	64	82	109
Current Deferred Revenue	17	31	55	117	219	348	478	684
Current Employee Benefit Liabilities	14	13	34	71	42	64	81	111
Other Current Liabilities	-	0.00	18	25	33	38	48	71
Total Noncurrent Liabilities	19	21	422	1,268	1,566	1,430	1,461	2,227
Long-Term Debt	-	0.00	383	1,147	1,436	1,283	1,287	1,974
Noncurrent Deferred Revenue	0.22	0.80	1.89	4.68	12	17	22	41
Other Noncurrent Operating Liabilities	8.32	9.80	37	116	118	129	152	211
Commitments & Contingencies	0.00	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	1,459
Total Preferred & Common Equity	-114	726	817	811	624	763	1,046	1,459
Total Common Equity	-114	726	817	811	624	763	1,046	1,459
Common Stock	82	1,027	1,237	1,495	1,476	1,785	2,153	2,652
Retained Earnings	-196	-302	-421	-681	-840	-1,024	-1,103	-1,205
Accumulated Other Comprehensive Income / (Loss)	-0.06	0.06	0.16	-2.65	-12	1.98	-4.25	12

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	Q3 2025	Q1 2026
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	9/30/2025	3/31/2026
Total Assets	2,491	2,668	2,533	2,590	2,802	2,917	3,063	3,721	5,562	5,786	6,164
Total Current Assets	1,816	1,954	1,818	1,858	2,016	2,093	2,164	2,624	4,406	4,537	4,716
Cash & Equivalents	138	256	159	94	254	157	183	204	1,519	1,053	932
Restricted Cash	11	11	2.80	1.61	5.54	1.00	1.00	4.37	4.37	4.37	11
Short-Term Investments	1,498	1,459	1,425	1,480	1,462	1,600	1,641	1,710	2,441	2,991	3,232
Accounts Receivable	127	180	178	199	213	250	253	286	308	352	380
Prepaid Expenses	35	41	44	71	70	71	73	403	113	114	137
Other Current Assets	7.21	8.02	8.67	12	12	13	13	16	21	23	24
Plant, Property, & Equipment, net	264	298	293	310	329	339	397	514	547	588	631
Total Noncurrent Assets	411	415	422	422	456	485	502	583	609	661	817
Goodwill	149	148	148	148	148	156	157	181	181	181	233
Intangible Assets	37	28	23	18	14	22	19	24	22	18	38
Other Noncurrent Operating Assets	224	239	251	256	294	307	326	378	406	462	545
Total Liabilities & Shareholders' Equity	2,491	2,668	2,533	2,590	2,802	2,917	3,063	3,721	5,562	5,786	6,164
Total Liabilities	1,897	2,015	1,891	1,891	2,004	2,035	2,090	2,295	4,323	4,439	4,637
Total Current Liabilities	339	445	473	478	574	596	642	821	858	2,223	2,411
Short-Term Debt	0.00	-	35	-	-	-	-	-	-	1,290	1,292
Accounts Payable	39	55	32	41	48	60	74	94	96	86	59
Accrued Expenses	55	69	55	56	68	67	69	90	80	93	126
Current Deferred Revenue	171	239	268	294	356	371	390	508	547	599	755
Current Employee Benefit Liabilities	45	47	47	52	62	58	66	76	78	90	103
Other Current Liabilities	29	35	35	35	39	41	43	53	57	65	75
Total Noncurrent Liabilities	1,557	1,570	1,418	1,413	1,430	1,439	1,448	1,474	3,465	2,216	2,227
Long-Term Debt	1,435	1,437	1,281	1,282	1,284	1,285	1,286	1,288	3,261	1,973	1,976
Noncurrent Deferred Revenue	8.69	13	19	17	18	24	22	28	36	46	40
Other Noncurrent Operating Liabilities	114	120	118	113	128	130	140	159	169	198	211
Commitments & Contingencies	0.00	0.00	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	1,347	1,527
Total Preferred & Common Equity	594	653	642	699	797	882	973	1,426	1,240	1,347	1,527
Total Common Equity	594	653	642	699	797	882	973	1,426	1,240	1,347	1,527
Common Stock	1,405	1,537	1,621	1,699	1,858	1,957	2,047	2,563	2,415	2,526	2,760
Retained Earnings	-794	-878	-972	-996	-1,059	-1,074	-1,090	-1,141	-1,192	-1,193	-1,228
Accumulated Other Comprehensive Income / (Loss)	-17	-6.14	-6.31	-4.15	-0.90	-1.32	16	3.65	17	14	-5.78

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

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	85.62%	48.97%	50.18%	52.28%	48.57%	32.97%	28.76%	29.85%
EBITDA Growth	0.00%	-1,997.87%	-15.09%	76.56%	231.97%	-322.47%	33.20%	143.95%	272.73%
EBIT Growth	0.00%	-1,609.46%	-51.50%	2.55%	-20.53%	-56.16%	5.37%	19.36%	-40.53%
NOPAT Growth	0.00%	-1,545.10%	-54.06%	1.09%	-19.59%	-57.58%	7.81%	16.56%	-33.89%
Net Income Growth	0.00%	-1,421.96%	-42.83%	-12.80%	-118.07%	25.71%	4.88%	57.16%	-29.78%
EPS Growth	0.00%	-1,342.86%	66.67%	44.44%	-107.50%	28.92%	6.78%	58.18%	-26.09%
Operating Cash Flow Growth	0.00%	-2,933.25%	20.17%	55.99%	477.42%	91.18%	105.84%	49.54%	58.54%
Free Cash Flow Firm Growth	0.00%	0.00%	32.31%	-31.80%	47.59%	-428.85%	74.31%	-110.85%	-35.03%
Invested Capital Growth	0.00%	0.00%	92.07%	66.55%	-9.39%	166.46%	-7.39%	27.88%	29.70%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	10.79%	11.49%	9.07%	7.26%	6.20%	7.68%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	59.58%	-7.07%	-47.87%	19.28%	257.56%	13.21%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	5.10%	-15.11%	-5.69%	3.73%	8.13%	-9.20%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	4.65%	-14.66%	-5.03%	4.07%	4.98%	-7.53%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-5.17%	-20.05%	14.04%	8.94%	16.01%	0.75%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-73.91%	-18.57%	15.71%	8.33%	11.54%	6.45%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	17.35%	-1.42%	324.81%	43.57%	2.96%	12.37%	11.69%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	34.41%	-16.91%	36.91%	-48.05%	-8.83%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	12.24%	-17.64%	4.61%	-8.77%	8.92%	9.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	157.32%	154.81%	77.90%	76.56%	77.59%	76.15%	76.33%	77.32%	74.51%
EBITDA Margin	10.16%	-63.94%	-49.40%	-3.85%	3.34%	-5.00%	-2.51%	0.86%	2.46%
Operating Margin	-14.42%	-88.13%	-75.22%	-24.77%	-19.45%	-20.63%	-14.30%	-9.27%	-9.56%
EBIT Margin	-14.25%	-90.30%	-76.22%	-24.73%	-19.57%	-20.57%	-14.64%	-9.17%	-9.92%
Profit (Net Income) Margin	-15.93%	-90.48%	-73.74%	-27.69%	-39.66%	-19.83%	-14.19%	-4.72%	-4.72%
Tax Burden Percent	221.27%	202.50%	202.13%	95.52%	104.97%	101.39%	103.42%	111.19%	110.31%
Interest Burden Percent	202.08%	98.96%	191.45%	117.24%	193.01%	95.07%	93.68%	46.29%	43.09%
Effective Tax Rate	0.00%	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%	-26.68%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-137.66%	-164.92%	-49.44%	-30.70%	-39.44%	-16.20%	-31.80%	-32.71%
Return on Net Nonoperating Assets (RNNOA)	0.00%	94.68%	184.44%	40.95%	24.77%	24.38%	7.21%	16.98%	18.52%
Return on Equity (ROE)	0.00%	-79.96%	-44.85%	-15.47%	-31.89%	-26.86%	-26.52%	-8.71%	-8.16%
Cash Return on Invested Capital (CROIC)	0.00%	-374.65%	-255.35%	-106.36%	-46.81%	-142.09%	-26.06%	-50.15%	-52.54%
Operating Return on Assets (OROA)	0.00%	-58.31%	-38.75%	-9.64%	-6.85%	-8.09%	-7.10%	-5.05%	-4.61%
Return on Assets (ROA)	0.00%	-29.21%	-37.49%	-10.80%	-13.87%	-7.80%	-6.88%	-2.60%	-2.19%
Return on Common Equity (ROCE)	0.00%	41.63%	-29.10%	-15.47%	-31.80%	-26.78%	-26.52%	-8.71%	-8.16%
Return on Equity Simple (ROE_SIMPLE)	0.00%	76.79%	-29.16%	-14.61%	-32.08%	-30.99%	-24.11%	-7.53%	0.00%
Net Operating Profit after Tax (NOPAT)	-6.81	-59	-76	-75	-89	-141	-130	-108	-145
NOPAT Margin	-10.10%	-61.69%	-52.65%	-17.34%	-13.62%	-14.44%	-10.01%	-6.49%	-6.69%
Net Nonoperating Expense Percent (NNEP)	0.00%	-36.99%	-6.97%	-6.99%	-25.95%	-11.81%	-17.53%	6.12%	6.03%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-6.84%	-6.34%	-4.64%	-3.07%
Cost of Revenue to Revenue	42.68%	45.19%	44.19%	23.44%	22.41%	23.85%	23.68%	22.68%	25.49%
SG&A Expenses to Revenue	30.10%	88.42%	56.84%	21.29%	18.21%	18.43%	16.81%	16.68%	17.96%
R&D to Revenue	49.88%	56.53%	63.18%	29.50%	28.85%	30.59%	27.62%	25.24%	23.64%
Operating Expenses to Revenue	171.75%	242.93%	231.02%	101.33%	97.04%	96.78%	90.63%	86.59%	84.07%
Earnings before Interest and Taxes (EBIT)	-9.62	-87	-109	-107	-128	-201	-190	-153	-215
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.85	-62	-71	-17	22	-49	-33	14	53
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	10.51	28.58	52.15	23.81	36.64	35.32	47.33
Price to Tangible Book Value (P/TBV)	0.00	0.00	10.57	29.30	53.79	33.50	46.95	43.82	57.99
Price to Revenue (P/Rev)	3.89	5.45	17.84	54.17	64.45	15.23	21.56	22.13	31.85
Price to Earnings (P/E)	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%
Earnings Yield	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)	0.00	10.38	66.28	137.14	277.67	36.61	74.47	76.86	111.11
Enterprise Value to Revenue (EV/Rev)	0.00	3.67	22.18	52.66	63.45	15.00	21.26	21.79	31.46
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	1,899.40	0.00	0.00	2,540.48	1,277.89
Enterprise Value to EBIT (EV/EBIT)	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
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	644.23	118.39	108.34	95.63	113.10
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
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.10	0.03	0.47	1.42	2.30	1.68	1.23	2.24
Long-Term Debt to Equity	0.00	0.10	0.03	0.47	1.41	2.30	1.68	1.23	1.35
Financial Leverage	0.00	-0.69	-0.82	-0.83	-0.81	-0.62	-0.45	-0.53	-0.57
Leverage Ratio	0.00	2.74	2.39	1.43	2.30	3.45	3.86	3.35	3.73
Compound Leverage Factor	0.00	2.71	2.29	1.68	4.44	3.28	3.61	1.55	1.61
Debt to Total Capital	0.00%	9.36%	2.85%	31.93%	58.69%	69.71%	62.71%	55.17%	69.12%
Short-Term Debt to Total Capital	0.00%	0.22%	0.00%	0.00%	0.61%	0.00%	0.00%	0.00%	27.33%
Long-Term Debt to Total Capital	0.00%	9.13%	2.85%	31.93%	58.08%	69.71%	62.71%	55.17%	41.78%
Preferred Equity to Total Capital	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%	289.90%	0.00%	0.00%	0.22%	0.00%	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%	30.88%
Debt to EBITDA	0.00	-0.35	-0.15	-23.07	52.86	-29.44	-39.39	89.89	61.17
Net Debt to EBITDA	0.00	4.87	17.67	39.21	-30.36	4.60	12.06	-40.00	-15.83
Long-Term Debt to EBITDA	0.00	-0.34	-0.15	-23.07	52.30	-29.44	-39.39	89.89	36.98
Debt to NOPAT	0.00	-0.18	-0.24	-5.13	-12.97	-10.20	-9.88	-11.88	-22.51
Net Debt to NOPAT	0.00	5.05	16.58	8.72	7.45	1.59	3.03	5.29	5.83
Long-Term Debt to NOPAT	0.00	-0.30	-0.24	-5.13	-12.83	-10.20	-9.88	-11.88	-13.61
Altman Z-Score	0.00	6.46	44.15	25.35	16.85	4.90	8.74	10.25	9.47
Noncontrolling Interest Sharing Ratio	0.00%	152.06%	70.25%	0.00%	0.27%	0.31%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	6.41	8.22	7.99	6.78	4.75	3.50	2.86	1.98
Quick Ratio	0.00	6.05	15.99	7.75	6.64	4.52	3.39	2.74	1.91
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-127	-107	-141	-74	-391	-100	-212	-286
Operating Cash Flow to CapEx	33.28%	-339.91%	-179.80%	-30.38%	69.52%	86.07%	222.39%	205.60%	191.09%
Free Cash Flow to Firm to Interest Expense	0.00	-257.03	-192.25	-5.64	-0.61	-78.35	-1.79	-40.71	-32.58
Operating Cash Flow to Interest Expense	7.35	-87.26	-69.99	-0.69	0.53	24.80	4.53	73.22	68.80
Operating Cash Flow Less CapEx to Interest Expense	-36.81	-138.60	-147.85	-2.94	-0.23	-4.02	2.49	37.60	32.80
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.65	1.02	0.39	0.35	0.39	0.49	0.55	0.46
Accounts Receivable Turnover	0.00	15.32	19.45	8.85	8.25	7.99	6.54	5.91	6.20
Inventory Turnover	0.00	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	3.99
Accounts Payable Turnover	0.00	6.10	9.85	7.79	7.25	7.54	6.87	4.75	5.82
Days Sales Outstanding (DSO)	0.00	95.31	37.53	41.22	44.22	45.68	55.85	61.76	58.86
Days Inventory Outstanding (DIO)	0.00	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	62.73
Cash Conversion Cycle (CCC)	0.00	-144.21	-73.12	-5.64	-6.11	-2.73	2.74	-15.12	-3.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	68	99	166	150	400	370	473	614
Invested Capital Turnover	0.00	11.32	6.86	3.25	4.16	3.55	3.37	3.96	3.99
Increase / (Decrease) in Invested Capital	0.00	68	31	66	-16	250	-30	103	141
Enterprise Value (EV)	0.00	1,413	6,376	22,700	41,648	14,633	27,563	36,382	68,213
Market Capitalization	525	1,050	7,629	23,352	42,310	14,857	27,956	36,955	69,058
Book Value per Share	$0.00	($1.40)	$2.42	$2.66	$2.52	$1.90	$2.27	$3.05	$4.17
Tangible Book Value per Share	$0.00	($1.45)	$2.40	$2.59	$2.44	$1.35	$1.77	$2.46	$3.40
Total Capital	0.00	229	736	1,200	1,975	2,060	2,046	2,334	4,725
Total Debt	0.00	11	11	383	1,159	1,436	1,283	1,287	3,265
Total Long-Term Debt	0.00	10	11	383	1,147	1,436	1,283	1,287	1,974
Net Debt	0.00	-150	-626	-651	-666	-224	-393	-573	-845
Capital Expenditures (CapEx)	19	25	43	56	93	144	114	185	316
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-25	-31	-46	-145	-170	-260	-385	-525
Debt-free Net Working Capital (DFNWC)	0.00	136	606	989	1,679	1,490	1,416	1,475	3,586
Net Working Capital (NWC)	0.00	135	606	989	1,667	1,490	1,416	1,475	2,294
Net Nonoperating Expense (NNE)	3.94	28	30	45	171	53	54	-30	-43
Net Nonoperating Obligations (NNO)	0.00	-150	-626	-651	-666	-224	-393	-573	-845
Total Depreciation and Amortization (D&A)	16	25	38	90	150	152	157	167	269
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%	-24.22%
Debt-free Net Working Capital to Revenue	0.00%	140.77%	422.26%	229.34%	255.84%	152.78%	109.20%	88.36%	165.39%
Net Working Capital to Revenue	0.00%	140.50%	422.26%	229.34%	254.00%	152.78%	109.20%	88.36%	105.83%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.14)	($1.08)	($0.72)	($0.40)	($0.83)	($0.59)	($0.55)	($0.23)	($0.29)
Adjusted Weighted Average Basic Shares Outstanding	77.15M	80.98M	302.64M	308.83M	312.32M	326.33M	333.66M	341.41M	348.42M
Adjusted Diluted Earnings per Share	($0.14)	($1.08)	($0.72)	($0.40)	($0.83)	($0.59)	($0.55)	($0.23)	($0.29)
Adjusted Weighted Average Diluted Shares Outstanding	77.15M	80.98M	302.64M	308.83M	312.32M	326.33M	333.66M	341.41M	348.42M
Adjusted Basic & Diluted Earnings per Share	($0.14)	($1.08)	($0.72)	($0.40)	$0.00	$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	351.98M
Normalized Net Operating Profit after Tax (NOPAT)	-6.81	-59	-76	-75	-89	-141	-130	-108	-145
Normalized NOPAT Margin	-10.10%	-61.69%	-52.65%	-17.34%	-13.62%	-14.44%	-10.01%	-6.49%	-6.69%
Pre Tax Income Margin	-14.40%	-89.36%	-72.97%	-28.99%	-37.78%	-19.56%	-13.72%	-4.24%	-4.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-22.31	-175.38	-196.74	-4.27	-1.06	-40.25	-3.38	-29.47	-24.54
NOPAT to Interest Expense	-15.80	-119.82	-135.90	-2.99	-0.74	-28.26	-2.31	-20.85	-16.55
EBIT Less CapEx to Interest Expense	-66.46	-226.73	-274.60	-6.53	-1.82	-69.07	-5.42	-65.08	-60.55
NOPAT Less CapEx to Interest Expense	-59.96	-171.16	-213.76	-5.25	-1.50	-57.07	-4.35	-56.46	-52.55
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	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%	0.00%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	351,980,298.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	351,980,298.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.07
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	32.20%	31.95%	30.47%	29.99%	28.15%	26.89%	26.54%	27.76%	30.68%	33.60%	33.54%
EBITDA Growth	105.32%	63.13%	-76.80%	120.31%	4,760.45%	514.85%	119.15%	-256.99%	260.21%	33.01%	666.69%
EBIT Growth	10.15%	14.08%	-11.01%	40.33%	13.39%	30.15%	-6.16%	-106.72%	-11.54%	-57.73%	-4.04%
NOPAT Growth	14.66%	15.51%	-15.40%	38.23%	21.47%	18.94%	2.39%	-93.86%	221.18%	-41.81%	-16.43%
Net Income Growth	44.68%	39.31%	6.67%	84.04%	34.86%	53.89%	-8.19%	-234.57%	91.59%	6.00%	40.38%
EPS Growth	46.15%	38.46%	16.67%	85.71%	42.86%	37.50%	-10.00%	-275.00%	100.00%	40.00%	36.36%
Operating Cash Flow Growth	59.53%	9.37%	102.06%	16.08%	53.78%	49.00%	98.13%	33.39%	59.58%	49.57%	8.61%
Free Cash Flow Firm Growth	77.98%	99.84%	80.63%	-30.34%	1.36%	-27,657.52%	-1,282.02%	-183.44%	-101.18%	-37.30%	127.91%
Invested Capital Growth	6.19%	-7.39%	-1.10%	10.07%	7.11%	27.88%	120.92%	31.25%	29.35%	29.70%	-22.04%
Revenue Q/Q Growth	8.79%	8.01%	4.45%	5.91%	7.25%	6.94%	4.16%	6.94%	9.70%	9.34%	4.11%
EBITDA Q/Q Growth	100.95%	-2,668.93%	-272.33%	122.36%	127.29%	119.26%	-82.81%	-283.28%	621.52%	-19.04%	-0.93%
EBIT Q/Q Growth	32.24%	-14.92%	-18.90%	35.56%	1.65%	7.31%	-80.70%	-25.49%	46.93%	-31.08%	-19.19%
NOPAT Q/Q Growth	30.19%	-9.22%	-27.37%	36.39%	11.25%	-12.75%	-53.37%	-26.32%	155.48%	-231.94%	-25.92%
Net Income Q/Q Growth	75.09%	-18.40%	-27.55%	57.58%	-1.68%	16.20%	-199.30%	-31.19%	97.44%	-836.20%	-89.84%
EPS Q/Q Growth	75.00%	-14.29%	-25.00%	60.00%	0.00%	-25.00%	-120.00%	-36.36%	100.00%	0.00%	-133.33%
Operating Cash Flow Q/Q Growth	5.66%	25.46%	-13.88%	1.68%	39.98%	21.56%	14.51%	-31.55%	67.46%	13.93%	-16.85%
Free Cash Flow Firm Q/Q Growth	-8.06%	99.10%	-7,341.76%	-80.36%	18.21%	-152.86%	-270.52%	63.01%	41.95%	-72.56%	175.32%
Invested Capital Q/Q Growth	9.32%	-8.77%	-2.78%	13.52%	6.39%	8.92%	67.95%	-32.56%	4.85%	9.21%	0.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	76.74%	77.02%	77.54%	77.80%	77.69%	76.37%	75.88%	74.88%	73.97%	73.64%	71.21%
EBITDA Margin	0.05%	-1.25%	-4.47%	0.94%	2.00%	4.10%	0.68%	-1.16%	5.51%	4.08%	3.89%
Operating Margin	-11.68%	-11.82%	-14.41%	-8.65%	-7.16%	-7.55%	-11.11%	-13.13%	-6.67%	-8.01%	-9.69%
EBIT Margin	-11.65%	-12.40%	-14.11%	-8.59%	-7.87%	-6.82%	-11.84%	-13.89%	-6.72%	-8.06%	-9.22%
Profit (Net Income) Margin	-7.01%	-7.69%	-9.39%	-3.76%	-3.56%	-2.79%	-8.03%	-9.85%	-0.23%	-1.97%	-3.58%
Tax Burden Percent	105.63%	107.96%	106.82%	108.23%	119.57%	118.49%	104.61%	106.68%	-69.73%	114.93%	107.13%
Interest Burden Percent	56.99%	57.44%	62.28%	40.47%	37.87%	34.55%	64.81%	66.44%	-4.90%	21.23%	36.27%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	169.73%	0.00%	0.00%
Return on Invested Capital (ROIC)	-25.10%	-27.87%	-38.61%	-22.96%	-18.75%	-20.92%	-23.85%	-36.61%	18.78%	-22.37%	-22.33%
ROIC Less NNEP Spread (ROIC-NNEP)	-26.65%	-28.55%	-39.34%	-25.44%	-20.25%	-23.29%	-23.63%	-36.04%	22.92%	-25.52%	-24.99%
Return on Net Nonoperating Assets (RNNOA)	10.42%	12.70%	19.70%	12.42%	10.08%	12.43%	11.36%	19.99%	-13.07%	14.45%	13.02%
Return on Equity (ROE)	-14.69%	-15.16%	-18.91%	-10.54%	-8.68%	-8.49%	-12.50%	-16.62%	5.70%	-7.92%	-9.31%
Cash Return on Invested Capital (CROIC)	-40.37%	-26.06%	-36.18%	-40.34%	-34.01%	-50.15%	-93.96%	-54.60%	-52.66%	-52.54%	3.40%
Operating Return on Assets (OROA)	-5.54%	-6.01%	-7.15%	-4.66%	-4.38%	-3.76%	-6.43%	-6.17%	-3.06%	-3.74%	-4.35%
Return on Assets (ROA)	-3.34%	-3.73%	-4.76%	-2.04%	-1.98%	-1.54%	-4.36%	-4.37%	-0.10%	-0.91%	-1.69%
Return on Common Equity (ROCE)	-14.69%	-15.16%	-18.91%	-10.54%	-8.68%	-8.49%	-12.50%	-16.62%	5.70%	-7.92%	-9.31%
Return on Equity Simple (ROE_SIMPLE)	-28.89%	0.00%	-22.76%	-11.57%	-9.64%	0.00%	-5.73%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-27	-30	-38	-24	-22	-24	-37	-47	26	-34	-43
NOPAT Margin	-8.18%	-8.27%	-10.09%	-6.06%	-5.01%	-5.28%	-7.78%	-9.19%	4.65%	-5.61%	-6.78%
Net Nonoperating Expense Percent (NNEP)	1.55%	0.69%	0.73%	2.48%	1.50%	2.37%	-0.22%	-0.57%	-4.14%	3.16%	2.66%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.47%	-	-	-	-1.04%	-1.37%	-1.05%	0.57%	-0.73%	-0.91%
Cost of Revenue to Revenue	23.26%	22.98%	22.46%	22.20%	22.31%	23.63%	24.12%	25.12%	26.03%	26.36%	28.79%
SG&A Expenses to Revenue	16.67%	16.66%	17.51%	17.37%	15.99%	16.05%	18.30%	18.93%	17.06%	17.70%	14.85%
R&D to Revenue	26.99%	26.60%	23.17%	25.57%	25.79%	26.14%	24.02%	26.26%	21.52%	23.09%	23.60%
Operating Expenses to Revenue	88.42%	88.84%	91.95%	86.46%	84.85%	83.92%	86.99%	88.01%	80.63%	81.66%	80.90%
Earnings before Interest and Taxes (EBIT)	-39	-45	-53	-34	-34	-31	-57	-71	-38	-50	-59
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.18	-4.55	-17	3.79	8.60	19	3.24	-5.94	31	25	25
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	30.13	36.64	40.78	31.93	28.40	35.32	27.27	54.75	55.52	47.33	47.57
Price to Tangible Book Value (P/TBV)	39.50	46.95	51.21	39.99	34.70	43.82	31.85	65.48	65.17	57.99	57.87
Price to Revenue (P/Rev)	17.43	21.56	23.47	19.05	17.58	22.13	21.97	36.08	37.14	31.85	31.19
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)	51.21	74.47	89.14	67.74	62.36	76.86	48.12	125.29	131.63	111.11	115.73
Enterprise Value to Revenue (EV/Rev)	17.18	21.26	23.16	18.73	17.24	21.79	21.61	35.70	36.75	31.46	30.80
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	2,540.48	1,109.08	2,712.31	1,569.30	1,277.89	956.36
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)	84.08	108.34	110.01	91.65	80.05	95.63	84.52	140.64	137.03	113.10	116.49
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	2,979.22
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.83	1.68	1.61	1.46	1.32	1.23	0.90	2.63	2.42	2.24	2.14
Long-Term Debt to Equity	1.83	1.68	1.61	1.46	1.32	1.23	0.90	2.63	1.46	1.35	1.29
Financial Leverage	-0.39	-0.45	-0.50	-0.49	-0.50	-0.53	-0.48	-0.55	-0.57	-0.57	-0.52
Leverage Ratio	3.93	3.86	3.77	3.58	3.38	3.35	2.93	4.00	3.81	3.73	3.35
Compound Leverage Factor	2.24	2.21	2.35	1.45	1.28	1.16	1.90	2.66	-0.19	0.79	1.21
Debt to Total Capital	64.71%	62.71%	61.70%	59.32%	56.93%	55.17%	47.47%	72.45%	70.78%	69.12%	68.16%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	27.99%	27.33%	26.95%
Long-Term Debt to Total Capital	64.71%	62.71%	61.70%	59.32%	56.93%	55.17%	47.47%	72.45%	42.79%	41.78%	41.20%
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	35.29%	37.29%	38.30%	40.68%	43.07%	44.83%	52.53%	27.55%	29.22%	30.88%	31.84%
Debt to EBITDA	-31.77	-39.39	-32.16	-73.39	-141.53	89.89	37.35	131.65	69.20	61.17	43.58
Net Debt to EBITDA	7.27	12.06	10.95	27.01	59.25	-40.00	-18.29	-28.41	-16.65	-15.83	-12.09
Long-Term Debt to EBITDA	-31.77	-39.39	-32.16	-73.39	-141.53	89.89	37.35	131.65	41.84	36.98	26.34
Debt to NOPAT	-9.48	-9.88	-9.52	-10.72	-11.28	-11.88	-11.99	-25.04	-24.19	-22.51	-21.62
Net Debt to NOPAT	2.17	3.03	3.24	3.95	4.72	5.29	5.87	5.40	5.82	5.83	6.00
Long-Term Debt to NOPAT	-9.48	-9.88	-9.52	-10.72	-11.28	-11.88	-11.99	-25.04	-14.63	-13.61	-13.07
Altman Z-Score	7.20	8.91	10.25	8.87	8.51	10.38	10.74	10.18	10.62	9.56	9.91
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.89	3.50	3.51	3.51	3.37	2.86	3.20	5.14	2.04	1.98	1.96
Quick Ratio	3.71	3.39	3.36	3.37	3.24	2.74	2.68	4.98	1.98	1.91	1.88
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-51	-0.46	-34	-62	-50	-127	-472	-175	-101	-175	132
Operating Cash Flow to CapEx	249.53%	277.26%	229.53%	252.54%	208.61%	174.03%	169.74%	166.61%	197.45%	223.51%	242.72%
Free Cash Flow to Firm to Interest Expense	-44.91	-0.43	-31.07	-50.61	-35.18	-88.23	-327.36	-114.66	-34.83	-60.63	51.44
Operating Cash Flow to Interest Expense	59.84	79.93	66.89	61.42	73.08	88.10	101.03	65.48	57.39	65.95	61.78
Operating Cash Flow Less CapEx to Interest Expense	35.86	51.10	37.75	37.10	38.05	37.48	41.51	26.18	28.32	36.45	36.32
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.48	0.49	0.51	0.54	0.56	0.55	0.54	0.44	0.46	0.46	0.47
Accounts Receivable Turnover	7.41	6.54	7.05	6.90	6.95	5.91	7.09	6.75	6.66	6.20	6.99
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	4.21	4.26	4.41	4.67	4.45	4.23	4.20	4.24	4.09	3.99	4.07
Accounts Payable Turnover	7.30	6.87	6.28	7.30	6.16	4.75	5.78	5.78	6.24	5.82	8.14
Days Sales Outstanding (DSO)	49.26	55.85	51.77	52.88	52.52	61.76	51.50	54.10	54.82	58.86	52.19
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)	49.97	53.10	58.10	50.01	59.25	76.88	63.15	63.10	58.48	62.73	44.85
Cash Conversion Cycle (CCC)	-0.71	2.74	-6.33	2.87	-6.73	-15.12	-11.65	-9.00	-3.66	-3.87	7.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	406	370	360	408	435	473	795	536	562	614	620
Invested Capital Turnover	3.07	3.37	3.83	3.79	3.74	3.96	3.07	3.98	4.04	3.99	3.29
Increase / (Decrease) in Invested Capital	24	-30	-4.01	37	29	103	435	128	128	141	-175
Enterprise Value (EV)	20,776	27,563	32,075	27,672	27,102	36,382	38,256	67,173	73,996	68,213	71,721
Market Capitalization	21,069	27,956	32,513	28,145	27,640	36,955	38,886	67,877	74,781	69,058	72,628
Book Value per Share	$2.09	$2.27	$2.35	$2.59	$2.85	$3.05	$4.13	$3.58	$3.87	$4.17	$4.34
Tangible Book Value per Share	$1.60	$1.77	$1.88	$2.07	$2.33	$2.46	$3.54	$2.99	$3.29	$3.40	$3.57
Total Capital	1,982	2,046	2,082	2,167	2,259	2,334	2,714	4,500	4,610	4,725	4,795
Total Debt	1,282	1,283	1,284	1,285	1,286	1,287	1,288	3,261	3,263	3,265	3,268
Total Long-Term Debt	1,282	1,283	1,284	1,285	1,286	1,287	1,288	3,261	1,973	1,974	1,976
Net Debt	-294	-393	-437	-473	-539	-573	-631	-704	-785	-845	-907
Capital Expenditures (CapEx)	27	31	32	30	50	73	86	60	85	85	65
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-196	-260	-280	-261	-303	-385	-116	-416	-444	-525	-578
Debt-free Net Working Capital (DFNWC)	1,380	1,416	1,442	1,497	1,522	1,475	1,803	3,548	3,604	3,586	3,597
Net Working Capital (NWC)	1,380	1,416	1,442	1,497	1,522	1,475	1,803	3,548	2,314	2,294	2,305
Net Nonoperating Expense (NNE)	-3.91	-2.12	-2.64	-9.21	-6.22	-11	1.18	3.36	27	-22	-20
Net Nonoperating Obligations (NNO)	-294	-393	-437	-473	-539	-573	-631	-704	-785	-845	-907
Total Depreciation and Amortization (D&A)	39	40	36	38	42	50	60	65	69	75	84
Debt-free, Cash-free Net Working Capital to Revenue	-16.19%	-20.07%	-20.19%	-17.69%	-19.25%	-23.05%	-6.55%	-22.10%	-22.05%	-24.22%	-24.80%
Debt-free Net Working Capital to Revenue	114.17%	109.20%	104.11%	101.31%	96.83%	88.36%	101.87%	188.59%	179.00%	165.39%	154.48%
Net Working Capital to Revenue	114.17%	109.20%	104.11%	101.31%	96.83%	88.36%	101.87%	188.59%	114.91%	105.83%	98.99%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.07)	($0.08)	($0.10)	($0.04)	($0.04)	($0.05)	($0.11)	($0.15)	$0.00	($0.03)	($0.07)
Adjusted Weighted Average Basic Shares Outstanding	334.67M	333.66M	338.58M	340.65M	342.36M	341.41M	345.72M	347.49M	349.31M	348.42M	352.63M
Adjusted Diluted Earnings per Share	($0.07)	($0.08)	($0.10)	($0.04)	($0.04)	($0.05)	($0.11)	($0.15)	$0.00	($0.03)	($0.07)
Adjusted Weighted Average Diluted Shares Outstanding	334.67M	333.66M	338.58M	340.65M	342.36M	341.41M	345.72M	347.49M	349.31M	348.42M	352.63M
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	335.77M	337.66M	339.79M	341.70M	343.19M	345.07M	346.61M	348.48M	350.28M	351.98M	353.47M
Normalized Net Operating Profit after Tax (NOPAT)	-27	-30	-38	-24	-22	-24	-37	-47	-26	-34	-43
Normalized NOPAT Margin	-8.18%	-8.27%	-10.09%	-6.06%	-5.01%	-5.28%	-7.78%	-9.19%	-4.67%	-5.61%	-6.78%
Pre Tax Income Margin	-6.64%	-7.12%	-8.79%	-3.47%	-2.98%	-2.36%	-7.67%	-9.23%	0.33%	-1.71%	-3.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-34.36	-42.03	-48.57	-28.27	-23.63	-21.72	-39.30	-46.70	-12.97	-17.15	-23.02
NOPAT to Interest Expense	-24.12	-28.05	-34.71	-19.94	-15.04	-16.82	-25.83	-30.90	8.97	-11.94	-16.93
EBIT Less CapEx to Interest Expense	-58.34	-70.86	-77.71	-52.59	-58.66	-72.35	-98.82	-86.00	-42.04	-46.66	-48.47
NOPAT Less CapEx to Interest Expense	-48.10	-56.87	-63.86	-44.26	-50.08	-67.44	-85.35	-70.20	-20.10	-41.45	-42.38
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	-0.02%	-0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are the top trends for Cloudflare, Inc. (NYSE: NET) based on the quarterly statements provided, focusing on the last four years of data. The bullets are ordered with positives first, then neutral items, and finally negatives.

Revenue growth in 2025: Total operating revenue rose through 2025, with Q4 2025 at 614,507,000 USD, up from 459,946,000 USD in Q4 2024. The year showed several consecutive quarterly increases (Q1 2025: 479,087,000; Q2: 512,316,000; Q3: 562,027,000), signaling strong top-line momentum.
Maintained high gross margins: Gross profit figures in recent quarters are robust (Q4 2025 gross profit 452,551,000 on 614,507,000 revenue, roughly a 73–76% gross margin band across several quarters), indicating sustained pricing power and efficient core operations.
Consistently positive cash flow from operations in 2025: Net cash from continuing operating activities was 190,411,000 in Q4 2025, 167,123,000 in Q3 2025, 99,796,000 in Q2 2025, and 145,784,000 in Q1 2025, showing solid cash generation from core business each quarter.
Robust liquidity on the balance sheet: Cash & equivalents and near-cash positions remained solid in 2025, with substantial liquidity observed (for example, 1.52B in cash-related line items in Q2 2025 and around 1.05B in Q3 2025), supporting ongoing operating needs and strategic investments.
Investing activity intensity remains high but typical for growth-stage software: 2025 quarterly investing cash flows show meaningful outflows (e.g., net cash from investing activities around -629,518,000 in Q3 2025 and -291,719,000 in Q4 2025), reflecting acquisitions and investment in securities. This is common for a growth-focused tech company and is offset by operating cash flow and financing activities in many periods.
EPS and share count remain modestly negative as a pattern: Quarterly basic and diluted EPS are negative in several periods (e.g., Q4 2025 Basic EPS -0.03; Q3 2025 -0.15; Q2 2025 -0.15; Q1 2025 -0.11 to -0.15), driven by ongoing high operating expenses relative to revenue. Weighted average shares outstanding are in the mid- to high-300 million range, providing context for the earnings per share figures.
Operating expenses remain a meaningful driver of profitability: In Q4 2025, total operating expenses amounted to about 501,785,000 USD (SG&A 108,760,000; Marketing 251,138,000; R&D 141,887,000), contributing to an operating loss of roughly 49,234,000 USD. This pattern aligns with a growth phase where investments in sales, marketing, and R&D are prioritized to drive longer-term scale.
Volatile quarterly pre-tax results around the tax line: Pre-tax income fluctuates quarter to quarter (e.g., Q4 2025 pre-tax income -10,508,000; Q3 2025 +1,850,000), with tax expenses shaping net results differently each quarter. This can create quarterly earnings volatility even amid strong revenue growth.
Debt levels remain substantial: Debt lines show meaningful short-term and long-term borrowings (e.g., Q3 2025 short-term debt ~1.29B; long-term debt ~1.97B), contributing to a sizable liability base relative to cash on hand. The company’s leverage remains a consideration for investors.
Net income notably negative in several recent quarters: Across 2025, net income attributable to common shareholders was negative (Q4 2025: -12,077,000; Q3 2025: -1,290,000; Q2 2025: -50,446,000; Q1 2025: -38,545,000), underscoring ongoing profitability challenges despite revenue growth.
Net operating income often negative in recent quarters: Total operating income was negative in several quarters (e.g., Q4 2025: -49,234,000; Q3 2025: -37,460,000; reflecting elevated operating expenses relative to gross profit in a growth phase).

05/18/26 07:34 PM ETAI Generated. May Contain Errors.

Cloudflare Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cloudflare's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Cloudflare's net income appears to be on an upward trend, with a most recent value of -$102.27 million in 2025, rising from -$10.75 million in 2017. The previous period was -$78.80 million in 2024. Find out what analysts predict for Cloudflare in the coming months.

Cloudflare's total operating income in 2025 was -$207.21 million, based on the following breakdown:

Total Gross Profit: $1.62 billion
Total Operating Expenses: $1.82 billion

Over the last 8 years, Cloudflare's total revenue changed from $134.92 million in 2017 to $2.17 billion in 2025, a change of 1,506.9%.

Cloudflare's total liabilities were at $4.58 billion at the end of 2025, a 103.0% increase from 2024, and a 5,595.5% increase since 2018.

In the past 7 years, Cloudflare's cash and equivalents has ranged from $25.06 million in 2018 to $943.54 million in 2025, and is currently $943.54 million as of their latest financial filing in 2025.

Over the last 8 years, Cloudflare's book value per share changed from 0.00 in 2017 to 4.17 in 2025, a change of 416.6%.

Related Companies

Financial statements for NYSE:NET last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Cloudflare (NET) Financials

Financials Breakdown Chart

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Cloudflare (NET) Financials

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Financials Breakdown Chart

Key Financial Trends

Cloudflare Financials - Frequently Asked Questions

When does Cloudflare's financial year end?

How has Cloudflare's net income changed over the last 8 years?

What is Cloudflare's operating income?

How has Cloudflare's revenue changed over the last 8 years?

How much debt does Cloudflare have?

How much cash does Cloudflare have?

How has Cloudflare's book value per share changed over the last 8 years?

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