Cloudflare, Inc. NET

Technology SIC 7372 - Services-Prepackaged Software NAICS Information › Publishing Industries › Software Publishers derived NYSE

Cloudflare's mission is to help build a better Internet.

Over the past decade, the technology industry has been undergoing a massive transition from on-premises hardware and software that customers buy, to services in the cloud that they rent. Organizations find themselves at different points in this transition to the cloud. Regardless of where organizations are in their transition, they all face a common set of challenges: they exist in a complex, heterogeneous infrastructure environment which exacerbates the fundamental problems of the Internet more than ever, and the on-premises hardware boxes that they once relied upon to solve these problems were never designed to work in such an environment. As more workloads move to the cloud and workforces become increasingly distributed globally, there is no point in installing additional hardware boxes on premise. An on-premises box will not solve the problems organizations now face. Nor can a business ship a hardware box to a cloud vendor. Even if they wanted to, there is literally no place to install such a box in the cloud.

Last close 325.73 2026-10-23
Market cap $115.42B estimated share count
52-week range 158.83 - 370.35

Valuation FY2025 figures against the last close

P/S53.2x
P/E—
P/FCF401.5x
EV/EBITDA—
Dividend yield—
Diluted EPS-0.29

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Europe, Middle East, and Africa
  • Asia Pacific
  • Other
Revenue by geography, 4 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 1.1B (49.5%) 49% United States Europe, Middle East, and Africa, FY2025: 598.6M (27.6%) 28% Europe, Middle East, and Africa Asia Pacific, FY2025: 329.8M (15.2%) 15% Asia Pacific Other, FY2025: 166.6M (7.7%) 8% Other FY2024 United States, FY2024: 849.5M (50.9%) 51% Europe, Middle East, and Africa, FY2024: 466.5M (27.9%) 28% Asia Pacific, FY2024: 223.2M (13.4%) 13% Other, FY2024: 130.4M (7.8%) 8% FY2023 United States, FY2023: 678.2M (52.3%) 52% Europe, Middle East, and Africa, FY2023: 356.6M (27.5%) 27% Asia Pacific, FY2023: 168.8M (13.0%) 13% Other, FY2023: 93.2M (7.2%) 7%
Region FY2025FY2024FY2023
United States $1.07B $849.5M $678.2M
Europe, Middle East, and Africa $598.6M $466.5M $356.6M
Asia Pacific $329.8M $223.2M $168.8M
Other $166.6M $130.4M $93.2M

As the company reported it, from the “Revenue - Schedule of Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $2.17B$1.67B$1.30B$975.2M$656.4M$431.1M$287.0M$192.7M$134.9M—
Cost of revenue $552.5M$378.7M$307.0M$232.6M$147.1M$101.1M$63.4M$43.5M$28.8M—
Gross profit $1.62B$1.29B$989.7M$742.6M$509.3M$330.0M$223.6M$149.1M$106.1M—
R&D $512.5M$421.4M$358.1M$298.3M$189.4M$127.1M$90.7M$54.5M$33.6M—
SG&A $389.3M$278.5M$218.0M$179.8M$119.5M$91.8M$81.6M$85.2M$20.3M—
Total operating expenses $1.82B$1.45B$1.18B$943.8M$637.0M$436.8M$331.5M$234.0M$115.9M—
Operating income -$207.2M-$154.8M-$185.5M-$201.2M-$127.7M-$106.8M-$107.9M-$84.9M-$9.7M—
Interest expense $8.8M$5.2M$5.9M$5.0M$49.2M$25.0M$1.1M$992.0K$862.0K—
Pre-tax income -$92.7M-$70.9M-$177.9M-$190.7M-$248.0M-$125.0M-$104.7M-$86.1M-$9.7M—
Income tax $9.6M$7.9M$6.1M$2.6M$12.3M$5.6M$1.1M$1.1M$1.0M—
Net income -$102.3M-$78.8M-$183.9M-$193.4M-$260.3M-$119.4M-$105.8M-$87.2M-$10.7M—
EPS, basic -0.29-0.23-0.55-0.59-0.83-0.40-0.72———
EPS, diluted -0.29-0.23-0.55-0.59-0.83-0.40-0.72-1.08-0.14—
Shares, diluted (wtd. avg.) 348.4M341.4M333.7M326.3M312.3M299.8M146.3M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $943.5M$147.7M$91.2M$215.2M$321.0M$118.1M$145.6M$31.4M$26.9M$14.3M
Short-term investments $3.16B$1.71B$1.59B$1.45B$1.51B$923.2M$498.0M$135.6M——
Receivables $382.5M$316.8M$248.3M$148.5M$95.5M$63.5M$33.9M$25.2M——
Total current assets $4.64B$2.27B$1.98B$1.89B$1.96B$1.13B$689.9M$196.7M——
Property, plant and equipment $618.7M$467.4M$322.8M$286.6M$183.7M$123.7M$101.5M$73.2M——
Goodwill $226.6M$181.1M$148.0M$148.0M$23.5M$17.2M$4.1M$4.1M——
Other intangibles $41.8M$21.9M$19.6M$32.5M$1.3M$2.8M$31.0K$156.0K——
Total assets $6.04B$3.30B$2.76B$2.59B$2.37B$1.38B$830.8M$298.4M——
Accounts payable $84.1M$105.8M$53.7M$35.6M$26.1M$14.5M$11.5M$14.3M——
Short-term debt ——————$0$255.0K——
Total current liabilities $2.35B$793.7M$567.1M$397.9M$288.6M$141.4M$83.9M$61.4M——
Total liabilities $4.58B$2.25B$2.00B$1.96B$1.56B$563.7M$105.0M$80.4M——
Retained earnings -$1.20B-$1.10B-$1.02B-$839.9M-$680.8M-$420.5M-$301.7M-$195.9M——
Total equity $1.46B$1.05B$763.0M$624.0M$811.4M$816.9M$725.8M-$113.5M-$59.8M-$53.4M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $603.1M$380.4M$254.4M$123.6M$64.6M-$17.1M-$38.9M-$43.3M$3.2M—
Depreciation and amortisation $189.7M$127.7M$135.8M$102.3M$66.6M$49.4M$29.5M$18.9M$12.2M—
Stock-based compensation $451.5M$338.5M$274.0M$202.8M$90.1M$56.3M$36.6M$27.3M$2.8M—
Capital expenditure $315.6M$185.0M$114.4M$143.6M$93.0M$56.4M$43.3M$25.5M$19.0M—
Investing cash flow -$1.81B-$330.2M-$186.2M-$235.7M-$709.3M-$515.3M-$417.6M-$120.8M$9.5M—
Financing cash flow $2.00B$12.8M-$192.2M$6.3M$847.5M$504.9M$570.8M$168.6M-$149.0K—
Buybacks $0$0$34.0K$3.0K$189.0K$157.0K$283.0K$65.0K$16.0K—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-263809.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B Revenue, FY2017: 134.9M Gross profit, FY2017: 106.1M Net income, FY2017: -10.7M Revenue, FY2018: 192.7M Gross profit, FY2018: 149.1M Net income, FY2018: -87.2M Revenue, FY2019: 287M Gross profit, FY2019: 223.6M Net income, FY2019: -105.8M Revenue, FY2020: 431.1M Gross profit, FY2020: 330M Net income, FY2020: -119.4M Revenue, FY2021: 656.4M Gross profit, FY2021: 509.3M Net income, FY2021: -260.3M Revenue, FY2022: 975.2M Gross profit, FY2022: 742.6M Net income, FY2022: -193.4M Revenue, FY2023: 1.3B Gross profit, FY2023: 989.7M Net income, FY2023: -183.9M Revenue, FY2024: 1.7B Gross profit, FY2024: 1.3B Net income, FY2024: -78.8M Revenue, FY2025: 2.2B Gross profit, FY2025: 1.6B Net income, FY2025: -102.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $134.9M $192.7M $287.0M $431.1M $656.4M $975.2M $1.30B $1.67B $2.17B
Gross profit — $106.1M $149.1M $223.6M $330.0M $509.3M $742.6M $989.7M $1.29B $1.62B
Net income — -$10.7M -$87.2M -$105.8M -$119.4M -$260.3M -$193.4M -$183.9M -$78.8M -$102.3M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Officer or director change Item 5.02
  • Shareholder vote Item 5.07
  • Results announced Item 2.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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