NET (Cloudflare, Inc.) Stock Financials & Earnings | Market Cap Arena

NET (Cloudflare, Inc.) Stock Financials & Earnings | Market Cap Arena

NETCloudflare, Inc.

Mkt Cap$73B

Technology·Software - Infrastructure·🇺🇸 United States·NYSE

Revenue (TTM)$2.2B

Net Income (TTM)-$102M

EPS (TTM)-$0.29

Free Cash Flow (TTM)$324M

Gross Margin74.7%

Op. Margin-9.4%

Net Margin-4.7%

FCF Margin15.0%

P/S Ratio (TTM)33.7x

P/E Ratio (TTM)—

YoY Rev Growth+29.8%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$290M	$220M	-$47M
Q2 23	$308M	$233M	-$56M
Q3 23	$336M	$258M	-$39M
Q4 23	$362M	$279M	-$43M
Q1 24	$379M	$294M	-$55M
Q2 24	$401M	$312M	-$35M
Q3 24	$430M	$334M	-$31M
Q4 24	$460M	$351M	-$34M
Q1 25	$479M	$364M	-$53M
Q2 25	$512M	$384M	-$67M
Q3 25	$562M	$416M	-$37M
Q4 25	$615M	$456M	-$45M

Valuation

Quarter	P/S	P/E
Q1 23	69.4x	—
Q2 23	64.8x	—
Q3 23	60.4x	—
Q4 23	56.3x	—
Q1 24	52.7x	—
Q2 24	49.4x	—
Q3 24	46.5x	—
Q4 24	43.8x	—
Q1 25	41.3x	—
Q2 25	38.8x	—
Q3 25	36.3x	—
Q4 25	33.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$36M	$14M
Q2 23	$64M	$20M
Q3 23	$68M	$35M
Q4 23	$85M	$51M
Q1 24	$74M	$36M
Q2 24	$75M	$38M
Q3 24	$105M	$45M
Q4 24	$127M	$48M
Q1 25	$146M	$53M
Q2 25	$100M	$33M
Q3 25	$167M	$82M
Q4 25	$254M	$156M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$23M
Q2 23	$44M
Q3 23	$33M
Q4 23	$35M
Q1 24	$38M
Q2 24	$37M
Q3 24	$59M
Q4 24	$80M
Q1 25	$93M
Q2 25	$67M
Q3 25	$85M
Q4 25	$98M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+36.8%	+35.2%
Q2 23	+31.5%	+22.5%
Q3 23	+32.2%	+25.0%
Q4 23	+32.0%	+24.6%
Q1 24	+30.5%	+28.4%
Q2 24	+30.0%	+19.4%
Q3 24	+28.2%	+22.9%
Q4 24	+26.9%	+21.9%
Q1 25	+26.5%	+22.9%
Q2 25	+27.8%	+33.1%
Q3 25	+30.7%	+30.1%
Q4 25	+33.6%	+33.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$57M	19.8%
Q2 23	$68M	22.2%
Q3 23	$74M	22.0%
Q4 23	$74M	20.5%
Q1 24	$70M	18.4%
Q2 24	$86M	21.4%
Q3 24	$88M	20.5%
Q4 24	$94M	20.5%
Q1 25	$96M	19.9%
Q2 25	$122M	23.9%
Q3 25	$110M	19.6%
Q4 25	$124M	20.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 23	$82M	—	—	$185M
Q2 23	$90M	—	—	$200M
Q3 23	$91M	—	—	$206M
Q4 23	$96M	—	—	$225M
Q1 24	$88M	—	—	$260M
Q2 24	$103M	—	—	$244M
Q3 24	$111M	—	—	$254M
Q4 24	$120M	—	—	$265M
Q1 25	$115M	$88M	$214M	—
Q2 25	$135M	$97M	$219M	—
Q3 25	$121M	$96M	$236M	—
Q4 25	$142M	$109M	$251M	—

Rule of 40

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 23	36.8%	3.5%	40.3
Q2 23	31.5%	-14.0%	17.5
Q3 23	32.2%	3.8%	36.0
Q4 23	32.0%	7.0%	39.0
Q1 24	30.5%	4.0%	34.5
Q2 24	30.0%	8.6%	38.6
Q3 24	28.2%	9.0%	37.1
Q4 24	26.9%	10.4%	37.3
Q1 25	26.5%	1.4%	28.0
Q2 25	27.8%	-0.1%	27.7
Q3 25	30.7%	15.0%	45.7
Q4 25	33.6%	23.9%	57.5

Revenue Segments

Quarter	Reportable Segment
Q1 25	$479M
Q2 25	$512M
Q3 25	$562M
Q4 25	$615M

Revenue by Geography

Quarter	Asia Pacific	Emea	Other Geographical Regions	United States
Q1 23	$39M	$78M	$20M	$153M
Q2 23	$40M	$84M	$22M	$162M
Q3 23	$43M	$93M	$24M	$176M
Q4 23	$46M	$101M	$27M	$188M
Q1 24	$48M	$105M	$29M	$196M
Q2 24	$52M	$111M	$31M	$207M
Q3 24	$59M	$122M	$34M	$215M
Q4 24	$64M	$128M	$36M	$231M
Q1 25	$73M	$134M	$37M	$235M
Q2 25	$75M	$143M	$42M	$252M
Q3 25	$85M	$153M	$41M	$283M
Q4 25	$97M	$168M	$46M	$304M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$256M	$1.5B	$1.7B
Q2 23	$159M	$1.4B	$1.6B
Q3 23	$94M	$1.5B	$1.6B
Q4 23	$87M	$1.6B	$1.7B
Q1 24	$254M	$1.5B	$1.7B
Q2 24	$157M	$1.6B	$1.8B
Q3 24	$183M	$1.6B	$1.8B
Q4 24	$148M	$1.7B	$1.9B
Q1 25	$204M	$1.7B	$1.9B
Q2 25	$1.5B	$2.4B	$4.0B
Q3 25	$1.1B	$3.0B	$4.0B
Q4 25	$944M	$3.2B	$4.1B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	330M	+0.6%
Q2 23	332M	+0.6%
Q3 23	335M	+0.7%
Q4 23	337M	+0.6%
Q1 24	339M	+0.6%
Q2 24	341M	+0.6%
Q3 24	342M	+0.5%
Q4 24	344M	+0.5%
Q1 25	346M	+0.5%
Q2 25	347M	+0.5%
Q3 25	342M	-1.5%
Q4 25	351M	+2.6%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 16	—	—
FY 17	—	—
FY 18	—	—
FY 19	$226K	1K
FY 20	$241K	2K
FY 21	$269K	2K
FY 22	$303K	3K
FY 23	$352K	4K
FY 24	$392K	4K
FY 25	$420K	5K