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NET (Cloudflare, Inc.) Stock Financials & Earnings | Market Cap Arena
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Cloudflare, 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 Margin
74.7%
Op. Margin
-9.4%
Net Margin
-4.7%
FCF Margin
15.0%
P/S Ratio (TTM)
33.7x
P/E Ratio (TTM)
—
YoY Rev Growth
+29.8%
Employees
—
Earnings Reports
▶
Q4 2025
NEW
Browse All Reports
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
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
marketcaparena.com
Valuation
P/S Ratio
P/E Ratio
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
—
marketcaparena.com
Operating Cash Flow
Operating Cash Flow
Free 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
marketcaparena.com
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
$98M
marketcaparena.com
OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q1 23
+36.8%
+35.2%
Q2 23
+31.5%
+22.5%
Q3 23
+32.2%
+25.0%
Q4 23
+32.0%
+24.6%
Q1 24
+30.5%
+28.4%
Q2 24
+30.0%
+19.4%
Q3 24
+28.2%
+22.9%
Q4 24
+26.9%
+21.9%
Q1 25
+26.5%
+22.9%
Q2 25
+27.8%
+33.1%
Q3 25
+30.7%
+30.1%
Q4 25
+33.6%
+33.5%
marketcaparena.com
Stock-Based Compensation
SBC ($)
% of Revenue
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%
marketcaparena.com
OpEx Breakdown
R&D
G&A
S&M
SG&A
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
—
marketcaparena.com
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
marketcaparena.com
Revenue Segments
Reportable Segment
Quarter
Reportable Segment
Q1 25
$479M
Q2 25
$512M
Q3 25
$562M
Q4 25
$615M
marketcaparena.com
Revenue by Geography
Asia Pacific
Emea
Other Geographical Regions
United States
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
marketcaparena.com
War Chest
Cash & Equivalents
Short-Term Investments
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
marketcaparena.com
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%
marketcaparena.com
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
marketcaparena.com