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Cloudflare, Inc.

NET Clue Score62
United States Fiscal year ends December CIK 0001477333
$360.93 +5.57% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $360.93 +150.18% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 13 Sep 2019. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue134.9Operating income−9.7Net income−10.7Fiscal year 2018Revenue192.7 +42.8%Operating income−84.9Net income−87.2Fiscal year 2019Revenue287.0 +49.0%Operating income−107.9Net income−105.8EPS, diluted−0.72Fiscal year 2020Revenue431.1 +50.2%Operating income−106.8Net income−119.4EPS, diluted−0.40Fiscal year 2021Revenue656.4 +52.3%Operating income−127.7Net income−260.3EPS, diluted−0.83Fiscal year 2022Revenue975.2 +48.6%Operating income−201.2Net income−193.4EPS, diluted−0.59Fiscal year 2023Revenue1,296.7 +33.0%Operating income−185.5Net income−183.9EPS, diluted−0.55Fiscal year 2024Revenue1,669.6 +28.8%Operating income−154.8Net income−78.8EPS, diluted−0.23Fiscal year 2025Revenue2,167.9 +29.8%Operating income−207.2Net income−102.3EPS, diluted−0.29
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 134.9 192.7 287.0 431.1 656.4 975.2 1,296.7 1,669.6 2,167.9
Growth +42.8% +49.0% +50.2% +52.3% +48.6% +33.0% +28.8% +29.8%
Operating income −9.7 −84.9 −107.9 −106.8 −127.7 −201.2 −185.5 −154.8 −207.2
Net income −10.7 −87.2 −105.8 −119.4 −260.3 −193.4 −183.9 −78.8 −102.3
Growth
EPS, diluted n/a n/a −0.72 −0.40 −0.83 −0.59 −0.55 −0.23 −0.29

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin78.7%Operating margin−7.2%Net margin−8.0%Free cash flow margin−11.8%Fiscal year 2018Gross margin77.4%Operating margin−44.1%Net margin−45.2%Free cash flow margin−35.7%Fiscal year 2019Gross margin77.9%Operating margin−37.6%Net margin−36.9%Free cash flow margin−28.6%Fiscal year 2020Gross margin76.6%Operating margin−24.8%Net margin−27.7%Free cash flow margin−17.1%Fiscal year 2021Gross margin77.6%Operating margin−19.5%Net margin−39.7%Free cash flow margin−4.3%Fiscal year 2022Gross margin76.1%Operating margin−20.6%Net margin−19.8%Free cash flow margin−2.1%Fiscal year 2023Gross margin76.3%Operating margin−14.3%Net margin−14.2%Free cash flow margin10.8%Fiscal year 2024Gross margin77.3%Operating margin−9.3%Net margin−4.7%Free cash flow margin11.7%Fiscal year 2025Gross margin74.5%Operating margin−9.6%Net margin−4.7%Free cash flow margin13.3%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 78.7% 77.4% 77.9% 76.6% 77.6% 76.1% 76.3% 77.3% 74.5%
Operating margin −7.2% −44.1% −37.6% −24.8% −19.5% −20.6% −14.3% −9.3% −9.6%
Net margin −8.0% −45.2% −36.9% −27.7% −39.7% −19.8% −14.2% −4.7% −4.7%
Free cash flow margin −11.8% −35.7% −28.6% −17.1% −4.3% −2.1% 10.8% 11.7% 13.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow3.2Capital expenditure−19.0Free cash flow−15.9Buybacks−0.0Fiscal year 2018Operating cash flow−43.3Capital expenditure−25.5Free cash flow−68.7Buybacks−0.1Fiscal year 2019Operating cash flow−38.9Capital expenditure−43.3Free cash flow−82.2Buybacks−0.3Fiscal year 2020Operating cash flow−17.1Capital expenditure−56.4Free cash flow−73.5Buybacks−0.2Fiscal year 2021Operating cash flow64.6Capital expenditure−93.0Free cash flow−28.3Buybacks−0.2Fiscal year 2022Operating cash flow123.6Capital expenditure−143.6Free cash flow−20.0Buybacks−0.0Fiscal year 2023Operating cash flow254.4Capital expenditure−114.4Free cash flow140.0Buybacks−0.0Fiscal year 2024Operating cash flow380.4Capital expenditure−185.0Free cash flow195.4 +39.6%Buybacks0.0Fiscal year 2025Operating cash flow603.1Capital expenditure−315.6Free cash flow287.5 +47.1%Buybacks0.0
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 3.2 −43.3 −38.9 −17.1 64.6 123.6 254.4 380.4 603.1
Capital expenditure −19.0 −25.5 −43.3 −56.4 −93.0 −143.6 −114.4 −185.0 −315.6
Free cash flow −15.9 −68.7 −82.2 −73.5 −28.3 −20.0 140.0 195.4 287.5
Growth +39.6% +47.1%
Buybacks −0.0 −0.1 −0.3 −0.2 −0.2 −0.0 −0.0 0.0 0.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash26.9Shareholders’ equity−59.8Fiscal year 2018Cash25.1Total debt0.3Net cash (debt)24.8Shareholders’ equity−113.5Fiscal year 2019Cash139.0Total debt0.0Net cash (debt)139.0Shareholders’ equity725.8Debt to equity0.00Fiscal year 2020Cash108.9Shareholders’ equity816.9Fiscal year 2021Cash313.8Shareholders’ equity811.4Fiscal year 2022Cash204.2Shareholders’ equity624.0Fiscal year 2023Cash86.9Shareholders’ equity763.0Fiscal year 2024Cash147.7Shareholders’ equity1,046.2Fiscal year 2025Cash943.5Shareholders’ equity1,459.1
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 26.9 25.1 139.0 108.9 313.8 204.2 86.9 147.7 943.5
Total debt n/a 0.3 0.0 n/a n/a n/a n/a n/a n/a
Net cash (debt) n/a 24.8 139.0 n/a n/a n/a n/a n/a n/a
Shareholders’ equity −59.8 −113.5 725.8 816.9 811.4 624.0 763.0 1,046.2 1,459.1
Debt to equity n/a n/a 0.00 n/a n/a n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020† 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
134.9 192.7 287.0 431.1 656.4 975.2 1,296.7 1,669.6 2,167.9
Growth +42.8% +49.0% +50.2% +52.3% +48.6% +33.0% +28.8% +29.8%
28.8 43.5 63.4 101.1 147.1 232.6 307.0 378.7 552.5
106.1 149.1 223.6 330.0 509.3 742.6 989.7 1,290.9 1,615.4
Growth +40.5% +49.9% +47.6% +54.3% +45.8% +33.3% +30.4% +25.1%
33.7 54.5 90.7 127.1 189.4 298.3 358.1 421.4 512.5
20.3 85.2 81.6 91.8 119.5 179.8 218.0 278.5 389.3
−9.7 −84.9 −107.9 −106.8 −127.7 −201.2 −185.5 −154.8 −207.2
Growth
−9.7 −86.1 −104.7 −125.0 −248.0 −190.7 −177.9 −70.9 −92.7
1.0 1.1 1.1 −5.6 12.3 2.6 6.1 7.9 9.6
−10.7 −87.2 −105.8 −119.4 −260.3 −193.4 −183.9 −78.8 −102.3
Growth
Per share
n/a n/a −0.72 −0.40 −0.83 −0.59 −0.55 −0.23 −0.29
n/a n/a −0.72 −0.40 −0.83 −0.59 −0.55 −0.23 −0.29
Growth
n/a n/a 146.3 299.8 312.3 326.3 333.7 341.4 348.4
n/a n/a 146.3 299.8 312.3 326.3 333.7 341.4 348.4
Growth +104.9% +4.2% +4.5% +2.2% +2.3% +2.1%

† The diluted share count jumps at 2020, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 38.1% a year over five years.
  • Operating margin is up 15.2 points on five years ago, at -9.6%.
  • A net loss in 9 of 9 years on file.