Cloudflare (NET) financial statements
Cloudflare reported revenue of $2.2B in fiscal 2025, up 41.5% a year over 8 years.
Net income was -$102M and the operating margin -9.6%, against -7.2% in 2017.
Free cash flow was $287M.
The diluted share count rose 352% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cloudflare's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $135M | $193M | $287M | $431M | $656M | $975M | $1.3B | $1.7B | $2.2B |
| Cost of revenue | $29M | $44M | $63M | $101M | $147M | $233M | $307M | $379M | $553M |
| Gross profit | $106M | $149M | $224M | $330M | $509M | $743M | $990M | $1.3B | $1.6B |
| Research and development | $34M | $54M | $91M | $127M | $189M | $298M | $358M | $421M | $512M |
| Selling, general and admin | $82M | $180M | $241M | $310M | $448M | $646M | $817M | $1.0B | $1.3B |
| Operating income | -$10M | -$85M | -$108M | -$107M | -$128M | -$201M | -$185M | -$155M | -$207M |
| Interest expense | $862,000 | $992,000 | $1M | $25M | $49M | $5M | $6M | $5M | $9M |
| Pre-tax income | -$10M | -$86M | -$105M | -$125M | -$248M | -$191M | -$178M | -$71M | -$93M |
| Income tax | $1M | $1M | $1M | -$6M | $12M | $3M | $6M | $8M | $10M |
| Net income | -$11M | -$87M | -$106M | -$119M | -$260M | -$193M | -$184M | -$79M | -$102M |
| EPS (diluted) | -$0.14 | -$1.08 | -$0.72 | -$0.40 | -$0.83 | -$0.59 | -$0.55 | -$0.23 | -$0.29 |
| Diluted shares | 77M | 81M | 146M | 300M | 312M | 326M | 334M | 341M | 348M |
| 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% |
Balance sheet
Fiscal years, from Cloudflare's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $27M | $161M | $637M | $1.0B | $1.8B | $1.6B | $1.7B | $1.9B | $4.1B |
| Receivables | — | $25M | $34M | $63M | $96M | $149M | $248M | $317M | $382M |
| Total current assets | — | $197M | $690M | $1.1B | $2.0B | $1.9B | $2.0B | $2.3B | $4.6B |
| Property, plant and equipment | — | $73M | $101M | $124M | $184M | $287M | $323M | $467M | $619M |
| Goodwill | — | $4M | $4M | $17M | $24M | $148M | $148M | $181M | $227M |
| Total assets | — | $298M | $831M | $1.4B | $2.4B | $2.6B | $2.8B | $3.3B | $6.0B |
| Total current liabilities | — | $61M | $84M | $141M | $289M | $398M | $567M | $794M | $2.4B |
| Total liabilities | — | $80M | $105M | $564M | $1.6B | $2.0B | $2.0B | $2.3B | $4.6B |
| Shareholders' equity | -$60M | -$114M | $726M | $817M | $811M | $624M | $763M | $1.0B | $1.5B |
| Net debt | -$27M | -$25M | -$139M | -$109M | -$314M | -$204M | -$87M | -$148M | -$944M |
Cash flow
Fiscal years, from Cloudflare's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3M | -$43M | -$39M | -$17M | $65M | $124M | $254M | $380M | $603M |
| Capital spending | $19M | $25M | $43M | $56M | $93M | $144M | $114M | $185M | $316M |
| Free cash flow | -$16M | -$69M | -$82M | -$74M | -$28M | -$20M | $140M | $195M | $287M |
| Stock-based compensation | $3M | $27M | $37M | $56M | $90M | $203M | $274M | $338M | $451M |
| Share buybacks (net) | -$16,000 | -$65,000 | -$283,000 | -$157,000 | -$189,000 | -$3,000 | -$34,000 | $0 | $0 |
| Free cash flow margin | -11.8% | -35.7% | -28.6% | -17.1% | -4.3% | -2.1% | 10.8% | 11.7% | 13.3% |
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Open NET in InvestinglyQuestions
What was Cloudflare's revenue in 2025?
$2.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Cloudflare generate?
$287M in fiscal 2025 (operating cash flow minus capital spending).
From Cloudflare's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.