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Cloudflare, Inc. Class A

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Key Metrics

Previous Close: $291.88
52-Week Range: $158.83 – $332.22
Market Cap: $99.31B
P/E (TTM): —
EPS (TTM): -0.58
Dividend Yield: —

Advanced Metrics

Price/Book: 64.56
PEG Ratio: 2.38
Return on Equity: -14.43%
Return on Assets: -2.05%
Gross Margin: 72.58%
Operating Margin: -7.90%
Profit Margin: -8.21%
Current Ratio: 1.82
Debt/Equity: 2.18
Total Debt: $3.53B
Free Cash Flow: $691.05M
Revenue Growth: 35.90%
Earnings Growth: —
Enterprise Value: $103.30B

NET Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$975.24M	$1.30B	$1.67B	$2.17B
Cost of Revenue	$232.61M	$307.00M	$378.70M	$552.52M
Gross Profit	$742.63M	$989.74M	$1.29B	$1.62B
Research & Development	$298.30M	$358.14M	$421.37M	$512.49M
Selling, General & Admin	$645.53M	$817.08M	$1.02B	$1.31B
Operating Expenses	$943.83M	$1.18B	$1.45B	$1.82B
Operating Income	-$201.20M	-$185.49M	-$154.76M	-$207.21M
EBITDA	-$83.41M	-$36.17M	$62.05M	$105.80M
Pretax Income	-$190.73M	-$177.86M	-$70.87M	-$92.71M
Income Tax	$2.65M	$6.09M	$7.93M	$9.56M
Net Income	-$193.38M	-$183.95M	-$78.80M	-$102.27M
Diluted EPS	-0.59	-0.55	-0.23	-0.29
Diluted Shares	326.33M	333.66M	341.41M	348.42M

NET Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$204.18M	$86.86M	$147.69M	$943.54M
Receivables	$156.84M	$259.31M	$333.32M	$406.02M
Current Assets	$1.89B	$1.98B	$2.27B	$4.64B
Total Assets	$2.59B	$2.76B	$3.30B	$6.04B
Current Liabilities	$397.87M	$567.08M	$793.65M	$2.35B
Long-Term Debt	$1.44B	$1.28B	$1.29B	$1.97B
Total Debt	$1.58B	$1.44B	$1.46B	$3.52B
Total Liabilities	$1.96B	$2.00B	$2.25B	$4.58B
Retained Earnings	-$839.89M	-$1.02B	-$1.10B	-$1.20B
Shareholders' Equity	$623.96M	$763.05M	$1.05B	$1.46B
Working Capital	$1.49B	$1.42B	$1.48B	$2.29B
Net Debt	$1.23B	$1.20B	$1.14B	$2.32B

NET Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$123.59M	$254.41M	$380.43M	$603.11M
Capital Expenditure	-$163.36M	-$134.94M	-$213.51M	-$342.55M
Free Cash Flow	-$39.77M	$119.46M	$166.91M	$260.56M
Depreciation & Amortisation	$102.33M	$135.82M	$127.72M	$189.74M
Stock-Based Compensation	$202.78M	$273.99M	$338.46M	$451.45M
Investing Cash Flow	-$235.70M	-$186.20M	-$330.22M	-$1.81B
Financing Cash Flow	$6.35M	-$192.19M	$12.79M	$2.00B
Share Repurchases	-$3.00K	-$34.00K	$0.00	$0.00
Net Change in Cash	-$105.75M	-$123.98M	$62.99M	$800.14M

NET Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$479.09M	$512.32M	$562.03M	$614.51M	$639.75M
Cost of Revenue	$115.58M	$128.68M	$146.32M	$161.96M	$184.16M
Gross Profit	$363.51M	$383.64M	$415.71M	$452.55M	$455.60M
Research & Development	$115.09M	$134.56M	$120.96M	$141.89M	$150.97M
Selling, General & Admin	$301.67M	$316.35M	$332.21M	$359.90M	$366.62M
Operating Expenses	$416.76M	$450.90M	$453.17M	$501.79M	$517.59M
Operating Income	-$53.25M	-$67.26M	-$37.46M	-$49.23M	-$61.99M
EBITDA	$6.89M	-$284.00K	$54.23M	$44.97M	$38.98M
Pretax Income	-$36.76M	-$47.29M	$1.85M	-$10.51M	-$21.40M
Income Tax	$1.70M	$3.16M	$3.14M	$1.57M	$1.53M
Net Income	-$38.45M	-$50.45M	-$1.29M	-$12.08M	-$22.93M
Diluted EPS	-0.11	-0.15	0.00	-0.03	-0.07
Diluted Shares	345.72M	347.49M	349.31M	351.09M	352.63M

NET Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$204.46M	$1.52B	$1.05B	$943.54M	$932.23M
Receivables	$302.31M	$328.78M	$374.54M	$406.02M	$403.75M
Current Assets	$2.62B	$4.41B	$4.54B	$4.64B	$4.72B
Total Assets	$3.72B	$5.56B	$5.79B	$6.04B	$6.16B
Current Liabilities	$821.01M	$857.59M	$2.22B	$2.35B	$2.41B
Long-Term Debt	$1.29B	$3.26B	$1.97B	$1.97B	$1.98B
Total Debt	$1.48B	$3.46B	$3.50B	$3.52B	$3.52B
Total Liabilities	$2.30B	$4.32B	$4.44B	$4.58B	$4.64B
Retained Earnings	-$1.14B	-$1.19B	-$1.19B	-$1.20B	-$1.23B
Shareholders' Equity	$1.43B	$1.24B	$1.35B	$1.46B	$1.53B
Working Capital	$1.80B	$3.55B	$2.31B	$2.29B	$2.30B
Net Debt	$1.08B	$1.74B	$2.21B	$2.32B	$2.34B

NET Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$145.78M	$99.80M	$167.12M	$190.41M	$158.33M
Capital Expenditure	-$92.92M	-$66.52M	-$92.15M	-$90.97M	-$74.26M
Free Cash Flow	$52.87M	$33.28M	$74.97M	$99.44M	$84.07M
Depreciation & Amortisation	$42.21M	$45.48M	$49.47M	$52.59M	$57.81M
Stock-Based Compensation	$95.53M	$122.38M	$109.92M	$123.63M	$114.24M
Investing Cash Flow	-$92.44M	-$793.02M	-$629.52M	-$291.72M	-$158.81M
Financing Cash Flow	$3.52M	$2.01B	-$3.57M	-$3.83M	-$9.47M
Net Change in Cash	$56.87M	$1.31B	-$465.96M	-$105.14M	-$9.94M

Market Snapshot

About

Cloudflare is a leading CDN, cybersecurity, and edge computing platform that protects and accelerates millions of websites globally. The company offers DDoS protection, web application firewall, DNS services, and serverless computing through a massive global network of data centers.