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Cloudflare Inc. financials & valuation

Reported statements, fiscal periods and valuation definitions in one place.

Section freshness

Research as of Jun 30, 2026 · Prices as of Sep 28, 4:04 PM EDT · Fundamentals checked Sep 29, 8:34 AM EDT · Statements Jun 30, 2026

Financial statements

Revenue

2.17B

FY2025 · ended Dec 31, 2025

Operating Income

-207.21M

FY2025 · ended Dec 31, 2025

Net Income

-102.27M

FY2025 · ended Dec 31, 2025

Amounts in USD. B = billions · M = millions. Scroll horizontally for earlier periods.

Sources, units & calculation notes

TECHi unified data / SEC Companyfacts. Per-share figures are in USD/share; margins in %, debt/equity in ×. TTM sums four consecutive quarters; balance sheets remain period-end balances. Growth requires comparable positive values. EPS uses the provider’s reported share basis; missing direct quarters are unavailable, and mixed filing split bases are not summed. EPS growth and trend lines require matching documented accounting and split bases. Tab through controls; use arrow keys inside the table.

NET annual income
FY2025Ended Dec 31, 2025Filed Feb 26, 2026Source filing	FY2024Ended Dec 31, 2024Filed Feb 26, 2026Source filing	FY2023Ended Dec 31, 2023Filed Feb 26, 2026Source filing	FY2022Ended Dec 31, 2022Filed Feb 20, 2025Source filing	1Y change	3Y annual growth
2.17B	1.67B	1.3B	975.24M	29.8%	30.5%
-102.27M	-78.8M	-183.95M	-193.38M	—	—
1.62B	1.29B	989.74M	742.63M	25.1%	29.6%
-207.21M	-154.76M	-185.49M	-201.2M	—	—

Earnings quality · Dec 31, 2025

Net income: -102.27M
Free cash flow: 287.5M
Stock-based compensation: 451.45M
FCF / net income: —
Accrual gap / revenue: -32.5%
Cash conversion: Not meaningful with non-positive or missing earnings

Accrual gap = (net income − operating cash flow) / revenue. TECHi descriptive thresholds: strong ≥100%, moderate 75–100%, weak <75%. CapEx timing, working capital and industry structure affect the ratio; it is not an accounting audit.

Download quarterly financial dataset

Changes between reports

Q2 Jun 30, 2026 versus Q1 Mar 31, 2026

Latest quarter compared with the preceding report. Margin changes are in percentage points (pp).

Revenue: 696.06M↑ +8.8%; Previous: 639.76M · USD
Gross margin: 71.76%↑ +0.5 pp; Previous: 71.21%
Operating margin: -29.55%↓ -19.9 pp; Previous: -9.69%
Net margin: -24.42%↓ -20.8 pp; Previous: -3.58%
Cash: 1.66B↑ +78.5%; Previous: 932.23M · USD
Capex: 49.96M↓ -23.4%; Previous: 65.23M · USD
Stock-based compensation: 159.87M↑ +39.9%; Previous: 114.24M · USD

Reported-period comparison. Guidance and risk-factor changes require reading the filings.

Read the filings

Valuation & ratios

Multiples with negative or missing earnings are not meaningful. Annual free cash flow yield uses the latest fiscal year; provider forward multiples may use a different earnings horizon.

Valuation history and definitions

5Y median / percentile: Five-year observations unavailable
Forward EPS vs trailing EPS: —
Forward P/E / expected EPS growth: —

EPS growth proxy compares the available annual estimate (FY2026 period end 2026-12-31) with trailing EPS; it is not a multi-year consensus growth rate. Historical valuation uses dated observations, using price divided by the annual EPS estimate recorded that day. Legacy provider P/E observations with an unknown earnings basis are excluded. Available P/E observations: 2 since 2026-09-28.

Why provider ratios differ · reconciliation

Forward P/E can use next fiscal year, current fiscal year or next-twelve-month earnings; trailing P/E can use GAAP or adjusted earnings and different closing prices. TECHi compares figures with the same earnings basis and reporting period. Different definitions are not averaged together.

Metric	Value / formula	Source and date
Reported forward P/E	—	Not supplied · period unknown · date unknown
Trailing P/E	—	Not supplied · period unknown · date unknown
Trailing EPS	-0.57	Yahoo Finance · period unknown · 2026-09-29T12:34:34.997Z
Price ÷ annual EPS estimate	280.24×	TECHi calculation · FY2026 period end 2026-12-31

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