Cloudflare, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $2.2B | $1.7B | $1.3B | $975.2M | $656.4M |
| Cost of revenue | $552.5M | $378.7M | $307.0M | $232.6M | $147.1M |
| Gross profit | $1.6B | $1.3B | $989.7M | $742.6M | $509.3M |
| Research and development | $512.5M | $421.4M | $358.1M | $298.3M | $189.4M |
| Operating expenses | $1.8B | $1.4B | $1.2B | $943.8M | $637.0M |
| Operating income | -$207.2M | -$154.8M | -$185.5M | -$201.2M | -$127.7M |
| Interest expense | $8.8M | $5.2M | $5.9M | $5.0M | $49.2M |
| Pretax income | -$92.7M | -$70.9M | -$177.9M | -$190.7M | -$248.0M |
| Income tax expense | $9.6M | $7.9M | $6.1M | $2.6M | $12.3M |
| Net income | -$102.3M | -$78.8M | -$183.9M | -$193.4M | -$260.3M |
| Balance Sheet | |||||
| Cash and equivalents | $943.5M | $147.7M | $86.9M | $204.2M | $313.8M |
| Current assets | $4.6B | $2.3B | $2.0B | $1.9B | $2.0B |
| Total assets | $6.0B | $3.3B | $2.8B | $2.6B | $2.4B |
| Current liabilities | $2.4B | $793.7M | $567.1M | $397.9M | $288.6M |
| Total liabilities | $4.6B | $2.3B | $2.0B | $2.0B | $1.6B |
| Stockholders' equity | $1.5B | $1.0B | $763.0M | $624.0M | $811.4M |
| Cash Flow Statement | |||||
| Cash from operations | $603.1M | $380.4M | $254.4M | $123.6M | $64.6M |
| Depreciation and amortization | $189.7M | $127.7M | $135.8M | $102.3M | $66.6M |
| Stock-based compensation | $451.5M | $338.5M | $274.0M | $202.8M | $90.1M |
| Capital expenditure | $315.6M | $185.0M | $114.4M | $143.6M | $93.0M |
| Free cash flow | $287.5M | $195.4M | $140.0M | -$20.0M | -$28.3M |
| Share repurchases | $0 | $0 | $34,000 | $3,000 | $189,000 |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 353.5M · Free float 81.9%
Annual filing data through FY ended December 31, 2025; float as of July 13, 2026.