NET
$347.28-1.41%
as of close, Sep 30, 2026
☾ AH $347.28 -1.41%
Cloudflare Inc.Stock · TechnologyRussell 1000 0.1%US Stock Market 0.1%Russell 3000 0.1%MSCI ACWI 0.08%MSCI World 0.08%
NET financial statements
The full income statement, balance sheet, and cash-flow statement for Cloudflare Inc. (NET), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 341.7M2024-09 343.2M2024-12 345.1M2025-03 346.6M2025-06 348.5M2025-09 350.3M2025-12 352.0M2026-03 353.5M2026-06 356.1M+4.2% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 2.17B+29.8% | 1.67B+28.8% | 1.30B+33.0% | 975M+48.6% | 656M+52.3% | |
| 1.62B+25.1% | 1.29B+30.4% | 990M+33.3% | 743M+45.8% | 509M+54.3% | ||
| Cost of revenue | 553M+45.9% | 379M+23.4% | 307M+32.0% | 233M+58.1% | 147M+45.6% | |
| 1.82B+26.1% | 1.45B+23.0% | 1.18B+24.5% | 944M+48.2% | 637M+45.8% | ||
| Research & development | 512M+21.6% | 421M+17.7% | 358M+20.1% | 298M+57.5% | 189M+49.0% | |
| Selling, general & administrative | 389M+39.8% | 279M+27.8% | 218M+21.2% | 180M+50.4% | 120M+30.2% | |
| General & administrative | 389M+39.8% | 279M+27.8% | 218M+21.2% | 180M+50.4% | 120M+30.2% | |
| Selling & marketing | 921M+23.5% | 746M+24.5% | 599M+28.6% | 466M+42.0% | 328M+50.6% | |
| Amortization of intangibles | 15.0M+18.1% | 12.7M-36.5% | 20.0M+31.6% | 15.2M+424.1% | 2.90M-6.5% | |
| Provision for credit losses | 15.0M+49.3% | 10.0M-26.4% | 13.6M+182.5% | 4.83M+26.9% | 3.80M+12.9% | |
| Operating income | -207M-33.9% | -155M+16.6% | -185M+7.8% | -201M-57.6% | -128M-19.6% | |
| Interest expense | 8.77M+68.7% | 5.20M-11.5% | 5.87M+17.8% | 4.98M-89.9% | 49.2M+97.2% | |
| Other non-operating income | -7.95M-579.2% | 1.66M+138.0% | -4.37M-857.7% | 577K+172.7% | -794K-564.3% | |
| Pre-tax income | -92.7M-30.8% | -70.9M+60.2% | -178M+6.7% | -191M+23.1% | -248M-98.4% | |
| Income tax | 9.56M+20.6% | 7.93M+30.3% | 6.09M+129.9% | 2.65M-78.5% | 12.3M+320.1% | |
| Net income | -102M-29.8% | -78.8M+57.2% | -184M+4.9% | -193M+25.7% | -260M-118.1% | |
| -$0.29-26.1% | -$0.23+58.2% | -$0.55+6.8% | -$0.59+28.9% | -$0.83-107.5% | ||
| EPS (basic) | -$0.29-26.1% | -$0.23+58.2% | -$0.55+6.8% | -$0.59+28.9% | -$0.83-107.5% | |
| Weighted-avg shares (basic) | 348M+2.1% | 341M+2.3% | 334M+2.2% | 326M+4.5% | 312M+4.2% | |
| Weighted-avg shares (diluted) | 348M+2.1% | 341M+2.3% | 334M+2.2% | 326M+4.5% | 312M+4.2% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 4.64B+104.7% | 2.27B+14.4% | 1.98B+5.0% | 1.89B-3.5% | 1.96B+73.1% | ||
| Cash & equivalents | 944M+538.9% | 148M+70.0% | 86.9M-57.5% | 204M-34.9% | 314M+188.1% | |
| Accounts receivable | 382M+20.8% | 317M+27.6% | 248M+67.1% | 149M+55.5% | 95.5M+50.5% | |
| Prepaid expenses | 128M+69.8% | 75.5M+58.9% | 47.5M-32.7% | 70.6M+139.7% | 29.4M+4.3% | |
| 6.04B+82.9% | 3.30B+19.6% | 2.76B+6.6% | 2.59B+9.1% | 2.37B+71.8% | ||
| Property, plant & equipment | 619M+32.4% | 467M+44.8% | 323M+12.6% | 287M+56.0% | 184M+48.5% | |
| Operating lease right-of-use | 238M+41.1% | 168M+21.5% | 139M+4.7% | 132M+1.6% | 130M+202.0% | |
| Goodwill | 227M+25.1% | 181M+22.3% | 148M+0.0% | 148M+529.2% | 23.5M+37.1% | |
| Intangible assets | 41.8M+91.2% | 21.9M+11.8% | 19.6M-39.8% | 32.5M+2490.4% | 1.25M-55.2% | |
| Other non-current assets | 45.8M+141.5% | 18.9M+49.9% | 12.6M+82.7% | 6.92M+143.8% | 2.84M-78.3% | |
| 2.35B+196.2% | 794M+40.0% | 567M+42.5% | 398M+37.9% | 289M+104.1% | ||
| Accounts payable | 84.1M-20.5% | 106M+96.9% | 53.7M+50.9% | 35.6M+36.5% | 26.1M+80.1% | |
| Deferred revenue | 684M+43.2% | 478M+37.4% | 348M+59.0% | 219M+87.6% | 117M+112.1% | |
| Current lease liability | 70.9M+48.9% | 47.6M+24.2% | 38.4M+15.3% | 33.3M+32.2% | 25.2M+42.1% | |
| 4.58B+103.0% | 2.25B+12.9% | 2.00B+1.7% | 1.96B+26.2% | 1.56B+176.1% | ||
| Deferred revenue (non-current) | 41.1M+86.0% | 22.1M+28.1% | 17.2M+47.0% | 11.7M+150.7% | 4.68M+147.5% | |
| Non-current lease liability | 182M+41.9% | 128M+13.0% | 113M+5.5% | 108M-1.3% | 109M+299.3% | |
| Operating lease liability (total) | 253M+43.8% | 176M+15.8% | 152M+7.8% | 141M+5.0% | 134M+198.1% | |
| Other non-current liabilities | 29.3M+24.2% | 23.6M+52.0% | 15.5M+47.6% | 10.5M+48.0% | 7.11M-27.8% | |
| 1.46B+39.5% | 1.05B+37.1% | 763M+22.3% | 624M-23.1% | 811M-0.7% | ||
| Additional paid-in capital | 2.65B+23.2% | 2.15B+20.6% | 1.78B+21.0% | 1.48B-1.3% | 1.49B+20.8% | |
| Retained earnings | -1.20B-9.3% | -1.10B-7.7% | -1.02B-21.9% | -840M-23.4% | -681M-61.9% | |
| Accumulated other comprehensive income | 12.3M+388.2% | -4.25M-314.4% | 1.98M+116.7% | -11.9M-349.8% | -2.65M-1722.7% | |
| Total liabilities & equity | 6.04B+82.9% | 3.30B+19.6% | 2.76B+6.6% | 2.59B+9.1% | 2.37B+71.8% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 603M+58.5% | 380M+49.5% | 254M+105.8% | 124M+91.2% | 64.6M+477.4% | ||
| Depreciation & amortization | 190M+48.6% | 128M-6.0% | 136M+32.7% | 102M+53.6% | 66.6M+34.9% | |
| Intangible amortization | 15.0M+18.1% | 12.7M-36.5% | 20.0M+31.6% | 15.2M+424.1% | 2.90M-6.5% | |
| Share-based compensation | 451M+33.4% | 338M+23.5% | 274M+35.1% | 203M+125.0% | 90.1M+60.0% | |
| Deferred income taxes | 1.33M-36.9% | 2.11M-6.8% | 2.26M+1717.1% | -140K-101.6% | 8.74M+226.2% | |
| Change in receivables | 80.6M+2.6% | 78.5M-30.7% | 113M+101.7% | 56.2M+56.8% | 35.8M+8.6% | |
| Change in payables | 8.86M-52.4% | 18.6M+58.1% | 11.8M+222.7% | -9.61M-490.1% | 2.46M+45.7% | |
| Other operating activities | -38.0K-105.9% | 643K-22.4% | 829K+31.8% | 629K+23.1% | 511K | |
| -1.81B-447.1% | -330M-77.3% | -186M+21.0% | -236M+66.8% | -709M-37.7% | ||
| Capital expenditure | 316M+70.6% | 185M+61.8% | 114M-20.3% | 144M+54.4% | 93.0M+64.9% | |
| Free cash flow | 287M+47.1% | 195M+39.6% | 140M+799.7% | -20.0M+29.4% | -28.3M+61.4% | |
| Acquisitions | 0.00 | 0.00-100.0% | 6.08M-93.1% | 88.2M+1473.4% | 5.61M-59.8% | |
| Sales/maturities of investments | 2.12B+42.1% | 1.49B-17.6% | 1.81B+57.7% | 1.15B+18.7% | 968M+15.1% | |
| Other investing activities | -1.83M-4710.5% | -38.0K+48.6% | -74.0K-105.6% | -36.0K+32.1% | -53.0K+86.6% | |
| 2.00B+15572.5% | 12.8M+106.7% | -192M-3128.0% | 6.35M-99.3% | 847M+67.8% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 25.4M+28.5% | 19.8M+3.7% | 19.1M+24.8% | 15.3M+2.0% | 15.0M | |
| Common stock repurchased | 0.00 | 0.00-100.0% | 34.0K+1033.3% | 3.00K-98.4% | 189K+20.4% | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net change in cash | 800M+1170.3% | 63.0M+150.8% | -124M-17.2% | -106M-152.1% | 203M+837.8% | |
| Interest paid | 29.0K-61.3% | 75.0K-88.8% | 670K-45.9% | 1.24M-65.9% | 3.63M+65.8% | |
| Income taxes paid | 7.77M+55.5% | 5.00M+12.1% | 4.45M+100.4% | 2.22M+43.8% | 1.55M+120.2% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 69.4B+86.8% | 37.2B+32.9% | 28.0B+88.2% | 14.9B-65.1% | 42.6B+81.6% | |
| P/S | 32.0×+43.8% | 22.3×-3.8% | 23.1×+39.2% | 16.6×-74.4% | 64.9×+19.2% | |
| P/B | 47.6×+33.9% | 35.5×-11.2% | 40.0×+59.8% | 25.0×-52.4% | 52.5×+82.8% | |
| P/FCF | 241.4×+26.9% | 190.2×-16.1% | 226.6× | — | — | |
| FCF yield | 0.41%-21.2% | 0.53%+19.2% | 0.44% | — | — | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: NET’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NET filings on SEC EDGAR → Not investment advice.