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.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	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 YoY+29.8%	1.67B YoY+28.8%	1.30B YoY+33.0%	975M YoY+48.6%	656M YoY+52.3%
	1.62B YoY+25.1%	1.29B YoY+30.4%	990M YoY+33.3%	743M YoY+45.8%	509M YoY+54.3%
Cost of revenue	553M YoY+45.9%	379M YoY+23.4%	307M YoY+32.0%	233M YoY+58.1%	147M YoY+45.6%
	1.82B YoY+26.1%	1.45B YoY+23.0%	1.18B YoY+24.5%	944M YoY+48.2%	637M YoY+45.8%
Research & development	512M YoY+21.6%	421M YoY+17.7%	358M YoY+20.1%	298M YoY+57.5%	189M YoY+49.0%
Selling, general & administrative	389M YoY+39.8%	279M YoY+27.8%	218M YoY+21.2%	180M YoY+50.4%	120M YoY+30.2%
General & administrative	389M YoY+39.8%	279M YoY+27.8%	218M YoY+21.2%	180M YoY+50.4%	120M YoY+30.2%
Selling & marketing	921M YoY+23.5%	746M YoY+24.5%	599M YoY+28.6%	466M YoY+42.0%	328M YoY+50.6%
Amortization of intangibles	15.0M YoY+18.1%	12.7M YoY-36.5%	20.0M YoY+31.6%	15.2M YoY+424.1%	2.90M YoY-6.5%
Provision for credit losses	15.0M YoY+49.3%	10.0M YoY-26.4%	13.6M YoY+182.5%	4.83M YoY+26.9%	3.80M YoY+12.9%
Operating income	-207M YoY-33.9%	-155M YoY+16.6%	-185M YoY+7.8%	-201M YoY-57.6%	-128M YoY-19.6%
Interest expense	8.77M YoY+68.7%	5.20M YoY-11.5%	5.87M YoY+17.8%	4.98M YoY-89.9%	49.2M YoY+97.2%
Other non-operating income	-7.95M YoY-579.2%	1.66M YoY+138.0%	-4.37M YoY-857.7%	577K YoY+172.7%	-794K YoY-564.3%
Pre-tax income	-92.7M YoY-30.8%	-70.9M YoY+60.2%	-178M YoY+6.7%	-191M YoY+23.1%	-248M YoY-98.4%
Income tax	9.56M YoY+20.6%	7.93M YoY+30.3%	6.09M YoY+129.9%	2.65M YoY-78.5%	12.3M YoY+320.1%
Net income	-102M YoY-29.8%	-78.8M YoY+57.2%	-184M YoY+4.9%	-193M YoY+25.7%	-260M YoY-118.1%
	-$0.29 YoY-26.1%	-$0.23 YoY+58.2%	-$0.55 YoY+6.8%	-$0.59 YoY+28.9%	-$0.83 YoY-107.5%
EPS (basic)	-$0.29 YoY-26.1%	-$0.23 YoY+58.2%	-$0.55 YoY+6.8%	-$0.59 YoY+28.9%	-$0.83 YoY-107.5%
	348M YoY+2.1%	341M YoY+2.3%	334M YoY+2.2%	326M YoY+4.5%	312M YoY+4.2%
	348M YoY+2.1%	341M YoY+2.3%	334M YoY+2.2%	326M YoY+4.5%	312M YoY+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 YoY+104.7%	2.27B YoY+14.4%	1.98B YoY+5.0%	1.89B YoY-3.5%	1.96B YoY+73.1%
Cash & equivalents	944M YoY+538.9%	148M YoY+70.0%	86.9M YoY-57.5%	204M YoY-34.9%	314M YoY+188.1%
Accounts receivable	382M YoY+20.8%	317M YoY+27.6%	248M YoY+67.1%	149M YoY+55.5%	95.5M YoY+50.5%
Prepaid expenses	128M YoY+69.8%	75.5M YoY+58.9%	47.5M YoY-32.7%	70.6M YoY+139.7%	29.4M YoY+4.3%
	6.04B YoY+82.9%	3.30B YoY+19.6%	2.76B YoY+6.6%	2.59B YoY+9.1%	2.37B YoY+71.8%
Property, plant & equipment	619M YoY+32.4%	467M YoY+44.8%	323M YoY+12.6%	287M YoY+56.0%	184M YoY+48.5%
Operating lease right-of-use	238M YoY+41.1%	168M YoY+21.5%	139M YoY+4.7%	132M YoY+1.6%	130M YoY+202.0%
Goodwill	227M YoY+25.1%	181M YoY+22.3%	148M YoY+0.0%	148M YoY+529.2%	23.5M YoY+37.1%
Intangible assets	41.8M YoY+91.2%	21.9M YoY+11.8%	19.6M YoY-39.8%	32.5M YoY+2490.4%	1.25M YoY-55.2%
Other non-current assets	45.8M YoY+141.5%	18.9M YoY+49.9%	12.6M YoY+82.7%	6.92M YoY+143.8%	2.84M YoY-78.3%
	2.35B YoY+196.2%	794M YoY+40.0%	567M YoY+42.5%	398M YoY+37.9%	289M YoY+104.1%
Accounts payable	84.1M YoY-20.5%	106M YoY+96.9%	53.7M YoY+50.9%	35.6M YoY+36.5%	26.1M YoY+80.1%
Deferred revenue	684M YoY+43.2%	478M YoY+37.4%	348M YoY+59.0%	219M YoY+87.6%	117M YoY+112.1%
Current lease liability	70.9M YoY+48.9%	47.6M YoY+24.2%	38.4M YoY+15.3%	33.3M YoY+32.2%	25.2M YoY+42.1%
	4.58B YoY+103.0%	2.25B YoY+12.9%	2.00B YoY+1.7%	1.96B YoY+26.2%	1.56B YoY+176.1%
Deferred revenue (non-current)	41.1M YoY+86.0%	22.1M YoY+28.1%	17.2M YoY+47.0%	11.7M YoY+150.7%	4.68M YoY+147.5%
Non-current lease liability	182M YoY+41.9%	128M YoY+13.0%	113M YoY+5.5%	108M YoY-1.3%	109M YoY+299.3%
Operating lease liability (total)	253M YoY+43.8%	176M YoY+15.8%	152M YoY+7.8%	141M YoY+5.0%	134M YoY+198.1%
Other non-current liabilities	29.3M YoY+24.2%	23.6M YoY+52.0%	15.5M YoY+47.6%	10.5M YoY+48.0%	7.11M YoY-27.8%
	1.46B YoY+39.5%	1.05B YoY+37.1%	763M YoY+22.3%	624M YoY-23.1%	811M YoY-0.7%
Additional paid-in capital	2.65B YoY+23.2%	2.15B YoY+20.6%	1.78B YoY+21.0%	1.48B YoY-1.3%	1.49B YoY+20.8%
Retained earnings	-1.20B YoY-9.3%	-1.10B YoY-7.7%	-1.02B YoY-21.9%	-840M YoY-23.4%	-681M YoY-61.9%
Accumulated other comprehensive income	12.3M YoY+388.2%	-4.25M YoY-314.4%	1.98M YoY+116.7%	-11.9M YoY-349.8%	-2.65M YoY-1722.7%
Total liabilities & equity	6.04B YoY+82.9%	3.30B YoY+19.6%	2.76B YoY+6.6%	2.59B YoY+9.1%	2.37B YoY+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 YoY+58.5%	380M YoY+49.5%	254M YoY+105.8%	124M YoY+91.2%	64.6M YoY+477.4%
Depreciation & amortization	190M YoY+48.6%	128M YoY-6.0%	136M YoY+32.7%	102M YoY+53.6%	66.6M YoY+34.9%
Intangible amortization	15.0M YoY+18.1%	12.7M YoY-36.5%	20.0M YoY+31.6%	15.2M YoY+424.1%	2.90M YoY-6.5%
Share-based compensation	451M YoY+33.4%	338M YoY+23.5%	274M YoY+35.1%	203M YoY+125.0%	90.1M YoY+60.0%
Deferred income taxes	1.33M YoY-36.9%	2.11M YoY-6.8%	2.26M YoY+1717.1%	-140K YoY-101.6%	8.74M YoY+226.2%
Change in receivables	80.6M YoY+2.6%	78.5M YoY-30.7%	113M YoY+101.7%	56.2M YoY+56.8%	35.8M YoY+8.6%
Change in payables	8.86M YoY-52.4%	18.6M YoY+58.1%	11.8M YoY+222.7%	-9.61M YoY-490.1%	2.46M YoY+45.7%
Other operating activities	-38.0K YoY-105.9%	643K YoY-22.4%	829K YoY+31.8%	629K YoY+23.1%	511K
	-1.81B YoY-447.1%	-330M YoY-77.3%	-186M YoY+21.0%	-236M YoY+66.8%	-709M YoY-37.7%
Capital expenditure	316M YoY+70.6%	185M YoY+61.8%	114M YoY-20.3%	144M YoY+54.4%	93.0M YoY+64.9%
Free cash flow	287M YoY+47.1%	195M YoY+39.6%	140M YoY+799.7%	-20.0M YoY+29.4%	-28.3M YoY+61.4%
Acquisitions	0.00	0.00 YoY-100.0%	6.08M YoY-93.1%	88.2M YoY+1473.4%	5.61M YoY-59.8%
Sales/maturities of investments	2.12B YoY+42.1%	1.49B YoY-17.6%	1.81B YoY+57.7%	1.15B YoY+18.7%	968M YoY+15.1%
Other investing activities	-1.83M YoY-4710.5%	-38.0K YoY+48.6%	-74.0K YoY-105.6%	-36.0K YoY+32.1%	-53.0K YoY+86.6%
	2.00B YoY+15572.5%	12.8M YoY+106.7%	-192M YoY-3128.0%	6.35M YoY-99.3%	847M YoY+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 YoY+28.5%	19.8M YoY+3.7%	19.1M YoY+24.8%	15.3M YoY+2.0%	15.0M
Common stock repurchased	0.00	0.00 YoY-100.0%	34.0K YoY+1033.3%	3.00K YoY-98.4%	189K YoY+20.4%
Dividends paid	0.00	0.00	0.00	0.00	0.00
Net change in cash	800M YoY+1170.3%	63.0M YoY+150.8%	-124M YoY-17.2%	-106M YoY-152.1%	203M YoY+837.8%
Interest paid	29.0K YoY-61.3%	75.0K YoY-88.8%	670K YoY-45.9%	1.24M YoY-65.9%	3.63M YoY+65.8%
Income taxes paid	7.77M YoY+55.5%	5.00M YoY+12.1%	4.45M YoY+100.4%	2.22M YoY+43.8%	1.55M YoY+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	69.7B YoY+88.1%	37.0B YoY+32.9%	27.9B YoY+88.7%	14.8B YoY-65.0%	42.1B YoY+82.9%
P/S	32.1× YoY+44.9%	22.2× YoY-3.7%	23.0× YoY+39.6%	16.5× YoY-74.3%	64.2× YoY+20.1%
P/B	47.8× YoY+34.9%	35.4× YoY-11.1%	39.8× YoY+60.3%	24.9× YoY-52.1%	51.9× YoY+84.1%
P/FCF	242.4× YoY+27.8%	189.6× YoY-16.1%	225.9×	—	—
	0.41% YoY-21.8%	0.53% YoY+19.1%	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.