Growth & profitability
- Revenue has grown 38.1% per year over the past 5 years.
- Operating margin has expanded, at -9.6% in the latest year.
Financial health
- Operating income covered interest expense -23.6× in the latest year.
NET Financials Cloudflare
9 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $2.2B | -$102M | 74.5% | -9.6% | $287M | — | $944M |
| 2024 | $1.7B | -$79M | 77.3% | -9.3% | $195M | — | $148M |
| 2023 | $1.3B | -$184M | 76.3% | -14.3% | $140M | — | $87M |
| 2022 | $975M | -$193M | 76.1% | -20.6% | -$20M | — | $204M |
| 2021 | $656M | -$260M | 77.6% | -19.5% | -$28M | — | $314M |
| 2020 | $431M | -$119M | 76.6% | -24.8% | -$74M | — | $109M |
| 2019 | $287M | -$106M | 77.9% | -37.6% | -$82M | — | $139M |
| 2018 | $193M | -$87M | 77.4% | -44.1% | -$69M | — | $25M |
| 2017 | $135M | -$11M | 78.7% | -7.2% | -$16M | — | — |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $640M | -$23M | 71.2% | -9.7% | $93M | — | $932M |
| Dec '25 | $615M | -$12M | 73.6% | -8.0% | $105M | — | $944M |
| Sep '25 | $562M | -$1M | 74.0% | -6.7% | $82M | — | $1.1B |
| Jun '25 | $512M | -$50M | 74.9% | -13.1% | $40M | — | $1.5B |
| Mar '25 | $479M | -$38M | 75.9% | -11.1% | $60M | — | $204M |
| Dec '24 | $460M | -$13M | 76.4% | -7.5% | $54M | — | $148M |
| Sep '24 | $430M | -$15M | 77.7% | -7.2% | $55M | — | $183M |
| Jun '24 | $401M | -$15M | 77.8% | -8.7% | $45M | — | $157M |
| Mar '24 | $379M | -$36M | 77.5% | -14.4% | $42M | — | $254M |
| Dec '23 | $362M | -$28M | 77.0% | -11.8% | $55M | — | $87M |
| Sep '23 | $336M | -$24M | 76.7% | -11.7% | $41M | — | $94M |
| Jun '23 | $308M | -$94M | 75.6% | -18.2% | $26M | — | $159M |
| Mar '23 | $290M | -$38M | 75.7% | -16.3% | $19M | — | $256M |
| Dec '22 | $275M | -$46M | 75.3% | -18.5% | $38M | — | $204M |
| Sep '22 | $254M | -$43M | 75.6% | -18.1% | $792000 | — | $138M |
| Jun '22 | $235M | -$64M | 76.2% | -27.5% | $1M | — | $143M |
| Mar '22 | $212M | -$41M | 77.8% | -18.9% | -$60M | — | $152M |
| Dec '21 | $194M | -$78M | 78.0% | -21.2% | $12M | — | $314M |
| Sep '21 | $172M | -$107M | 78.2% | -15.4% | -$36M | — | $618M |
| Jun '21 | $152M | -$36M | 77.0% | -18.9% | -$6M | — | $248M |
Valuation over time
How the market has priced NET against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-sales ratio has risen from 22.3× (Mar '23) to 36.4× (Jun '26).
P/S
Frequently asked questions
Is NET growing its revenue and profit?
Over the past 5 years, Cloudflare's revenue has grown 38.1% per year. These are computed facts, not advice.
How much debt does NET have?
As of FY2025, Cloudflare reported — of total debt against $944M of cash; operating income covered interest expense -23.6×.
What is NET's profit margin?
In FY2025, gross margin was 74.5%, operating margin -9.6%, and net margin -4.7%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.