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Cloudflare, Inc. (NET) stock

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NYSE: NET NYSE Internet Services & Infrastructure Next results ~November 5, 2026

C+ Fundamentals grade

Cloudflare operates a global cloud network that makes Internet-connected applications, websites and APIs more secure, faster and more reliable, replacing on-premises hardware. Its products include a Web Application Firewall, bot management and DDoS mitigation, content delivery and DNS, a secure access service edge (SASE) platform for Zero Trust security, and developer tools such as Cloudflare Workers, R2 storage and Workers AI.

Customers range from individuals to large enterprises. It earns money chiefly from subscriptions: Enterprise contracts sold by its sales teams and channel partners, and pay-as-you-go Pro and Business plans billed monthly or annually. A free tier, run on spare capacity, drives adoption. At the end of 2025 it had around 332,000 paying customers in more than 190 countries, with no single customer providing over 10% of revenue.

Its products fall into four groups: application services, the SASE platform, developer solutions and consumer offerings such as the 1.1.1.1 resolver and WARP VPN. Founded in 2009 and based in San Francisco, it employs 5,156 people, 2,452 outside the United States. Its network reaches more than 330 cities across over 125 countries and interconnects more than 13,000 networks.

Based on Cloudflare, Inc.'s 10-K filed February 26, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Cloudflare, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Cloudflare, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Cloudflare files

Where Cloudflare stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.51bn, up 33.5% on a year earlier, faster than 31.6% a quarter earlier. That growth ranks 4 of 27 among the application software companies we cover. Free-cash-flow margin rose to 13.9% from 11.1% a year earlier. Operating margin narrowed to -14.1% from -9.9%. The diluted share count is up 2.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 3 financial-health checks.

Our model value for Cloudflare is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Cloudflare, Inc.'s trailing-twelve-month revenue grew 33.5% year on year, with a free-cash-flow margin of 12.5%. Where it stands out: revenue growth of 33.5% ranks 5 of 34 internet services & infrastructure companies we cover. Where it lags: days sales outstanding of 61 days ranks 12 of 14 internet services & infrastructure companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 75.7% while net income fell 76.2%: a 152pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 33.5% over the last 12 months, against a median of 10.1% for internet services & infrastructure companies we cover.
  • Net cash. Cash exceeds long-term debt by $1.7bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 6.9% over 90 days.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -14.1%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 4.2 points on a year ago.
  • Heavy stock-based pay. Stock pay equals 20.2% of revenue, against a median of 12.4% for internet services & infrastructure companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 2.0% in a year.
  • High sales multiple. The shares trade at 37 times revenue while operating margins remain thin.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.29 against an average estimate of $0.27: beat by 7.5%
Revenue
$696m, up 35.9% on a year earlier
Share reaction
+2.5% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
total revenue $736m to $737m (third quarter of fiscal 2026); non-GAAP income from operations $129m to $130m (third quarter of fiscal 2026)
Next report
November 5, 2026; average EPS estimate $0.34

Cloudflare's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.5%
  • 1 week-20.1%
  • 1 month-24.0%
  • This year+34.5%
  • 1 year+4.7%
  • 5 years+36.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.5B
Operating margin
-14.1%
Net margin
-8.2%
EPS (TTM, diluted)
$-0.59

Growth

Revenue growth
+33.5%
Change in growth rate
+2.0 pts
Share count change
+2.0%

Cash

Free cash flow (TTM)
$315M
FCF margin
12.5%
Stock pay % of revenue
20.2%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement

    Cloudflare developer base grows to over 10 million

    Cloudflare, Inc. said its developer base reached more than 10 million, up from 7.4 million in the prior quarter. The company attributed the growth to increased use of AI agents, noting that daily requests from such agents grew by more than 1,700% over one year. It also stated that more than half of Internet traffic on its network was non-human this year.

    Company releaseRead source ↗
  2. Announcement

    Cloudflare expands AI workspace partner network

    Cloudflare, Inc. said it has broadened its partner ecosystem for Cloudflare OS, its AI workspace. The company named EPAM, HappyCog, and Towards AI as deployment partners to assist with implementation. New integrations also connect the platform to Asana, Box, Canva, ClickHouse, GitHub, Gong, Notion, and ZoomInfo.

    Company releaseRead source ↗
  3. Results

    Cloudflare sets 5 November for Q3 2026 results

    Cloudflare, Inc. said it will report third quarter 2026 financial results after the U.S. market closes on 5 November 2026. The company will hold an investor conference call at 2:00 p.m. Pacific time to discuss the figures. A live webcast will be available on its investor relations website.

    Company releaseRead source ↗
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Product
  8. Announcement
  9. Announcement
  10. Announcement
  11. Announcement
  12. Product
  13. Announcement
  14. Agreement
  15. Results
  16. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Cloudflare, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Cloudflare, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11%: the 10-year Treasury yield (4.9%) plus a beta of 1.34 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$9.4 ~$6.0–$12 Left out: out of range vs price (0.04x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$26 ~$21–$48 Left out: out of range vs price (0.10x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$23 ~$19–$28 Left out: out of range vs price (0.09x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cloudflare, Inc. with Internet Services & Infrastructure in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025Now
Share price$17.06$75.99$131.50$45.21$83.26$107.68$197.15$265.17
Market value$5.0bn$22.8bn$41.1bn$14.8bn$27.8bn$36.8bn$68.7bn$93.3bn
+ Net debt (− = net cash)−$139m$274m$845m$1.2bn$1.2bn$1.1bn$2.3bn$1.6bn
Enterprise value$4.9bn$23.1bn$41.9bn$16.0bn$29.0bn$37.9bn$71.0bn$94.9bn
Multiples
Price / sales 17.4x52.8x62.6x15.1x21.4x22.0x31.7x37.1x
Price / earnings ————————
Price / free cash flow ————198.4x188.2xn/mn/m
EV / EBITDA ————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

42 /100

Weak moat

How hard Cloudflare's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Cash operating profit has been a median 6.4% of total assets over 7 years.

  • Pricing power 20 / 20

    Gross margin has been a median 77.0%, moving by 1.5 percentage points (standard deviation) across 8 years.

  • Durability 10 / 20

    Operating margin has been a median -18.9%; its worst year was -38.5%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 4 of 7 years, at a median 5.6% of revenue.

  • Discipline 2 / 20

    The diluted share count rose 15.6% over five years; stock-based pay has been a median 18.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (47 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $739m and EPS of $0.34 (range $0.34 to $0.38) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.26 +36% $2.9bn +33%
Next $1.69 +34% $3.7bn +29%

Next year's EPS estimate has moved +6.9% in 90 days, across 33 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +5.3% on 90 days ago. In the last 30 days, 1 analyst raised Cloudflare, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Cloudflare, Inc., last 90 days
$1.00 $1.20 $1.40 $1.60 $1.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.20 Current fiscal year, 60 days ago: $1.26 Current fiscal year, 30 days ago: $1.26 Current fiscal year, 7 days ago: $1.26 Current fiscal year, Now: $1.26 $1.26 Next fiscal year, 90 days ago: $1.58 Next fiscal year, 60 days ago: $1.67 Next fiscal year, 30 days ago: $1.68 Next fiscal year, 7 days ago: $1.68 Next fiscal year, Now: $1.69 $1.69

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.20$1.58
60 days ago $1.26$1.67
30 days ago $1.26$1.68
7 days ago $1.26$1.68
Now $1.26$1.69

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.27 $0.29 +7.5%
Mar 2026 $0.23 $0.25 +7.0%
Dec 2025 $0.27 $0.28 +3.2%
Sept 2025 $0.23 $0.27 +15.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Total revenue full year fiscal 2026 $2,864m to $2,870m
    “Total revenue of $2,864.0 to $2,870.0 million” source
  • Total revenue third quarter of fiscal 2026 $736m to $737m
    “Total revenue of $736.0 to $737.0 million” source
  • Non-GAAP net income per share full year fiscal 2026 $1.25 to $1.26 Non-GAAP
    “Non-GAAP net income per share of $1.25 to $1.26, utilizing weighted average common shares outstanding of approximately 374 million” source
  • Non-GAAP net income per share third quarter of fiscal 2026 about $0.34 Non-GAAP
    “Non-GAAP net income per share of $0.34, utilizing weighted average common shares outstanding of approximately 374 million” source
  • Non-GAAP income from operations full year fiscal 2026 $443m to $445m Non-GAAP
    “Non-GAAP income from operations of $443.0 to $445.0 million” source
  • Non-GAAP income from operations third quarter of fiscal 2026 $129m to $130m Non-GAAP
    “Non-GAAP income from operations of $129.0 to $130.0 million” source

How earlier guidance turned out

  • Total revenue, second quarter of fiscal 2026 guided $664m to $665m Above range: $696m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

34 analysts, Nov 2026
Buy2368%
Hold926%
Sell26%

Monthly trend

  1. Nov 2026716934
  2. Oct 2026716834
  3. Sep 2026717834

Counts of recommendations published by analysts covering Cloudflare, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.8%
of tradable shares
Days to cover
2.72
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
91%
of shares
Held by insiders
0.6%
of shares
Employees
5,156
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +4.7%

$253.30 on October 31, 2025 to $265.17

ThenNowEffect
Revenue (last 12 months) $1.9bn $2.5bn +33.5%
P/S multiple 46.4x 37.1x −20.0%
Share count 345m 352m −2.0%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years +311.6%

$64.42 on November 3, 2023 to $265.17

ThenNowEffect
Revenue (last 12 months) $1.1bn $2.5bn +122.9%
P/S multiple 18.9x 37.1x +97.0%
Share count 330m 352m −6.2%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NET+73%−66%+84%+29%+83%+35%
Industry peers (median)+12%−81%+44%−17%−12%−30%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NET50%42%58%50%75%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NET−40%−71%−44%−38%−45%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since September 13, 2019: 83% from November 18, 2021 to November 9, 2022. Getting back needed a 474% gain, reached on September 8, 2025, 1034 days after the low.

Price behaviour

52-week range
$160.19 – $360.93
From 52-week high
−26.5%
vs 50-day average
−17.2%
vs 200-day average
+6.7%
Volatility (1 year)
65%
Beta vs S&P 500
1.67

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±11.2%
After a week
7 up, 5 down
typical move ±12.4%
After a month
7 up, 5 down
typical move ±18.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +2.5% +0.5% +12.9% −4.8%
May 7, 2026 −21.1% +0.5% −19.6% −0.3%
February 10, 2026 +9.0% −0.3% +10.2% +22.1%
October 30, 2025 +11.4% −0.8% −0.7% −13.3%
July 31, 2025 −0.4% −2.0% +4.8% +3.9%
May 8, 2025 +8.7% +0.6% +25.5% +46.1%
February 6, 2025 +15.5% −0.6% +22.3% −19.2%
November 7, 2024 −1.4% +1.2% −0.6% +23.1%
August 1, 2024 +2.5% −3.3% −0.9% +6.0%
May 2, 2024 −15.5% +2.2% −16.7% −23.4%
February 8, 2024 +29.5% +0.6% +21.4% +16.4%
November 2, 2023 +17.2% +2.8% +13.2% +45.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Cloudflare, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Cloudflare, Inc.
$1B $1.5B $2B $2.5B $3B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.2B Revenue (TTM), FY23 Q4: $1.3B Revenue (TTM), FY24 Q1: $1.4B Revenue (TTM), FY24 Q2: $1.5B Revenue (TTM), FY24 Q3: $1.6B Revenue (TTM), FY24 Q4: $1.7B Revenue (TTM), FY25 Q1: $1.8B Revenue (TTM), FY25 Q2: $1.9B Revenue (TTM), FY25 Q3: $2B Revenue (TTM), FY25 Q4: $2.2B Revenue (TTM), FY26 Q1: $2.3B Revenue (TTM), FY26 Q2: $2.5B $2.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.2B
FY23 Q4 $1.3B
FY24 Q1 $1.4B
FY24 Q2 $1.5B
FY24 Q3 $1.6B
FY24 Q4 $1.7B
FY25 Q1 $1.8B
FY25 Q2 $1.9B
FY25 Q3 $2B
FY25 Q4 $2.2B
FY26 Q1 $2.3B
FY26 Q2 $2.5B
Revenue growth, TTM YoY Cloudflare, Inc.
26% 28% 30% 32% 34% 36% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 35.2% Revenue growth, TTM YoY, FY23 Q4: 33.0% Revenue growth, TTM YoY, FY24 Q1: 31.5% Revenue growth, TTM YoY, FY24 Q2: 31.1% Revenue growth, TTM YoY, FY24 Q3: 30.0% Revenue growth, TTM YoY, FY24 Q4: 28.8% Revenue growth, TTM YoY, FY25 Q1: 27.8% Revenue growth, TTM YoY, FY25 Q2: 27.3% Revenue growth, TTM YoY, FY25 Q3: 28.1% Revenue growth, TTM YoY, FY25 Q4: 29.8% Revenue growth, TTM YoY, FY26 Q1: 31.6% Revenue growth, TTM YoY, FY26 Q2: 33.5% 33.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 35.2%
FY23 Q4 33.0%
FY24 Q1 31.5%
FY24 Q2 31.1%
FY24 Q3 30.0%
FY24 Q4 28.8%
FY25 Q1 27.8%
FY25 Q2 27.3%
FY25 Q3 28.1%
FY25 Q4 29.8%
FY26 Q1 31.6%
FY26 Q2 33.5%
Operating margin (TTM) Cloudflare, Inc.
-20% -15% -10% -5% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -16.0% Operating margin (TTM), FY23 Q4: -14.3% Operating margin (TTM), FY24 Q1: -13.9% Operating margin (TTM), FY24 Q2: -11.6% Operating margin (TTM), FY24 Q3: -10.4% Operating margin (TTM), FY24 Q4: -9.3% Operating margin (TTM), FY25 Q1: -8.7% Operating margin (TTM), FY25 Q2: -9.9% Operating margin (TTM), FY25 Q3: -9.6% Operating margin (TTM), FY25 Q4: -9.6% Operating margin (TTM), FY26 Q1: -9.3% Operating margin (TTM), FY26 Q2: -14.1% -14.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -16.0%
FY23 Q4 -14.3%
FY24 Q1 -13.9%
FY24 Q2 -11.6%
FY24 Q3 -10.4%
FY24 Q4 -9.3%
FY25 Q1 -8.7%
FY25 Q2 -9.9%
FY25 Q3 -9.6%
FY25 Q4 -9.6%
FY26 Q1 -9.3%
FY26 Q2 -14.1%
FCF margin (TTM) Cloudflare, Inc.
8% 10% 12% 14% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 8.5% FCF margin (TTM), FY23 Q4: 9.2% FCF margin (TTM), FY24 Q1: 10.2% FCF margin (TTM), FY24 Q2: 10.8% FCF margin (TTM), FY24 Q3: 10.8% FCF margin (TTM), FY24 Q4: 10.0% FCF margin (TTM), FY25 Q1: 10.4% FCF margin (TTM), FY25 Q2: 9.5% FCF margin (TTM), FY25 Q3: 10.4% FCF margin (TTM), FY25 Q4: 12.0% FCF margin (TTM), FY26 Q1: 12.5% FCF margin (TTM), FY26 Q2: 12.5% 12.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 8.5%
FY23 Q4 9.2%
FY24 Q1 10.2%
FY24 Q2 10.8%
FY24 Q3 10.8%
FY24 Q4 10.0%
FY25 Q1 10.4%
FY25 Q2 9.5%
FY25 Q3 10.4%
FY25 Q4 12.0%
FY26 Q1 12.5%
FY26 Q2 12.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 135 193 287 431 656 975 1,297 1,670 2,168 2,512
Gross profit 106 149 224 330 509 743 990 1,291 1,615 1,823
EBITDA 2 −66 −78 −57 −61 −99 −50 −27 −17 −149
Operating income −10 −85 −108 −107 −128 −201 −185 −155 −207 −354
Net income −11 −87 −106 −119 −260 −193 −184 −79 −102 −206
Diluted EPS −$0.07 −$0.54 −$0.36 −$0.40 −$0.83 −$0.59 −$0.55 −$0.23 −$0.29 −$0.59
Growth (year on year)
Revenue — +42.8% +49.0% +50.2% +52.3% +48.6% +33.0% +28.8% +29.8% +33.5%
Margins
Gross margin 78.7% 77.4% 77.9% 76.6% 77.6% 76.1% 76.3% 77.3% 74.5% 72.6%
EBITDA margin 1.8% −34.3% −27.3% −13.3% −9.3% −10.1% −3.8% −1.6% −0.8% −5.9%
Operating margin −7.2% −44.1% −37.6% −24.8% −19.5% −20.6% −14.3% −9.3% −9.6% −14.1%
Net margin −8.0% −45.2% −36.9% −27.7% −39.7% −19.8% −14.2% −4.7% −4.7% −8.2%
Free-cash-flow margin −11.8% −35.7% −28.6% −17.1% −4.3% −2.1% 10.8% 11.7% 13.3% 13.9%
Cash flow
Cash from operations 3 −43 −39 −17 65 124 254 380 603 633
Capital spending 19 25 43 56 93 144 114 185 316 285
Free cash flow −16 −69 −82 −74 −28 −20 140 195 287 348
Stock-based pay 3 27 37 56 90 203 274 338 451 508
Free cash flow after stock pay −19 −96 −119 −130 −118 −223 −134 −143 −164 −159
Balance sheet
Cash 27 25 139 109 314 204 87 148 944 1,664
Total debt 0 0 0 383 1,159 1,436 1,283 1,287 3,265 3,270
Net debt (negative = net cash) −27 −25 −139 274 845 1,232 1,196 1,140 2,322 1,606
Diluted shares 154m 162m 293m 300m 312m 326m 334m 341m 348m 352m
Returned to shareholders
Buybacks 0 0 0 0 0 0 0 0 0 —
Total returned 0 0 0 0 0 0 0 0 0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · June 30, 2026
What it owns · $6.5bn
Short-term assets $4.8bnLonger-term assets $1.7bn
What it owes, and who funded it · $6.5bn
Short-term liabilities $2.6bnLonger-term liabilities $2.2bnShareholders' equity $1.6bn
  • Short-term assets cover short-term liabilities $4.8bn of assets due within a year against $2.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.8bn short-term assets against $2.2bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$354m against $11m of interest.

From Cloudflare, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$34,000
Diluted share count
+2.0%
year over year
R&D spending
22.8%
of revenue
Days sales outstanding
61 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in internet services & infrastructure
Last 12 months unless stated NET RXT VRSN AKAM GDDY TWLO Median
Revenue, last 12 months $2.5bn $2.7bn $1.7bn $4.3bn $5.2bn $5.8bn $242m
Revenue growth, last 12 months 33.5% 0.3% 6.5% 5.9% 6.4% 19.1% 8.3%
Revenue growth, 3-year average 30.6% −4.3% 5.3% 5.7% 7.3% 12.4% 7.6%
Revenue growth, latest quarter 35.9% 0.6% 5.7% 5.4% 6.0% 19.9% 5.5%
Gross margin 72.6% 17.9% 88.6% 57.5% — 48.6% 49.5%
Operating margin −14.1% −3.3% 67.6% 10.5% 25.7% 6.8% −56.0%
Operating margin, 3-year average −11.9% −15.7% 67.8% 13.5% 22.0% −0.2% −25.3%
Net margin −8.2% −5.9% 49.1% 9.5% 18.6% 21.8% −55.8%
Cash from operations / revenue 25.2% 3.8% 61.3% 33.5% 34.2% 20.3% −10.4%
Free-cash-flow margin 12.5% 1.5% 59.1% 22.1% 33.7% 18.3% −25.9%
Free-cash-flow margin, 3-year average 10.9% 2.9% 58.7% 25.1% 30.9% 16.0% −17.4%
Stock pay / revenue 20.2% 1.5% 4.4% 11.8% 5.6% 10.0% 11.9%
Change in share count 2.0% 7.1% −3.1% −1.2% 36.1% 0.6% 5.2%

Median of all 34 companies we cover in internet services & infrastructure. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

34 internet services & infrastructure companies
Measure Company Peer median Rank
Revenue growth Growth 33.5% 10.1% 5 of 34
Change in growth rate Growth +2.0pp -0.6pp 10 of 34
Gross margin Profitability 72.6% 61.5% 5 of 16
Operating margin Profitability -14.1% -49.3% 15 of 33
Net margin Profitability -8.2% -47.1% 14 of 34
Free-cash-flow margin Cash generation 12.5% 16.2% 10 of 17
Stock pay as % of revenue Cash generation 20.2% 12.4% 24 of 32
Change in share count Balance sheet 2.0% 5.2% 12 of 26
Days sales outstanding Balance sheet 61 days 48 days 12 of 14

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $1.1B 49.5% ▲ 26.3%
EMEA $599M 27.6% ▲ 28.3%
Asia Pacific $330M 15.2% ▲ 47.7%
Other Geographical Regions $167M 7.7% ▲ 27.7%

From Cloudflare, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$69.8B
Institutions reporting
1,215
Shares held vs prior quarter
▲ 2.7%
Positions opened / closed
199 / 118

Top buyers and sellers, Q2 2026: 683 institutions bought and 498 sold ; the biggest buyer was T. Rowe Price Investment Management, Inc (+1.9M shares) and the biggest seller Citadel Advisors LLC (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Capital World Investors $6B 24.3M 8.6% ▲ 7.0%
Blackrock, Inc. $5.3B 21.6M 7.6% ▲ 2.4%
Vanguard Portfolio Management LLC $4.1B 16.8M 5.9% ▲ 4.9%
Morgan Stanley $3.7B 15.3M 5.4% ▼ 3.9%
Baillie Gifford & Co $3.6B 14.6M 5.1% ▼ 8.3%
Vanguard Capital Management LLC $3.5B 14.4M 5.1% ▲ 5.2%
FMR LLC $3.1B 12.7M 4.4% ▼ 6.7%
Capital International Investors $2.7B 11.0M 3.9% ▲ 0.8%
State Street Corp $1.8B 7.4M 2.6% ▲ 3.4%
Geode Capital Management, LLC $1.5B 6.0M 2.1% ▼ 0.5%
Jennison Associates LLC $1.3B 5.4M 1.9% ▲ 23.3%
Jpmorgan Chase & Co $1.3B 5.3M 1.8% ▼ 10.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cloudflare, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $695M 835 trades by 10 insiders · 100% under pre-set plans
Net ▼ $695M net selling
Insider Date Trade Shares Price Value
Zatlyn Michelle President and Board Co-Chair October 7, 2026 Sell pre-set plan 297 $352.25 $104,617
Zatlyn Michelle President and Board Co-Chair October 7, 2026 Sell pre-set plan 2,162 $351.40 $759,730
Zatlyn Michelle President and Board Co-Chair October 7, 2026 Sell pre-set plan 4,240 $350.37 $1.5M
Zatlyn Michelle President and Board Co-Chair October 7, 2026 Sell pre-set plan 3,900 $349.38 $1.4M
Zatlyn Michelle President and Board Co-Chair October 7, 2026 Sell pre-set plan 7,688 $348.23 $2.7M
Zatlyn Michelle President and Board Co-Chair October 7, 2026 Sell pre-set plan 9,022 $347.20 $3.1M
Zatlyn Michelle President and Board Co-Chair October 7, 2026 Sell pre-set plan 5,694 $346.40 $2M
Zatlyn Michelle President and Board Co-Chair October 6, 2026 Sell pre-set plan 752 $369.34 $277,742
Zatlyn Michelle President and Board Co-Chair October 6, 2026 Sell pre-set plan 4,083 $368.59 $1.5M
Zatlyn Michelle President and Board Co-Chair October 6, 2026 Sell pre-set plan 8,559 $367.72 $3.1M
Zatlyn Michelle President and Board Co-Chair October 6, 2026 Sell pre-set plan 9,170 $366.65 $3.4M
Zatlyn Michelle President and Board Co-Chair October 6, 2026 Sell pre-set plan 6,179 $365.69 $2.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 12 trades and filings

In the last 12 months, 2 members of Congress disclosed 2 purchases and 3 sales of Cloudflare, Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded August 18, 2026, filed September 10, 2026
  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded February 4, 2026, filed March 16, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded January 30, 2026, filed February 13, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 10, 2026
  • October 30, 2025
  • July 31, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Cloudflare, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Cloudflare, Inc. in brief

What does Cloudflare, Inc. do?
Cloudflare, Inc. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.
What is Cloudflare, Inc.'s stock ticker?
Cloudflare, Inc. trades under the ticker NET on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Cloudflare, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Cloudflare, Inc. reported revenue of $2.5B, 33.5% higher than a year earlier, according to its SEC filings.
What is Cloudflare, Inc.'s free cash flow?
Cloudflare, Inc.'s free-cash-flow margin is 12.5% of revenue over the trailing twelve months, ranking 10 of the 17 internet services & infrastructure companies we cover.
Who are Cloudflare, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Capital World Investors, Blackrock, Inc. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Cloudflare, Inc.'s market cap?
On November 2, 2026, Cloudflare, Inc.'s market capitalisation was about $93.3B and net debt of $1.6B. Market figures come from third-party market data and may be delayed.
Who are Cloudflare, Inc.'s competitors?
In our Internet Services & Infrastructure peer group, the companies closest to Cloudflare, Inc. are Rackspace Technology, Inc., Verisign Inc, Akamai Technologies, Godaddy Inc. and Twilio Inc. The side-by-side comparison below sets their revenue, margins and growth against Cloudflare, Inc.'s.
Are insiders buying or selling Cloudflare, Inc. stock?
Over the last 12 months, Cloudflare, Inc.'s directors and officers reported 0 open-market purchases and 835 sales on Form 4. The insider trading page charts every trade.
When is Cloudflare, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Cloudflare, Inc. announces its own schedule.