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Cloudflare, Inc. cash flow statement

In fiscal 2025, Cloudflare, Inc.'s operations generated $603m of cash; it spent $316m on capital projects, leaving free cash flow of $287m.

Cash flow statement

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

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations3−43−39−1765124254380603633
Depreciation and amortisation1219294967102136128190206
Stock-based pay327375690203274338451508
Capital spending1925435693144114185316285
Free cash flow−16−69−82−74−28−20140195287348
Free cash flow after stock pay−19−96−119−130−118−223−134−143−164−159
Share buybacks000000000—
Shares issued————1515192025—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Cloudflare, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cloudflare, Inc.