Cloudflare, Inc. (NET) financials
NYSE · Technology · Software - Infrastructure · 5,156 employees · CEO Matthew Prince
- Price
- $280.70 -9.54%
- Market cap
- $100B
- Enterprise value
- $102B
- Last report
- Q2 '26 filed 2026-08-06
- Next report
- 2026-11-05 EPS est. $0.34
Revenue (TTM)$2.51B+33.5% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-14.1%-4.2 pp vs a year agoOperating income -$354M
Net income (TTM)-$206M-76.2% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$379M+111.3% vs a year agoCapex $319M
Diluted EPS (TTM)-$0.58-72.9% vs a year agoSum of the last 4 quarters
Net cash$633M+27.3% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $100B EV $102B
- Revenue
- $2.51B Trailing 12 months
- Revenue growth
- +32% FY2026 consensus
- Profit margin
- -8.2% Net income / revenue, TTM
- P/E
- -481.4× Forward 222.5× (FY2026)
- P/S
- 39.8× Price / sales, TTM
- EV / EBITDA
- 2,632.6× TTM
- Free cash flow
- $379M Trailing 12 months
- Net income
- -$206M Trailing 12 months
- Revenue estimate
- $2.87B FY2026 consensus
- Earnings
- 2026-11-05 Revenue est. $737M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-06): revenue beat by 4.7%, EPS beat by 8.0%Revenue $696M vs $665M expected (+4.7%); EPS $0.29 vs $0.27 (+8.0%).
- Revenue growth accelerating: 35.9% year on yearQ2 '26 revenue $696M, against an average of 31.4% over the four quarters before.
- Operating margin -14.1% (TTM), -4.2 pp on a year agoOperating income grew -90.5% while revenue grew 33.5%.
- Capex 12.7% of revenue (a year ago 15.9%)$319M invested in the last 4 quarters (+6.7% on a year earlier). Free cash flow $379M.
- Returned $29.5M to shareholders = 7.8% of free cash flowBuybacks $29.5M (a year earlier $0), dividends $0, stock-based pay $508M (TTM).
- Diluted share count up 2.0% in a year354M diluted shares in Q2 '26, 347M a year earlier.
- Net cash $633MCash + short-term investments $4.16B, debt incl. leases $3.53B; a year ago net cash $498M.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $696M | $512M | +35.9% |
| Gross margin | 71.8% | 74.9% | -3.1 pp |
| Operating income | -$206M | -$67.3M | -205.8% |
| Operating margin | -29.6% | -13.1% | -16.4 pp |
| Net income | -$170M | -$50.4M | -237.0% |
| Diluted EPS | -$0.48 | -$0.15 | -230.6% |
| Operating cash flow | $118M | $99.8M | +17.8% |
| Capex | $61.2M | $66.5M | -8.0% |
| Free cash flow | $56.4M | $33.3M | +69.4% |
| R&D | $159M | $135M | +18.5% |
| Stock-based compensation | $160M | $122M | +30.6% |
Reported vs consensus
2026-08-06| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $696M | $665M | +4.7% |
| EPS (as estimated) | $0.29 | $0.27 | +8.0% |
From the report of 2026-08-06 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Reportable Segment | $696M | +35.9% | 100.0% | $2.51B | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $354M | +40.7% | 50.9% | $1.26B | +34.7% | |
| EMEA | $187M | +30.4% | 26.9% | $684M | +29.7% | |
| Asia Pacific | $99.4M | +32.3% | 14.3% | $379M | +39.5% | |
| Other Geographical Regions | $55.1M | +31.8% | 7.9% | $192M | +29.0% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $697M
- Capex
- -$319M
- Buybacks
- -$29.5M
- Dividends
- $0
- Acquisitions
- -$126M
- Net debt issued
- -$64.9M
- Stock-based compensation
- $508M
- Free cash flow
- $379M
- Returned to shareholders / FCF
- 7.8%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -481.4× | – | – |
| EV / EBITDA | 2,632.6× | 644.5× 2 of 5 years | 613.7× – 675.3× |
| EV / Sales | 40.5× | 31.8× | 16.5× – 64.1× |
| Price / FCF | 264.0× | 210.8× 3 of 5 years | 188.2× – 232.5× |
| Price / Book | 61.4× | 38.5× | 23.6× – 50.3× |
| FCF yield | 0.4% | 0.2% | -0.3% – 0.5% |
| Return on invested capital | -6.8% | -6.7% | -9.0% – -4.1% |
| Return on equity | -13.9% | -20.3% | -31.9% – -7.0% |
Analysts
Consensus target $336.29 (+19.8%)
range $160.00 – $430.00 · rating Buy
Strong buy0
Buy29
Hold10
Sell2
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $2.87B | +32.3% | $1.26 | +535.0% | 222.5× | 18 |
| FY2027 | $3.68B | +28.4% | $1.68 | +32.8% | 167.5× | 18 |
| FY2028 | $4.68B | +27.1% | $2.30 | +37.1% | 122.2× | 6 |
| FY2029 | $5.7B | +21.7% | $3.36 | +46.5% | 83.5× | 3 |
| FY2030 | $6.99B | +22.7% | $4.31 | +28.1% | 65.1× | 2 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 236 figures Cloudflare, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $127M | $95.7M | +32.8% | $84.1M | $106M | -20.5% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $423M | $308M | +37.5% | $382M | $317M | +20.8% |
| Accounts Receivable, Allowance for Credit Loss, Current | $7.9M | $7.3M | +8.2% | $7.08M | $8.17M | -13.3% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | $1.9M | $5.5M | -65.5% | $16.1M | $7.25M | +121.9% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $3.66M | $4.54M | -19.5% | $15M | $10M | +49.3% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $5.87M | $5.62M | +4.6% | $29.9M | $42.1M | -29.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $475M | $353M | +34.4% | $379M | $280M | +35.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$10.2M | $16.6M | -161.5% | $12.3M | -$4.25M | +388.2% |
| Additional Paid in Capital | $3.03B | $2.41B | +25.4% | $2.65B | $2.15B | +23.2% |
| Advertising Expense | – | – | – | $95.2M | $78.6M | +21.1% |
| Amortization of Debt Issuance Costs | $2.44M | $1.2M | +103.4% | $7.07M | $3.96M | +78.6% |
| Amortization of Debt Issuance Costs and Discounts | $2.44M2025-09-30 | $990K | +146.6% | $4.52M2023-12-31 | $4.66M | -3.0% |
| Amortization of Intangible Assets | $7.4M | $3.7M | +100.0% | $15M | $12.7M | +18.1% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 29.5M | 34.2M | -13.8% | 30.9M | 27.3M | +13.4% |
| AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax | -$6.6M | $3.5M | -288.6% | $7M | $2.6M | +169.2% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $163M | $125M | +30.1% | $463M | $350M | +32.2% |
| Assets | $6.47B | $5.56B | +16.4% | $6.04B | $3.3B | +82.9% |
| Assets, Current | $4.78B | $4.41B | +8.5% | $4.64B | $2.27B | +104.7% |
| Capital Expenditures Incurred but Not yet Paid | $50.5M | $5.06M | +898.1% | $26.4M | $57.2M | -54.0% |
| Capitalized Contract Cost, Amortization | $32.5M | $24.2M | +34.5% | $102M | $77.8M | +30.6% |
| Capitalized Contract Cost, Impairment Loss | $0 | $0 | – | $0 | $0 | – |
| Capitalized Contract Cost, Net, Noncurrent | $241M | $184M | +30.8% | $219M | $172M | +27.5% |
| Cash and Cash Equivalents, at Carrying Value | $1.66B | $1.52B | +9.6% | $944M | $148M | +538.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.68B | $1.53B | +9.9% | $954M | $154M | +518.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $732M | $1.31B | -44.3% | $800M | $63M | +1,170.3% |
| Common Stock, Capital Shares Reserved for Future Issuance | 160M | 146M | +9.8% | 142M | 117M | +21.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$174M | -$37.5M | -365.5% | -$85.8M | -$85M | -0.8% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $27.2M | $21.3M | +27.8% | $23.5M | $16.6M | +42.0% |
| Contract with Customer, Liability, Current | $812M | $547M | +48.6% | $684M | $478M | +43.2% |
| Contract with Customer, Liability, Noncurrent | $40.3M | $35.8M | +12.4% | $41.1M | $22.1M | +86.0% |
| Contract with Customer, Liability, Revenue Recognized | $174M | $115M | +52.0% | $468M | $353M | +32.3% |
| Contractual Obligation | $255M2025-12-31 | $301M | -15.4% | $255M | $301M | -15.4% |
| Contractual Obligation, to be Paid, after Year Five | $3.87M2025-12-31 | $6.95M | -44.3% | $3.87M | $6.95M | -44.3% |
| Contractual Obligation, to be Paid, Year Five | $11.9M2025-12-31 | $8.55M | +39.5% | $11.9M | $8.55M | +39.5% |
| Contractual Obligation, to be Paid, Year Four | $21M2025-12-31 | $17.9M | +17.3% | $21M | $17.9M | +17.3% |
| Contractual Obligation, to be Paid, Year One | $102M2025-12-31 | $121M | -16.1% | $102M | $121M | -16.1% |
| Contractual Obligation, to be Paid, Year Three | $40.5M2025-12-31 | $38M | +6.8% | $40.5M | $38M | +6.8% |
| Contractual Obligation, to be Paid, Year Two | $75.9M2025-12-31 | $109M | -30.1% | $75.9M | $109M | -30.1% |
| Convertible Debt, Current | $1.29B | – | – | $1.29B | $0 | – |
| Convertible Debt, Noncurrent | $1.98B | $3.26B | -39.4% | $1.97B | $1.29B | +53.4% |
| Cost of Revenue | $197M | $129M | +52.7% | $553M | $379M | +45.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $3.01M | $1.68M | +79.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $4.91M | $4M | +22.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $8.23M | $5.82M | +41.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $308K | $142K | +116.9% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $1.73B | $1.49B | +15.9% | $1.98B | $1.14B | +73.4% |
| Debt Securities, Available-for-sale, Current | $2.5B | $2.44B | +2.4% | $3.16B | $1.71B | +84.9% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1.5M | -$1.21M | -24.7% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $3.4M | $3.55M | -4.3% |
| Deferred Income Tax Expense (Benefit) | -$6.21M | -$324K | -1,817.6% | $1.33M | $2.11M | -36.9% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$563K | -$235K | -139.6% |
| Deferred Tax Assets, Gross | $967M2025-12-31 | $729M | +32.8% | $967M | $729M | +32.8% |
| Deferred Tax Assets, in Process Research and Development | $189M2025-12-31 | $110M | +72.6% | $189M | $110M | +72.6% |
| Deferred Tax Assets, Net of Valuation Allowance | $145M2025-12-31 | $97.9M | +48.2% | $145M | $97.9M | +48.2% |
| Deferred Tax Assets, Operating Loss Carryforwards | $519M2025-12-31 | $443M | +17.3% | $519M | $443M | +17.3% |
| Deferred Tax Assets, Other | $10.1M2025-12-31 | $1.54M | +557.9% | $10.1M | $1.54M | +557.9% |
| Deferred Tax Assets, Tax Credit Carryforwards | $92.5M2025-12-31 | $74.9M | +23.6% | $92.5M | $74.9M | +23.6% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $43.7M2025-12-31 | $42.1M | +3.9% | $43.7M | $42.1M | +3.9% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $6.55M2025-12-31 | $5.81M | +12.7% | $6.55M | $5.81M | +12.7% |
| Deferred Tax Assets, Valuation Allowance | $822M2025-12-31 | $631M | +30.4% | $822M | $631M | +30.4% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01