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NYSE · Technology · Financials

Cloudflare Inc (NET) financial statements and cash flow.

Revenue, profitability, balance-sheet strength, and cash generation for NET. Market data source · as of 2026-03-31.

Section freshness

Price Jul 31, 4:04 PM EDT · Statements Mar 30, 8:00 PM EDT

Financial read

NET latest financial snapshot.

Start with the latest reported values below. Deeper quarterly and annual statement tables follow when supplied.

Revenue

$639.75M

+33.5% YoY

Net income

-$22.93M

-89.8% QoQ

Free cash flow

$93.10M

-11.5% QoQ

Gross margin

71.21%

Gross profit $455.60M

Balance sheet coverage

NET balance sheet summary

Assets, liabilities, liquidity, debt, and equity sit beside income and cash-flow tables so the statement history reads as one model-ready dataset.

20 quarterly · 4 annual rows · Market data source · as of 2026-03-31

Open balance sheet table

Latest period

Q1 FY2026

20 quarterly · 4 annual rows

Assets / liabilities

$6.16B

Liabilities $4.64B

Cash / debt

$932.23M

Net cash —

Equity / working capital

$1.53B

Working capital $2.30B

Financial statements

NET statement coverage.

Income statement, balance sheet, and cash-flow figures for NET, with quarterly and annual history in the tables below.

Data last updated

Mar 30, 2026

Income periods

Balance-sheet periods

Cash-flow periods

Quarterly and annual NET statements, sourced from Market data source · as of 2026-03-31.

Financial statement period

NET statement history

Market data source · as of 2026-03-31 · Data last updated: Mar 30, 2026

ProfitabilityIncome statementRevenue, expenses, margins, and income quality20 quarterly periods Capital structureBalance sheetAssets, liabilities, debt, equity, and share count20 quarterly periods Cash generationCash flowOperating cash flow, CapEx, FCF, buybacks, and dividends20 quarterly periods

Income statement

Quarterly and annual rows for revenue, operating leverage, earnings quality, and margin direction.

8 / 20 Quarterly

Period	Revenue	Gross profit	Operating income	Net income	Net margin	Revenue QoQ	Net income QoQ
Q1 FY2026	$639.75M	$455.60M	-$61.99M	-$22.93M	-3.58%	+4.1%	-89.8%
Q4 FY2025	$614.51M	$452.55M	-$49.23M	-$12.08M	-1.97%	+9.3%	-836.2%
Q3 FY2025	$562.03M	$415.71M	-$37.46M	-$1.29M	-0.23%	+9.7%	+97.4%
Q2 FY2025	$512.32M	$383.64M	-$67.26M	-$50.45M	-9.85%	+6.9%	-31.2%
Q1 FY2025	$479.09M	$363.51M	-$53.25M	-$38.45M	-8.03%	+4.2%	-199.3%
Q4 FY2024	$459.95M	$351.26M	-$34.72M	-$12.85M	-2.79%	+6.9%	+16.2%
Q3 FY2024	$430.08M	$334.12M	-$30.79M	-$15.33M	-3.56%	+7.3%	-1.7%
Q2 FY2024	$401.00M	$311.99M	-$34.70M	-$15.08M	-3.76%	+5.9%	+57.6%

Balance sheet

Balance-sheet history for assets, liabilities, liquidity, debt, equity, and shares outstanding.

8 / 20 Quarterly

Period	Cash	Current assets	Current liabilities	Total assets	Total liabilities	Total equity
Q1 FY2026	$932.23M	$4.72B	$2.41B	$6.16B	$4.64B	$1.53B
Q4 FY2025	$943.54M	$4.64B	$2.35B	$6.04B	$4.58B	$1.46B
Q3 FY2025	$1.05B	$4.54B	$2.22B	$5.79B	$4.44B	$1.35B
Q2 FY2025	$1.52B	$4.41B	$857.59M	$5.56B	$4.32B	$1.24B
Q1 FY2025	$204.46M	$2.62B	$821.01M	$3.72B	$2.30B	$1.43B
Q4 FY2024	$147.69M	$2.27B	$793.65M	$3.30B	$2.25B	$1.05B
Q3 FY2024	$182.88M	$2.16B	$641.62M	$3.06B	$2.09B	$973.09M
Q2 FY2024	$156.97M	$2.09B	$595.97M	$2.92B	$2.04B	$881.54M

Cash flow

Operating cash generation, capital expenditure, free cash flow, buybacks, dividends, and cash movement.

8 / 20 Quarterly

Period	Operating cash flow	CapEx	Free cash flow	Net income	Buybacks	FCF QoQ
Q1 FY2026	$158.33M	$65.23M	$93.10M	-$22.93M		-11.5%
Q4 FY2025	$190.41M	$85.19M	$105.22M	-$12.08M		+27.6%
Q3 FY2025	$167.12M	$84.64M	$82.48M	-$1.29M		+106.7%
Q2 FY2025	$99.80M	$59.90M	$39.90M	-$50.45M		-33.4%
Q1 FY2025	$145.78M	$85.89M	$59.90M	-$38.45M		+10.6%
Q4 FY2024	$127.31M	$73.15M	$54.16M	-$12.85M	—	-0.7%
Q3 FY2024	$104.73M	$50.20M	$54.52M	-$15.33M	—	+20.7%
Q2 FY2024	$74.81M	$29.63M	$45.19M	-$15.08M		+8.8%

Valuation and returns

Enterprise value: $98.09B; TECHi computed

Return on equity: -5.68%; Market data source

Return on assets: -1.41%; Market data source

Ratio values use provider-attributed fields when available and otherwise fall back to TECHi statement math from the visible rows on this page.

Annual revenue and income multiples

Annual sales and income multiple reads use the latest annual statement when available, then fall back to trailing-twelve-month statement math from the visible quarterly rows.

Annual revenue base: $2.17B; Annual statement 2025-12-31

Annual income base: -$102.27M; Annual statement 2025-12-31

Market cap / annual revenue: 45.68; Live market value divided by annual revenue

Annual sales and income multiple

EV / annual revenue45.25

Market capitalization bridge

Market cap / annual revenue45.68

TTM valuation multiples

TTM revenue: $2.33B; Trailing twelve months

TTM EBIT: -$215.95M; TTM operating income

Market cap / TTM revenue: 42.52; Live market value divided by trailing twelve months revenue

EV / TTM revenue: 42.12; Enterprise value divided by trailing twelve months revenue

Live market value is matched against trailing-twelve-month statement bases first so the multiple moves with the tape instead of anchoring to stale fiscal-year rows.

Revenue, net income, and free cash flow

Revenue$639.75MNet income-$22.93MFree cash flow$93.10M

Q4 FY2024Q3 FY2025Q1 FY2026

Quarterly statement rows, shown on one common dollar scale so margin compression and cash conversion stand out quickly.

Efficiency

Growth vs cost pressure

Revenue growth YoY+33.5%

Operating expense growth YoY+24.2%

Cash conversion

FCF margini13.77%

CapEx / revenuei12.67%

Quarterly margin heatmap

Gross margin

Q4 FY2024

76.37%

Q1 FY2025

75.88%

Q2 FY2025

74.88%

Q3 FY2025

73.97%

Q4 FY2025

73.64%

Q1 FY2026

71.21%

Operating margin

Q4 FY2024

-7.55%

Q1 FY2025

-11.11%

Q2 FY2025

-13.13%

Q3 FY2025

-6.67%

Q4 FY2025

-8.01%

Q1 FY2026

-9.69%

Net margin

Q4 FY2024

-2.79%

Q1 FY2025

-8.03%

Q2 FY2025

-9.85%

Q3 FY2025

-0.23%

Q4 FY2025

-1.97%

Q1 FY2026

-3.58%

Latest quarter expense mix

Cost of revenue$184.16M

Operating expenses$517.59M

R&D$150.97M

Profit bridge

EBIT-$61.99M

Pretax income-$21.40M

Tax expense$1.53M

Other income statement lines

Income before tax-$21.40M

Income tax expense$1.53M

Balance sheet · Q1 FY2026

Cash & equivalents: $932.23M

Total equity: $1.53B

Balance sheet detail

Current assets: $4.72B

Current liabilities: $2.41B

Receivables: $379.59M

Property, plant & equipment: $631.08M

Debt and liquidity

Quick ratioi0.54

Cash + short-term investments + receivables / current liabilities

Cash generation

Operating cash flow: $158.33M

Capital expenditure: $65.23M

Free cash flow: $93.10M

Cash-flow detail

Depreciation & amortization: $57.81M

Investing cash flow: -$158.81M

Financing cash flow: -$9.47M

Stock issuance: $5.70M; Common stock issued

Net buybacks: -$5.70M; Repurchases less stock issuance

Cash flow read

NET runs cash-flow positive.

NET is generating $93.10M of free cash, which funds buybacks (—) and dividends (—) without leaning on the balance sheet. Watch the gap between FCF and net income — a widening gap is usually working-capital noise; a persistent gap is a signal.

Frequently asked

Common questions.

What financial data is available for NET?

The NET Financials page renders only the current income-statement, balance-sheet, cash-flow, or fund rows supplied for Cloudflare Inc. Missing modules and empty line items are omitted.

How current are NET's financial statements?

Each visible statement row keeps its reported period and provider attribution. The route redirects to the main quote when no usable financial or fund data remains.

What is Cloudflare Inc's reported net margin?

Cloudflare Inc's fresh reported margin field is -3.72%. The Financials page shows the supporting period data currently available for NET.