Cloudflare Inc (NET) financials
Cloudflare revenue and earnings by year
Cloudflare's revenue was $2.17 billion in the fiscal year to December 31, 2025, up 29.8% from the year before. Net income was -$102 million, -4.7% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 43.4% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2.17 | 1.67 | 1.30 | 0.98 | 0.66 | 0.43 | 0.29 | 0.19 | 0.13 | 0.08 |
| Revenue growth | 29.8% | 28.8% | 33.0% | 48.6% | 52.3% | 50.2% | 49.0% | 42.8% | 59.1% | — |
| Gross profit | 1.62 | 1.29 | 0.99 | 0.74 | 0.51 | 0.33 | 0.22 | 0.15 | 0.11 | 0.06 |
| Gross margin | 74.5% | 77.3% | 76.3% | 76.1% | 77.6% | 76.6% | 77.9% | 77.4% | 78.7% | 71.7% |
| Operating income | -0.21 | -0.15 | -0.19 | -0.20 | -0.13 | -0.11 | -0.11 | -0.08 | -0.01 | -0.02 |
| Operating margin | -9.6% | -9.3% | -14.3% | -20.6% | -19.5% | -24.8% | -37.6% | -44.1% | -7.2% | -20.1% |
| Net income | -0.10 | -0.08 | -0.18 | -0.19 | -0.26 | -0.12 | -0.11 | -0.09 | -0.01 | -0.02 |
| Net margin | -4.7% | -4.7% | -14.2% | -19.8% | -39.7% | -27.7% | -36.9% | -45.2% | -8.0% | -20.4% |
| Diluted EPS | -$0.29 | -$0.23 | -$0.55 | -$0.59 | -$0.83 | -$0.40 | — | — | — | — |
| Free cash flow | 0.26 | 0.17 | 0.12 | -0.04 | -0.04 | -0.09 | -0.10 | -0.08 | -0.02 | -0.03 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open NET in Markets.
See also: NET returns
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Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.