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Cloudflare (NET)
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Cloudflare Income Statement 2025-2011 | NET
Brief overview of profit and loss at Cloudflare
This overview is based on financial performance over the past five years. Revenue reported by Cloudflare was 431 million dollars at the beginning of the period and 2.2 billion dollars at the end. The cumulative result was +402.9%, corresponding to roughly 38.1% per year. This pace points to rapid expansion of the business.
The gross result shifted from $330 million to $1.6 billion, or +389.5%. Cost of revenue developed less favorably than sales and pressured gross profitability. At the margin level, the figure shifted from 76.6% to 74.5%. Weakening gross profitability reduces the quality of the top-line trend.
EBITDA changed from −57.4 million dollars to −17.5 million dollars (+69.6%). Changes in revenue did not translate into comparable EBITDA performance. The EBITDA share of revenue changed from −13.3% to −0.8%. A wider margin confirms stronger operating efficiency.
Comparing the endpoints shows a move from −119 million dollars to −102 million dollars. The loss narrowed, although sustainable profitability has not yet returned.
Market value was 22.2 billion dollars at the start and 59.1 billion dollars at the end. Capitalization moved ahead of the business fundamentals.
Financial takeaway
The financial profile remains mixed, with strengths and risks moving in different directions. The positive side is supported by positive operating leverage, a stronger final result and revenue expansion. The overall view is constrained by a lower gross margin and limited operating profitability. Investors should continue to monitor margins, costs, and earnings quality.
Annual Income Statement Cloudflare
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
59.1 B | 53.1 B | 31.4 B | 19.1 B | 36.4 B | 22.2 B | 2.68 B | - | - | - | - | - | - | - | - |
Shares |
348 M | 341 M | 334 M | 326 M | 312 M | 300 M | 146 M | - | - | - | - | - | - | - | - |
Historical Prices |
170 | 155 | 94.1 | 58.6 | 116 | 74 | 21.3 | - | - | - | - | - | - | - | - |
Net Income |
-102 M | -78.8 M | -184 M | -193 M | -260 M | -119 M | -106 M | -87.2 M | -10.7 M | -17.3 M | - | - | - | - | - |
Revenue |
2.17 B | 1.67 B | 1.3 B | 975 M | 656 M | 431 M | 287 M | 193 M | 135 M | 84.8 M | - | - | - | - | - |
Cost of Revenue |
553 M | 379 M | 307 M | 233 M | 147 M | 101 M | 63.4 M | 43.5 M | 28.8 M | - | - | - | - | - | - |
Gross Profit |
1.62 B | 1.29 B | 990 M | 743 M | 509 M | 330 M | 224 M | 149 M | 106 M | 60.8 M | - | - | - | - | - |
Operating Income |
-207 M | -155 M | -185 M | -201 M | -128 M | -107 M | -108 M | -84.9 M | -9.73 M | - | - | - | - | - | - |
Interest Expense |
-7.95 M | 1.66 M | 5.87 M | 4.98 M | 49.2 M | 25 M | 1.11 M | 992 K | 862 K | - | - | - | - | - | - |
EBITDA |
-17.5 M | -27 M | -49.7 M | -98.9 M | -61.1 M | -57.4 M | -78.5 M | -66 M | 2.44 M | -8.67 M | - | - | - | - | - |
Operating Expenses |
1.82 B | 1.45 B | 1.18 B | 944 M | 637 M | 437 M | 332 M | 234 M | 116 M | 77.9 M | - | - | - | - | - |
General and Administrative Expenses |
389 M | 279 M | 218 M | 180 M | 120 M | 91.8 M | 81.6 M | 85.2 M | 20.3 M | 14.1 M | - | - | - | - | - |
All numbers in USD currency
Quarterly Income Statement Cloudflare
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
354 M | 353 M | 349 M | 347 M | 346 M | 342 M | 341 M | 339 M | 335 M | 332 M | 330 M | - | 327 M | 325 M | 323 M | - | 315 M | 308 M | 306 M | - | 302 M | 299 M | 296 M | - | 118 M | 85.7 M | 85.1 M | - | 81.6 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Income |
-170 M | -22.9 M | -1.29 M | -50.4 M | -38.5 M | -15.3 M | -15.1 M | -35.5 M | -23.5 M | -94.5 M | -38.1 M | - | -42.5 M | -63.5 M | -41.4 M | - | -107 M | -35.5 M | -40 M | - | -26.5 M | -26.1 M | -32.7 M | - | -40.9 M | -19.7 M | -17.1 M | - | -38 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue |
696 M | 640 M | 562 M | 512 M | 479 M | 430 M | 401 M | 379 M | 336 M | 308 M | 290 M | - | 254 M | 235 M | 212 M | - | 172 M | 152 M | 138 M | - | 114 M | 99.7 M | 91.2 M | - | 73.9 M | 67.4 M | 61.7 M | - | 50.1 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cost of Revenue |
197 M | 184 M | 146 M | 129 M | 116 M | 96 M | 89 M | 85 M | 78.1 M | 75.2 M | 70.4 M | - | 62 M | 55.8 M | 47.1 M | - | 37.5 M | 35 M | 32.1 M | - | 27 M | 24.2 M | 20.8 M | - | 16 M | 14.8 M | 14.4 M | - | 11.2 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
500 M | 456 M | 416 M | 384 M | 364 M | 334 M | 312 M | 294 M | 258 M | 233 M | 220 M | - | 192 M | 179 M | 165 M | - | 135 M | 117 M | 106 M | - | 87.2 M | 75.6 M | 70.4 M | - | 57.9 M | 52.6 M | 47.4 M | - | 38.9 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
-206 M | -62 M | -37.5 M | -67.3 M | -53.2 M | -30.8 M | -34.7 M | -54.6 M | -39.2 M | -56.2 M | -47.3 M | - | -45.9 M | -64.5 M | -40 M | - | -26.5 M | -28.9 M | -31.3 M | - | -21.3 M | -24.7 M | -36.1 M | - | -41.1 M | -19.8 M | -17.1 M | - | -36.5 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Interest Expense |
- | 2.99 M | -307 K | -3.91 M | -3.47 M | -3.07 M | 269 K | 1.12 M | 115 K | -1.53 M | 2.13 M | - | 1.51 M | 1.04 M | 1.56 M | - | 12.4 M | 10.4 M | 10.2 M | - | 9.83 M | 5.01 M | 67 K | - | 407 K | 290 K | 273 K | - | 251 K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBITDA |
-82.5 M | -4.18 M | 99.7 M | -27.2 M | -11 M | -2.89 M | -8.4 M | -24.4 M | -10.2 M | -27.8 M | -15.8 M | - | -24 M | -44.5 M | -20 M | - | 21.8 M | -13.8 M | -16 M | - | 13.8 M | -2.59 M | -25.5 M | - | -20.2 M | -6.61 M | -11 M | - | -23.1 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Expenses |
705 M | 518 M | 453 M | 451 M | 417 M | 365 M | 347 M | 348 M | 297 M | 289 M | 267 M | - | 238 M | 243 M | 205 M | - | 161 M | 146 M | 137 M | - | 108 M | 100 M | 106 M | - | 99 M | 72.4 M | 64.5 M | - | 75.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
General and Administrative Expenses |
119 M | 95 M | 95.9 M | 97 M | 87.7 M | 68.8 M | 69.6 M | 66.3 M | 55.9 M | 53.1 M | 48.5 M | - | 45.4 M | 50.5 M | 38 M | - | 28.7 M | 28.9 M | 27.7 M | - | 21.5 M | 20.8 M | 26.2 M | - | 25.6 M | 17.7 M | 16 M | - | 36 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
The income statement is one of the three key financial reports of a company Cloudflare (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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