NET
Cloudflare Inc
NYSE: NET · TECHNOLOGY · SOFTWARE - INFRASTRUCTURE
$204.97
-3.30% today
Updated 2026-04-30
Market cap
$72.88B
P/E ratio
—
P/S ratio
33.62x
EPS (TTM)
$-0.29
Dividend yield
—
52W range
$117 – $260
Volume
4.1M
Cloudflare Inc (NET) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $84.79M | $134.91M | $192.67M | $287.02M | $431.06M | $656.43M | $975.24M | $1.30B | $1.67B | $2.17B |
| Revenue growth (YoY) | — | +59.1% | +42.8% | +49.0% | +50.2% | +52.3% | +48.6% | +33.0% | +28.8% | +29.8% |
| Cost of revenue | $23.96M | $28.79M | $43.54M | $63.42M | $101.06M | $147.13M | $232.61M | $307.00M | $378.70M | $554.35M |
| Gross profit | $60.83M | $106.13M | $149.14M | $223.60M | $330.00M | $509.29M | $742.63M | $989.74M | $1.29B | $1.61B |
| Gross margin | 71.7% | 78.7% | 77.4% | 77.9% | 76.6% | 77.6% | 76.1% | 76.3% | 77.3% | 74.4% |
| R&D | $23.66M | $33.65M | $54.46M | $100.97M | $131.42M | $210.31M | $346.12M | $358.14M | $421.37M | $512.49M |
| SG&A | $14.07M | $20.31M | $85.18M | $81.58M | $91.75M | $119.50M | $179.77M | $217.97M | $278.52M | $389.31M |
| Operating income | $-17.03M | $-9.73M | $-84.90M | $-118.25M | $-110.49M | $-148.20M | $-248.76M | $-185.49M | $-154.76M | $-203.30M |
| Operating margin | -20.1% | -7.2% | -44.1% | -41.2% | -25.6% | -22.6% | -25.5% | -14.3% | -9.3% | -9.4% |
| EBITDA | $-8.26M | $3.32M | $-66.19M | $-84.42M | $-43.69M | $-125.17M | $-92.13M | $-185.49M | $62.05M | $207.43M |
| EBITDA margin | -9.7% | 2.5% | -34.4% | -29.4% | -10.1% | -19.1% | -9.4% | -14.3% | 3.7% | 9.6% |
| EBIT | $-16.61M | $-8.85M | $-85.09M | $-113.90M | $-110.01M | $-219.64M | $-237.25M | $-185.49M | $-65.67M | $-83.94M |
| Interest expense | $654000.00 | $862000.00 | $992000.00 | $1.11M | $24.96M | $49.23M | $4.98M | $5.87M | $5.20M | $8.77M |
| Income tax | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-17.33M | $-10.75M | $-87.16M | $-105.83M | $-119.37M | $-260.31M | $-193.38M | $-183.95M | $-78.80M | $-102.27M |
| Net income growth (YoY) | — | +38.0% | -711.0% | -21.4% | -12.8% | -118.1% | +25.7% | +4.9% | +57.2% | -29.8% |
| Profit margin | -20.4% | -8.0% | -45.2% | -36.9% | -27.7% | -39.7% | -19.8% | -14.2% | -4.7% | -4.7% |