NETNYSEServices-Prepackaged SoftwareFiscal year ends December 31
Cloudflare, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$297.58+1.28 (+0.43%)
Close on Oct 19, 2026
- Market cap
- $105.44B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
74.5%−2.0 pts over 5 years
Operating margin
-9.6%+15.2 pts over 5 years
Net margin
-4.7%+23.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +29.8% | +30.5% | +38.1% | – | |
| Gross profit | +25.1% | +29.6% | +37.4% | – | |
| Free cash flow | +47.1% | – | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -15.5% | -8.2% | |
| Return on assets | – | -10.8% | -2.2% | |
| Current ratio | – | 7.99 | 1.98 | |
| Interest coverage | – | -4.3× | -23.6× | |
| Capex to revenue | – | 13.1% | 14.6% | |
| Diluted shares | – | 300M | 348M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Cloudflare generated $1.43B from operations and spent $851.87M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$1.43B
Used
$851.87M
Capital expenditure$851.64M100%Dividends$00%Share buybacks$226.00K0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-4.7%
×Asset turnover0.46×
×Equity multiplier3.73×
=Return on equity, FY2025-8.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -4.7% | 0.46× | 3.73× | -8.2% |
| FY2024 | -4.7% | 0.55× | 3.35× | -8.7% |
| FY2023 | -14.2% | 0.48× | 3.86× | -26.5% |
| FY2022 | -19.8% | 0.39× | 3.46× | -26.9% |
| FY2021 | -39.7% | 0.35× | 2.30× | -32.0% |
| FY2020 | -27.7% | 0.39× | 1.43× | -15.5% |
| FY2019 | -36.9% | 0.51× | 1.84× | -34.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$102.27M
- Cash generatingOperating cash flow above zero$603.11M
- Return on assets improvedROA up on the prior year-2.9% → -3.1%
- Earnings backed by cashOperating cash flow above net income$603.11M vs -$102.27M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.86 → 1.98
- No dilutionShare count did not rise341M → 348M
- Gross margin improvedGross margin up on the prior year77.32% → 74.51%
- More efficientAsset turnover rose0.60 → 0.66