Cloudflare Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Cloudflare Inc. reported revenue of $2.2B (+29.8% year on year) and net income of ($102.3M) (-29.8% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue | $2.2B | $1.7B | $1.3B | $975.2M |
| Cost of revenue | $552.5M | $378.7M | $307.0M | $232.6M |
| Gross profit | $1.6B | $1.3B | $989.7M | $742.6M |
| Sales and marketing | $920.8M | $745.8M | $599.1M | $465.8M |
| Research and development | $512.5M | $421.4M | $358.1M | $298.3M |
| General and administrative | $389.3M | $278.5M | $218.0M | $179.8M |
| Total operating expenses | $1.8B | $1.4B | $1.2B | $943.8M |
| Loss from operations | ($207.2M) | ($154.8M) | ($185.5M) | ($201.2M) |
| Interest income | $131.2M | $87.4M | $68.2M | $14.9M |
| Interest expense | ($8.8M) | ($5.2M) | ($5.9M) | ($5.0M) |
| Loss on extinguishment of debt | $0 | $0 | ($50.3M) | $0 |
| Other income (expense), net | ($8.0M) | $1.7M | ($4.4M) | $577.0K |
| Total non-operating income, net | $114.5M | $83.9M | $7.6M | $10.5M |
| Loss before income taxes | ($92.7M) | ($70.9M) | ($177.9M) | ($190.7M) |
| Provision for income taxes | $9.6M | $7.9M | $6.1M | $2.6M |
| Net loss | ($102.3M) | ($78.8M) | ($183.9M) | ($193.4M) |
| Net loss per share attributable to common stockholders, basic (in dollars per share) | -$0.29 | -$0.23 | -$0.55 | -$0.59 |
| Net loss per share attributable to common stockholders, diluted (in dollars per share) | -$0.29 | -$0.23 | -$0.55 | -$0.59 |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | $348421000.00 | $341411000.00 | $333656000.00 | $326332000.00 |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | $348421000.00 | $341411000.00 | $333656000.00 | $326332000.00 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Revenue | $696.1M | $639.8M | $562.0M | $512.3M |
| Cost of revenue | $196.5M | $184.2M | $146.3M | $128.7M |
| Gross profit | $499.5M | $455.6M | $415.7M | $383.6M |
| Sales and marketing | $276.1M | $271.6M | $236.3M | $219.4M |
| Research and development | $159.5M | $151.0M | $121.0M | $134.6M |
| General and administrative | $118.9M | $95.0M | $95.9M | $97.0M |
| Restructuring and other charges | $150.7M | — | — | — |
| Total operating expenses | $705.2M | $517.6M | $453.2M | $450.9M |
| Loss from operations | ($205.7M) | ($62.0M) | ($37.5M) | ($67.3M) |
| Interest income | $39.9M | $40.2M | $42.5M | $25.4M |
| Interest expense | ($3.1M) | ($2.6M) | ($2.9M) | ($1.5M) |
| Other income (expense), net | $913.0K | $3.0M | ($307.0K) | ($3.9M) |
| Total non-operating income, net | $37.8M | $40.6M | $39.3M | $20.0M |
| Loss before income taxes | ($167.9M) | ($21.4M) | $1.9M | ($47.3M) |
| Provision for income taxes | $2.0M | $1.5M | $3.1M | $3.2M |
| Net loss | ($170.0M) | ($22.9M) | ($1.3M) | ($50.4M) |
| Net loss per share attributable to common stockholders, basic (in dollars per share) | -$0.48 | -$0.07 | $0.00 | -$0.15 |
| Net loss per share attributable to common stockholders, diluted (in dollars per share) | -$0.48 | -$0.07 | $0.00 | -$0.15 |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | $354334000.00 | $352625000.00 | $349312000.00 | $347489000.00 |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | $354334000.00 | $352625000.00 | $349312000.00 | $347489000.00 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $943.5M | $147.7M | $86.9M | $204.2M |
| Available-for-sale securities | $3.2B | $1.7B | $1.6B | $1.4B |
| Accounts receivable, net | $382.5M | $316.8M | $248.3M | $148.5M |
| Contract assets | $23.5M | $16.6M | $11.0M | $8.3M |
| Restricted cash short-term | $9.4M | $4.3M | $2.5M | $10.6M |
| Prepaid expenses and other current assets | $128.2M | $75.5M | $47.5M | $70.6M |
| Total current assets | $4.6B | $2.3B | $2.0B | $1.9B |
| Property and equipment, net | $618.7M | $467.4M | $322.8M | $286.6M |
| Goodwill | $226.6M | $181.1M | $148.0M | $148.0M |
| Acquired intangible assets, net | $41.8M | $21.9M | $19.6M | $32.5M |
| Operating lease right-of-use assets | $237.6M | $168.4M | $138.6M | $132.4M |
| Deferred contract acquisition costs, noncurrent | $219.5M | $172.2M | $133.2M | $93.1M |
| Restricted cash | $1.5M | $2.3M | $1.8M | $471.0K |
| Other noncurrent assets | $45.8M | $18.9M | $12.6M | $6.9M |
| Total assets | $6.0B | $3.3B | $2.8B | $2.6B |
| Accounts payable | $84.1M | $105.8M | $53.7M | $35.6M |
| Accrued expenses and other current liabilities | $109.1M | $81.6M | $63.6M | $66.4M |
| Accrued compensation | $111.0M | $80.9M | $63.8M | $42.0M |
| Operating lease liabilities | $70.9M | $47.6M | $38.4M | $33.3M |
| Deferred revenue | $684.2M | $477.8M | $347.6M | $218.6M |
| Current portion of convertible senior notes, net | $1.3B | — | — | $0 |
| Total current liabilities | $2.4B | $793.7M | $567.1M | $397.9M |
| Convertible senior notes, net | $2.0B | $1.3B | $1.3B | $1.4B |
| Operating lease liabilities, noncurrent | $182.0M | $128.3M | $113.5M | $107.6M |
| Deferred revenue, noncurrent | $41.1M | $22.1M | $17.2M | $11.7M |
| Other noncurrent liabilities | $29.3M | $23.6M | $15.5M | $10.5M |
| Total liabilities | $4.6B | $2.3B | $2.0B | $2.0B |
| Common stock | $351.0K | $344.0K | $337.0K | $328.0K |
| Additional paid-in capital | $2.7B | $2.2B | $1.8B | $1.5B |
| Accumulated deficit | ($1.2B) | ($1.1B) | ($1.0B) | ($839.9M) |
| Accumulated other comprehensive income (loss) | $12.3M | ($4.3M) | $2.0M | ($11.9M) |
| Total stockholders’ equity | $1.5B | $1.0B | $763.0M | $624.0M |
| Total liabilities and stockholders’ equity | $6.0B | $3.3B | $2.8B | $2.6B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $1.7B | $932.2M | $1.1B | $1.5B |
| Available-for-sale securities | $2.5B | $3.2B | $3.0B | $2.4B |
| Accounts receivable, net | $422.9M | $379.6M | $351.9M | $307.5M |
| Contract assets | $27.2M | $24.2M | $22.6M | $21.3M |
| Restricted cash short-term | $12.2M | $11.0M | $4.4M | $4.4M |
| Prepaid expenses and other current assets | $153.3M | $137.1M | $114.3M | $113.0M |
| Total current assets | $4.8B | $4.7B | $4.5B | $4.4B |
| Property and equipment, net | $703.2M | $631.1M | $588.4M | $547.3M |
| Goodwill | $376.2M | $233.5M | $181.1M | $181.1M |
| Acquired intangible assets, net | $57.4M | $38.3M | $18.4M | $22.1M |
| Operating lease right-of-use assets | $247.7M | $244.2M | $222.1M | $185.4M |
| Deferred contract acquisition costs, noncurrent | $240.5M | $225.5M | $194.0M | $183.9M |
| Restricted cash | $0 | $1.2M | $2.5M | $2.5M |
| Other noncurrent assets | $70.8M | $74.6M | $43.1M | $34.2M |
| Total assets | $6.5B | $6.2B | $5.8B | $5.6B |
| Accounts payable | $127.0M | $58.8M | $85.9M | $95.7M |
| Accrued expenses and other current liabilities | $165.8M | $126.5M | $92.5M | $80.5M |
| Accrued compensation | $151.5M | $103.4M | $90.2M | $77.9M |
| Operating lease liabilities | $78.2M | $74.6M | $65.3M | $56.8M |
| Deferred revenue | $812.2M | $755.1M | $599.0M | $546.7M |
| Current portion of convertible senior notes, net | $1.3B | $1.3B | $1.3B | — |
| Total current liabilities | $2.6B | $2.4B | $2.2B | $857.6M |
| Convertible senior notes, net | $2.0B | $2.0B | $2.0B | $3.3B |
| Operating lease liabilities, noncurrent | $180.8M | $182.1M | $173.4M | $144.8M |
| Deferred revenue, noncurrent | $40.3M | $39.9M | $45.9M | $35.8M |
| Other noncurrent liabilities | $28.0M | $29.1M | $24.2M | $23.9M |
| Total liabilities | $4.9B | $4.6B | $4.4B | $4.3B |
| Common stock, value, issued | $355.0K | $352.0K | $349.0K | $348.0K |
| Additional paid-in capital | $3.0B | $2.8B | $2.5B | $2.4B |
| Accumulated deficit | ($1.4B) | ($1.2B) | ($1.2B) | ($1.2B) |
| Accumulated other comprehensive income (loss) | ($10.2M) | ($5.8M) | $14.3M | $16.6M |
| Total stockholders’ equity | $1.6B | $1.5B | $1.3B | $1.2B |
| Total liabilities and stockholders’ equity | $6.5B | $6.2B | $5.8B | $5.6B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net loss | ($102.3M) | ($78.8M) | ($183.9M) | ($193.4M) |
| Depreciation and amortization expense | $189.7M | $127.7M | $135.8M | $102.3M |
| Non-cash operating lease costs | $66.4M | $49.5M | $44.8M | $36.3M |
| Amortization of deferred contract acquisition costs | $101.6M | $77.8M | $61.4M | $45.1M |
| Stock-based compensation expense | $451.5M | $338.5M | $274.0M | $202.8M |
| Amortization of debt issuance costs | $7.1M | $4.0M | — | — |
| Net accretion of discounts and amortization of premiums on available-for-sale securities | ($29.9M) | ($42.1M) | ($44.4M) | ($263.0K) |
| Deferred income taxes | $1.3M | $2.1M | $2.3M | ($140.0K) |
| Provision for bad debt | $15.0M | $10.0M | $13.6M | $4.8M |
| Loss on extinguishment of debt | $0 | $0 | $50.3M | $0 |
| Other | ($38.0K) | $643.0K | $829.0K | $629.0K |
| Accounts receivable, net | ($80.6M) | ($78.5M) | ($113.4M) | ($56.2M) |
| Contract assets | ($4.5M) | ($5.5M) | ($2.7M) | ($2.2M) |
| Deferred contract acquisition costs | ($148.9M) | ($116.8M) | ($101.5M) | ($67.9M) |
| Prepaid expenses and other current assets | ($80.0M) | ($38.2M) | ($22.1M) | ($7.7M) |
| Other noncurrent assets | $6.8M | $2.2M | $1.0M | ($539.0K) |
| Accounts payable | $8.9M | $18.6M | $11.8M | ($9.6M) |
| Accrued expenses and other current liabilities | $15.4M | $9.9M | $25.8M | ($5.4M) |
| Accrued compensation | $26.7M | $18.7M | — | — |
| Operating lease liabilities | ($63.8M) | ($55.2M) | ($40.0M) | ($31.7M) |
| Deferred revenue | $223.8M | $135.0M | $134.5M | $102.2M |
| Other noncurrent liabilities | ($1.1M) | $960.0K | $2.0M | ($253.0K) |
| Net cash provided by operating activities | $603.1M | $380.4M | $254.4M | $123.6M |
| Purchases of property and equipment | ($315.6M) | ($185.0M) | ($114.4M) | ($143.6M) |
| Capitalized internal-use software | ($26.9M) | ($28.5M) | ($20.5M) | ($19.8M) |
| Asset acquisitions and business combinations, net of cash acquired | ($50.9M) | ($38.0M) | ($6.1M) | — |
| Purchases of available-for-sale securities | ($3.5B) | ($1.6B) | ($1.9B) | ($1.1B) |
| Sales of available-for-sale securities | $0 | $0 | $20.2M | $0 |
| Maturities of available-for-sale securities | $2.1B | $1.5B | $1.8B | $1.1B |
| Other investing activities | $1.8M | $38.0K | $74.0K | $36.0K |
| Net cash used in investing activities | ($1.8B) | ($330.2M) | ($186.2M) | ($235.7M) |
| Proceeds from settlement of the 2025 Capped Calls | $309.6M | — | — | — |
| Gross proceeds from issuance of 2030 convertible senior notes | $2.0B | — | $0 | $0 |
| Purchases of capped calls related to the 2030 convertible senior notes | ($283.4M) | — | — | — |
| Cash paid for issuance costs on 2030 convertible senior notes | ($29.0M) | — | $0 | $0 |
| Repayments of convertible senior notes | $0 | $0 | ($207.6M) | ($16.6M) |
| Cash paid for issuance costs on revolving credit facility | $0 | ($2.1M) | — | — |
| Proceeds from the exercise of stock options | $33.1M | $12.9M | $14.9M | $10.0M |
| Proceeds from the early exercise of stock options | $0 | $6.0K | $0 | $113.0K |
| Repurchases of unvested common stock | $0 | $0 | ($34.0K) | ($3.0K) |
| Proceeds from the issuance of common stock for employee stock purchase plan | $25.4M | $19.8M | $19.1M | $15.3M |
| Payment of tax withholding obligation on RSU and PSU settlement | ($48.3M) | ($16.8M) | ($8.0M) | ($2.5M) |
| Payment of indemnity holdback | ($3.8M) | ($1.0M) | ($10.5M) | $0 |
| Net cash provided by (used in) financing activities | $2.0B | $12.8M | ($192.2M) | $6.3M |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $800.1M | $63.0M | ($124.0M) | ($105.8M) |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net loss | ($192.9M) | ($22.9M) | ($90.2M) | ($88.9M) |
| Depreciation and amortization expense | $123.2M | $57.8M | $137.2M | $87.7M |
| Non-cash operating lease costs | $41.7M | $20.3M | $47.2M | $29.9M |
| Amortization of deferred contract acquisition costs | $63.5M | $31.0M | $73.7M | $47.3M |
| Stock-based compensation expense | $274.1M | $114.2M | $327.8M | $217.9M |
| Amortization of debt issuance costs | $4.9M | $2.4M | $4.6M | $2.2M |
| Net accretion of discounts and amortization of premiums on available-for-sale securities | ($13.2M) | ($7.4M) | ($21.5M) | ($12.0M) |
| Deferred income taxes | ($7.0M) | ($800.0K) | ($480.0K) | ($480.0K) |
| Provision for bad debt | $5.2M | $1.5M | $12.8M | $7.8M |
| Other | ($6.8M) | ($4.5M) | $3.1M | $3.2M |
| Accounts receivable, net | ($45.6M) | $1.4M | ($47.9M) | $1.4M |
| Contract assets | ($3.7M) | ($631.0K) | ($6.1M) | ($4.7M) |
| Deferred contract acquisition costs | ($84.5M) | ($37.0M) | ($95.5M) | ($59.0M) |
| Prepaid expenses and other current assets | ($60.6M) | ($34.5M) | ($62.3M) | ($46.3M) |
| Other noncurrent assets | $7.1M | $6.4M | $4.4M | $4.3M |
| Accounts payable | $1.2M | ($17.3M) | ($4.3M) | ($247.0K) |
| Accrued expenses and other current liabilities | $48.7M | $9.5M | $17.6M | $758.0K |
| Accrued compensation | $40.5M | ($7.6M) | $9.3M | ($2.9M) |
| Operating lease liabilities | ($45.6M) | ($23.0M) | ($41.9M) | ($25.0M) |
| Deferred revenue | $127.1M | $69.7M | $145.0M | $82.6M |
| Other noncurrent liabilities | ($1.4M) | ($281.0K) | $198.0K | ($18.0K) |
| Net cash provided by operating activities | $275.9M | $158.3M | $412.7M | $245.6M |
| Purchases of property and equipment | ($115.2M) | ($65.2M) | ($230.4M) | ($145.8M) |
| Capitalized internal-use software | ($20.2M) | ($9.0M) | ($21.2M) | ($13.6M) |
| Asset acquisitions and business combinations, net of cash acquired | ($75.1M) | ($9.1M) | ($6.5M) | ($6.5M) |
| Purchases of available-for-sale securities | ($783.9M) | ($769.1M) | ($2.6B) | ($1.5B) |
| Maturities of available-for-sale securities | $1.4B | $693.2M | $1.3B | $810.8M |
| Other investing activities | $1.6M | $549.0K | $679.0K | $382.0K |
| Net cash provided by (used in) investing activities | $449.4M | ($158.8M) | ($1.5B) | ($885.5M) |
| Proceeds from settlement of the 2025 capped calls | $0 | — | $309.6M | $309.6M |
| Gross proceeds from issuance of 2030 convertible senior notes | $0 | — | $2.0B | $2.0B |
| Purchases of capped calls related to the 2030 convertible senior notes | $0 | — | ($283.4M) | ($283.4M) |
| Cash paid for issuance costs on 2030 convertible senior notes | $0 | — | ($29.0M) | ($27.9M) |
| Proceeds from the exercise of stock options | $9.8M | $5.7M | $29.5M | $17.9M |
| Proceeds from the issuance of common stock for employee stock purchase plan | $16.1M | — | $13.1M | $13.1M |
| Payment of tax withholding obligation on RSU and PSU settlement | ($29.5M) | ($15.1M) | ($32.2M) | ($18.2M) |
| Payment of indemnity holdback | ($100.0K) | ($100.0K) | — | — |
| Net cash provided by (used in) financing activities | ($3.7M) | ($9.5M) | $2.0B | $2.0B |
| Net increase in cash, cash equivalents, and restricted cash | $721.6M | ($9.9M) | $905.3M | $1.4B |
| Cash, cash equivalents, and restricted cash, beginning of period | $954.4M | $954.4M | $154.2M | $154.2M |
| Cash, cash equivalents, and restricted cash, end of period | $1.7B | $944.4M | $1.1B | $1.5B |
| Cash paid for interest | $32.0K | $28.0K | $24.0K | $9.0K |
| Cash paid for income taxes, net of refunds | $4.2M | $2.3M | $5.8M | $3.5M |
| Cash paid for operating lease liabilities | $43.2M | $21.2M | $49.2M | $32.4M |
| Stock-based compensation capitalized for software development and cloud computing arrangements | $7.1M | $3.7M | $7.7M | $4.9M |
Cloudflare Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.