Balance Sheet Cloudflare, Inc.

Equities

NET

US18915M1071

IT Services & Consulting

Market Closed - Nyse Other stock markets 21:00:02 05/06/2026 BST			5-day change	1st Jan Change
250.11 ^USD	-6.90%		+3.43%	+26.86%

06-05	China and Hong Kong users unable to access SpaceX website, IPO documents	RE
06-04	Cloudflare, Inc. acquired VoidZero Inc.	CI

65553302b16b4a19e.cJE8uOLBHi_14oWTqCRefylYSBd-YRWSHP9oSvAFo5U.H-FGjtOscRqBrvCr3RdnNxpoCkAUOFL7L7ocf55PksUA22j72vQuFobT0A

Published financial data: CLOUDFLARE, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	656M	975M	1.3B	1.67B	2.17B
Total Revenues	656M	975M	1.3B	1.67B	2.17B
Cost of Goods Sold, Total	147M	233M	307M	379M	553M
Gross Profit	509M	743M	990M	1.29B	1.62B
Selling General & Admin Expenses, Total	447M	642M	817M	1.01B	1.3B
R&D Expenses	189M	298M	358M	421M	512M
Other Operating Expenses, Total	637M	940M	1.18B	1.43B	1.82B
Operating Income	-127M	-197M	-185M	-139M	-201M
Interest Expense, Total	-49.23M	-4.98M	-5.87M	-5.2M	-8.77M
Interest And Investment Income	1.97M	14.88M	68.17M	87.43M	131M
Net Interest Expenses	-47.26M	9.89M	62.3M	82.23M	122M
Currency Exchange Gains (Loss)	-400K	2M	-	-	-
Other Non Operating Income (Expenses)	-394K	-1.42M	-4.37M	1.66M	-7.95M
EBT, Excl. Unusual Items	-175M	-187M	-128M	-55.17M	-86.59M
Merger & Related Restructuring Charges	-380K	-3.95M	-	-702K	-3.91M
Asset Writedown	-	-	-	-	-5.1M
Legal Settlements	-	-	-	-	2.89M
Other Unusual Items	-72.23M	-	-50.3M	-15M	-
EBT, Incl. Unusual Items	-248M	-191M	-178M	-70.87M	-92.71M
Income Tax Expense	12.33M	2.65M	6.09M	7.93M	9.56M
Earnings From Continuing Operations	-260M	-193M	-184M	-78.8M	-102M
Net Income to Company	-260M	-193M	-184M	-78.8M	-102M
Net Income - (IS)	-260M	-193M	-184M	-78.8M	-102M
Net Income to Common Incl Extra Items	-260M	-193M	-184M	-78.8M	-102M
Net Income to Common Excl. Extra Items	-260M	-193M	-184M	-78.8M	-102M
Per Share Items
Net EPS - Basic	-0.83	-0.59	-0.55	-0.23	-0.29
Basic EPS - Continuing Operations	-0.83	-0.59	-0.55	-0.23	-0.29
Basic Weighted Average Shares Outstanding	312M	326M	334M	341M	348M
Net EPS - Diluted	-0.83	-0.59	-0.55	-0.23	-0.29
Diluted EPS - Continuing Operations	-0.83	-0.59	-0.55	-0.23	-0.29
Diluted Weighted Average Shares Outstanding	312M	326M	334M	341M	348M
Normalized Basic EPS	-0.35	-0.36	-0.24	-0.1	-0.16
Normalized Diluted EPS	-0.35	-0.36	-0.24	-0.1	-0.16
Supplemental Items
EBITDA	-81.5M	-115M	-71.16M	-36.04M	-42.44M
EBITA	-127M	-182M	-165M	-126M	-186M
EBIT	-127M	-197M	-185M	-139M	-201M
EBITDAR	-57.5M	-78.79M	-26.37M	13.44M	23.98M
Effective Tax Rate - (Ratio)	-4.97	-1.39	-3.42	-11.19	-10.31
Current Domestic Taxes	865K	333K	837K	1.82M	3.32M
Current Foreign Taxes	2.73M	2.46M	2.99M	4M	4.91M
Total Current Taxes	3.6M	2.79M	3.82M	5.82M	8.23M
Deferred Domestic Taxes	-	-1.7M	-	-1.44M	-2.07M
Deferred Foreign Taxes	8.74M	1.56M	2.26M	3.55M	3.4M
Total Deferred Taxes	8.74M	-140K	2.26M	2.11M	1.33M
Normalized Net Income	-110M	-117M	-79.73M	-34.48M	-54.12M
Interest on Long-Term Debt	49.34M	5.86M	5M	-	-
Supplemental Operating Expense Items
Advertising Expense	36.2M	43.5M	57.6M	78.6M	95.2M
Selling and Marketing Expenses	328M	466M	599M	731M	921M
General and Administrative Expenses	119M	176M	218M	278M	383M
Research And Development Expense From Footnotes	210M	319M	380M	446M	544M
Net Rental Expense, Total	24M	36.33M	44.79M	49.48M	66.43M
Imputed Operating Lease Interest Expense	10.98M	1.01M	1.4M	1.42M	1.87M
Imputed Operating Lease Depreciation	13.02M	35.32M	43.4M	48.06M	64.56M
Stock-Based Comp., COGS (Total)	2.58M	6.25M	7.97M	10.91M	13.04M
Stock-Based Comp., R&D Exp. (Total)	44.2M	103M	132M	144M	156M
Stock-Based Comp., S&M Exp. (Total)	27.28M	50.32M	73.68M	91.46M	128M
Stock-Based Comp., G&A Exp. (Total)	16.08M	42.93M	59.92M	92.5M	154M
Total Stock-Based Compensation	90.14M	203M	274M	338M	451M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	314M	204M	86.86M	148M	944M
Short Term Investments	1.51B	1.45B	1.59B	1.71B	3.16B
Total Cash And Short Term Investments	1.82B	1.65B	1.67B	1.86B	4.1B
Accounts Receivable, Total	102M	157M	259M	333M	406M
Other Receivables	-	37.5M	-	-	-
Total Receivables	102M	194M	259M	333M	406M
Prepaid Expenses	29.43M	33.06M	47.5M	75.48M	128M
Restricted Cash	2.96M	10.56M	2.52M	4.27M	9.36M
Other Current Assets, Total	-	-	-	-	-
Total Current Assets	1.96B	1.89B	1.98B	2.27B	4.64B
Gross Property Plant And Equipment	434M	597M	679M	915M	1.23B
Accumulated Depreciation	-120M	-179M	-218M	-280M	-379M
Net Property Plant And Equipment	314M	418M	461M	635M	856M
Goodwill	23.53M	148M	148M	181M	227M
Other Intangibles, Total	1.25M	32.48M	19.56M	21.86M	41.8M
Deferred Charges Long-Term	70.32M	93.14M	133M	172M	219M
Other Long-Term Assets, Total	7.49M	8.22M	15.3M	22.02M	48.05M
Total Assets	2.37B	2.59B	2.76B	3.3B	6.04B
Liabilities
Accounts Payable, Total	26.09M	35.61M	53.73M	106M	84.12M
Accrued Expenses, Total	109M	110M	127M	162M	220M
Current Portion of Long-Term Debt	12.12M	-	-	-	1.29B
Current Portion of Leases	25.18M	33.28M	38.35M	47.63M	70.9M
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue Current, Total	117M	219M	348M	478M	684M
Other Current Liabilities	-	-	-	-	-
Total Current Liabilities	289M	398M	567M	794M	2.35B
Long-Term Debt	1.15B	1.44B	1.28B	1.29B	1.97B
Long-Term Leases	109M	108M	113M	128M	182M
Unearned Revenue Non Current	4.68M	11.73M	17.24M	22.1M	41.09M
Other Non Current Liabilities	11.55M	10.53M	15.54M	23.62M	29.34M
Total Liabilities	1.56B	1.96B	2B	2.25B	4.58B
Preferred Stock Convertible	-	-	-	-	-
Total Preferred Equity	-	-	-	-	-
Common Stock, Total	321K	328K	337K	344K	351K
Additional Paid In Capital	1.49B	1.48B	1.78B	2.15B	2.65B
Retained Earnings	-681M	-840M	-1.02B	-1.1B	-1.2B
Comprehensive Income and Other	-2.64M	-11.9M	1.98M	-4.25M	12.26M
Total Common Equity	811M	624M	763M	1.05B	1.46B
Total Equity	811M	624M	763M	1.05B	1.46B
Total Liabilities And Equity	2.37B	2.59B	2.76B	3.3B	6.04B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	324M	330M	338M	345M	352M
ECS Total Common Shares Outstanding	324M	330M	338M	345M	352M
Book Value / Share	2.51	1.89	2.26	3.03	4.15
Tangible Book Value	787M	443M	595M	843M	1.19B
Tangible Book Value Per Share	2.43	1.34	1.76	2.45	3.38
Total Debt	1.29B	1.58B	1.44B	1.46B	3.52B
Net Debt	-529M	-72.85M	-239M	-393M	-583M
Debt Equivalent Oper. Leases	192M	291M	358M	396M	531M
Account Code - Inventory Valuation	3	3	3	3	3
Buildings, Total	-	-	-	-	-
Machinery, Total	182M	277M	371M	527M	769M
Full Time Employees	2.44K	3.22K	3.68K	4.26K	5.16K
Accumulated Allowance for Doubtful Accounts (Supple)	2.64M	3.13M	6M	8.17M	7.08M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-260M	-193M	-184M	-78.8M	-102M
Depreciation & Amortization - CF	45.81M	66.97M	94.32M	90.28M	144M
Amortization of Goodwill and Intangible Assets - (CF)	-	15.17M	20M	12.75M	15M
Depreciation & Amortization, Total	45.81M	82.14M	114M	103M	159M
Amortization of Deferred Charges, Total - (CF)	96.24M	69.97M	87.39M	106M	140M
(Gain) Loss on Sale of Investments - (CF)	8.36M	-263K	-44.44M	-42.08M	-29.9M
Stock-Based Compensation (CF)	90.14M	203M	274M	338M	451M
Provision and Write-off of Bad Debts	3.8M	4.83M	13.64M	10.04M	14.99M
Other Operating Activities, Total	77.22M	36.82M	98.18M	52.23M	67.72M
Change In Accounts Receivable	-38.39M	-58.41M	-116M	-84.05M	-85.1M
Change In Accounts Payable	2.46M	-9.6M	11.78M	18.63M	8.86M
Change in Unearned Revenues	64.39M	102M	134M	135M	224M
Change in Other Net Operating Assets	-25.07M	-113M	-135M	-179M	-245M
Cash from Operations	64.65M	124M	254M	380M	603M
Capital Expenditure	-92.99M	-144M	-114M	-185M	-322M
Cash Acquisitions	-5.6M	-88.19M	-6.08M	-37.99M	-44.4M
Sale (Purchase) of Intangible assets	-14.75M	-19.76M	-20.55M	-28.48M	-26.94M
Investment in Marketable and Equity Securities, Total	-596M	15.82M	-45.25M	-78.76M	-1.42B
Other Investing Activities, Total	53K	36K	74K	38K	1.83M
Cash from Investing	-709M	-236M	-186M	-330M	-1.81B
Long-Term Debt Issued, Total	1.29B	-	-	-	2B
Total Debt Issued	1.29B	-	-	-	2B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-371M	-16.57M	-208M	-	-
Total Debt Repaid	-371M	-16.57M	-208M	-	-
Issuance of Common Stock	36.48M	25.4M	33.93M	32.71M	58.56M
Repurchase of Common Stock	-3.82M	-2.49M	-7.99M	-16.77M	-48.25M
Issuance of Preferred Stock	-	-	-	-	-
Other Financing Activities, Total	-108M	-	-10.48M	-3.15M	-6.58M
Cash from Financing	847M	6.35M	-192M	12.78M	2B
Net Change in Cash	203M	-106M	-124M	62.99M	800M
Supplemental Items
Cash Interest Paid	3.63M	1.24M	670K	75K	29K
Cash Income Tax Paid (Refund)	1.55M	2.22M	4.45M	5M	7.77M
Levered Free Cash Flow	106M	74.51M	314M	358M	382M
Unlevered Free Cash Flow	90.17M	72.97M	313M	357M	380M
Change In Net Working Capital	-91.46M	-9.39M	-92.75M	-114M	-112M
Net Debt Issued / Repaid	923M	-16.57M	-208M	-	2B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-4.24	-4.97	-4.34	-2.87	-2.69
Return on Total Capital	-4.75	-5.73	-5.27	-3.69	-3.36
Return On Equity %	-31.97	-26.95	-26.52	-8.71	-8.16
Return on Common Equity	-31.97	-26.95	-26.52	-8.71	-8.16
Margin Analysis
Gross Profit Margin %	77.59	76.15	76.32	77.32	74.51
SG&A Margin	68.12	65.79	63.01	60.41	60.15
EBITDA Margin %	-12.42	-11.8	-5.49	-2.16	-1.96
EBITA Margin %	-19.39	-18.67	-12.76	-7.57	-8.58
EBIT Margin %	-19.39	-20.23	-14.3	-8.33	-9.28
Income From Continuing Operations Margin %	-39.66	-19.83	-14.19	-4.72	-4.72
Net Income Margin %	-39.66	-19.83	-14.19	-4.72	-4.72
Net Avail. For Common Margin %	-39.66	-19.83	-14.19	-4.72	-4.72
Normalized Net Income Margin	-16.7	-11.97	-6.15	-2.07	-2.5
Levered Free Cash Flow Margin	16.08	7.64	24.21	21.43	17.6
Unlevered Free Cash Flow Margin	13.74	7.48	24.14	21.39	17.53
Asset Turnover
Asset Turnover	0.35	0.39	0.48	0.55	0.46
Fixed Assets Turnover	2.73	2.67	2.95	3.05	2.91
Receivables Turnover (Average Receivables)	7.78	7.55	6.23	5.63	5.86
Short Term Liquidity
Current Ratio	6.78	4.74	3.5	2.86	1.98
Quick Ratio	6.67	4.64	3.41	2.76	1.92
Operating Cash Flow to Current Liabilities	0.22	0.31	0.45	0.48	0.26
Days Sales Outstanding (Average Receivables)	46.89	48.37	58.57	64.96	62.24
Average Days Payable Outstanding	50.32	48.4	53.1	77.09	62.73
Long Term Solvency
Total Debt/Equity	159.39	252.75	188.09	139.86	241.13
Total Debt / Total Capital	61.45	71.65	65.29	58.31	70.69
LT Debt/Equity	154.79	247.42	183.06	135.31	147.77
Long-Term Debt / Total Capital	59.68	70.14	63.54	56.41	43.32
Total Liabilities / Total Assets	65.8	75.89	72.35	68.31	75.83
EBIT / Interest Expense	-2.59	-39.58	-31.59	-26.76	-22.94
EBITDA / Interest Expense	-1.17	-15.81	-4.49	2.59	2.74
(EBITDA - Capex) / Interest Expense	-3.06	-44.62	-23.97	-33.03	-34.01
Total Debt / EBITDA	-22.49	-20.02	-54.42	108.88	146.69
Net Debt / EBITDA	9.19	0.92	9.04	-29.22	-24.3
Total Debt / (EBITDA - Capex)	-8.59	-7.09	-10.2	-8.53	-11.8
Net Debt / (EBITDA - Capex)	3.51	0.33	1.69	2.29	1.96
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	52.28	48.57	32.97	28.76	29.85
Gross Profit, 1 Yr. Growth %	54.33	45.82	33.27	30.43	25.14
EBITDA, 1 Yr. Growth %	22	41.18	-38.18	-49.36	17.78
EBITA, 1 Yr. Growth %	26.68	43.03	-9.12	-23.67	47.32
EBIT, 1 Yr. Growth %	26.68	54.95	-5.97	-25.03	44.6
Earnings From Cont. Operations, 1 Yr. Growth %	118.07	-25.71	-4.88	-57.16	29.78
Net Income, 1 Yr. Growth %	118.07	-25.71	-4.88	-57.16	29.78
Normalized Net Income, 1 Yr. Growth %	47.74	6.51	-31.71	-56.75	56.95
Diluted EPS Before Extra, 1 Yr. Growth %	109.31	-28.9	-6.97	-58.14	27.17
Accounts Receivable, 1 Yr. Growth %	51.59	54.33	65.34	28.54	21.81
Net Property, Plant and Equip., 1 Yr. Growth %	88.47	33.32	10.14	37.87	34.73
Total Assets, 1 Yr. Growth %	71.81	9.1	6.64	19.62	82.85
Tangible Book Value, 1 Yr. Growth %	-1.3	-43.62	34.28	41.62	41.21
Common Equity, 1 Yr. Growth %	-0.68	-23.1	22.29	37.11	39.47
Cash From Operations, 1 Yr. Growth %	-477.42	91.18	105.84	49.54	58.54
Capital Expenditures, 1 Yr. Growth %	64.94	54.44	-20.34	61.75	61.11
Levered Free Cash Flow, 1 Yr. Growth %	-734.96	-29.42	321.3	13.99	11.25
Unlevered Free Cash Flow, 1 Yr. Growth %	-498.04	-19.08	329.06	14.08	11.02
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	51.23	50.41	40.55	30.84	29.3
Gross Profit, 2 Yr. CAGR %	50.92	50.01	39.4	31.84	27.76
EBITDA, 2 Yr. CAGR %	-2.24	31.29	-6.58	-44.05	-22.77
EBITA, 2 Yr. CAGR %	8.6	34.61	14.01	-16.71	6.04
EBIT, 2 Yr. CAGR %	8.6	40.11	20.71	-16.04	4.12
Earnings From Cont. Operations, 2 Yr. CAGR %	56.84	27.28	-15.94	-36.17	-25.44
Net Income, 2 Yr. CAGR %	56.84	27.28	-15.94	-36.17	-25.44
Normalized Net Income, 2 Yr. CAGR %	29.41	25.45	-14.71	-45.65	-17.61
Diluted EPS Before Extra, 2 Yr. CAGR %	7.34	21.99	-18.67	-37.59	-27.03
Accounts Receivable, 2 Yr. CAGR %	68.18	52.96	59.74	45.78	25.13
Net Property, Plant and Equip., 2 Yr. CAGR %	76.01	58.52	21.18	23.23	36.29
Total Assets, 2 Yr. CAGR %	68.97	36.91	7.86	12.94	47.89
Tangible Book Value, 2 Yr. CAGR %	4.4	-25.41	-12.99	37.9	41.41
Common Equity, 2 Yr. CAGR %	5.73	-12.61	-3.02	29.49	38.28
Cash From Operations, 2 Yr. CAGR %	28.89	168.62	98.37	75.44	53.97
Capital Expenditures, 2 Yr. CAGR %	46.56	59.6	10.92	13.51	63.51
Levered Free Cash Flow, 2 Yr. CAGR %	57.68	111.7	72.44	119.15	11.33
Unlevered Free Cash Flow, 2 Yr. CAGR %	46.93	79.47	86.34	121.23	11.25
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	50.47	50.34	44.36	36.5	30.51
Gross Profit, 3 Yr. CAGR %	50.59	49.2	44.21	36.35	29.57
EBITDA, 3 Yr. CAGR %	5.3	10.52	2.14	-23.83	-28.29
EBITA, 3 Yr. CAGR %	14.46	19.04	18.09	-0.26	0.73
EBIT, 3 Yr. CAGR %	14.46	22.26	22.67	2.99	0.64
Earnings From Cont. Operations, 3 Yr. CAGR %	44.01	22.26	15.5	-32.86	-19.13
Net Income, 3 Yr. CAGR %	44.01	22.26	15.5	-32.86	-19.13
Normalized Net Income, 3 Yr. CAGR %	26.76	21.28	2.43	-31.99	-22.61
Diluted EPS Before Extra, 3 Yr. CAGR %	-8.17	-6.43	11.45	-34.82	-20.88
Accounts Receivable, 3 Yr. CAGR %	56.12	63.43	56.98	48.58	37.31
Net Property, Plant and Equip., 3 Yr. CAGR %	62.45	60.45	40.4	26.51	26.95
Total Assets, 3 Yr. CAGR %	99.58	46.04	25.97	11.65	32.62
Tangible Book Value, 3 Yr. CAGR %	88.34	-14.99	-9.26	2.35	38.99
Common Equity, 3 Yr. CAGR %	92.63	-4.92	-2.25	8.84	32.73
Cash From Operations, 3 Yr. CAGR %	14.31	46.99	145.81	80.54	69.62
Capital Expenditures, 3 Yr. CAGR %	53.99	49.14	26.6	25.78	30.9
Levered Free Cash Flow, 3 Yr. CAGR %	88.67	20.62	166.28	50.22	72.36
Unlevered Free Cash Flow, 3 Yr. CAGR %	81.42	20.44	139.98	58.22	73.33
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	50.58	48.53	46.42	42.21	38.13
Gross Profit, 5 Yr. CAGR %	52.96	47.57	46.01	42	37.39
EBITDA, 5 Yr. CAGR %	56.03	159.3	0.39	-15.82	-8.67
EBITA, 5 Yr. CAGR %	49.53	79.65	14.28	3.19	13.11
EBIT, 5 Yr. CAGR %	49.53	82.55	16.92	5.2	14.88
Earnings From Cont. Operations, 5 Yr. CAGR %	71.92	78.24	16.11	-5.73	-3.05
Net Income, 5 Yr. CAGR %	71.92	78.24	16.11	-5.73	-3.05
Normalized Net Income, 5 Yr. CAGR %	58.98	80.63	8.18	-12.03	-6.11
Diluted EPS Before Extra, 5 Yr. CAGR %	29.49	33.58	-12.52	-20.42	-5.92
Accounts Receivable, 5 Yr. CAGR %	-	59.51	57.56	56.13	43.37
Net Property, Plant and Equip., 5 Yr. CAGR %	-	52.09	44.48	44.37	38.74
Total Assets, 5 Yr. CAGR %	-	73.81	56.03	31.77	34.32
Tangible Book Value, 5 Yr. CAGR %	-	47.01	38.29	3.16	8.36
Common Equity, 5 Yr. CAGR %	-	59.82	46.39	7.59	12.3
Cash From Operations, 5 Yr. CAGR %	37.16	108.1	42.51	57.77	103.86
Capital Expenditures, 5 Yr. CAGR %	42.37	49.81	35.05	33.71	41.7
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	82	53.16	87.13
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	83.37	53.6	75.76