CloudflareNETRevenue: is the business selling more than it used to?
$2.2B+30% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $2.2B in 2025, compounding +31% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $2.5B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETNet income: how much of that revenue becomes profit?
$-102MFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→The company lost $102M in 2025, more than the $79M it lost the year before. The losses are widening - check the Health chapter for how long the cash lasts.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETHow fast is it growing, year by year?
+29.8%revenue growth, FY 2025
→Revenue grew +30% in 2025 against a five-year average of +38%.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETRevenue per share: is your slice growing as fast as the company?
$6.22revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $6.22 in 2025, compounding +28% a year against +31% for NET as a whole. Dilution absorbed about 2.8 points of that growth. Free cash flow per share stands at $0.83.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETFree cash flow: what is left in real cash after everything?
$287M+47% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow was $287M in 2025. That is the most cash the business has ever thrown off in a year. The trailing twelve months stand at $348M.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETWhere does each dollar of revenue actually go?
→Of $2.2B in 2025 sales, nothing survives to the bottom line - the journey ends $102M underwater.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→13 cents of every sales dollar became free cash in 2025, up 15 points since 2022 - the best conversion in its filed history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is research and development, at 24% of revenue (stock compensation 21%, capital spending 15%). That share has fallen since 2022, so the cost of competing is easing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin widened 11 points to -10% since 2022. The bottom line is still negative: costs below the operating line eat what is left.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→ROE of -13% and ROCE of -6% sit close together, so the returns come from the business itself rather than from borrowing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETWhat has the market paid for NET over time?
39.5xP/S today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 39.5x sales, the market is paying +66% more than NET's own 7-year median of 23.8x. Expectations are elevated, so more has to go right to justify the price.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETWhat cash return does the business throw off per dollar of market value?
0.4%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys 0.4% of annual free cash flow, less than its 7-year median of -0.1% - you are paying up for the same cash.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETCould it handle its debt if things went wrong?
→Debt isn't clearly tagged in NET's filings, so treat the balance sheet with extra care rather than assuming zero.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETIs the company's own capital growing?
→The company's own capital grew from $763M in 2023 to $1.6B (+112%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETHow much goes back, and how much leaks out as stock comp?
→NET returned no cash to shareholders in the latest filed year: everything is being retained or reinvested.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETHow fast is your ownership being diluted - or concentrated?
→The share count grew 2.1% in 2025, averaging 2.2% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETDoes NET earn more on its capital than that capital costs?
→NET's return on capital is negative at -5.6% in 2025. The capital in the business is not yet earning anything back.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETNET has issued or retired shares - did shareholders end up better off?
→NET issued +138% more shares from 2019 to 2025, but revenue per share still rose +217%. The dilution bought more growth than it cost existing holders.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
CloudflareNETAre the people running it buying or selling?
→Insiders sold $230M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 7 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30