Cloudflare, Inc. (NET) Balance Sheet
NET balance sheet, 2025
December 31, 2025 · U.S. dollars$6.04B assets = $4.58B liabilities + $1.46B equity
Both columns are drawn to the same scale: what NET owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NET financial health
Descriptive bands, not a rating. Fiscal 2025.
NET balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $163.1M2017 | $6.04B2025 | +57.0%/yr | |
| Total liabilities | $223.0M2017 | $4.58B2025 | +45.9%/yr | |
| Shareholders’ equity | −$59.8M2017 | $1.46B2025 | — | |
| Cash & short-term investments | $73.4M2017 | $4.10B2025 | +65.3%/yr | |
| Total debt | $11.3M2017 | $3.70B2025 | +106.2%/yr | |
| Net cash (debt) | $62.1M2017 | $400.9M2025 | +$338.8M | |
| Working capital | $64.9M2017 | $2.29B2025 | +$2.2B | |
| Book value per share | −$0.242017 | $4.192025 | — | |
| Current ratio | 3.392017 | 1.982025 | −1.41 | |
| Debt / equity | 0.052019 | 2.542025 | +2.48 | |
| Shares outstanding | 251.1M2017 | 348.4M2025 | +4.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NET assets
NET liabilities and equity
NET debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NET balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $4.10B | $1.86B | $1.67B | $1.65B | $1.82B | $1.03B | $636.9M | $160.7M | $73.4M |
| Cash & equivalents | $943.5M | $147.7M | $86.9M | $204.2M | $313.8M | $108.9M | $139.0M | $25.1M | $24.4M |
| Short-term investments | $3.16B | $1.71B | $1.59B | $1.45B | $1.51B | $923.2M | $498.0M | $135.6M | $49.0M |
| Receivables | $406.0M | $333.3M | $259.3M | $156.8M | $101.6M | $67.0M | $35.9M | $26.7M | $15.2M |
| Inventory | $0 | $0 | $1 | $0 | $521,000 | $20.5M | $13.7M | $1 | $1 |
| Other current assets | $137.6M | $75.5M | $50.0M | $81.1M | $29.4M | $10.3M | $3.3M | $9.4M | $3.4M |
| Total current assets | $4.64B | $2.27B | $1.98B | $1.89B | $1.95B | $1.13B | $689.9M | $196.7M | $92.0M |
| Property, plant & equipment (net) | $856.3M | $635.8M | $461.4M | $419.0M | $314.1M | $166.8M | $101.5M | $73.2M | $51.4M |
| Goodwill & intangible assets | $268.4M | $203.0M | $167.6M | $180.5M | $24.8M | $20.0M | $4.1M | $4.2M | $4.8M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $266.7M | $193.4M | $147.7M | $100.5M | $79.8M | $63.9M | $35.4M | $24.2M | $14.9M |
| Total assets | $6.04B | $3.30B | $2.76B | $2.59B | $2.37B | $1.38B | $830.8M | $298.4M | $163.1M |
| Liabilities | |||||||||
| Accounts payable | $84.1M | $105.8M | $53.7M | $35.6M | $26.1M | $14.5M | $11.5M | $14.3M | $4.7M |
| Short-term debt | $1.36B | $47.6M | $38.4M | $33.3M | $37.3M | $17.7M | $28.3M | $255,000 | $356,000 |
| Deferred revenue | $684.2M | $477.8M | $347.6M | $218.6M | $116.5M | $54.9M | $30.8M | $16.8M | $11.9M |
| Total current liabilities | $2.35B | $793.7M | $567.1M | $397.9M | $288.6M | $141.4M | $83.9M | $61.4M | $27.2M |
| Long-term debt | $1.97B | $1.29B | $1.28B | $1.44B | $1.15B | $383.3M | $10.5M | $12.1M | $11.0M |
| Lease obligations | $252.9M | $175.9M | $151.8M | $140.9M | $134.2M | $45.0M | $10.5M | $10.4M | $10.3M |
| Other long-term liabilities | $252.4M | $174.0M | $146.3M | $129.9M | $120.8M | $39.1M | $10.6M | $338.4M | $184.8M |
| Total liabilities | $4.58B | $2.25B | $2.00B | $1.96B | $1.56B | $563.7M | $105.0M | $411.9M | $223.0M |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | $351,000 | $344,000 | $337,000 | $328,000 | $321,000 | $304,000 | $294,000 | $85,000 | $79,000 |
| Retained earnings (deficit) | −$1.20B | −$1.10B | −$1.02B | −$839.9M | −$680.8M | −$420.5M | −$301.7M | −$195.9M | −$108.7M |
| Accumulated other comprehensive income | $12.3M | −$4.3M | $2.0M | −$11.9M | −$2.6M | $163,000 | $61,000 | −$39.9M | −$27.7M |
| Total shareholders' equity | $1.46B | $1.05B | $763.0M | $624.0M | $815.8M | $816.9M | $725.8M | −$113.5M | −$59.8M |
| Key figures | |||||||||
| Total debt | $3.70B | $1.46B | $1.44B | $1.58B | $1.29B | $428.3M | $38.8M | $12.3M | $11.3M |
| Net cash (debt) | $400.9M | $397.0M | $238.5M | $72.8M | $528.6M | $603.8M | $598.1M | $148.3M | $62.1M |
| Working capital | $2.29B | $1.48B | $1.42B | $1.49B | $1.66B | $988.6M | $606.0M | $135.4M | $64.9M |
| Tangible book value | $1.19B | $843.2M | $595.4M | $443.4M | $791.0M | $797.0M | $721.7M | −$117.7M | −$64.6M |
| Book value per share | $4.19 | $3.06 | $2.29 | $1.91 | $2.61 | $2.73 | $2.42 | −$0.48 | −$0.24 |
| Shares outstanding | 348.4M | 341.4M | 333.7M | 326.3M | 312.3M | 299.8M | 300.2M | 237.3M | 251.1M |
| Current ratio | 1.98 | 2.86 | 3.50 | 4.74 | 6.77 | 7.99 | 8.22 | 3.21 | 3.39 |
| Quick ratio | 1.92 | 2.76 | 3.41 | 4.54 | 6.67 | 7.77 | 8.02 | 3.05 | 3.26 |
| Debt / equity | 2.54 | 1.40 | 1.88 | 2.53 | 1.59 | 0.52 | 0.05 | — | — |
| Equity / assets | 24.2% | 31.7% | 27.6% | 24.1% | 34.4% | 59.2% | 87.4% | −38.0% | −36.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $4.16B | $4.17B | $4.10B | $4.04B | $3.96B | $1.91B | $1.86B | $1.82B | $1.76B | $1.72B | $1.67B | $1.57B |
| Cash & equivalents | $1.66B | $943.2M | $943.5M | $1.05B | $1.52B | $204.5M | $147.7M | $182.9M | $157.0M | $254.4M | $86.9M | $94.1M |
| Short-term investments | $2.50B | $3.23B | $3.16B | $2.99B | $2.44B | $1.71B | $1.71B | $1.64B | $1.60B | $1.46B | $1.59B | $1.48B |
| Receivables | $450.1M | $403.7M | $406.0M | $374.5M | $328.8M | $302.3M | $333.3M | $266.4M | $263.1M | $224.8M | $259.3M | $211.2M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $1 | $1.6M |
| Other current assets | $165.4M | $137.1M | $137.6M | $118.7M | $117.3M | $407.1M | $75.5M | $73.6M | $72.5M | $75.2M | $50.0M | $70.9M |
| Total current assets | $4.78B | $4.72B | $4.64B | $4.54B | $4.41B | $2.62B | $2.27B | $2.16B | $2.09B | $2.02B | $1.98B | $1.86B |
| Property, plant & equipment (net) | $950.9M | $875.2M | $856.3M | $810.5M | $732.7M | $692.0M | $635.8M | $548.1M | $481.0M | $471.2M | $461.4M | $436.2M |
| Goodwill & intangible assets | $433.6M | $271.8M | $268.4M | $199.5M | $203.2M | $205.0M | $203.0M | $176.4M | $177.8M | $162.3M | $167.6M | $165.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $311.3M | $301.3M | $266.7M | $239.6M | $220.6M | $200.0M | $193.4M | $174.4M | $164.8M | $151.9M | $147.7M | $129.8M |
| Total assets | $6.47B | $6.16B | $6.04B | $5.79B | $5.56B | $3.72B | $3.30B | $3.06B | $2.92B | $2.80B | $2.76B | $2.59B |
| Liabilities | ||||||||||||
| Accounts payable | $127.0M | $58.8M | $84.1M | $85.9M | $95.7M | $93.8M | $105.8M | $74.1M | $59.5M | $47.8M | $53.7M | $40.6M |
| Short-term debt | $1.37B | $1.37B | $1.36B | $1.36B | $56.8M | $53.1M | $47.6M | $43.0M | $40.7M | $39.3M | $38.4M | $35.1M |
| Deferred revenue | $812.2M | $755.1M | $684.2M | $599.0M | $546.7M | $508.1M | $477.8M | $389.8M | $371.0M | $356.2M | $347.6M | $294.1M |
| Total current liabilities | $2.63B | $2.41B | $2.35B | $2.22B | $857.6M | $821.0M | $793.7M | $641.6M | $596.0M | $574.1M | $567.1M | $477.8M |
| Long-term debt | $1.98B | $1.98B | $1.97B | $1.97B | $3.26B | $1.29B | $1.29B | $1.29B | $1.29B | $1.28B | $1.28B | $1.28B |
| Lease obligations | $259.1M | $256.7M | $252.9M | $238.8M | $201.6M | $187.6M | $175.9M | $164.4M | $153.2M | $152.3M | $151.8M | $136.7M |
| Other long-term liabilities | $249.1M | $251.0M | $252.4M | $243.5M | $204.5M | $186.1M | $174.0M | $161.7M | $153.8M | $146.0M | $146.3M | $130.5M |
| Total liabilities | $4.85B | $4.64B | $4.58B | $4.44B | $4.32B | $2.30B | $2.25B | $2.09B | $2.04B | $2.00B | $2.00B | $1.89B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $355,000 | $352,000 | $351,000 | $349,000 | $348,000 | $346,000 | $344,000 | $342,000 | $341,000 | $339,000 | $337,000 | $335,000 |
| Retained earnings (deficit) | −$1.40B | −$1.23B | −$1.20B | −$1.19B | −$1.19B | −$1.14B | −$1.10B | −$1.09B | −$1.07B | −$1.06B | −$1.02B | −$996.0M |
| Accumulated other comprehensive income | −$10.2M | −$5.8M | $12.3M | $14.3M | $16.6M | $3.7M | −$4.3M | $15.9M | −$1.3M | −$900,000 | $2.0M | −$4.1M |
| Total shareholders' equity | $1.62B | $1.53B | $1.46B | $1.35B | $1.24B | $1.43B | $1.05B | $973.1M | $881.5M | $797.2M | $763.0M | $699.3M |
| Key figures | ||||||||||||
| Total debt | $3.53B | $3.52B | $3.70B | $3.50B | $3.46B | $1.48B | $1.46B | $1.45B | $1.44B | $1.44B | $1.44B | $1.42B |
| Net cash (debt) | $633.4M | $650.3M | $400.9M | $541.8M | $497.6M | $439.0M | $397.0M | $373.1M | $318.8M | $279.6M | $238.5M | $155.2M |
| Working capital | $2.15B | $2.30B | $2.29B | $2.31B | $3.55B | $1.80B | $1.48B | $1.52B | $1.50B | $1.44B | $1.42B | $1.38B |
| Tangible book value | $1.19B | $1.25B | $1.19B | $1.15B | $1.04B | $1.22B | $843.2M | $796.6M | $703.7M | $634.9M | $595.4M | $533.4M |
| Book value per share | $4.57 | $4.33 | $4.16 | $3.93 | $3.57 | $4.12 | $3.04 | $2.84 | $2.59 | $2.35 | $2.27 | $2.09 |
| Shares outstanding | 354.3M | 352.6M | 351.1M | 342.4M | 347.5M | 345.7M | 344.0M | 342.4M | 340.6M | 338.6M | 336.6M | 334.7M |
| Current ratio | 1.82 | 1.96 | 1.98 | 2.04 | 5.14 | 3.20 | 2.86 | 3.37 | 3.51 | 3.51 | 3.50 | 3.89 |
| Quick ratio | 1.76 | 1.90 | 1.92 | 1.99 | 5.00 | 2.70 | 2.76 | 3.26 | 3.39 | 3.38 | 3.41 | 3.74 |
| Debt / equity | 2.18 | 2.31 | 2.54 | 2.60 | 2.79 | 1.04 | 1.40 | 1.49 | 1.63 | 1.80 | 1.88 | 2.03 |
| Equity / assets | 25.0% | 24.8% | 24.2% | 23.3% | 22.3% | 38.3% | 31.7% | 31.8% | 30.2% | 28.5% | 27.6% | 27.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
NET financial position
At the end of fiscal 2025 (December 31, 2025), Cloudflare had total assets of $6.0 billion (up 82.9% from a year earlier), total liabilities of $4.6 billion and shareholders' equity of $1.5 billion. It held $4.1 billion in cash and short-term investments against $3.7 billion of debt, a net cash position of $400.9 million. Its current ratio was 1.98. In the latest quarter (ended June 30, 2026) total assets were $6.5 billion and equity $1.6 billion.
Related: NET income statement, NET cash flow statement, NET key metrics. See the NET stock overview for the latest quote and news.
NET balance sheet FAQ
What are Cloudflare's total assets?
Cloudflare reported total assets of $6.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.3 billion a year earlier.
How much debt does Cloudflare have?
Cloudflare had $3.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.54.
How much cash does Cloudflare have?
Cloudflare held $4.1 billion in cash and short-term investments at the end of fiscal 2025; with $3.7 billion of debt that is net cash of $400.9 million.
What is Cloudflare's book value?
Cloudflare's shareholders' equity (book value) was $1.5 billion at the end of fiscal 2025, or $4.19 per share.
What is Cloudflare's current ratio?
Cloudflare had current assets of $4.6 billion and current liabilities of $2.4 billion, a current ratio of 1.98 (it can cover its short-term obligations).
How much goodwill does Cloudflare have?
Cloudflare carried $268.4 million of goodwill and intangible assets, 4.4% of total assets, at the end of fiscal 2025.