Cloudflare, Inc. (NET) Income Statement
NET 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNET revenue and net income
Where NET's revenue goes
2025Each bar shows an amount and its share of revenue. NET kept −4.7% of revenue as net income.
NET profit margins
NET growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +29.8% | +30.5% | +38.1% | — |
| Gross profit | +25.1% | +29.6% | +37.4% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | +22.7% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NET quarterly EPS vs estimates
Cloudflare beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.02).
NET income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.17B | $1.67B | $1.30B | $975.2M | $656.4M | $431.1M | $287.0M | $192.7M | $134.9M | $84.8M |
| Cost of revenue | $552.5M | $378.7M | $307.0M | $232.6M | $147.1M | $101.1M | $63.4M | $43.5M | $28.8M | $24.0M |
| Gross profit | $1.62B | $1.29B | $989.7M | $742.6M | $509.3M | $330.0M | $223.6M | $149.1M | $106.1M | $60.8M |
| Research & development | $512.5M | $421.4M | $358.1M | $298.3M | $189.4M | $127.1M | $90.7M | $54.5M | $33.6M | $23.7M |
| Sales, general & admin | $1.31B | $1.02B | $817.1M | $645.5M | $447.6M | $309.6M | $240.9M | $179.6M | $82.2M | $54.2M |
| Total operating expenses | $1.82B | $1.45B | $1.18B | $943.8M | $637.0M | $436.8M | $331.5M | $234.0M | $115.9M | $77.9M |
| Operating income | −$207.2M | −$154.8M | −$185.5M | −$201.2M | −$127.7M | −$106.8M | −$107.9M | −$84.9M | −$9.7M | −$17.0M |
| Interest income | $122.5M | $87.4M | $56.3M | $14.9M | $47.3M | $6.6M | $4.5M | $903,000 | $100,000 | $28,000 |
| Interest expense | $8.8M | $5.2M | $5.9M | $5.0M | $49.2M | $25.0M | $1.1M | $992,000 | $862,000 | $654,000 |
| Income before taxes | −$92.7M | −$70.9M | −$177.9M | −$190.7M | −$248.0M | −$125.0M | −$104.7M | −$86.1M | −$9.7M | −$17.3M |
| Income taxes | $9.6M | $7.9M | $6.1M | $2.6M | $12.3M | −$5.6M | $1.1M | $1.1M | $1.0M | $69,000 |
| Net income | −$102.3M | −$78.8M | −$183.9M | −$193.4M | −$260.3M | −$119.4M | −$105.8M | −$87.2M | −$10.7M | −$17.3M |
| EBITDA | $105.8M | $62.0M | −$185.5M | −$83.4M | −$132.1M | −$50.6M | −$74.1M | −$66.2M | $3.3M | −$8.3M |
| EPS (diluted) | $0.92 | $0.75 | $0.49 | −$0.07 | −$0.63 | −$0.11 | −$0.28 | −$0.35 | −$0.14 | −$0.23 |
| Gross margin | 74.5% | 77.3% | 76.3% | 76.1% | 77.6% | 76.6% | 77.9% | 77.4% | 78.7% | 71.7% |
| Operating margin | −9.6% | −9.3% | −14.3% | −20.6% | −19.5% | −24.8% | −37.6% | −44.1% | −7.2% | −20.1% |
| Net margin | −4.7% | −4.7% | −14.2% | −19.8% | −39.7% | −27.7% | −36.9% | −45.2% | −8.0% | −20.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $696.1M | $639.8M | $614.5M | $562.0M | $512.3M | $479.1M | $459.9M | $430.1M | $401.0M | $378.6M | $362.5M | $335.6M |
| Cost of revenue | $196.5M | $184.2M | $162.0M | $146.3M | $128.7M | $115.6M | $108.7M | $96.0M | $89.0M | $85.0M | $83.3M | $78.1M |
| Gross profit | $499.5M | $455.6M | $452.6M | $415.7M | $383.6M | $363.5M | $351.3M | $334.1M | $312.0M | $293.6M | $279.2M | $257.5M |
| Research & development | $159.5M | $151.0M | $141.9M | $121.0M | $134.6M | $115.1M | $120.2M | $110.9M | $102.5M | $87.7M | $96.4M | $90.6M |
| Sales, general & admin | $395.0M | $366.6M | $359.9M | $332.2M | $316.3M | $301.7M | $265.8M | $254.0M | $244.1M | $260.4M | $225.6M | $206.2M |
| Total operating expenses | $705.2M | $517.6M | $501.8M | $453.2M | $450.9M | $416.8M | $386.0M | $364.9M | $346.7M | $348.1M | $322.0M | $296.7M |
| Operating income | −$205.7M | −$62.0M | −$49.2M | −$37.5M | −$67.3M | −$53.2M | −$34.7M | −$30.8M | −$34.7M | −$54.5M | −$42.8M | −$39.2M |
| Interest income | $39.9M | $40.2M | $39.0M | $42.5M | $25.4M | $21.4M | $22.0M | $22.5M | $21.7M | $21.3M | $20.2M | $18.0M |
| Interest expense | $3.1M | $2.6M | $2.9M | $2.9M | $1.5M | $1.4M | $1.4M | $1.4M | $1.2M | $1.1M | $1.1M | $1.1M |
| Income before taxes | −$167.9M | −$21.4M | −$10.5M | $1.9M | −$47.3M | −$36.8M | −$10.8M | −$12.8M | −$13.9M | −$33.3M | −$25.8M | −$22.3M |
| Income taxes | $2.0M | $1.5M | $1.6M | $3.1M | $3.2M | $1.7M | $2.0M | $2.5M | $1.1M | $2.3M | $2.1M | $1.3M |
| Net income | −$170.0M | −$22.9M | −$12.1M | −$1.3M | −$50.4M | −$38.5M | −$12.8M | −$15.3M | −$15.1M | −$35.5M | −$27.9M | −$23.5M |
| EBITDA | −$99.5M | $39.0M | $45.0M | $54.2M | −$284,000 | $6.9M | $26.8M | $20.3M | $16.9M | $15.3M | $25.5M | $13.3M |
| EPS (diluted) | −$0.05 | $0.25 | $0.28 | $0.27 | $0.21 | $0.16 | $0.19 | $0.20 | $0.20 | $0.16 | $0.15 | $0.16 |
| Gross margin | 71.8% | 71.2% | 73.6% | 74.0% | 74.9% | 75.9% | 76.4% | 77.7% | 77.8% | 77.5% | 77.0% | 76.7% |
| Operating margin | −29.6% | −9.7% | −8.0% | −6.7% | −13.1% | −11.1% | −7.5% | −7.2% | −8.7% | −14.4% | −11.8% | −11.7% |
| Net margin | −24.4% | −3.6% | −2.0% | −0.2% | −9.8% | −8.0% | −2.8% | −3.6% | −3.8% | −9.4% | −7.7% | −7.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NET's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NET financial results
In fiscal year 2025 (ended December 31, 2025), Cloudflare reported revenue of $2.2 billion, up 29.8% from the year before. It had a net loss of $102.3 million, a net profit margin of −4.7%. Diluted earnings per share came to $0.92. Over five years revenue grew at an average rate of 38.1% a year.
See the NET stock overview for the latest quote and news, or the NET chart for price history and technical indicators.
NET income statement FAQ
What is Cloudflare's annual revenue?
Cloudflare reported total revenue of $2.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 29.8% from $1.7 billion the previous year.
Is Cloudflare profitable?
No. Cloudflare reported a net loss of $102.3 million in fiscal 2025, a net profit margin of −4.7%; its operating margin was −9.6%.
What is Cloudflare's gross margin?
Cloudflare's gross margin was 74.5% in fiscal 2025: for every $100 of revenue, Cloudflare kept $75 after the direct cost of its products and services.
How much does Cloudflare spend on research and development?
Cloudflare spent $512.5 million on research and development in fiscal 2025, 23.6% of revenue.
How fast is Cloudflare growing?
Revenue grew 38.1% a year on average over the last five fiscal years, from $431.1 million to $2.2 billion.
What are Cloudflare's earnings per share?
Cloudflare earned $0.92 per diluted share in fiscal 2025, compared with $0.75 a year earlier.
When will Cloudflare report its next earnings?
Cloudflare is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Cloudflare's fiscal year end?
Cloudflare's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.