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Cloudflare Inc · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineGrowing fast: revenue compounds ~34.8%/yr (FY21→FY25), net margin −4.7%. Worth your attention in FY25: Share count (+11.6%) and Capex step-up ($315.6M). Both visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($M)▲29.8%
2,167.9
FY21→FY25CAGR +34.8%/yr
Net income ($M)▼29.8%
−102.3
FY21→FY25CAGR —
Free cash flow ($M)▲47.1%
287.5
capex stepped upCAGR —
Diluted EPS▼26.1%
−0.29
FY21→FY25CAGR —
What the receipts whisper · what a headline number hides
Share count
+11.6%
312.3mn → 348.4mn diluted shares since FY21. Rising share count dilutes EPS. Growth must outrun it.
Capex step-up
$315.6M
▲71% YoY in FY25, largest jump in this window; watch free-cash-flow conversion.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
-5¢ of every revenue dollar becomes profit. The biggest cost lever is operating expenses.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 77.6% → 74.5%. Net margin -4.7% is below the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 2,512.3 | 2,167.9 | 1,669.6 | 1,296.7 | 975.2 | 656.4 | ▲29.8% | +34.8% |
Cost of revenue | 689.0 | 552.5 | 378.7 | 307.0 | 232.6 | 147.1 | ▲45.9% | +39.2% |
Gross profit | 1,823.4 | 1,615.4 | 1,290.9 | 989.7 | 742.6 | 509.3 | ▲25.1% | +33.5% |
Research & development | 573.3 | 512.5 | 421.4 | 358.1 | 298.3 | 189.4 | ▲21.6% | +28.3% |
Selling, general & admin | 418.6 | 389.3 | 278.5 | 218.0 | 179.8 | 119.5 | ▲39.8% | +34.3% |
Total operating expenses | 2,177.8 | 1,822.6 | 1,445.7 | 1,175.2 | 943.8 | 637.0 | ▲26.1% | +30.1% |
Operating incomefeeds ROC rank | −354.4 | −207.2 | −154.8 | −185.5 | −201.2 | −127.7 | ▼33.9% | — |
Other income, net | 156.4 | 114.5 | 83.9 | 7.6 | 10.5 | −120.3 | — | — |
Pretax income | −198.0 | −92.7 | −70.9 | −177.9 | −190.7 | −248.0 | ▼30.8% | — |
Income tax | 8.3 | 9.6 | 7.9 | 6.1 | 2.6 | 12.3 | ▲20.6% | −6.2% |
Net incomePiotroski ROA ✕feeds Buffett Quality owner earnings | −206.3 | −102.3 | −78.8 | −183.9 | −193.4 | −260.3 | ▼29.8% | — |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | −0.58 | −0.29 | −0.23 | −0.55 | −0.59 | −0.83 | ▼26.1% | — |
Diluted shares (mn) | 354.33 | 348.42 | 341.41 | 333.66 | 326.33 | 312.32 | ▲2.1% | +2.8% |
| Margins | ||||||||
Gross margin76th pct in Technology | 72.6% | 74.5% | 77.3% | 76.3% | 76.1% | 77.6% | ▼2.8pp | −3.1pp |
Operating margin | −14.1% | −9.6% | −9.3% | −14.3% | −20.6% | −19.5% | ▼0.3pp | +9.9pp |
Net margin25th pct in Technology | −8.2% | −4.7% | −4.7% | −14.2% | −19.8% | −39.7% | ▲0.0pp | +34.9pp |
† TTM = trailing four quarters through 2026-06-30.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-26 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.