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Cloudflare, Inc.

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Cloudflare, Inc. • NYSE
$200.13 ▲ 1.59% (+3.14)
Market Cap $70.10 B
52w High $260.00
52w Low $89.42
Dividend Yield 0%
P/E -667.1
Volume 962.31K
Outstanding Shares 350.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $562.027M ▲ $453.171M ▲ $-1.29M ▲ -0.23% ▲ $-0.04 ▲ $84.222M ▲
Q2-2025 $512.316M ▲ $450.903M ▲ $-50.446M ▼ -9.847% ▼ $-0.145 ▼ $-284K ▼
Q1-2025 $479.087M ▲ $416.758M ▲ $-38.454M ▼ -8.027% ▼ $-0.11 ▼ $6.891M ▼
Q4-2024 $459.946M ▲ $385.155M ▲ $-12.848M ▲ -2.793% ▲ $-0.037 ▲ $47.963M ▲
Q3-2024 $430.082M $364.831M $-15.331M -3.565% $-0.045 $38.627M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.044B ▲ $5.786B ▲ $4.439B ▲ $1.347B ▲
Q2-2025 $3.96B ▲ $5.562B ▲ $4.323B ▲ $1.24B ▼
Q1-2025 $1.915B ▲ $3.721B ▲ $2.295B ▲ $1.426B ▲
Q4-2024 $1.86B ▲ $3.301B ▲ $2.255B ▲ $1.046B ▲
Q3-2024 $1.824B $3.063B $2.09B $973.09M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.29M ▲ $167.123M ▲ $-629.518M ▲ $-3.569M ▼ $-465.964M ▼ $82.482M ▲
Q2-2025 $-50.446M ▼ $99.796M ▼ $-793.025M ▼ $2.008B ▲ $1.314B ▲ $33.28M ▼
Q1-2025 $-38.454M ▼ $145.784M ▲ $-92.438M ▲ $3.522M ▼ $56.868M ▲ $52.867M ▲
Q4-2024 $-12.848M ▲ $127.308M ▲ $-167.032M ▼ $8.032M ▲ $-31.692M ▼ $47.754M ▲
Q3-2024 $-15.331M $104.727M $-76.4M $-2.411M $25.916M $45.279M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Reportable Segment
Reportable Segment
 $480.00M ▲$510.00M ▲$560.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Cloudflare’s income statement shows a classic high-growth software story: revenue has expanded strongly every year, and gross profit has kept pace, suggesting a solid underlying business model. At the same time, the company still reports operating and net losses, though those losses have been narrowing over time. Profitability at the EBITDA level has recently turned slightly positive, which signals improving cost discipline and scale benefits, but true bottom-line profitability has not yet been reached. The key tension here is impressive growth versus continued investment-heavy spending that keeps reported earnings in the red.

Balance Sheet

Balance Sheet The balance sheet reflects a business that has scaled up quickly and now carries a meaningful amount of debt alongside a growing base of assets and equity. Cash on hand is relatively modest compared with the debt load, which creates some sensitivity to funding conditions and execution on cash generation. Equity has been rebuilt after an earlier dip, which is a positive sign, but leverage is still an important factor to watch. Overall, the balance sheet looks supportive of growth but leaves less room for major missteps than a cash-rich, debt-light profile would.

Cash Flow

Cash Flow Cash flow tells a more encouraging story than accounting earnings. Operating cash flow has moved from negative to consistently positive and has been strengthening, indicating that the core business is beginning to pay for itself. Free cash flow has also turned positive and is improving, even after ongoing investment in infrastructure and data centers. Capital spending remains meaningful but not excessive, suggesting a gradual shift from “build at any cost” toward more balanced, self-funded growth. The main watchpoint is maintaining this positive cash trend while still investing enough to stay ahead technologically.

Competitive Edge

Competitive Edge Cloudflare holds a strong competitive position in internet infrastructure, security, and edge computing, built on its large, globally distributed network. This footprint gives it performance, security, and data advantages, creating network effects that are difficult for smaller rivals to match. Its unified platform—spanning security, networking, and developer tools—reduces complexity for customers and can displace multiple point solutions. However, it faces intense competition from large cloud providers and established security vendors, so continued differentiation, reliability, and value-for-money will be critical to defend and grow its share.

Innovation and R&D

Innovation and R&D Innovation is one of Cloudflare’s core strengths. The company has steadily expanded beyond its roots in content delivery and DDoS protection into zero-trust security, secure networking, serverless computing at the edge, and now AI workloads with Workers AI. Its developer-centric tools, storage offerings, and integrated SASE platform show a clear strategy to become a foundation layer of the modern internet. Importantly, most of this has been built organically rather than through large acquisitions, which can indicate a strong internal engineering culture. Key risks lie in execution: turning rapid product launches into deep enterprise adoption, navigating regulatory complexity (especially around initiatives like a stablecoin), and avoiding overextension across too many fronts at once.

Summary

Cloudflare presents a picture of a fast-growing infrastructure and security platform that is steadily maturing financially but is not yet fully profitable. Revenue and gross profit are rising quickly, operating metrics are improving, and cash generation has turned a corner, even though net income remains negative. The balance sheet supports continued investment but is more leveraged than some peers, making sustained positive cash flow and disciplined spending particularly important. Strategically, Cloudflare appears well positioned at the intersection of security, networking, edge computing, and AI, with a differentiated global network and strong innovation engine. The long-term story hinges on whether it can convert its extensive product portfolio and technical moat into durable, high-margin profitability without overreaching or being outpaced by larger cloud and security competitors.

NEWS

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November 17, 2025 · 9:00 AM UTC

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LOEWS CORPORATION REPORTS NET INCOME OF $504 MILLION FOR THE THIRD QUARTER OF 2025

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