stockrowCloudflare, Inc.
NET Technology Software Infrastructure
Cloudflare, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, up 29.8% from fiscal 2024.
- Revenue
- +39.2%
- EPS
- −2,602.7%
- Free cash flow
- +9.48%
- Total debt
- +125.2%
Quarter to September 2026, against a year earlier
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Cloudflare, Inc. (NET) Free cash flow margin
Cloudflare, Inc.'s free cash flow margin over the twelve months to 30 September 2026 was 11.8%, down 0.2 percentage points from fiscal 2025 (12.0%). Over the past ten years it has ranged from −40.6% (fiscal 2018) to 12.0% (fiscal 2025) — the current reading is the highest in ten years. That is above the Software Infrastructure industry median of 0.00% and above the Technology sector median of 0.67%.
Free cash flow margin, annual
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Annual newest first
| Period | Free cash flow margin | Change (points) |
|---|---|---|
| FY2025 | 12.0% | 2.02 |
| FY2024 | 10.0% | 0.79 |
| FY2023 | 9.21% | 13.29 |
| FY2022 | −4.08% | 2.48 |
| FY2021 | −6.56% | 14.80 |
| FY2020 | −21.4% | 12.16 |
| FY2019 | −33.5% | 7.03 |
| FY2018 | −40.6% | (25.87) |
| FY2017 | −14.7% | 22.91 |
| FY2016 | −37.6% | — |
Against its own ten years
Free cash flow margin against peers
| Company | Free cash flow margin |
|---|---|
| FTNT Fortinet, Inc. compare | 43.5% |
| OKTA Okta, Inc. compare | 31.2% |
| SNPS Synopsys, Inc. compare | 29.2% |
| CRWD CrowdStrike compare | 28.0% |
| ZS Zscaler, Inc. compare | 23.2% |
| NTAP NetApp, Inc. compare | 22.3% |
| XYZ Block, Inc. compare | 13.5% |
| NET Cloudflare, Inc. | 11.8% |
| NBIS Nebius Group N.V. compare | −433.8% |
| Software Infrastructure industry median | 0.00% |
| Technology sector median | 0.67% |
| Market median | 0.00% |
What Free cash flow margin is
Free Cash Flow Margin tells an investor how much of each sale turns into cash the company keeps after paying for investment in its assets.
(Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)) ÷ Revenue
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