Cloudflare, Inc.
Financial Performance
Cloudflare Revenue & Financials
Revenue
$2.2B (FY2025)
Market Cap
$122.5B
Employees
5,156
What is Cloudflare's revenue?
Cloudflare had $2.2B in revenue for fiscal year 2025, up 29.8% from 2024.
- Latest revenue
- $2.2B (FY2025)
- Year-over-year
- +29.8%
- Growth rate (CAGR)
- 41.5% over 8 years
- Peak revenue
- $2.2B (FY2025)
- Years of data
- 9
- Employees
- 5,156
- What is Cloudflare's operating income?
- Cloudflare reported an operating loss of $207.2M for fiscal year 2025. sec.gov
- How many employees does Cloudflare have?
- Cloudflare has about 5,156 employees.
Financial Analysis
Cloudflare's revenue has compounded from $431.1 million in 2020 to $2.17 billion in 2025. In 2025 it posted 29.8% growth, 75.8% non-GAAP gross margin, $303.9 million of non-GAAP operating income (14.0% of revenue), $603.1 million of operating cash flow, and $260.6 million of free cash flow, while still reporting a $102.3 million GAAP net loss driven by stock-based compensation. Growth accelerated in 2026: Q2 2026 revenue was $696.1 million (+36% year over year), with a $170.0 million GAAP net loss and $107.8 million of non-GAAP net income. Cash and securities stood at $4.16 billion on June 30, 2026. Management raised full-year 2026 revenue guidance to $2.864-$2.870 billion in August 2026. Cloudflare, Inc. is a massive global internet infrastructure and security company, maintaining a market valuation generally exceeding $25 billion.
Revenue Trend Analysis
YoY Change
+29.8%
8-Year CAGR
+41.5%
Peak Year
2025
Trend
Consistent Growth
Cloudflare, Inc. has 9 full fiscal year figures on this page, compounding at +41.5% annually over 8 years. The most recent year saw a 29.8% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $2.2B. Of 8 comparable year-over-year steps, 8 showed growth and 0 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $2.2B | -$207.2Mfiling | — | +29.8% | data.sec.gov 2025 revenue reached $2.167937 billion. |
| FY2024 | $1.7B | -$154.8Mfiling | — | +28.8% | data.sec.gov 2024 revenue was $1.669626 billion. |
| FY2023 | $1.3B | -$185.5Mfiling | — | +33.0% | data.sec.gov 2023 revenue was $1.296745 billion. |
| FY2022 | $975.2M | -$201.2Mfiling | — | +48.6% | data.sec.gov 2022 revenue reached $975.241 million. |
| FY2021 | $656.4M | -$127.7Mfiling | — | +52.3% | data.sec.gov 2021 revenue increased to $656.426 million. |
| FY2020 | $431.1M | -$106.8Mfiling | — | +50.2% | data.sec.gov 2020 revenue was $431.059 million. |
| FY2019 | $287M | -$107.9M | -$105.8M | +49.0% | Cloudflare, Inc. annual report (Form 10-K, SEC EDGAR, filed 2022-03-01) Fiscal year ended 2019-12-31. |
| FY2018 | $192.7M | -$84.9M | -$87.2M | +42.8% | Cloudflare, Inc. annual report (Form 10-K, SEC EDGAR, filed 2021-02-25) Fiscal year ended 2018-12-31. |
| FY2017 | $134.9M | -$9.7M | -$10.7M | — | Cloudflare, Inc. annual report (Form 10-K, SEC EDGAR, filed 2020-03-04) Fiscal year ended 2017-12-31. |
Click any row to see year details.
Cloudflare, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $603.1M | $315.6M | $6B | $4.6B | $1.5B | $287.5M | Form 10-K |
| FY2024ended Dec 31, 2024 | $380.4M | $185M | $3.3B | $2.3B | $1B | $195.4M | Form 10-K |
| FY2023ended Dec 31, 2023 | $254.4M | $114.4M | $2.8B | $2B | $763M | $140M | Form 10-K |
| FY2022ended Dec 31, 2022 | $123.6M | $143.6M | $2.6B | $2B | $624M | -$20M | Form 10-K |
| FY2021ended Dec 31, 2021 | $64.6M | $93M | $2.4B | $1.6B | $811.4M | -$28.3M | Form 10-K |
| FY2020ended Dec 31, 2020 | -$17.1M | $56.4M | $1.4B | $563.7M | $816.9M | -$73.5M | Form 10-K |
| FY2019ended Dec 31, 2019 | -$38.9M | $43.3M | $830.8M | $105M | $725.8M | -$82.2M | Form 10-K |
| FY2018ended Dec 31, 2018 | -$43.3M | $25.5M | $298.4M | $80.4M | -$113.5M | -$68.7M | Form 10-K |
Keep researching Cloudflare
Cloudflare Revenue and Financial FAQ
What was Cloudflare's revenue in 2025?
Cloudflare reported revenue of $2.17 billion for 2025, up 29.8% from $1.67 billion in 2024.
What is Cloudflare's gross margin?
Non-GAAP gross margin was 75.8% in 2025, down from 78.7% in 2024, and 73.1% in Q2 2026. GAAP gross margin was 74.5% in 2025.
Is Cloudflare free cash flow positive?
Yes. Cloudflare generated $603.1 million of operating cash flow and $260.6 million of free cash flow in 2025, and $56.4 million of free cash flow in Q2 2026.
Is Cloudflare profitable?
Not under GAAP: net loss was $102.3 million in 2025 and $170.0 million in Q2 2026. Non-GAAP net income was $342.9 million in 2025.
What was Cloudflare's Q2 2026 revenue?
Q2 2026 revenue was $696.1 million, up 36% year over year, with non-GAAP operating income of $96.1 million (13.8% of revenue).
What is Cloudflare's market cap?
About $122.5 billion as of September 30, 2026.
How much cash does Cloudflare have?
Cash, cash equivalents, and available-for-sale securities totaled $4.16 billion on June 30, 2026.
What is Cloudflare's 2026 guidance?
In August 2026 Cloudflare guided to full-year 2026 revenue of $2.864-$2.870 billion and non-GAAP operating income of $443-$445 million, with Q3 2026 revenue of $736-$737 million.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Cloudflare Revenue & Financials." CorpDigest, https://corpdigest.com/company/cloudflare/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Cloudflare reported $2.2B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/cloudflare/financials" target="_blank" rel="noopener">CorpDigest — Cloudflare financials</a></div>Related Financial Audits
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