Cloudflare vs Ford: Revenue, Profit and Business Model
Cloudflare reported $2.2B of revenue in FY2025 and — of net income. Ford reported $187.3B of revenue in FY2025 and a net loss of $8.2B.
Latest financial snapshot
Cloudflare
- Latest revenue
- $2.2B (FY2025)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +41.5% a year, FY2017–FY2025
Ford
- Latest revenue
- $187.3B (FY2025)
- Net income
- -$8.2B
- Net margin
- -4.4%
- Revenue growth
- +2.4% a year, FY2016–FY2025
Financial summary
Cloudflare
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.
Ford
Ford's numbers show a profitable truck and fleet business funding an expensive EV reset. FY2025 revenue rose 1.2% to $187.267B, but Ford posted an $8.162B net loss as Model e lost $4.806B at EBIT and the company took charges tied to its December 2025 decision to cancel some EV programs. Ford Pro earned $6.843B of EBIT. In Q2 2026, revenue fell 4% to $48.3B on lower wholesale volumes and aluminum shortages linked to supplier Novelis, and the $1.3B net loss included $3.6B of charges for exiting the BlueOval SK battery joint venture. Adjusted EBIT still rose 17% to $2.5B, adjusted free cash flow was $2.1B, and liquidity exceeded $43B.
Revenue and profit by year
Cloudflare
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $2.2B | — | 0.0% | +29.8% | Source |
| FY2024 | $1.7B | — | 0.0% | +28.8% | Source |
| FY2023 | $1.3B | — | 0.0% | +33.0% | Source |
| FY2022 | $975.2M | — | 0.0% | +48.6% | Source |
| FY2021 | $656.4M | — | 0.0% | +52.3% | Source |
| FY2020 | $431.1M | — | 0.0% | +50.2% | Source |
| FY2019 | $287M | -$105.8M | -36.9% | +49.0% | Source |
| FY2018 | $192.7M | -$87.2M | -45.2% | +42.8% | Source |
| FY2017 | $134.9M | -$10.7M | -8.0% | — | Source |
Ford
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $187.3B | -$8.2B | -4.4% | +1.2% | Source |
| FY2024 | $185B | $5.9B | 3.2% | +5.0% | Source |
| FY2023 | $176.2B | $4.3B | 2.5% | +11.5% | Source |
| FY2022 | $158.1B | -$2B | -1.3% | +15.9% | Source |
| FY2021 | $136.3B | $17.9B | 13.2% | +7.2% | Source |
| FY2020 | $127.1B | -$1.3B | -1.0% | -18.4% | Source |
| FY2019 | $155.9B | $84M | 0.1% | -2.8% | Source |
| FY2018 | $160.3B | $3.7B | 2.3% | +2.3% | Source |
| FY2017 | $156.8B | $7.8B | 4.9% | +3.3% | Source |
| FY2016 | $151.8B | $4.6B | 3.0% | — | Source |
Where the revenue comes from
Cloudflare
- Enterprise and large-customer contracts
Majority of revenue (exact split not stated here)
Annual and multi-year contracts with large organizations covering application security, Cloudflare One Zero Trust, email security, and network services.
- Self-serve and developer usage
Not separately disclosed
Monthly Pro and Business subscriptions plus usage-based billing for Workers, R2, D1, and Workers AI.
Ford
- Ford Blue~54%
Combustion and hybrid Ford and Lincoln retail vehicles generated $101.019B of FY2025 revenue.
- Ford Pro~35%
Commercial vehicles, fleet services, telematics, charging, and related customer relationships generated $66.286B of FY2025 revenue.
- Ford Model e~4%
Electric vehicles, EV technologies, and related software generated $6.670B of FY2025 revenue while remaining loss-making.
- Ford Credit and Other~7%
Vehicle financing, leasing, and other corporate activities complete Ford's consolidated revenue base.
Business model and strategy
Cloudflare
How it makes money
Cloudflare makes money by selling subscriptions and usage-based services that run on a single global network. Millions of websites use a free plan; paying customers move up to Pro, Business, and Enterprise plans for advanced DDoS mitigation, web application firewall, bot management, and support.
Growth strategy
Cloudflare grows by landing customers with free or low-cost plans and expanding into more products per account. Its main growth vectors are larger enterprise contracts (it signed its largest-ever deal in Q4 2025, averaging $42.5 million per year in annual contract value), Cloudflare One Zero Trust, and the developer platform.
Competitive advantage
Cloudflare's advantage is its network: data centers in more than 330 cities that run every product on every server, combined with a free tier that brings an enormous volume of diverse traffic onto the platform. That traffic gives Cloudflare broad visibility into attacks, and the shared architecture lets it launch new security, AI, and developer products to its whole customer base at low marginal cost.
Ford
How it makes money
Ford designs, builds, and sells vehicles through roughly 9,000 independent Ford and Lincoln dealers worldwide and reports three operating segments plus Ford Credit. Ford Blue sells gas and hybrid retail vehicles such as the F-150, Bronco, Explorer, and Maverick ($101.0B of FY2025 revenue).
Growth strategy
After its December 2025 EV reset, Ford is concentrating capital on trucks, hybrids, and higher-margin services rather than large first-generation battery-electric programs.
Competitive advantage
Ford's clearest moat is the F-Series truck franchise, the best-selling pickup line in the U.S. every year since 1977, combined with Ford Pro's position in commercial vans and Super Duty trucks. Fleet customers buy vehicles, service, parts, telematics, and financing from one supplier, and Ford's upfitter, dealer, and mobile-service network is hard for EV startups or importers to replicate.
Questions about Cloudflare vs Ford
Which company has higher revenue — Cloudflare, Inc. or Ford Motor Company?
Cloudflare, Inc. reported $2.2B (FY2025), while Ford Motor Company reported $187.3B (FY2025). By last reported revenue, Ford Motor Company is the larger business, with Cloudflare, Inc. reporting a smaller revenue base.
What is the market cap of Cloudflare, Inc. vs Ford Motor Company?
Cloudflare, Inc.'s market capitalisation stands at $122.5B, while Ford Motor Company's is $48.0B. Cloudflare, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Ford Motor Company.
Which is more financially efficient — Cloudflare, Inc. or Ford Motor Company?
Cloudflare, Inc. generates $420k / employee in revenue per employee, while Ford Motor Company generates $1.11M / employee. Ford Motor Company shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Cloudflare, Inc. and Ford Motor Company make money?
Cloudflare, Inc. and Ford Motor Company generate revenue in fundamentally different ways. Cloudflare, Inc.: Cloudflare makes money by selling subscriptions and usage-based services that run on a single global network. Ford Motor Company: Ford designs, builds, and sells vehicles through roughly 9,000 independent Ford and Lincoln dealers worldwide and reports three operating segments plus Ford Credit.
Which company is valued higher relative to revenue — Cloudflare, Inc. or Ford Motor Company?
On a price-to-sales (P/S) basis, Cloudflare, Inc. trades at 56.5x P/S and Ford Motor Company at 0.3x P/S. Cloudflare, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Ford Motor Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Cloudflare, Inc. bigger than Ford Motor Company?
By last reported revenue, Ford Motor Company ($187.3B (FY2025)) is the larger company compared to Cloudflare, Inc. ($2.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Cloudflare vs Ford overview