Cloudflare vs United Airlines: Revenue, Profit and Business Model
Cloudflare reported $2.2B of revenue in FY2025 and — of net income. United Airlines reported $59.1B of revenue in FY2025 and $3.4B of net income.
Latest financial snapshot
Cloudflare
- Latest revenue
- $2.2B (FY2025)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +41.5% a year, FY2017–FY2025
United Airlines
- Latest revenue
- $59.1B (FY2025)
- Net income
- $3.4B
- Net margin
- 5.7%
- Revenue growth
- +5.5% 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.
United Airlines
United's revenue grew from $43.3 billion in 2019 to a record $59.1 billion in 2025, and net income reached $3.4 billion in 2025 against $3.1 billion in 2024. Operating cash flow was $8.4 billion in 2025. In 2026 the story is fuel: after oil prices spiked in March, United cut full-year adjusted EPS guidance to $7-$11, then raised it to $9-$11 in July after Q2 revenue rose 16% to $17.7 billion and yields climbed 12%. Q2 fuel expense was up $2.3 billion (84%), and the company said it expected to recover all of the increase through fares by Q4. Management is targeting an investment-grade credit rating in 2026.
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 |
United Airlines
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $59.1B | $3.4B | 5.7% | +3.5% | Source |
| FY2024 | $57.1B | $3.1B | 5.5% | +6.2% | Source |
| FY2023 | $53.7B | $2.6B | 4.9% | +19.5% | Source |
| FY2022 | $45B | $737M | 1.6% | +82.5% | Source |
| FY2021 | $24.6B | -$2B | -8.0% | +60.4% | Source |
| FY2020 | $15.4B | -$7.1B | -46.0% | -64.5% | Source |
| FY2019 | $43.3B | $3B | 7.0% | +4.7% | Source |
| FY2018 | $41.3B | $2.1B | 5.1% | +9.5% | Source |
| FY2017 | $37.7B | $2.1B | 5.7% | +3.2% | Source |
| FY2016 | $36.6B | $2.2B | 6.1% | — | 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.
United Airlines
- Passenger tickets
- Premium cabins
- Basic Economy
- MileagePlus and co-brand revenue
- Cargo
- United Club memberships
- Baggage and seat fees
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.
United Airlines
How it makes money
United makes money by filling a hub-and-spoke network. Domestic and regional flights feed passengers into seven U.S. hubs, where they connect to long-haul routes across the Atlantic, Pacific and Latin America. Ticket sales are the core: passenger revenue was $53.4 billion of the $59.1 billion total in 2025.
Growth strategy
United is investing in premium seating, larger aircraft, international routes, operational reliability, MileagePlus, airport clubs, digital service, Starlink connectivity, and network depth at core hubs.
Competitive advantage
United's advantage is its hub network, international route breadth, Star Alliance connectivity, premium-cabin expansion, MileagePlus loyalty base, corporate account strength, and major positions at airports such as Chicago O'Hare, Newark, Denver, Houston, San Francisco, Washington Dulles, and Los Angeles.
Questions about Cloudflare vs United Airlines
Which company has higher revenue — Cloudflare, Inc. or United Airlines Holdings, Inc.?
Cloudflare, Inc. reported $2.2B (FY2025), while United Airlines Holdings, Inc. reported $59.1B (FY2025). By last reported revenue, United Airlines Holdings, Inc. is the larger business, with Cloudflare, Inc. reporting a smaller revenue base.
What is the market cap of Cloudflare, Inc. vs United Airlines Holdings, Inc.?
Cloudflare, Inc.'s market capitalisation stands at $122.5B, while United Airlines Holdings, Inc.'s is $36.1B. Cloudflare, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to United Airlines Holdings, Inc..
Which is more financially efficient — Cloudflare, Inc. or United Airlines Holdings, Inc.?
Cloudflare, Inc. generates $420k / employee in revenue per employee, while United Airlines Holdings, Inc. generates $522k / employee. United Airlines Holdings, Inc. 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 United Airlines Holdings, Inc. make money?
Cloudflare, Inc. and United Airlines Holdings, Inc. 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. United Airlines Holdings, Inc.: United makes money by filling a hub-and-spoke network.
Which company is valued higher relative to revenue — Cloudflare, Inc. or United Airlines Holdings, Inc.?
On a price-to-sales (P/S) basis, Cloudflare, Inc. trades at 56.5x P/S and United Airlines Holdings, Inc. at 0.6x P/S. Cloudflare, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to United Airlines Holdings, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Cloudflare, Inc. bigger than United Airlines Holdings, Inc.?
By last reported revenue, United Airlines Holdings, Inc. ($59.1B (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 United Airlines overview