Cloudflare
Cloudflare is a leader in this Connectivity Cloud category.
10-K, Feb 26, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001477333-26-000016 · filed Feb 26, 2026
Business
How does Cloudflare make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, −$5 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $2.2B
- Gross profit: $1.6B
- Operating income: −$207M
- Net income: −$102M
- Free cash flow: $287M
Where do customers sit?
The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).
In the company’s words ›
“We deliver a broad range of services to businesses of all sizes and in all geographies — making them more secure, enhancing the performance of their business-critical applications, and eliminating the cost and complexity of managing individual network hardware.”
“Our network serves as a scalable, easy-to-use, unified control plane to deliver security, performance, and reliability across on-premises, hybrid, cloud, and software-as-a-service (SaaS) applications.”
“We serve comprehensive customer needs across security and connectivity, and increasingly, the distributed and programmable nature of our network is resulting in customers building their applications on top of our network, too — including both traditional applications and those that are enhanced with artificial intelligence (AI).”
Item 1 · Business · 10-K · 0001477333-26-000016 · filed Feb 26, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Revenue +30%
“Revenue increased by $498.3 million, or 30%, for the year ended December 31, 2025 compared to the year ended December 31, 2024.”
Item 7 · MD&A · 10-K · 0001477333-26-000016 · filed Feb 26, 2026
Number check (revenue): stated $498M matches the stored change ($498M, ±10%)
Revenue: $2.2B FY2025 · +29.8% vs FY2024 · KPIs
Position (in the company’s words)
“As of December 31, 2025, we had approximately 332,000 paying customers across more than 190 countries.”
Item 1 · Business · 10-K · 0001477333-26-000016 · filed Feb 26, 2026
R&D +22%
“Research and development expenses increased by $91.1 million, or 22%, for the year ended December 31, 2025 compared to the year ended December 31, 2024.”
Item 7 · MD&A · 10-K · 0001477333-26-000016 · filed Feb 26, 2026
Number check (R&D expense): stated $91.1M matches the stored change ($91.1M, ±10%)
R&D expense: $512M FY2025 · +21.6% vs FY2024 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 30% to $2.2B.
Revenue grew 36% YoY to $696M.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 108.2%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
−9.6% operating margin, down from −9.3%.
74.5% gross margin, down from 77.3%.
Operating income: −$207M in FY2025.
Net income: −$102M in FY2025.
R&D grew 22% to $512M.
SG&A grew 28% to $1.3B.
EPS diluted: −$0.29 in FY2025.
−29.6% operating margin, down from −13.1%.
71.8% gross margin, down from 74.9%.
Operating income: −$206M in FY2026 Q2.
Net income: −$170M in FY2026 Q2.
R&D grew 19% YoY to $159M.
SG&A grew 25% YoY to $395M.
EPS diluted: −$0.48 in FY2026 Q2.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $13 of every $100 as free cash.
Operating cash flow grew 59% to $603M.
Capex grew 71% to $316M.
Buybacks: $0 in FY2025.
Stock-based compensation grew 33% to $451M.
Free cash flow grew 69% YoY to $67.6M.
Operating cash flow grew 18% YoY to $118M.
Capex fell 17% YoY to $50.0M.
Buybacks: $0 in FY2024 Q4.
Stock-based compensation grew 31% YoY to $160M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$944M cash vs $2.0B debt.
Total debt grew 53% to $2.0B.
Interest expense grew 69% to $8.8M.
Total assets grew 83% to $6.0B.
Equity grew 39% to $1.5B.
Cash grew 9.6% YoY to $1.7B.
Total debt fell 39% YoY to $2.0B.
Interest expense grew 103% YoY to $3.1M.
Total assets grew 16% YoY to $6.5B.
Equity grew 31% YoY to $1.6B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Cloudflare depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Cloudflare annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Cloudflare
No supplier among the covered companies is named in the filings.
Cloudflare holds stakes in
No stake in a covered company found in SEC filings.
Others name Cloudflare
1 competitor mention (e.g. F5) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 84 risk factors, one per theme.
Supply chain and manufacturing
“Activities of our paying and free customers or the content of their websites or other Internet properties, as well as our response to those activities, could cause us to experience significant adverse political, business, and reputational consequences with customers, employees, suppliers, government entities, and others.”
Item 1A · Risk Factors · 10-K · 0001477333-26-000016 · filed Feb 26, 2026
Competition
“We face intense and increasing competition, which could adversely affect our business, financial condition, and results of operations.”
Item 1A · Risk Factors · 10-K · 0001477333-26-000016 · filed Feb 26, 2026
AI and new products
“If we do not effectively attract, train, and retain our sales force to be able to sell our existing and new products and product features, we may be unable to add new contracted customers, or increase sales to our existing customers and our business would be adversely affected.”
Item 1A · Risk Factors · 10-K · 0001477333-26-000016 · filed Feb 26, 2026
Security, defects and outages
“Adverse economic conditions, including reduced spending on products and solutions for network security, performance, and reliability, may adversely impact our revenue and profitability.”
Item 1A · Risk Factors · 10-K · 0001477333-26-000016 · filed Feb 26, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Prince Matthew holds 7.7%.
Prince Matthew7.7%
13G/A · as of Dec 31, 2025 · filed Feb 13, 2026
Capital World Investors7.3%
13G/A · as of Mar 31, 2026 · filed May 14, 2026
Morgan Stanley5.3%
13G/A · as of Dec 31, 2025 · filed Feb 12, 2026
Vanguard Capital Management LLC5.19%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Vanguard Portfolio Management LLC5.07%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Venrock Associates V LP6.3% (then)
13G/A · as of Dec 31, 2020 · filed Feb 16, 2021 · older than 18 months, current position unknown
BlackRock Inc.5.6% (then)
13G/A · filed Jan 29, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
8 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
Capital World Investors5.8%
24.3M shares · 13F filed Aug 12, 2026 · share of 13F-reported
BlackRock, Inc.5.1%
21.6M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC4.0%
16.8M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Morgan Stanley3.6%
15.3M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Baillie Gifford & Co3.5%
14.6M shares · 13F filed Aug 6, 2026 · share of 13F-reported
1,231 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 5 large filings with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 871 sales · $734M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 34 SEC metrics, FY2016–FY2025
Income statement 12
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | |||||||||
| D&A | not reported | |||||||||
| G&A | not reported | |||||||||
| Gross profit | not reported | |||||||||
| Income taxes | not reported | |||||||||
| Interest expense | not reported | |||||||||
| Net income | not reported | |||||||||
| Operating income | not reported | |||||||||
| Research and development | not reported | |||||||||
| Revenue | not reported | |||||||||
| SG&A calc. | not reported | |||||||||
| Sales & marketing | not reported | |||||||||
Balance sheet 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | ||||||||
| Current liabilities | not reported | not reported | ||||||||
| Current portion of long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | not reported | not reported | not reported | |||||||
| Total assets | not reported | not reported | ||||||||
| Total debt calc. | not reported | not reported | not reported | |||||||
| Total liabilities & equity | not reported | not reported | ||||||||
Cash flow 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | |||||||||
| Capex | not reported | |||||||||
| Free cash flow calc. | not reported | |||||||||
| Interest paid | not reported | |||||||||
| Operating cash flow | not reported | |||||||||
| Stock-based compensation | not reported | |||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | |||||||||
| EPS diluted | not reported | |||||||||
| Wtd. shares basic | not reported | |||||||||
| Wtd. shares diluted | not reported | |||||||||
Other 3
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | not reported | |||||||||
| Pretax income | not reported | |||||||||
| Total liabilities | not reported | not reported | ||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values