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Cloudflare vs Snowflake
Cloudflare vs Snowflake: which one is bigger, grows faster and keeps more of each dollar of revenue?
Snowflake: 2.2× Cloudflare’s revenue
Method and sources
- Revenue growth (1 year): Cloudflare 29.8% (FY2025), Snowflake 29.2% (FY2026)
- Revenue growth (3-year CAGR): Cloudflare 30.5% (FY2025), Snowflake 31.4% (FY2026)
- Operating margin: Cloudflare −9.6% (FY2025), Snowflake −30.6% (FY2026)
- Gross margin: Cloudflare 74.5% (FY2025), Snowflake 67.2% (FY2026)
- Net margin: Cloudflare −4.7% (FY2025), Snowflake −28.4% (FY2026)
- FCF margin: Cloudflare 13.3% (FY2025), Snowflake 23.9% (FY2026)
Latest fiscal year per company: Cloudflare FY2025, Snowflake FY2026. Fiscal years end on different dates, so years are not calendar-aligned.
Both report in USD. Amounts are as filed, not converted.
Why this pair: same peer group, revenue within 4x in the same currency. Peer groups are curated by hand from each company's business as described in its own 10-K/20-F (what it sells, not its SIC code). A company can sit in more than one group. Within a group, a pair is listed when both companies report in the same currency and the larger company's latest fiscal-year revenue is at most 4x the smaller one's; each company keeps its 4 nearest peers by revenue ratio. Companies reporting in different currencies are never size-matched (amounts are not converted); a short list of obvious same-industry pairs across currencies is added by hand, with the reason, as are two direct competitor pairs outside the size rule (AMD vs NVIDIA, Intel vs NVIDIA).
Derived = calculated by Hollsteen from reported SEC values; reported = as tagged in the filing. SEC filings only, no market data.
Side by side: all values with filing links
| Metric | Cloudflare FY2025 | Snowflake FY2026 |
|---|---|---|
| Revenue | $2.2B10-K · Feb 26, 2026 | $4.7B10-K · Mar 20, 2026 |
| Revenue growth (1 year) | 29.8% derived10-K · Feb 26, 2026 | 29.2% derived10-K · Mar 20, 2026 |
| Revenue growth (3-year CAGR) | 30.5% derived10-K · Feb 26, 2026 | 31.4% derived10-K · Mar 20, 2026 |
| Gross margin | 74.5% derived10-K · Feb 26, 2026 | 67.2% derived10-K · Mar 20, 2026 |
| Operating margin | −9.6% derived10-K · Feb 26, 2026 | −30.6% derived10-K · Mar 20, 2026 |
| Net margin | −4.7% derived10-K · Feb 26, 2026 | −28.4% derived10-K · Mar 20, 2026 |
| Free cash flow | $287M derived10-K · Feb 26, 2026 | $1.1B derived10-K · Mar 20, 2026 |
| FCF margin | 13.3% derived10-K · Feb 26, 2026 | 23.9% derived10-K · Mar 20, 2026 |
| R&D as % of revenue | 23.6% derived10-K · Feb 26, 2026 | 42.0% derived10-K · Mar 20, 2026 |
| Stock-based compensation as % of revenue | 20.8% derived10-K · Feb 26, 2026 | 34.1% derived10-K · Mar 20, 2026 |
Definitions: Revenue = Total revenue; Revenue growth (1 year) = Revenue FYt ÷ revenue FYt−1 − 1; Revenue growth (3-year CAGR) = (Revenue FYt ÷ revenue FYt−3)^(1/3) − 1; Gross margin = Gross profit ÷ revenue; Operating margin = Operating income ÷ revenue; Net margin = Net income ÷ revenue; Free cash flow = Operating cash flow − capital expenditures (one formula for all companies); FCF margin = Free cash flow ÷ revenue; R&D as % of revenue = Research and development expense ÷ revenue; Stock-based compensation as % of revenue = Stock-based compensation ÷ revenue.
More on each company
Cloudflare
Snowflake
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