Cloudflare, Inc.

Listed Company

NETCIK 0001477333NYSELarge AcceleratedServices-Prepackaged SoftwareDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.17B

Net Income

—

Total Assets

—

Equity

—

Shares Out

—

Op. Cash Flow

$603.11M

Business

Cloudflare, Inc. provides a global, cloud-based connectivity platform that secures, accelerates, and connects Internet applications and corporate networks. It offers integrated products and services including website and application security, performance and delivery, SASE network and Zero Trust security, developer serverless compute/storage/media tools, and consumer offerings like DNS and VPN. Key business areas include website and application services, a SASE platform (network services and Zero Trust), developer-based solutions (AI, compute, storage, media), and consumer products. Cloudflare sells worldwide through web self-service, direct sales, and channel partners leveraging its network across 335+ cities in 125+ countries.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	2,168	1,670	1,297	975	656
Cost of revenue	553	379	307	233	147
Gross profit	1,615	1,291	990	743	509
Sales and marketing	921	746	599	466	328
Research and development	512	421	358	298	189
General and administrative	389	279	218	180	120
Total operating expenses	1,823	1,446	1,175	944	637
Loss from operations	−207	−155	−185	−201	−128
Interest income	131	87	68	15	2
Interest expense	−9	−5	−6	−5	—
Loss on extinguishment of debt	0	0	−50	0	−72
Other income (expense), net	−8	2	−4	577,000	−794,000
Total non-operating income, net	114	84	8	10	−120
Loss before income taxes	−93	−71	−178	−191	−248
Provision for income taxes	10	8	6	3	12
Net loss	−102	−79	−184	−193	−260
Net loss per share attributable to common stockholders, basic (in dollars per share)	−0.29	−0.23	−0.55	−0.59	−0.83
Net loss per share attributable to common stockholders, diluted (in dollars per share)	−0.29	−0.23	−0.55	−0.59	−0.83
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	348	341	334	326	312
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	348	341	334	326	312

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	944	148	87	204	314
Available-for-sale securities	3,158	1,708	1,587	1,446	1,508
Accounts receivable, net	382	317	248	149	96
Contract assets	24	17	11	8	6
Restricted cash short-term	9	4	3	11	3
Prepaid expenses and other current assets	128	75	48	71	29
Total current assets	4,645	2,269	1,983	1,888	1,956
Property and equipment, net	619	467	323	287	184
Goodwill	227	181	148	148	24
Acquired intangible assets, net	42	22	20	32	1
Operating lease right-of-use assets	238	168	139	132	130
Deferred contract acquisition costs, noncurrent	219	172	133	93	70
Restricted cash	1	2	2	471,000	4
Other noncurrent assets	46	19	13	7	3
Total assets	6,036	3,301	2,760	2,588	2,372
Accounts payable	84	106	54	36	26
Accrued expenses and other current liabilities	109	82	64	68	38
Accrued compensation	111	81	64	42	66
Operating lease liabilities	71	48	38	33	25
Deferred revenue	684	478	348	219	117
Current portion of convertible senior notes, net	1,291	0	—	0	12
Total current liabilities	2,351	794	567	398	289
Convertible senior notes, net	1,974	1,287	1,283	1,436	1,147
Operating lease liabilities, noncurrent	182	128	113	108	109
Deferred revenue, noncurrent	41	22	17	12	5
Other noncurrent liabilities	29	24	16	11	7
Total liabilities	4,577	2,255	1,997	1,964	1,556
Commitments and contingencies (Note 8)	—	—	—	—	—
Additional paid-in capital	2,651	2,153	1,785	1,475	1,495
Accumulated deficit	−1,205	−1,103	−1,024	−840	−681
Accumulated other comprehensive income (loss)	12	−4	2	−12	−3
Total stockholders equity	1,459	1,046	763	624	811
Total liabilities and stockholders equity	6,036	3,301	2,760	2,588	2,372

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expense	190	128	136	102	67
Non-cash operating lease costs	66	49	45	36	25
Amortization of deferred contract acquisition costs	102	78	61	45	29
Stock-based compensation expense	451	338	274	203	90
Amortization of debt issuance costs	7	4	5	5	—
Net accretion of discounts and amortization of premiums on available-for-sale securities	−30	−42	−44	−263,000	8
Deferred income taxes	1	2	2	−140,000	9
Provision for bad debt	15	10	14	5	4
Other	−38,000	643,000	829,000	629,000	511,000
Accounts receivable, net	−81	−79	−113	−56	−36
Contract assets	−5	−6	−3	−2	−3
Deferred contract acquisition costs	−149	−117	−101	−68	−55
Prepaid expenses and other current assets	−80	−38	−22	−8	−2
Other noncurrent assets	7	2	1	−539,000	2
Accounts payable	9	19	12	−10	2
Accrued expenses and other current liabilities	15	10	4	19	59
Accrued compensation	27	19	22	−24	—
Operating lease liabilities	−64	−55	−40	−32	−23
Deferred revenue	224	135	134	102	64
Other noncurrent liabilities	−1	960,000	2	−253,000	−5
Net cash provided by operating activities	603	380	254	124	65
Purchases of property and equipment	−316	−185	−114	−144	−93
Capitalized internal-use software	−27	−28	−21	−20	−15
Asset acquisitions and business combinations, net of cash acquired	−51	−38	−6	−88	—
Purchases of available-for-sale securities	−3,537	−1,572	−1,878	−1,133	−1,589
Sales of available-for-sale securities	0	0	20	0	26
Maturities of available-for-sale securities	2,122	1,493	1,812	1,149	968
Other investing activities	2	38,000	74,000	36,000	53,000
Net cash used in investing activities	−1,807	−330	−186	−236	−709
Proceeds from settlement of the 2025 Capped Calls	310	0	0	—	—
Gross proceeds from issuance of 2030 convertible senior notes	2,000	0	0	0	1,294
Purchases of capped calls related to the 2030 convertible senior notes	−283	0	0	—	—
Cash paid for issuance costs on 2030 convertible senior notes	−29	0	0	0	−20
Repayments of convertible senior notes	0	0	−208	−17	0
Cash paid for issuance costs on revolving credit facility	0	−2	0	—	—
Proceeds from the exercise of stock options	33	13	15	10	21
Proceeds from the early exercise of stock options	0	6,000	0	113,000	115,000
Repurchases of unvested common stock	0	0	−34,000	−3,000	−189,000
Proceeds from the issuance of common stock for employee stock purchase plan	25	20	19	15	15
Payment of tax withholding obligation on RSU and PSU settlement	−48	−17	−8	−2	−4
Payment of indemnity holdback	−4	−1	−10	0	−2
Net cash provided by (used in) financing activities	2,004	13	−192	6	847
Net increase (decrease) in cash, cash equivalents, and restricted cash	800	63	−124	−106	203
Cash paid for interest	29,000	75,000	670,000	1	4
Cash paid for income taxes, net of refunds	8	5	4	2	2
Cash paid for operating lease liabilities	71	51	41	29	23
Stock-based compensation capitalized for software development and cloud computing arrangements	12	11	7	5	3
Accounts payable and accrued expenses related to property and equipment additions	26	57	26	29	14
Vesting of early exercised stock options	0	109,000	2	3	4
Indemnity holdback consideration associated with asset acquisitions and business combinations	8	7	1	10	—
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	130	72	45	33	110

Filings

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