Cloudflare, Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| Class A | Class B | Class A | Class B | Class A | Class B | ||||||||||||||||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||||||||||||||||||||
Net loss attributable to common stockholders | $ | (91,779) | $ | (10,488) | $ | (69,975) | $ | (8,825) | $ | (161,296) | $ | (22,653) | |||||||||||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 312,687 | 35,734 | 303,175 | 38,236 | 292,568 | 41,088 | |||||||||||||||||||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.29) | $ | (0.29) | $ | (0.23) | $ | (0.23) | $ | (0.55) | $ | (0.55) | |||||||||||||||||||||||
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in thousands) | |||||||||||||||||
| 2026 Notes | 6,762 | 6,762 | 6,762 | ||||||||||||||
| 2030 Notes | 8,075 | — | — | ||||||||||||||
Shares subject to repurchase | — | — | 38 | ||||||||||||||
Unexercised stock options | 5,661 | 8,847 | 12,523 | ||||||||||||||
Outstanding RSUs and PSUs | 10,331 | 11,481 | 10,932 | ||||||||||||||
| Shares issuable pursuant to the ESPP | 86 | 173 | 189 | ||||||||||||||
Total | 30,915 | 27,263 | 30,444 | ||||||||||||||
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.