Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $135M | $193M | $287M | $431M | $656M | $975M | $1.30B | $1.67B | $2.17B |
| Revenue growth | — | 42.8% | 49.0% | 50.2% | 52.3% | 48.6% | 33.0% | 28.8% | 29.8% |
| Gross profit | $106M | $149M | $224M | $330M | $509M | $743M | $990M | $1.29B | $1.62B |
| Gross margin | 78.7% | 77.4% | 77.9% | 76.6% | 77.6% | 76.1% | 76.3% | 77.3% | 74.5% |
| Operating income | -$9.73M | -$84.9M | -$108M | -$107M | -$128M | -$201M | -$185M | -$155M | -$207M |
| Operating margin | -7.2% | -44.1% | -37.6% | -24.8% | -19.5% | -20.6% | -14.3% | -9.3% | -9.6% |
| Net income | -$10.7M | -$87.2M | -$106M | -$119M | -$260M | -$193M | -$184M | -$78.8M | -$102M |
| Net margin | -8.0% | -45.2% | -36.9% | -27.7% | -39.7% | -19.8% | -14.2% | -4.7% | -4.7% |
| EPS (diluted) | -$0.14 | -$1.08 | -$0.72 | -$0.40 | -$0.83 | -$0.59 | -$0.55 | -$0.23 | -$0.29 |
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.17M | -$43.3M | -$38.9M | -$17.1M | $64.6M | $124M | $254M | $380M | $603M |
| Capital expenditures | $19.0M | $25.5M | $43.3M | $56.4M | $93.0M | $144M | $114M | $185M | $316M |
| Free cash flow | -$15.9M | -$68.7M | -$82.2M | -$73.5M | -$28.3M | -$20.0M | $140M | $195M | $287M |
| Share buybacks | $16.0K | $65.0K | $283K | $157K | $189K | $3.00K | $34.0K | $0.00 | $0.00 |
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $26.9M | $25.1M | $139M | $109M | $314M | $204M | $86.9M | $148M | $944M |
| Total assets | — | $298M | $831M | $1.38B | $2.37B | $2.59B | $2.76B | $3.30B | $6.04B |
| Total liabilities | — | $80.4M | $105M | $564M | $1.56B | $1.96B | $2.00B | $2.25B | $4.58B |
| Shareholders' equity | -$59.8M | -$114M | $726M | $817M | $811M | $624M | $763M | $1.05B | $1.46B |
| Retained earnings | — | -$196M | -$302M | -$421M | -$681M | -$840M | -$1.02B | -$1.10B | -$1.20B |
| Shares (wtd avg diluted) | — | — | 146M | 300M | 312M | 326M | 334M | 341M | 348M |
Every figure is extracted from Cloudflare, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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