At a glance
Cloudflare Inc is worth $116.72B. Revenue grew 29.8% to $2.17B in fiscal 2025, at a loss; over 5 years it has grown 38.1% a year. It pays no dividend; it spent $226K buying back its shares over FY2021–FY2025. The stock returned +45.6% over the past year with dividends reinvested and +12.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 31.8% in the 2020 crash (S&P 500: 33.7%) and 69.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 31 months after the lows.
The business in plain English
Cloudflare runs a global network that protects and speeds up customers' websites, apps and corporate networks. Its 10-K filed February 26, 2026, describes a network in more than 330 cities across over 125 countries, linked to over 13,000 other networks, including major internet service providers. Instead of installing hardware boxes on site, customers rent these services through the cloud.
It offers four product groups. Application services protect and speed up websites and APIs (links that let software talk to other software), with tools such as a web application firewall, bot management and DDoS protection, which blocks floods of junk traffic meant to knock a site offline. Its SASE platform (secure access service edge) checks and secures traffic in and out of an organization's network and devices. Developer tools such as Cloudflare Workers let customers build and run apps, including AI apps, on the network. It also has consumer offerings.
Customers range from free users, to smaller firms on paid Pro and Business plans, to large organizations on Enterprise contracts. The free tier runs on spare network capacity and widens Cloudflare's reach; revenue comes from paying customers. Fiscal 2025 revenue rose 29.8% to $2.17 billion. The United States supplied 49.5%; Europe, the Middle East and Africa 27.6%; Asia Pacific 15.2%; and other regions 7.7%.
Price history
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NET +45.6% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $1.07B | 49.5% |
| Europe, Middle East, and Africa | $598.6M | 27.6% |
| Asia Pacific | $329.8M | 15.2% |
| Other | $166.6M | 7.7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $696.1M, up 35.9% from a year earlier, and net income was $-170.0M.
- For fiscal 2025, revenue was $2.17B (+29.8% year over year; +38.1% a year from FY2020 to FY2025) with a -4.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +38.1% good |
|---|---|
| Operating margin | -9.6% weak |
| Free cash flow margin | 13.3% good |
| Return on equity (FY2025) | -7% weak |
| Return on assets (FY2025) | -1.7% weak |
| Net cash (cash minus debt) | $892.5M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $431.1M | $-119.4M | $-73.5M |
| FY2021 | $656.4M | $-260.3M | $-28.3M |
| FY2022 | $975.2M | $-193.4M | $-20.0M |
| FY2023 | $1.30B | $-183.9M | $140.0M |
| FY2024 | $1.67B | $-78.8M | $195.4M |
| FY2025 | $2.17B | $-102.3M | $287.5M |
Valuation snapshot
| Market value | $116.72B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NET price data to Oct 27, 2026 | +66.3% | +45.6% | +80.9% | +12.9% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +66.3% |
| 2025 | +83.1% |
| 2024 | +29.3% |
| 2023 | +84.2% |
| 2022 | -65.6% |
| 2021 | +73.0% |
| 2020 | +345.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 18.9% over that stretch · deepest drop along the way 31.8%, back to its old high 0.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 59.2% over that stretch · deepest drop along the way 69.5%, back to its old high 31.4 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 0 open-market purchases and 228 sales ($174.2M), 228 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 4, 2026 | Thomas J Seifert Chief Financial Officer | sell (plan) | $16.2M |
| Sep 4, 2026 | Michelle Zatlyn PRESIDENT & BOARD CO-CHAIR, Director | sell (plan) | $5.0M |
| Sep 8, 2026 | Michelle Zatlyn PRESIDENT & BOARD CO-CHAIR, Director | sell (plan) | $4.2M |
| Aug 3, 2026 | Matthew Prince CEO & Board Co-Chair, Director, 10% owner | sell (plan) | $3.8M |
| Oct 6, 2026 | Michelle Zatlyn President and Board Co-Chair, Director | sell (plan) | $3.4M |
Who owns it
Large shareholders (13G filings)
| Matthew Prince | 7.7% | Dec 31, 2025 |
| Capital World Investors | 7.3% | Mar 31, 2026 |
| Morgan Stanley | 5.3% | Dec 31, 2025 |
| Vanguard Capital Management | 5.19% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.07% | Mar 31, 2026 |
| BAILLIE GIFFORD & CO | 4.6% | Jun 30, 2026 |
ETFs with the most weight in NET
| SPRX Spear Alpha ETF | 8.48% |
| MID American Century Mid Cap Growth Impact | 5.46% |
| XDAT Franklin Exponential Data ETF | 4.85% |
| WCBR WisdomTree Cybersecurity Fund | 4.82% |
| HACK Amplify Cybersecurity ETF | 3.73% |
| CIBR First Trust NASDAQ Cybersecurity ETF | 3.07% |
| TSEL Touchstone Sands Capital US Select Growth ETF | 2.54% |
| BAI iShares A.I. Innovation and Tech Active ETF | 2.54% |
What could go wrong
- Outages or breaches could damage trust. Customers rely on Cloudflare to keep their sites online and secure. Outages, breaches, or failures to block attacks could hurt its reputation, require service credits, or let customers end contracts.
- Customers' content can bring legal and political trouble. Cloudflare serves millions of websites and apps, and some customers' content may break laws or its terms. How it responds can bring lawsuits, regulatory action and backlash from customers, employees and governments.
- Free plan may cost more than it returns. Free service builds scale and makes Cloudflare attractive to internet providers. But free users still cost money to serve, and the company warns these costs and other drawbacks could outweigh the benefits.
- Depends on internet providers and few suppliers. Its network runs in rented data center space and relies on deals with internet service providers. Worse terms, or disruption at its few suppliers of key equipment parts, could raise costs or slow expansion.
- Still losing money after years of growth. Cloudflare has lost money in every period since it began, including $102.3 million in fiscal 2025. It expects operating costs to keep rising and favors growth even when that weighs on profits.
- Growth could slow as competition intensifies. Revenue rose 29.8% in fiscal 2025, but growth has slowed in past periods and may slow again. Competition is intense and increasing, and products must keep up with fast technology change.
Recent events
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Cloudflare pays no dividend and paid none in fiscal 2021 through 2025. Share buybacks over that span were negligible, about $226,000 in total. The company still reports net losses, though it produced $287.5 million of free cash flow (cash left after running the business and investing in equipment) in fiscal 2025. An income investor would get no payouts; cash could come only from trimming shares.
The price has swung hard in downturns. In the 2020 COVID crash it fell 31.8% from March 5 to March 16, 2020, but was back by March 30. In the 2022 bear market it dropped 69.5% between March 29 and June 16, 2022, and took about 31 months from that low to recover, on January 28, 2025. As of October 27, 2026, its deepest fall from a peak since trading began was 82.6%. Single stocks carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
How does Cloudflare make money?
Cloudflare makes money by charging for services that run on its global network. Customers pay to protect and speed up websites and APIs (links between software), to secure traffic in and out of their networks and devices with its workplace security (SASE) platform, and to run code and AI apps on developer tools such as Workers. Smaller firms often use pay-as-you-go Pro and Business plans; larger organizations sign Enterprise contracts. A free tier attracts users who may later upgrade. Fiscal 2025 revenue was $2.17 billion, up 29.8%.
Is Cloudflare profitable?
No, not on a net-income basis. Cloudflare has reported net losses in every period since it began, including $102.3 million in fiscal 2025 and $170.0 million in the quarter ended June 30, 2026. It does generate cash: free cash flow was $287.5 million in fiscal 2025, or 13.3% of revenue. As of June 30, 2026, cash and investments of $4.16 billion exceeded total debt of $3.27 billion. An August 13, 2026, filing reported a new debt obligation.
Does Cloudflare pay a dividend?
No. Cloudflare paid no dividends in fiscal 2021 through 2025, so it has no record of dividend increases. Share buybacks over those five years totaled only about $226,000, a negligible amount. With the company still reporting net losses and favoring growth, shareholder returns have come only from the share price. The stock may suit growth-focused investors who don't need income from it and can accept large price swings; regular income would have to come from other holdings.
How much did Cloudflare stock drop in 2022?
Sharply. In the 2022 bear market, Cloudflare shares fell 69.5% from March 29 to June 16, 2022, and did not regain that peak until January 28, 2025, about 31 months after the low. Over calendar 2022 the share price lost 65.6%, before gaining 84.2% in 2023. Big swings have continued: in the year to October 27, 2026, its deepest drop was 36.8%, and its one-year beta of 1.69 means it tended to move about 1.7 times as much as the market.
Which ETFs hold Cloudflare stock?
Many ETFs hold Cloudflare, including several cybersecurity funds. Funds that give it some of the largest weights include Spear Alpha ETF (SPRX), American Century Mid Cap Growth Impact (MID), Franklin Exponential Data ETF (XDAT), WisdomTree Cybersecurity Fund (WCBR), Amplify Cybersecurity ETF (HACK) and First Trust NASDAQ Cybersecurity ETF (CIBR). Owning Cloudflare through a fund spreads risk across other companies, though narrow theme funds can still be concentrated in a few volatile stocks. Weights change, so each fund's holdings page shows the latest mix.