Cloudflare Inc.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.17B | $1.67B | $1.30B | $975.2M | $656.4M | $431.1M | $287.0M | $192.7M |
| Cost of Revenue | $552.5M | $378.7M | $307.0M | $232.6M | $147.1M | $101.1M | $63.4M | $43.5M |
| Gross Profit | $1.62B | $1.29B | $989.7M | $742.6M | $509.3M | $330.0M | $223.6M | $149.1M |
| Gross Margin | 74.5% | 77.3% | 76.3% | 76.1% | 77.6% | 76.6% | 77.9% | 77.4% |
| Operating Expenses | ||||||||
| Research & Development | $512.5M | $421.4M | $358.1M | $298.3M | $189.4M | $127.1M | $90.7M | $54.5M |
| SG&A Expense | $389.3M | $278.5M | $218.0M | $179.8M | $119.5M | $91.8M | $81.6M | $85.2M |
| Operating Income | $-207.2M | $-154.8M | $-185.5M | $-201.2M | $-127.7M | $-106.8M | $-107.9M | $-84.9M |
| Operating Margin | -9.6% | -9.3% | -14.3% | -20.6% | -19.5% | -24.8% | -37.6% | -44.1% |
| Interest Expense | — | — | $5.9M | $5.0M | $49.2M | $25.0M | $1.1M | $992.0K |
| Pretax Income | $-92.7M | $-70.9M | $-177.9M | $-190.7M | $-248.0M | $-125.0M | $-104.7M | $-86.1M |
| Income Tax Expense | $9.6M | $7.9M | $6.1M | $2.6M | $12.3M | $-5.6M | $1.1M | $1.1M |
| Net Income | $-102.3M | $-78.8M | $-183.9M | $-193.4M | $-260.3M | $-119.4M | $-105.8M | $-87.2M |
| Net Margin | -4.7% | -4.7% | -14.2% | -19.8% | -39.7% | -27.7% | -36.9% | -45.2% |
| EPS (Basic) | $-0.29 | $-0.23 | $-0.55 | $-0.59 | $-0.83 | $-0.40 | $-0.36 | $-0.54 |
| EPS (Diluted) | $-0.29 | $-0.23 | $-0.55 | $-0.59 | $-0.83 | $-0.40 | $-0.36 | $-0.54 |
| Shares Outstanding (Basic) | 348.4M | 341.4M | 333.7M | 326.3M | 312.3M | 299.8M | 292.6M | — |
| Shares Outstanding (Diluted) | 348.4M | 341.4M | 333.7M | 326.3M | 312.3M | 299.8M | 292.6M | — |
| Dividends Per Share | — | — | — | — | — | — | — | — |
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