Cloudflare, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
NET$305.80+4.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations
(in thousands, except per share data)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 · 2024 · 2023 | |||
| Revenue | $2,167,937 | $1,669,626 | $1,296,745 |
| Cost of revenue | 552,525 | 378,702 | 307,005 |
| Gross profit | 1,615,412 | 1,290,924 | 989,740 |
| Operating expenses: | |||
| Sales and marketing | 920,817 | 745,791 | 599,117 |
| Research and development | 512,489 | 421,374 | 358,143 |
| General and administrative | 389,311 | 278,520 | 217,965 |
| Total operating expenses | 1,822,617 | 1,445,685 | 1,175,225 |
| Loss from operations | (207,205) | (154,761) | (185,485) |
| Non-operating income (expense): | |||
| Interest income | 131,219 | 87,426 | 68,167 |
| Interest expense | (8,766) | (5,196) | (5,872) |
| Loss on extinguishment of debt | — | — | (50,300) |
| Other income (expense), net | (7,954) | 1,660 | (4,372) |
| Total non-operating income, net | 114,499 | 83,890 | 7,623 |
| Loss before income taxes | (92,706) | (70,871) | (177,862) |
| Provision for income taxes | 9,561 | 7,929 | 6,087 |
| Net loss | $(102,267) | $(78,800) | $(183,949) |
| Net loss per share attributable to common stockholders, basic and diluted | $(0.29) | $(0.23) | $(0.55) |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 348,421 | 341,411 | 333,656 |
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