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.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows from Operating Activities | |||
| Net loss | $(102,267) | $(78,800) | $(183,949) |
| Adjustments to reconcile net loss to cash provided by operating activities: | |||
| Depreciation and amortization expense | 189,742 | 127,722 | 135,820 |
| Non-cash operating lease costs | 66,427 | 49,476 | 44,792 |
| Amortization of deferred contract acquisition costs | 101,623 | 77,822 | 61,374 |
| Stock-based compensation expense | 451,454 | 338,461 | 273,989 |
| Amortization of debt issuance costs | 7,070 | 3,959 | 4,519 |
| Net accretion of discounts and amortization of premiums on available-for-sale securities | (29,897) | (42,081) | (44,441) |
| Deferred income taxes | 1,333 | 2,111 | 2,264 |
| Provision for bad debt | 14,989 | 10,038 | 13,637 |
| Loss on extinguishment of debt | — | — | 50,300 |
| Other | (38) | 643 | 829 |
| Changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations: | |||
| Accounts receivable, net | (80,595) | (78,523) | (113,361) |
| Contract assets | (4,507) | (5,527) | (2,749) |
| Deferred contract acquisition costs | (148,905) | (116,803) | (101,465) |
| Prepaid expenses and other current assets | (79,995) | (38,227) | (22,125) |
| Other noncurrent assets | 6,792 | 2,170 | 1,018 |
| Accounts payable | 8,864 | 18,626 | 11,781 |
| Accrued expenses and other current liabilities | 15,422 | 9,900 | 4,001 |
| Accrued compensation | 26,675 | 18,742 | 21,787 |
| Operating lease liabilities | (63,757) | (55,248) | (40,046) |
| Deferred revenue | 223,815 | 135,008 | 134,473 |
| Other noncurrent liabilities | (1,131) | 960 | 1,958 |
| Net cash provided by operating activities | 603,114 | 380,429 | 254,406 |
| Cash Flows from Investing Activities | |||
| Purchases of property and equipment | (315,617) | (185,037) | (114,396) |
| Capitalized internal-use software | (26,935) | (28,477) | (20,546) |
| Asset acquisitions and business combinations, net of cash acquired | (50,884) | (37,991) | (6,083) |
| Purchases of available-for-sale securities | (3,537,085) | (1,572,113) | (1,877,513) |
| Sales of available-for-sale securities | — | — | 20,248 |
| Maturities of available-for-sale securities | 2,121,993 | 1,493,356 | 1,812,015 |
| Other investing activities | 1,828 | 38 | 74 |
| Net cash used in investing activities | (1,806,700) | (330,224) | (186,201) |
| Cash Flows from Financing Activities | |||
| Proceeds from settlement of the 2025 Capped Calls | 309,616 | — | — |
| Gross proceeds from issuance of 2030 convertible senior notes | 2,000,000 | — | — |
| Purchases of capped calls related to the 2030 convertible senior notes | (283,400) | — | — |
| Cash paid for issuance costs on 2030 convertible senior notes | (29,004) | — | — |
| Repayments of convertible senior notes | — | — | (207,649) |
| Cash paid for issuance costs on revolving credit facility | — | (2,148) | — |
| Proceeds from the exercise of stock options | 33,123 | 12,905 | 14,851 |
| Proceeds from the early exercise of stock options | — | 6 | — |
| Repurchases of unvested common stock | — | — | (34) |
| Proceeds from the issuance of common stock for employee stock purchase plan | 25,435 | 19,796 | 19,083 |
| Payment of tax withholding obligation on RSU and PSU settlement | (48,254) | (16,774) | (7,953) |
| Payment of indemnity holdback | (3,787) | (1,000) | (10,483) |
| Net cash provided by (used in) financing activities | 2,003,729 | 12,785 | (192,185) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 800,143 | 62,990 | (123,980) |
| Cash, cash equivalents, and restricted cash, beginning of period | 154,214 | 91,224 | 215,204 |
| Cash, cash equivalents, and restricted cash, end of period | $954,357 | $154,214 | $91,224 |
| Supplemental Disclosure of Cash Flow Information: | |||
| Cash paid for interest | $29 | $75 | $670 |
| Cash paid for income taxes, net of refunds | $7,767 | $4,995 | $4,454 |
|---|---|---|---|
| Cash paid for operating lease liabilities | $70,859 | $51,387 | $40,747 |
| Supplemental Disclosure of Non-cash Investing and Financing Activities: | |||
| Stock-based compensation capitalized for software development and cloud computing arrangements | $12,020 | $10,839 | $6,641 |
| Accounts payable and accrued expenses related to property and equipment additions | $26,351 | $57,241 | $26,423 |
| Vesting of early exercised stock options | $— | $109 | $1,761 |
| Indemnity holdback consideration associated with asset acquisitions and business combinations | $7,825 | $6,523 | $1,000 |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $130,131 | $71,773 | $44,707 |
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