Cloudflare, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
NET$305.80+4.1%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows for the
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash Flows from Operating Activities | ||
| Net loss | $(226,973) | $(90,190) |
| Adjustments to reconcile net loss to cash provided by operating activities: | ||
| Depreciation and amortization expense | 190,545 | 137,156 |
| Non-cash operating lease costs | 64,058 | 47,182 |
| Amortization of deferred contract acquisition costs | 97,826 | 73,700 |
| Stock-based compensation expense | 441,742 | 327,829 |
| Amortization of debt issuance costs | 7,795 | 4,630 |
| Net accretion of discounts and amortization of premiums on available-for-sale securities | (16,509) | (21,544) |
| Deferred income taxes | (7,013) | (480) |
| Provision for bad debt | 8,298 | 12,778 |
| Other | (6,103) | 3,074 |
| Changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations: | ||
| Accounts receivable, net | (104,144) | (47,915) |
| Contract assets | (6,675) | (6,077) |
| Deferred contract acquisition costs | (144,872) | (95,518) |
| Prepaid expenses and other current assets | (112,802) | (62,278) |
| Other noncurrent assets | (9,578) | 4,442 |
| Accounts payable | 60,649 | (4,329) |
| Accrued expenses and other current liabilities | 106,929 | 17,610 |
| Accrued compensation | 22,990 | 9,347 |
| Operating lease liabilities | (67,144) | (41,930) |
| Deferred revenue | 190,867 | 145,018 |
| Other noncurrent liabilities | 1,373 | 198 |
| Net cash provided by operating activities | 491,259 | 412,703 |
| Cash Flows from Investing Activities | ||
| Purchases of property and equipment | (237,001) | (230,427) |
| Capitalized internal-use software | (31,720) | (21,158) |
| Asset acquisitions and business combinations, net of cash acquired | (74,330) | (6,462) |
| Purchases of available-for-sale securities | (2,111,660) | (2,586,569) |
| Maturities of available-for-sale securities | 2,093,472 | 1,328,956 |
| Other investing activities | 4,053 | 679 |
| Net cash used in investing activities | (357,186) | (1,514,981) |
| Cash Flows from Financing Activities | ||
| Proceeds from settlement of capped calls | 15 | 309,616 |
| Gross proceeds from issuance of convertible senior notes | 2,500,000 | 2,000,000 |
| Purchases of capped calls related to convertible senior notes | (259,500) | (283,400) |
| Cash paid for issuance costs on convertible senior notes | (36,616) | (28,989) |
| Repayments of convertible senior notes | (1,293,750) | — |
| Proceeds from the exercise of stock options | 15,765 | 29,455 |
| Proceeds from the issuance of common stock for employee stock purchase plan | 16,075 | 13,057 |
| Payment of tax withholding obligation on RSU and PSU settlement | (48,645) | (32,183) |
| Payment of indemnity holdback | (100) | — |
| Other | (14) | — |
| Net cash provided by financing activities | 893,230 | 2,007,556 |
| Net increase in cash, cash equivalents, and restricted cash | 1,027,303 | 905,278 |
| Cash, cash equivalents, and restricted cash, beginning of period | 954,357 | 154,214 |
| Cash, cash equivalents, and restricted cash, end of period | $1,981,660 | $1,059,492 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Cash paid for interest | $50 | $24 |
| Cash paid for income taxes, net of refunds | $6,563 | $5,842 |
| Cash paid for operating lease liabilities | $64,651 | $49,232 |
| Supplemental Disclosure of Non-cash Investing and Financing Activities: | ||
| Stock-based compensation capitalized for software development and cloud computing arrangements | $10,981 | $9,391 |
| Accounts payable and accrued expenses related to property and equipment additions | $103,255 | $41,598 |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $71,010 | $97,759 |
| Issuance of common stock related to an acquisition | $98,686 | $— |
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