← Cloudflare, Inc.
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $134.9m | $192.7m | $287.0m | $431.1m | $656.4m | $975.2m | $1.3b | $1.7b | $2.2b | |
| Cost of revenue | $28.8m | $43.5m | $63.4m | $101.1m | $147.1m | $232.6m | $307.0m | $378.7m | $552.5m | |
| Gross profit | $106.1m | $149.1m | $223.6m | $330.0m | $509.3m | $742.6m | $989.7m | $1.3b | $1.6b | |
| Research and development | $33.6m | $54.5m | $90.7m | $127.1m | $189.4m | $298.3m | $358.1m | $421.4m | $512.5m | |
| Total operating expenses | $115.9m | $234.0m | $331.5m | $436.8m | $637.0m | $943.8m | $1.2b | $1.4b | $1.8b | |
| Sales and marketing | $61.9m | $94.4m | $159.3m | $217.9m | $328.1m | $465.8m | $599.1m | $745.8m | $920.8m | |
| General and administrative | $20.3m | $85.2m | $81.6m | $91.8m | $119.5m | $179.8m | $218.0m | $278.5m | $389.3m | |
| Loss from operations | ($9.7m) | ($84.9m) | ($107.9m) | ($106.8m) | ($127.7m) | ($201.2m) | ($185.5m) | ($154.8m) | ($207.2m) | |
| Interest income | $762k | $1.9m | $5.8m | $6.6m | $2.0m | $14.9m | $68.2m | $87.4m | $131.2m | |
| Loss on extinguishment of debt | — | — | $0 | $0 | ($72.2m) | $0 | ($50.3m) | $0 | $0 | |
| Loss before income taxes | ($9.7m) | ($86.1m) | ($104.7m) | ($125.0m) | ($248.0m) | ($190.7m) | ($177.9m) | ($70.9m) | ($92.7m) | |
| Provision for income taxes | $1.0m | $1.1m | $1.1m | ($5.6m) | $12.3m | $2.6m | $6.1m | $7.9m | $9.6m | |
| Net loss | ($10.7m) | ($87.2m) | ($105.8m) | ($119.4m) | ($260.3m) | ($193.4m) | ($183.9m) | ($78.8m) | ($102.3m) | |
| Total non-operating income, net | $15k | ($1.2m) | $3.2m | ($18.2m) | ($120.3m) | $10.5m | $7.6m | $83.9m | $114.5m | |
| Net loss per share attributable to common stockholders, basic (in dollars per share) | — | — | ($1) | ($0) | ($1) | ($1) | ($1) | ($0) | ($0) | |
| Net loss per share attributable to common stockholders, diluted (in dollars per share) | — | — | ($1) | ($0) | ($1) | ($1) | ($1) | ($0) | ($0) | |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | — | — | ($1) | ($0) | ($1) | ($1) | ($1) | ($0) | ($0) | |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | — | — | ($1) | ($0) | ($1) | ($1) | ($1) | ($0) | ($0) | |
| Interest expense | ($862k) | ($992k) | ($1.1m) | ($25.0m) | ($49.2m) | ($5.0m) | ($5.9m) | ($5.2m) | ($8.8m) | |
| Other income (expense), net | $115k | ($2.1m) | ($1.4m) | $171k | ($794k) | $577k | ($4.4m) | $1.7m | ($8.0m) |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.