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Cloudflare, Inc. (NET)

Historical prices through 2026-10-08Latest fiscal period 2025-12-31

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Price date	EPS fiscal end	Basic P/E (×)	Diluted P/E (×)	P/S (×)	P/FCF (×)

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Formula: min(60, 15 × ((1 + CAGR / 100) / 1.10)^{years × 0.6})

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Cloudflare, Inc. (NET) · NYSE · USD · Sector unavailable · SEC ID 0001477333

Annual coverage: 2017-12-31–2025-12-31 (9 periods). Data snapshot built 2026-10-09.

Tables include every stored fiscal period, even outside the selected chart range. Missing or unsupported values are marked “Unavailable,” not zero.

Earnings and per-share history

Annual EPS, cash flow and dividends

Per-share values are in USD; dividend yield is a percent.

Dividend-yield method and limitations

Annual EPS, cash flow, dividends and fiscal-year dividend yield for Cloudflare, Inc.. Per-share values in USD; yield in percent.
Fiscal year / end	Basic EPS	Diluted EPS	FCF / share	Dividends / share	Fiscal-year dividend yield	Filing sources
2025 2025-12-31	-0.29	-0.29	0.83	Unavailable	Unavailable	Basic EPS (2026-02-26) Diluted EPS (2026-02-26) Operating cash flow (2026-02-26) · Capital expenditure (2026-02-26)
2024 2024-12-31	-0.23	-0.23	0.57	Unavailable	Unavailable	Basic EPS (2026-02-26) Diluted EPS (2026-02-26) Operating cash flow (2026-02-26) · Capital expenditure (2026-02-26)
2023 2023-12-31	-0.55	-0.55	0.42	Unavailable	Unavailable	Basic EPS (2026-02-26) Diluted EPS (2026-02-26) Operating cash flow (2026-02-26) · Capital expenditure (2026-02-26)
2022 2022-12-31	-0.59	-0.59	-0.06	Unavailable	Unavailable	Basic EPS (2025-02-20) Diluted EPS (2025-02-20) Operating cash flow (2025-02-20) · Capital expenditure (2025-02-20)
2021 2021-12-31	-0.83	-0.83	-0.09	Unavailable	Unavailable	Basic EPS (2024-02-21) Diluted EPS (2024-02-21) Operating cash flow (2024-02-21) · Capital expenditure (2024-02-21)
2020 2020-12-31	-0.40	-0.40	-0.25	Unavailable	Unavailable	Basic EPS (2023-02-24) Diluted EPS (2023-02-24) Operating cash flow (2023-02-24) · Capital expenditure (2023-02-24)
2019 2019-12-31	-0.72	-0.72	-0.56	Unavailable	Unavailable	Basic EPS (2022-03-01) Diluted EPS (2022-03-01) Operating cash flow (2022-03-01) · Capital expenditure (2022-03-01)
2018 2018-12-31	Unavailable	Unavailable	Unavailable	Unavailable	Unavailable	Operating cash flow (2021-02-25) · Capital expenditure (2021-02-25)
2017 2017-12-31	Unavailable	Unavailable	Unavailable	Unavailable	Unavailable	Operating cash flow (2020-03-04) · Capital expenditure (2020-03-04)

Revenue and debt per share

Revenue/share is annual revenue divided by average diluted shares. Debt/share is year-end borrowings divided by common shares; leases are excluded. Per-share values are in USD. Metric definitions.

Fiscal end	Revenue / share	Total debt / share	Calculation inputs & SEC filings
2025-12-31	6.22	Unavailable	Calculation inputs & SEC filings Revenue: 2,167,937,000.00 USD Average diluted shares: 348,421,000.00 shares Borrowings: Unavailable — required inputs are missing, conflicting or unsupported Year-end common shares: Unavailable — required inputs are missing, conflicting or unsupported Revenue (2026-02-26) · Average diluted shares (2026-02-26)
2024-12-31	4.89	Unavailable	Calculation inputs & SEC filings Revenue: 1,669,626,000.00 USD Average diluted shares: 341,411,000.00 shares Borrowings: Unavailable — required inputs are missing, conflicting or unsupported Year-end common shares: Unavailable — required inputs are missing, conflicting or unsupported Revenue (2026-02-26) · Average diluted shares (2026-02-26)
2023-12-31	3.89	Unavailable	Calculation inputs & SEC filings Revenue: 1,296,745,000.00 USD Average diluted shares: 333,656,000.00 shares Borrowings: Unavailable — required inputs are missing, conflicting or unsupported Year-end common shares: Unavailable — required inputs are missing, conflicting or unsupported Revenue (2026-02-26) · Average diluted shares (2026-02-26)
2022-12-31	2.99	Unavailable	Calculation inputs & SEC filings Revenue: 975,241,000.00 USD Average diluted shares: 326,332,000.00 shares Borrowings: Unavailable — required inputs are missing, conflicting or unsupported Year-end common shares: Unavailable — required inputs are missing, conflicting or unsupported Revenue (2025-02-20) · Average diluted shares (2025-02-20)
2021-12-31	2.10	Unavailable	Calculation inputs & SEC filings Revenue: 656,426,000.00 USD Average diluted shares: 312,321,000.00 shares Borrowings: Unavailable — required inputs are missing, conflicting or unsupported Year-end common shares: Unavailable — required inputs are missing, conflicting or unsupported Revenue (2024-02-21) · Average diluted shares (2024-02-21)
2020-12-31	1.44	Unavailable	Calculation inputs & SEC filings Revenue: 431,059,000.00 USD Average diluted shares: 299,774,000.00 shares Borrowings: Unavailable — required inputs are missing, conflicting or unsupported Year-end common shares: Unavailable — required inputs are missing, conflicting or unsupported Revenue (2023-02-24) · Average diluted shares (2023-02-24)
2019-12-31	1.96	Unavailable	Calculation inputs & SEC filings Revenue: 287,022,000.00 USD Average diluted shares: 146,306,000.00 shares Borrowings: Unavailable — required inputs are missing, conflicting or unsupported Year-end common shares: Unavailable — required inputs are missing, conflicting or unsupported Revenue (2022-03-01) · Average diluted shares (2022-03-01)
2018-12-31	Unavailable	Unavailable	Calculation inputs & SEC filings Revenue: 192,674,000.00 USD Average diluted shares: Unavailable — required inputs are missing, conflicting or unsupported Borrowings: Unavailable — required inputs are missing, conflicting or unsupported Year-end common shares: Unavailable — required inputs are missing, conflicting or unsupported Revenue (2021-02-25)
2017-12-31	Unavailable	Unavailable	Calculation inputs & SEC filings Revenue: 134,915,000.00 USD Average diluted shares: Unavailable — required inputs are missing, conflicting or unsupported Borrowings: Unavailable — required inputs are missing, conflicting or unsupported Year-end common shares: Unavailable — required inputs are missing, conflicting or unsupported Revenue (2020-03-04)

Operating performance and returns

Revenue and profit margins

Operating margin is operating income divided by revenue; net margin is net income divided by revenue. Negative margins indicate a loss. Metric definitions.

Fiscal end	Revenue (USD)	Operating margin (%)	Net margin (%)	Calculation inputs & SEC filings
2025-12-31	2,167,937,000.00	-9.56	-4.72	Calculation inputs & SEC filings Revenue: 2,167,937,000.00 USD Operating income: -207,205,000.00 USD Net income: -102,267,000.00 USD Revenue (2026-02-26) · Operating income (2026-02-26) · Net income (2026-02-26)
2024-12-31	1,669,626,000.00	-9.27	-4.72	Calculation inputs & SEC filings Revenue: 1,669,626,000.00 USD Operating income: -154,761,000.00 USD Net income: -78,800,000.00 USD Revenue (2026-02-26) · Operating income (2026-02-26) · Net income (2026-02-26)
2023-12-31	1,296,745,000.00	-14.30	-14.19	Calculation inputs & SEC filings Revenue: 1,296,745,000.00 USD Operating income: -185,485,000.00 USD Net income: -183,949,000.00 USD Revenue (2026-02-26) · Operating income (2026-02-26) · Net income (2026-02-26)
2022-12-31	975,241,000.00	-20.63	-19.83	Calculation inputs & SEC filings Revenue: 975,241,000.00 USD Operating income: -201,203,000.00 USD Net income: -193,381,000.00 USD Revenue (2025-02-20) · Operating income (2025-02-20) · Net income (2025-02-20)
2021-12-31	656,426,000.00	-19.45	-39.66	Calculation inputs & SEC filings Revenue: 656,426,000.00 USD Operating income: -127,684,000.00 USD Net income: -260,309,000.00 USD Revenue (2024-02-21) · Operating income (2024-02-21) · Net income (2024-02-21)
2020-12-31	431,059,000.00	-24.77	-27.69	Calculation inputs & SEC filings Revenue: 431,059,000.00 USD Operating income: -106,768,000.00 USD Net income: -119,370,000.00 USD Revenue (2023-02-24) · Operating income (2023-02-24) · Net income (2023-02-24)
2019-12-31	287,022,000.00	-37.61	-36.87	Calculation inputs & SEC filings Revenue: 287,022,000.00 USD Operating income: -107,946,000.00 USD Net income: -105,828,000.00 USD Revenue (2022-03-01) · Operating income (2022-03-01) · Net income (2022-03-01)
2018-12-31	192,674,000.00	-44.06	-45.24	Calculation inputs & SEC filings Revenue: 192,674,000.00 USD Operating income: -84,899,000.00 USD Net income: -87,164,000.00 USD Revenue (2021-02-25) · Operating income (2021-02-25) · Net income (2021-02-25)
2017-12-31	134,915,000.00	-7.21	-7.97	Calculation inputs & SEC filings Revenue: 134,915,000.00 USD Operating income: -9,730,000.00 USD Net income: -10,748,000.00 USD Revenue (2020-03-04) · Operating income (2020-03-04) · Net income (2020-03-04)

Cash generation and capital returns

FCF margin is free cash flow as a share of revenue. FCF / net income compares free cash flow with positive net income. ROCE divides operating income by average capital employed and requires positive opening and closing balances. Metric definitions.

Fiscal end	FCF margin (%)	FCF / net income (%)	ROCE (%)	Calculation inputs & SEC filings
2025-12-31	13.26	Unavailable	-6.69	Calculation inputs & SEC filings FCF margin (FCF ÷ revenue): Free cash flow 287,497,000.00 USD ÷ Revenue 2,167,937,000.00 USD FCF / net income: Unavailable — required inputs are missing, conflicting or unsupported. ROCE (operating income ÷ average capital employed): Operating income -207,205,000.00 USD ÷ Average capital employed 3,096,600,500.00 USD Operating cash flow (2026-02-26) · Capital expenditure (2026-02-26) · Revenue (2026-02-26) · Operating cash flow (2026-02-26) · Capital expenditure (2026-02-26) · Net income (2026-02-26) · Operating income (2026-02-26) · Total assets as of 2024-12-31 (2026-02-26) · Current liabilities as of 2024-12-31 (2026-02-26) · Total assets as of 2025-12-31 (2026-02-26) · Current liabilities as of 2025-12-31 (2026-02-26)
2024-12-31	11.70	Unavailable	-6.59	Calculation inputs & SEC filings FCF margin (FCF ÷ revenue): Free cash flow 195,392,000.00 USD ÷ Revenue 1,669,626,000.00 USD FCF / net income: Unavailable — required inputs are missing, conflicting or unsupported. ROCE (operating income ÷ average capital employed): Operating income -154,761,000.00 USD ÷ Average capital employed 2,350,095,500.00 USD Operating cash flow (2026-02-26) · Capital expenditure (2026-02-26) · Revenue (2026-02-26) · Operating cash flow (2026-02-26) · Capital expenditure (2026-02-26) · Net income (2026-02-26) · Operating income (2026-02-26) · Total assets as of 2023-12-31 (2025-02-20) · Current liabilities as of 2023-12-31 (2025-02-20) · Total assets as of 2024-12-31 (2026-02-26) · Current liabilities as of 2024-12-31 (2026-02-26)
2023-12-31	10.80	Unavailable	-8.46	Calculation inputs & SEC filings FCF margin (FCF ÷ revenue): Free cash flow 140,010,000.00 USD ÷ Revenue 1,296,745,000.00 USD FCF / net income: Unavailable — required inputs are missing, conflicting or unsupported. ROCE (operating income ÷ average capital employed): Operating income -185,485,000.00 USD ÷ Average capital employed 2,191,360,500.00 USD Operating cash flow (2026-02-26) · Capital expenditure (2026-02-26) · Revenue (2026-02-26) · Operating cash flow (2026-02-26) · Capital expenditure (2026-02-26) · Net income (2026-02-26) · Operating income (2026-02-26) · Total assets as of 2022-12-31 (2024-02-21) · Current liabilities as of 2022-12-31 (2024-02-21) · Total assets as of 2023-12-31 (2025-02-20) · Current liabilities as of 2023-12-31 (2025-02-20)
2022-12-31	-2.05	Unavailable	-9.42	Calculation inputs & SEC filings FCF margin (FCF ÷ revenue): Free cash flow -20,011,000.00 USD ÷ Revenue 975,241,000.00 USD FCF / net income: Unavailable — required inputs are missing, conflicting or unsupported. ROCE (operating income ÷ average capital employed): Operating income -201,203,000.00 USD ÷ Average capital employed 2,136,772,000.00 USD Operating cash flow (2025-02-20) · Capital expenditure (2025-02-20) · Revenue (2025-02-20) · Operating cash flow (2025-02-20) · Capital expenditure (2025-02-20) · Net income (2025-02-20) · Operating income (2025-02-20) · Total assets as of 2021-12-31 (2023-02-24) · Current liabilities as of 2021-12-31 (2023-02-24) · Total assets as of 2022-12-31 (2024-02-21) · Current liabilities as of 2022-12-31 (2024-02-21)
2021-12-31	-4.32	Unavailable	-7.69	Calculation inputs & SEC filings FCF margin (FCF ÷ revenue): Free cash flow -28,338,000.00 USD ÷ Revenue 656,426,000.00 USD FCF / net income: Unavailable — required inputs are missing, conflicting or unsupported. ROCE (operating income ÷ average capital employed): Operating income -127,684,000.00 USD ÷ Average capital employed 1,661,390,000.00 USD Operating cash flow (2024-02-21) · Capital expenditure (2024-02-21) · Revenue (2024-02-21) · Operating cash flow (2024-02-21) · Capital expenditure (2024-02-21) · Net income (2024-02-21) · Operating income (2024-02-21) · Total assets as of 2020-12-31 (2022-03-01) · Current liabilities as of 2020-12-31 (2022-03-01) · Total assets as of 2021-12-31 (2023-02-24) · Current liabilities as of 2021-12-31 (2023-02-24)
2020-12-31	-17.05	Unavailable	-10.75	Calculation inputs & SEC filings FCF margin (FCF ÷ revenue): Free cash flow -73,504,000.00 USD ÷ Revenue 431,059,000.00 USD FCF / net income: Unavailable — required inputs are missing, conflicting or unsupported. ROCE (operating income ÷ average capital employed): Operating income -106,768,000.00 USD ÷ Average capital employed 993,107,500.00 USD Operating cash flow (2023-02-24) · Capital expenditure (2023-02-24) · Revenue (2023-02-24) · Operating cash flow (2023-02-24) · Capital expenditure (2023-02-24) · Net income (2023-02-24) · Operating income (2023-02-24) · Total assets as of 2019-12-31 (2021-02-25) · Current liabilities as of 2019-12-31 (2021-02-25) · Total assets as of 2020-12-31 (2022-03-01) · Current liabilities as of 2020-12-31 (2022-03-01)
2019-12-31	-28.64	Unavailable	-21.94	Calculation inputs & SEC filings FCF margin (FCF ÷ revenue): Free cash flow -82,206,000.00 USD ÷ Revenue 287,022,000.00 USD FCF / net income: Unavailable — required inputs are missing, conflicting or unsupported. ROCE (operating income ÷ average capital employed): Operating income -107,946,000.00 USD ÷ Average capital employed 491,971,000.00 USD Operating cash flow (2022-03-01) · Capital expenditure (2022-03-01) · Revenue (2022-03-01) · Operating cash flow (2022-03-01) · Capital expenditure (2022-03-01) · Net income (2022-03-01) · Operating income (2022-03-01) · Total assets as of 2018-12-31 (2020-03-04) · Current liabilities as of 2018-12-31 (2020-03-04) · Total assets as of 2019-12-31 (2021-02-25) · Current liabilities as of 2019-12-31 (2021-02-25)
2018-12-31	-35.68	Unavailable	Unavailable	Calculation inputs & SEC filings FCF margin (FCF ÷ revenue): Free cash flow -68,747,000.00 USD ÷ Revenue 192,674,000.00 USD FCF / net income: Unavailable — required inputs are missing, conflicting or unsupported. ROCE (operating income ÷ average capital employed): Unavailable — required balance-sheet inputs are missing or inconsistent. Operating cash flow (2021-02-25) · Capital expenditure (2021-02-25) · Revenue (2021-02-25) · Operating cash flow (2021-02-25) · Capital expenditure (2021-02-25) · Net income (2021-02-25) · Operating income (2021-02-25) · Total assets as of 2018-12-31 (2020-03-04) · Current liabilities as of 2018-12-31 (2020-03-04)
2017-12-31	-11.76	Unavailable	Unavailable	Calculation inputs & SEC filings FCF margin (FCF ÷ revenue): Free cash flow -15,864,000.00 USD ÷ Revenue 134,915,000.00 USD FCF / net income: Unavailable — required inputs are missing, conflicting or unsupported. ROCE (operating income ÷ average capital employed): Unavailable — required balance-sheet inputs are missing or inconsistent. Operating cash flow (2020-03-04) · Capital expenditure (2020-03-04) · Revenue (2020-03-04) · Operating cash flow (2020-03-04) · Capital expenditure (2020-03-04) · Net income (2020-03-04) · Operating income (2020-03-04)

Valuation history

P/E ratio history

The P/E chart uses 370 weekly price points (2019-09-13–2026-10-08); 0 have a basic or diluted P/E ratio. Annual EPS carries forward between fiscal year-ends.

Fiscal-year-end snapshots

No annual P/E is available; the calculation requires positive EPS and an eligible fiscal-year-end price.

Annual P/E = fiscal-year-end closing price ÷ reported annual EPS. It is a historical annual ratio, not TTM or forward P/E. Zero or negative EPS and missing eligible prices produce no ratio. Why we use annual data.

Open the interactive P/E chart · How P/E history is calculated.

Show all annual P/E values (9 fiscal years)

Full stored fiscal-year-end P/E history, independent of the selected chart window. Ratios in ×; prices in USD.
Fiscal end	Price date	Close	Price basis	Basic P/E	Diluted P/E	EPS filings
2025-12-31	2025-12-26	202.39	Adjusted close	Unavailable	Unavailable	Basic EPS (2026-02-26) Diluted EPS (2026-02-26)
2024-12-31	2024-12-27	110.61	Adjusted close	Unavailable	Unavailable	Basic EPS (2026-02-26) Diluted EPS (2026-02-26)
2023-12-31	2023-12-29	83.26	Adjusted close	Unavailable	Unavailable	Basic EPS (2026-02-26) Diluted EPS (2026-02-26)
2022-12-31	2022-12-30	45.21	Adjusted close	Unavailable	Unavailable	Basic EPS (2025-02-20) Diluted EPS (2025-02-20)
2021-12-31	2021-12-31	131.50	Adjusted close	Unavailable	Unavailable	Basic EPS (2024-02-21) Diluted EPS (2024-02-21)
2020-12-31	2020-12-31	75.99	Adjusted close	Unavailable	Unavailable	Basic EPS (2023-02-24) Diluted EPS (2023-02-24)
2019-12-31	2019-12-27	16.69	Adjusted close	Unavailable	Unavailable	Basic EPS (2022-03-01) Diluted EPS (2022-03-01)
2018-12-31	Unavailable	Unavailable	Unavailable	Unavailable	Unavailable	Source unavailable
2017-12-31	Unavailable	Unavailable	Unavailable	Unavailable	Unavailable	Source unavailable

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