Cloudflare, Inc.

NETNYSETechnology● Active

$248.42

$-1.69(-0.68%)

Market Cap$87.8B

P/E Ratio—

52W High$274.63

52W Low$158.83

Avg Volume4.4M

Open$267.87

Beta1.67

Free Cash Flow Financials Revenue

Cloudflare, Inc. (NET) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NET · free cash flow · updated Jun 8, 2026

Core FCF metrics

NET · FCF · TTM · margin & CAGR

Free cash flow was $324.3M for FY2025 (fiscal year ending 2025-12-31), up 66.0% year-over-year The FCF margin was 15.0%.

FY2025 Free Cash Flow$324.3M▲ +66.0% YoY

Trailing 12M (TTM)$355.5Mtrailing 4 quarters sum

FCF Margin15.0%$324.3M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NET · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$666.9M(343M)$324.3M▲ +66.0%15.0%

FY2024$380.4M(185M)$195.4M▲ +63.6%11.7%

FY2023$254.4M(135M)$119.5M▲ +400.4%9.2%

FY2022$123.6M(163M)−$39.8M▲ +7.7%-4.1%

FY2021$64.6M(108M)−$43.1M▲ +53.2%-6.6%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NET · P/FCF · FCF yield · FCF per share

Cloudflare, Inc. (NET) trades at a FCF yield of 0.40% and a price-to-free-cash-flow ratio of 243.5x. FCF per share stands at $1.02, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

0.40%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.02

TTM FCF ÷ Shares Outstanding

Price / FCF

x243.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x255.9

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

NET · cash flow statement · operating / investing / financing

For FY2025, Cloudflare, Inc. generated $666.9M in operating cash flow and spent 343M in capital expenditures, yielding $324.3M in free cash flow.

Operating Activities

+$666.9M

Cash from core business operations

2025-12-31

Investing Activities

−$1.81B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$1.94B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($666.9M) − |CapEx| (343M) = FCF ($324.3M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

NET vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Cloudflare, Inc.YOU

NET

$324.3M+66.0%15.0%

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Cloudflare, Inc. (NET) reported free cash flow of $324.3M for FY2025 (fiscal year ending 2025-12-31), up 66.0% year-over-year. The FCF margin was 15.0%.

Based on available data, Cloudflare, Inc. has maintained positive free cash flow for at least 3 fiscal year(s). FCF peaked at $324.3M in FY2025.

Cloudflare, Inc.'s FCF yield is 0.40% and price-to-FCF ratio is 243.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NET free cash flow · 8 questions

Cloudflare, Inc. free cash flow was $324.3M for FY2025, up 66.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $355.5M.

NET free cash flowNET FCFNET FCF 2025NET free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Cloudflare, Inc. · Cloudflare, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026