Cloudflare, Inc. NET
Over the past decade, the technology industry has been undergoing a massive transition from on-premises hardware and software that customers buy, to services in the cloud that they rent. 10-K, Item 1
- Employees
- 5,156
- Headquarters
- San Francisco, CA
- CEO
- Matthew Prince
- Next results
- around Feb 9, 2027
NET among Technology peers
Six ratios from the latest 10-K. Each corner is the share of 230 peers the company is above, not a score.
What changed
20 new risk paragraphs. 10-K filed Feb 26, 2026 against Feb 20, 2025.
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
Accounting checks
10 checks on the latest 10-K. Checks, not verdicts.
0facts worth reading about all 10 checks found nothing to note
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Receivables +20.8% ($316.8M to $382.5M) vs revenue +29.8% ($1.7B to $2.2B), -9.1 pts apart
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Cash from operations $603.1M vs net income −$102.3M (FY ending Dec 31, 2025)
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Same auditor in both 10-Ks: KPMG LLP
7 more checks with nothing to note
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No statement of substantial doubt about going concern
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No 8-K item 4.02 in the last 2 years
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No NT 10-K or NT 10-Q in the last 2 years
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The same matters as last year: Sufficiency of audit evidence over revenue from contracted customers
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No sentence in the 10-K concludes that controls were not effective because of a material weakness
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No 8-K item 2.06 in the last 2 years
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No 8-K item 1.03 in the last 2 years
In their words
20 paragraphs in Risk Factors that were not in the 10-K filed Feb 20, 2025. Quoted as filed.
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Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
The United States government has implemented, or threatened to implement, tariffs on some or all of the goods imported into the United States from a number of other countries around the world. In response, many of the countries subject to these tariffs have themselves implemented or threatened to implement tariffs, taxes, or other…
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Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
In addition, our sales efforts typically involve educating our prospective large customers about the uses, benefits, and value proposition of our network and products. Our sales force develops relationships directly with our customers and our channel partners through account penetration, account coordination, sales, and overall market…
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Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
In addition, we must comply with laws and regulations relating to the formation, administration, and performance of contracts with the public sector, including U.S. federal, state, and local governmental organizations, as well as
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Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
Any cybersecurity insurance that we carry may be insufficient to cover all liabilities incurred by us in connection with any privacy or cybersecurity incidents or may not cover the kinds of incidents for which we submit claims. For
New risk paragraphs, against peers
Latest 10-K of each, Technology companies closest in revenue
Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.
Financial performance
Last 4 fiscal years · 10-K XBRL
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $975.2M | $1.3B | $1.7B | $2.2B |
| Net income | −$193.4M | −$183.9M | −$78.8M | −$102.3M |
| Operating cash flow | $123.6M | $254.4M | $380.4M | $603.1M |
| Free cash flow | −$20.0M | $140.0M | $195.4M | $287.5M |
Revenue, FY2017 to FY2025
Ten fiscal years, each from its own 10-K · XBRL · USD
$2.2B ▲ 29.8% in FY2025−$102.3M in FY2025$287.5M ▲ 47.1% in FY2025
Recent filings
5 filings in the last 30 days · SEC EDGAR
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Planned saleNov 5, 2026John Graham-Cumming (member of our Board of Directors) adopted a 10b5-1 trading plan reported in the 10-Q, up to 91,818 shares, runs to Dec 31, 2027
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Planned saleNov 5, 2026Katrin Suder (member of our Board of Directors) adopted a 10b5-1 trading plan reported in the 10-Q, up to 5,210 shares, runs to Aug 17, 2027
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8-KNov 5, 2026Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
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10-QNov 5, 2026Quarterly report (10-Q) period ended Sep 30, 2026
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Planned saleOct 19, 2026THOMAS SEIFERT (Officer) gave notice of a planned sale of 12,500 shares worth about $3.7M Form 144, approximate sale date Oct 19, 2026, under a 10b5-1 plan adopted Nov 20, 2025
About the company
Cloudflare, Inc., San Francisco, CA · from the 10-K filed Feb 26, 2026
Over the past decade, the technology industry has been undergoing a massive transition from on-premises hardware and software that customers buy, to services in the cloud that they rent. Organizations find themselves at different points in this transition to the cloud. Regardless of where organizations are in their transition, they all face a common set of challenges: they exist in a complex, heterogeneous infrastructure environment which exacerbates the fundamental problems of the Internet more than ever, and the on-premises hardware boxes that they once relied upon to solve these problems were never designed to work in such an environment.
- Headquarters
- San Francisco, CA
- Country
- United States
- Reports in
- USD
- Listed on
- NYSE
- Fiscal year ends
- December 31
- Last results
- Nov 5, 2026
- Incorporated in
- DE
Employees, at the top of the page: "As of December 31, 2025, we had 5,156 full-time employees, including 2,452 employees located outside of the United States" (10-K). Address and exchange: SEC's company file.
Email alerts
Sources
The 10-K filed Feb 26, 2026 (open at SEC), compared with the 10-K filed Feb 20, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.
Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/NET/export.csv") into a cell.