Cloudflare, Inc. NET
The biggest changes in the 10-K filed Feb 26, 2026, in management's words
10-K, Item 7This fiscal year against the last, and the sentences in the MD&A where management explains each change. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Cash from operations
Big change, FY to Dec 31, 2025 vs Dec 31, 2024
The MD&A has no sentence that names a cause for this change.
Revenue
Big change, FY to Dec 31, 2025 vs Dec 31, 2024
“The increase in revenue was primarily due to the addition of new paying customers, which increased by 40% during the year ended December 31, 2025, as well as expansion within our existing paying customers, which was reflected by our dollar-based net retention rate of 120% for the three months ended December 31, 2025.”
Read it in the 10-K
Gross margin
Big change, FY to Dec 31, 2025 vs Dec 31, 2024
“The increase in the cost of revenue was primarily due to an increase of $59.2 million of third-party technology services costs, an increase of $54.1 million in expenses related to operating in co-location facilities and network and bandwidth costs for operating our global network for our expanded customer base, as well”
Read it in the 10-K
“The decrease in gross margin was primarily due to the increases in costs mentioned above.”
Read it in the 10-K
Operating margin
Change, FY to Dec 31, 2025 vs Dec 31, 2024
The MD&A has no sentence that names a cause for this change.
What management said, year by year
The cause given in each 10-K, 2 fiscal years, newest first · MD&A (Item 7)
Each bar is how the line changed that year (from the same 10-K's XBRL). Under it, the sentence in that year's MD&A that names the line, a direction and a cause, word for word. A year with no sentence says so.
Revenue
2 of 2 years explained-
FY 2025 +29.8%
“The increase in revenue was primarily due to the addition of new paying customers, which increased by 40% during the year ended December 31, 2025, as well as expansion within our existing paying customers, which was reflected by our dollar-based net retention rate of 120% for the three months ended December 31, 2025.”
Read it in the FY 2025 10-K -
FY 2024 +28.8%
“The increase in revenue was primarily due to the addition of new paying customers, which increased by 25% during the year ended December 31, 2024, as well as expansion within our existing paying customers, which was reflected by our dollar-based net retention rate of 111% for the three months ended December 31, 2024.”
Read it in the FY 2024 10-K
Gross margin
2 of 2 years explained-
FY 2025 -2.8 pts
“The increase in the cost of revenue was primarily due to an increase of $59.2 million of third-party technology services costs, an increase of $54.1 million in expenses related to operating in co-location facilities and network and bandwidth costs for operating our global network for our expanded customer base, as well”
Read it in the FY 2025 10-K“The decrease in gross margin was primarily due to the increases in costs mentioned above.”
Read it in the FY 2025 10-K -
FY 2024 +1.0 pts
“The increase in the cost of revenue was primarily due to an increase of $32.6 million of third-party technology services costs, registry expenses, and payment processing fees, an increase of $23.9 million in expenses related to operating in co-location facilities and network and bandwidth costs for operating our global network for our expanded customer base, as well as increased capacity to support our growth, an increase of $15.4”
Read it in the FY 2024 10-K
Operating margin
0 of 2 years explained-
FY 2025 -0.3 pts
The FY 2025 MD&A has no sentence that names a cause for this change.
-
FY 2024 +5.0 pts
The FY 2024 MD&A has no sentence that names a cause for this change.
Cash from operations
0 of 2 years explained-
FY 2025 +58.5%
The FY 2025 MD&A has no sentence that names a cause for this change.
-
FY 2024 +49.5%
The FY 2024 MD&A has no sentence that names a cause for this change.
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K
Sources
The Management's Discussion and Analysis (Item 7) of the latest 10-K, quoted word for word; the changes are computed from the same 10-K's XBRL.
Also
Financials: the numbers year by year.
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.