Cloudflare, Inc. (NET) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 181.33M | 254.17M | 167.12M | 99.8M | 145.78M | 127.31M | 104.73M | 74.81M | 73.58M | 85.44M | 68.1M | 64.45M | 36.41M | 78.12M | 42.69M | 38.25M | -35.47M | 40.62M | -6.92M | 7.46M |
| Operating CF Margin % | 28.34% | 41.36% | 29.74% | 19.48% | 30.43% | 27.68% | 24.35% | 18.66% | 19.43% | 23.57% | 20.29% | 20.89% | 12.55% | 28.44% | 16.82% | 16.31% | -16.72% | 20.98% | -4.01% | 4.89% |
| Operating CF Growth % | 24.39% | 99.65% | 59.58% | 33.39% | 98.13% | 49% | 53.78% | 16.08% | 102.06% | 9.37% | 59.53% | 68.49% | 202.67% | 92.34% | 717.06% | 413.09% | -250.96% | 560.88% | -450.63% | 86.98% |
| Net Income | -22.93M | -12.08M | -1.29M | -50.45M | -38.45M | -12.85M | -15.33M | -15.08M | -35.54M | -27.86M | -23.54M | -94.47M | -38.08M | -45.92M | -42.55M | -63.54M | -41.38M | -77.5M | -107.33M | -35.51M |
| Depreciation & Amortization | 88.79M | 154.21M | 49.47M | 45.48M | 42.21M | 36.25M | 31.71M | 49.53M | 49.21M | 50.25M | 34.46M | 33.67M | 31.51M | 29.63M | 27.35M | 37.06M | 20.01M | 18.33M | 17.03M | 16.03M |
| Stock-Based Compensation | 0 | 123.63M | 109.92M | 122.38M | 95.53M | 94.49M | 88.25M | 85.99M | 69.72M | 74.42M | 73.77M | 68.39M | 57.4M | 60.23M | 53.77M | 54.81M | 33.97M | 28.5M | 23.05M | 20.55M |
| Deferred Taxes | -800K | 1.81M | 0 | -324K | -156K | 3.45M | 0 | -1.03M | -276K | 2.85M | 25K | -493K | -120K | 1.46M | 230K | -1.84M | 6K | 19.42M | -4.06M | -5.1M |
| Other Non-Cash Items | 126.59M | -61.27M | 41.41M | 42.22M | 36.19M | 30.82M | 25.88M | 1.68M | 2.48M | -33.79M | 19.5M | 71.52M | 19.67M | 21.45M | 23.12M | 12.29M | 22.72M | 35.26M | 72.79M | 24.23M |
| Working Capital Changes | -10.32M | 47.87M | -32.38M | -59.52M | 10.46M | -24.85M | -25.79M | -46.27M | -12.01M | 19.57M | -36.12M | -14.17M | -33.96M | 11.26M | -19.23M | -536K | -70.79M | 16.61M | -8.39M | -12.73M |
| Change in Receivables | 770K | -31.11M | -50.72M | -31.02M | 27.74M | -69.62M | -5.84M | -39.91M | 31.31M | -52.26M | -25.04M | -2.63M | -32.78M | -23.36M | -5.88M | 2.96M | -30.77M | -11.73M | -9.75M | -5.15M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28.06M | -10.93M | -17.13M | 0 | 0 | 0 | 0 | 0 | 0 | 2.68M | -6.78M |
| Change in Payables | -17.3M | 13.19M | -4.08M | 595K | -842K | 10.81M | -8.18M | 12.92M | 3.07M | 6.53M | -1.35M | -5.03M | 11.63M | -10.29M | -7.49M | 6.31M | 1.86M | -3.36M | -947K | 586K |
| Cash from Investing | -158.81M | -291.72M | -629.52M | -793.02M | -92.44M | -167.03M | -76.4M | -183.74M | 96.95M | -101.65M | -100.23M | 108K | 15.57M | -19.96M | -48.89M | -56.05M | -110.81M | -354.8M | -444.77M | 42.47M |
| Capital Expenditures | -74.26M | -112.13M | -84.64M | -59.9M | -85.89M | -73.15M | -50.2M | -36.54M | -37.97M | -34.73M | -33.23M | -44.48M | -22.51M | -44.46M | -47.3M | -42.66M | -28.93M | -31.98M | -32.81M | -17.23M |
| CapEx % of Revenue | 11.61% | 18.25% | 15.06% | 11.69% | 17.93% | 15.9% | 11.67% | 9.11% | 10.03% | 9.58% | 9.9% | 14.42% | 7.76% | 16.19% | 18.63% | 18.19% | 13.64% | 16.52% | 19.04% | 11.3% |
| Acquisitions | -9.13M | -50.88M | 0 | 0 | 0 | 0 | 0 | -13.98M | 0 | -6.08M | -5.93M | -5.73M | 0 | 0 | -1.25M | -82.56M | -4.38M | -5.61M | 4M | 3.66M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 549K | 28.77M | -7.21M | -8.08M | -11.65M | -29.37M | -10.27M | 4K | 14K | 9K | 5.94M | 5.74M | 48K | 11K | 0 | 23K | 2K | 0 | -4M | -3.65M |
| Cash from Financing | -32.47M | -67.58M | -3.57M | 2.01B | 3.52M | 8.03M | -2.41M | 7.14M | 21K | 9.79M | -34.61M | -168.61M | 1.25M | 8.02M | 1.44M | 11.14M | -14.25M | 9.77M | 820.18M | 10.15M |
| Debt Issued (Net) | -23M | -63.77M | -1.12M | 2B | 0 | 2.15M | 0 | -2.15M | 0 | 0 | -35.4M | -172.25M | 0 | 0 | 0 | 0 | -16.57M | -1.04M | 818.05M | 0 |
| Equity Issued (Net) | 5.7M | 16.05M | 11.51M | 19.77M | 11.23M | 13.21M | 1.42M | 13.65M | 4.42M | 12.1M | 4.33M | 14.17M | 3.31M | 8.53M | 2.15M | 11.66M | 3.06M | 12.41M | 5.26M | 10.71M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -34K | 0 | 0 | 0 | 0 | -3K | -1K | -19K | -19K |
| Other Financing | -15.17M | -19.86M | -13.97M | -10.51M | -7.71M | -7.33M | -3.83M | -4.36M | -4.4M | -2.31M | -3.54M | -10.53M | -2.06M | -506K | -713K | -516K | -748K | -1.6M | -3.13M | -560K |
| Net Change in Cash | 90.28M | -104.12M | -465.96M | 1.31B | 56.87M | -31.69M | 25.92M | -101.97M | 170.55M | -6.37M | -66.74M | -104.05M | 53.23M | 66.19M | -4.76M | -6.65M | -160.53M | -304.4M | 368.49M | 60.08M |
| Free Cash Flow | 107.08M | 155.69M | 82.48M | 33.28M | 52.87M | 47.75M | 45.28M | 38.27M | 35.61M | 50.72M | 34.88M | 19.97M | 13.9M | 33.66M | -4.61M | -4.41M | -64.4M | 8.64M | -39.73M | -9.78M |
| FCF Margin % | 16.74% | 25.34% | 14.68% | 6.5% | 11.03% | 10.38% | 10.53% | 9.54% | 9.4% | 13.99% | 10.39% | 6.47% | 4.79% | 12.25% | -1.82% | -1.88% | -30.35% | 4.46% | -23.05% | -6.41% |
| FCF Growth % | 102.54% | 226.03% | 82.16% | -13.05% | 48.47% | -5.84% | 29.83% | 91.66% | 156.11% | 50.67% | 855.85% | 552.42% | 121.59% | 289.76% | 88.39% | 54.84% | -2802.25% | 136.78% | -122.54% | 51.5% |
| FCF per Share | 0.30 | 0.44 | 0.24 | 0.10 | 0.15 | 0.14 | 0.13 | 0.11 | 0.11 | 0.15 | 0.10 | 0.06 | 0.04 | 0.10 | -0.01 | -0.01 | -0.20 | 0.03 | -0.13 | -0.03 |
| FCF Conversion (FCF/Net Income) | -7.91x | -21.05x | -129.55x | -1.98x | -3.79x | -9.91x | -6.83x | -4.96x | -2.07x | -3.07x | -2.89x | -0.68x | -0.96x | -1.70x | -1.00x | -0.60x | 0.86x | -0.52x | 0.06x | -0.21x |
| Interest Paid | 0 | -24K | 15K | 7K | 2K | -63K | 0 | 55K | 8K | 4K | 71K | 594K | 1K | 595K | 1K | 594K | 48K | 677K | 771K | 2.16M |
| Taxes Paid | 0 | -5.84M | 2.34M | 2.47M | 1.03M | 971K | 1.28M | 1.84M | 897K | 449K | 1.45M | 1.3M | 1.26M | 782K | 451K | 116K | 874K | 281K | 323K | 286K |