NET on NYSE

Cloudflare

Logo: Cloudflare, Public domain, via Wikimedia Commons4

American technology company

Cloudflare, Inc., is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.3 From Wikipedia, CC BY-SA 4.0

Price unavailable

Last updated Oct 16, 2026.

Overview

$2.2BRevenue, fiscal 20255
-$102.3MNet income, fiscal 20255
Nov 2009Founded1

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  • TickerNET on NYSE1
  • IndustryICT, Software Publishers, information and communications technology1
  • HeadquartersSan Francisco1
  • Founded inSan Francisco1
  • Websitewww.cloudflare.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address101 Townsend St., San Francisco, Ca 941076
  • Filer categoryLarge accelerated filer6
Cloudflare office entrance area
Photo: HaeB, CC BY-SA 4.0, via Wikimedia Commons8

Cloudflare, Inc., is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

74.5%Gross margin5
-9.6%Operating margin5
-4.7%Net margin5
29.8%Revenue growth, 20255
-7.0%Return on equity5
$287.5MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

United States brought in 49% of the revenue Cloudflare broke down this way in fiscal 2025.

  1. United States$1.1B549%up 26% from 2024
  2. EMEA$598.6M528%up 28% from 2024
  3. Asia Pacific$329.8M515%up 48% from 2024
  4. Other Geographical Regions$166.6M58%up 28% from 2024
Regions by year
Regions202320242025
United States$678.2M$849.5M$1.1B
EMEA$356.6M$466.5M$598.6M
Asia Pacific$168.8M$223.2M$329.8M
Other Geographical Regions$93.2M$130.4M$166.6M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue25¢$552.5M
  • Research and development24¢$512.5M
  • Other costs50¢$1.1B
  • Income tax0¢$9.6M

Out of $2.2B in revenue.5 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending52¢$315.6M
  • Kept or used elsewhere48¢$287.5M

Out of $603.1M of cash from operations.5

Financial statements

Revenue9101112135$2.2B in 2025+1025% since 2018
0$1.0B$2.0B$3.0B2018: $192.7M$192.7M20182019: $287.0M$287.0M2019+49%2020: $431.1M$431.1M2020+50%2021: $656.4M$656.4M2021+52%2022: $975.2M$975.2M2022+49%2023: $1.3B$1.3B2023+33%2024: $1.7B$1.7B2024+29%2025: $2.2B$2.2B2025+30%
Gross profit9101112135$1.6B in 2025+983% since 2018
0$500.0M$1.0B$1.5B$2.0B2018: $149.1M$149.1M20182019: $223.6M$223.6M2019+50%2020: $330.0M$330.0M2020+48%2021: $509.3M$509.3M2021+54%2022: $742.6M$742.6M2022+46%2023: $989.7M$989.7M2023+33%2024: $1.3B$1.3B2024+30%2025: $1.6B$1.6B2025+25%
Operating income9101112135-$207.2M in 2025+144% since 2018
-$300.0M-$200.0M-$100.0M02018: -$84.9M-$84.9M20182019: -$107.9M-$107.9M2019+27%2020: -$106.8M-$106.8M2020−1%2021: -$127.7M-$127.7M2021+20%2022: -$201.2M-$201.2M2022+58%2023: -$185.5M-$185.5M2023−8%2024: -$154.8M-$154.8M2024−17%2025: -$207.2M-$207.2M2025+34%
Net income9101112135-$102.3M in 2025+17% since 2018
-$300.0M-$200.0M-$100.0M02018: -$87.2M-$87.2M20182019: -$105.8M-$105.8M2019+21%2020: -$119.4M-$119.4M2020+13%2021: -$260.3M-$260.3M2021+118%2022: -$193.4M-$193.4M2022−26%2023: -$183.9M-$183.9M2023−5%2024: -$78.8M-$78.8M2024−57%2025: -$102.3M-$102.3M2025+30%

Every line of the income statement in the latest annual report, as filed.5

Period ending2025-12-312024-12-312023-12-31
Revenue$2.2B$1.7B$1.3B
Cost of revenue$552.5M$378.7M$307.0M
Gross profit$1.6B$1.3B$989.7M
Sales and marketing$920.8M$745.8M$599.1M
Research and development$512.5M$421.4M$358.1M
General and administrative$389.3M$278.5M$218.0M
Total operating expenses$1.8B$1.4B$1.2B
Loss from operations-$207.2M-$154.8M-$185.5M
Interest income$131.2M$87.4M$68.2M
Interest expense-$8.8M-$5.2M-$5.9M
Loss on extinguishment of debt$0$0-$50.3M
Other income (expense), net-$8.0M$1.7M-$4.4M
Total non-operating income, net$114.5M$83.9M$7.6M
Loss before income taxes-$92.7M-$70.9M-$177.9M
Provision for income taxes$9.6M$7.9M$6.1M
Net loss-$102.3M-$78.8M-$183.9M
Net loss per share attributable to common stockholders, basic (in dollars per share)-$0.29-$0.23-$0.55
Net loss per share attributable to common stockholders, diluted (in dollars per share)-$0.29-$0.23-$0.55
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)348.4M shares341.4M shares333.7M shares
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)348.4M shares341.4M shares333.7M shares

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The story

Founded by Lee Holloway, Matthew Prince and Michelle Zatlyn on Nov 2009, in San Francisco.1

History

Cloudflare was founded on July 26, 2009, by Matthew Prince, Lee Holloway, and Michelle Zatlyn. Prince and Holloway had previously collaborated on Project Honey Pot, a product of Unspam Technologies that partly inspired the basis of Cloudflare. In 2009, the company was venture-capital funded. On August 15, 2019, Cloudflare submitted its S-1 filing for an initial public offering on the New York Stock Exchange under the stock ticker NET. It opened for public trading on September 13, 2019, at $15 per share.

According to the company, the name 'Cloudflare' was chosen, over the initial 'WebWall', because it best described what they were trying to do: build a "firewall in the cloud".

In 2020, Cloudflare co-founder and COO Michelle Zatlyn was named president.

Cloudflare has acquired web-services and security companies, including StopTheHacker (February 2014), CryptoSeal (June 2014), Eager Platform Co. (December 2016), Neumob (November 2017), S2 Systems (January 2020), Linc (December 2020), Zaraz (December 2021), Vectrix (February 2022), Area 1 Security (February 2022), Nefeli Networks (March 2024), BastionZero (May 2024), Kivera (October 2024), Replicate (November 2025), and Human Native (January 2026).

Since at least 2017, Cloudflare has used a wall of lava lamps at its San Francisco headquarters as a source of randomness for encryption keys, alongside double pendulums at its London offices and a Geiger counter at its Singapore offices. The lava lamp installation implements the Lavarand method, where a camera transforms the unpredictable shapes of the "lava" blobs into a digital image.

In Q4 2022, Cloudflare provided paid services to 162,086 customers.

In October 2024, Cloudflare won a lawsuit against patent troll Sable Networks. Sable paid Cloudflare $225,000, granted it a royalty-free license to its patent portfolio, and dedicated its patents to the public by abandoning its patent rights.

In November 2025, it was announced Cloudflare had agreed to acquire Replicate, a San Francisco–based platform that enables software developers to run, fine-tune, and deploy open-source machine-learning models via an API without managing infrastructure.

Read the full text

In January 2026, Cloudflare released an analysis regarding BGP routing leaks observed from the Venezuelan state-owned ISP CANTV (AS8048), which occurred on January 2 coincides with the arrest of Nicolás Maduro. While some security researchers had speculated that the outages were linked to U.S. cyber operations, Cloudflare's data indicated that the anomalies were consistent with a pattern of "insufficient routing export and import policies" by the ISP rather than malicious external interference.

In January 2026, Cloudflare acquired Human Native, an AI data marketplace that brokers transactions between developers and content creators, for an undisclosed amount.

On January 16, 2026, Cloudflare acquired The Astro Technology Company, the developers behind the open-source web framework Astro.

In May 2026, Cloudflare announced the elimination of approximately 1,100 positions, around 20 percent of its workforce, in a restructuring the company attributed to the rapid adoption of artificial intelligence tools. The announcement coincided with the company's first-quarter 2026 earnings, which reported a record $639.8 million in quarterly revenue, a 34 percent year-over-year increase. CEO Matthew Prince stated the cuts were not driven by performance concerns but reflected roles made obsolete by AI, and that Cloudflare expected to employ more people by the end of 2027 than at any point during 2026.

In June 2026, Cloudflare acquired VoidZero, the open-source company behind the JavaScript tool Vite and related developer tools including Vitest, Rolldown, and Oxc. Cloudflare said the acquisition would integrate VoidZero's tooling into its Workers developer platform to support AI-assisted application development, while committing $1 million to an independent Vite ecosystem fund and continuing to maintain the projects as open source.

2016–2017 data leak

From September 2016 until February 2017, a Cloudflare bug nicknamed Cloudbleed leaked sensitive data, including passwords and authentication tokens, from customer websites by sending extra data in response to web requests.

From Wikipedia’s article on Cloudflare, shared under CC BY-SA 4.0.7

Leadership

Who has led Cloudflare, and when. Pick a name to see everywhere that person has worked.

2010201520202025
Board members and other officers (10)

Products and brands

  • edge computing
  • identity management
  • reverse proxy
  • streaming media
  • virtual private network

Listed on Wikidata.1

Cloudflare provides network and security products for consumers and businesses, utilizing edge computing, reverse proxies for web traffic, data center interconnects, and a content distribution network to serve content across its network of servers. It supports transport layer protocols TCP, UDP, QUIC, and many application layer protocols such as DNS over HTTPS, SMTP, and HTTP/2 with support for HTTP/2 Server Push. As of 2023, Cloudflare handles an average of 45 million HTTP requests per second.

As of 2024, Cloudflare servers are powered by AMD EPYC 9684X processors.

Cloudflare also provides analysis and reports on large-scale outages, including Verizon's October 2024 outage.

In April 2026, Cloudflare released an open-source CMS called EmDash, intended to align with serverless and edge-based architecture.

Read the full text

Artificial intelligence

In 2023, Cloudflare launched "Workers AI", a framework allowing for use of Nvidia GPU's within Cloudflare's network.

In 2024, Cloudflare launched a tool that prevents bots from scraping websites. To build automatic bot detector models, the company analyzed "AI" bots and crawler traffic. The company also launched an "AI" assistant to generate charts based on queries by leveraging "Workers AI". Cloudflare announced plans in September 2024 to launch a marketplace where website owners can sell "AI" model providers access to scrape their site's content.

In March 2025, Cloudflare announced a new feature called "AI Labyrinth", which combats unauthorized "AI" data scraping by serving fake "AI"-generated content to LLM bots. In July, the company rolled out a permission-based setting to allow websites to automatically block online bots from scraping data and content.

Cloudflare released AutoRAG into beta in 2025. AutoRAG (retrieval augmented generation) creates a vector database of a website's unstructured content to identify relationships between concepts. It is part of an initiative with Microsoft, alongside their NLWeb standard, to make websites easier for people and automated systems to query.

Cloudflare and GoDaddy partnered in April 2026 to enable AI Crawl Control features on GoDaddy hosted websites. This would allow site owners to decide how AI bot crawlers interact with their content.

DDoS mitigation

Cloudflare provides free and paid DDoS mitigation services that protect customers from distributed denial of service (DDoS) attacks. Cloudflare received media attention in June 2011 for providing DDoS mitigation for the website of LulzSec, a black hat hacking group.

In March 2013, The Spamhaus Project was targeted by a DDoS attack that Cloudflare reported exceeded 300 gigabits per second (Gbit/s). Patrick Gilmore, of Akamai, stated that at the time it was "the largest publicly announced DDoS attack in the history of the Internet". While trying to defend Spamhaus against the DDoS attacks, Cloudflare ended up being attacked as well; Google and other companies eventually came to Spamhaus' defense and helped it to absorb the unprecedented amount of attack traffic.

In 2014, Cloudflare began providing free DDoS mitigation for artists, activists, journalists, and human rights groups under the name "Project Galileo". In 2017, it extended the service to electoral infrastructure and political campaigns under the name "Athenian Project". By 2025, more than 2,900 users and organizations were participating in Project Galileo, including 31 US states.

In February 2014, Cloudflare claimed to have mitigated an NTP reflection attack against an unnamed European customer, which it stated peaked at 400 Gbit/s. In November 2014, it reported a 500 Gbit/s DDoS attack in Hong Kong. In July 2021, the company claimed to have absorbed a DDoS attack three times larger than any it had previously recorded, which its corporate blog implied was over 1.2 Tbit/s in total. In February 2023, Cloudflare reported blocking a 71 million request-per-second DDoS attack which "the company says was the largest HTTP DDoS attack on record".

Cloudflare blocked the then largest publicly recorded DDoS attack in August 2025, with volumetric attacks peaking at 11.5 terabits per second (tbps). This was surpassed in December 2025 when an Aisuru botnet launched a 31.4 tbps attack, with a requests-per-second rate exceeding 200 million, against multiple companies in the telecommunications sector, a campaign Cloudflare dubbed "The Night Before Christmas".

In April 2026, Cloudflare released a system designed to let users implement their own custom DDoS mitigation logic, using protocols built on User Datagram Protocol (UDP).

Edge computing

In 2017, Cloudflare launched Cloudflare Workers, a serverless computing platform for creating new applications, augmenting existing ones, without configuring or maintaining infrastructure. It has expanded to include Workers KV, a low-latency key-value data store; Cron Triggers, for scheduling Cron jobs; and additional tooling for developers to deploy and scale their code across the globe.

In 2020, Cloudflare released a JAMstack platform for developers to deploy websites on Cloudflare's Edge infrastructure, under the name "Pages".

In 2022, Cloudflare announced an Edge SQL database, D1, which is built on SQLite.

In August 2023, Cloudflare and IBM announced a partnership providing bot management capabilities to protect IBM Cloud customers from malicious bots and automated threats. The same month, Cloudflare was hired by SpaceX to boost the performance of Starlink. In September, the company launched Cloudflare Fonts as a competitor to Google Fonts.

Internet security

In April 2020, Cloudflare announced it was moving away from using reCAPTCHA in favor of hCaptcha. In September 2022, Cloudflare began to test Turnstile – an alternative to CAPTCHA. The product, instead of presenting a visual CAPTCHA for the user to solve, automatizes the verification process by conducting JavaScript-based checks inside the browser to determine whether the user is a real person or an automated entity. The algorithm reportedly uses machine learning to optimize the process.

Through a contract with the Cybersecurity and Infrastructure Security Agency, Cloudflare provides registry and authoritative DNS services to the.gov top-level domain. Cloudflare also launched Cloudflare for Campaigns in 2020, to offer free cybersecurity tools to political campaigns. Those tools expanded to include secure email systems in 2025.

In November 2020, Cloudflare announced Cloudflare for Teams, consisting of a DNS resolver and web gateway called "Gateway", and a zero-trust authentication service called "Access".

Cloudflare released an Oblivious HTTP relay service in 2022, called Privacy Gateway.

Cloudflare announced a partnership with PhonePe in January 2023 to secure its mobile payment system. In February, Cloudflare launched Wildebeest to allow Mastodon users to set up and run their own instances on Cloudflare's infrastructure.

In August 2023, Cloudflare started the Project Cybersafe Schools program as part of a $20 million grant program from Amazon Web Services, making 70 percent of public school districts in the United States eligible for no-cost cybersecurity services.

In March 2024, it announced Firewall for AI to defend applications running large language models (LLMs). In September, Cloudflare announced Ephemeral IDs, which identifies fraudulent activity by linking behavior to a client through a short-lived, generated ID, rather than the traditional means of using an IP address. The same month, the company also announced all ISP and equipment manufacturers could use its DNS resolvers for free.

Cloudflare introduced the Cloudforce One threat events platform in March 2025, offering real-time insights into cyberattacks using data gathered from Cloudflare's network.

SASE

Cloudflare's overarching secure access service edge (SASE) platform debuted in October 2020.

Cloudflare announced the acquisition of Area 1 Security in February 2022, a company who developed a product designed to combat phishing email attacks.

Cloudflare acquired Nefeli Networks in March 2024, a cloud networking company, co-founded by computer scientist Sylvia Ratnasamy.

WARP

In 2019, Cloudflare released a VPN-like service called WARP, and open sourced the custom underlying WireGuard implementation written in Rust.

Other services

In January 2021, the company began providing its "Waiting Room" digital queue product for free for COVID-19 vaccination scheduling under the title "Project Fair Shot". Project Fair Shot later won a Webby People's Choice Award in 2022 for Event Management under the Apps & Software category.

In March 2023, Cloudflare announced post-quantum cryptography will be made freely and forever available to cloud services, applications and Internet connections.

Cloudflare released the Speed Brain and Instant Purge features in September 2024, to significantly reduce page load latency by prefetching content, and invalidating cached content in under 150ms.

In 2024, Cloudflare announced plans to launch a new payment method, called Stripe Link, which went into beta in the fall.

Since 2010, Cloudflare has collaborated with the National Center for Missing & Exploited Children to provide data, files, and supplemental investigation from abuse reports observed on its network. Cloudflare designed a new NCMEC reporting system in 2024, updating it in 2025 by integrating Cloudflare Workflows and making the CSAM scanning tool accessible globally.

From Wikipedia’s article on Cloudflare, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Subsidiaries

  • Cloudflare (Beijing) Information Technology Co., Ltd.
  • Cloudflare (Canada) Information Technology Co., Ltd.
  • Cloudflare Australia Pty Ltd.
  • Cloudflare France SAS
  • Cloudflare Germany GmbH
  • Cloudflare India Private Limited
  • Cloudflare Japan K.K.
  • Cloudflare Limited
  • Cloudflare Middle East FZ-LLC
  • Cloudflare Netherlands B.V.
  • Cloudflare Portugal, Unipessoal Lda.
  • Cloudflare Pte., Ltd.
  • Area 1 Security since Feb 23, 2022

From Wikidata.1

Acquisitions

  1. Feb 23, 2022Area 1 Security became a subsidiary1

Employees over time

Cloudflare employees by year13.2K in 2022+201% since 2018
01.0K2.0K3.0K4.0K2018: 1.1K1.1K20182020: 1.8K1.8K2020+66%2021: 2.4K2.4K2021+37%2022: 3.2K3.2K2022+32%
  • 20223,2171
  • 20212,4401
  • 20201,7781
  • 20181,0691

Timeline

  1. Sep 13, 2019Went public Listed on NYSE1
  2. Nov 2009Founded Founded in San Francisco1
  3. Jul 2009New chief executive Matthew Prince becomes CEO1

Recent filings

  1. Oct 7, 20264
  2. Oct 5, 2026144
  3. Sep 23, 20264
  4. Sep 22, 2026144
  5. Sep 21, 20264
  6. Sep 17, 2026144
  7. Sep 15, 20264
  8. Sep 15, 20264
  9. Sep 8, 20264
  10. Aug 21, 20264
  11. Aug 21, 20264
  12. Aug 19, 20264
  13. Aug 19, 20264
  14. Aug 19, 20264
  15. Aug 18, 2026144

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2