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Cloudflare cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$93.6M in Q3 2026 · $359M over twelve months

Operating cash flow$215M
Capital spending−$122M
Free cash flow+$93.6M
Cash conversion cycle-18 days

Analysis

In Q3 2026, Cloudflare generated $215M of operating cash flow and spent $122M on capital projects, leaving free cash flow of $93.6M. That is $11.1M more than in Q3 2025 ($82.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $682M; the largest uses were other financing ($1.6B), other investing ($327M), capital spending ($322M); besides operations, cash came from net borrowing (+) / repaid (−) ($2.5B), shares issued ($47.9M); the cash balance rose by $922M.

Operating cash flow was $215M against net income of −$34.1M. The largest differences: stock-based pay +$168M, depreciation & amortization +$67.4M, deferred revenue +$63.7M.

Its cash conversion cycle was -18 days (receivables 53 + inventory 0 − payables 71): suppliers fund its working capital.

Free cash flow

Cloudflare: free cash flow by quarterCloudflare: free cash flow by quarter$54.2MQ4 2024$59.9MQ1 2025$39.9MQ2 2025$82.5MQ3 2025$105MQ4 2025$93.1MQ1 2026$67.6MQ2 2026$93.6MQ3 2026
Operating cash flow less capital spending.
Cloudflare: operating cash flow against capital spendingCloudflare: operating cash flow against capital spendingOperating cash flowCapital spending$127M$73.2MQ4 2024$146M$85.9MQ1 2025$99.8M$59.9MQ2 2025$167M$84.6MQ3 2025$190M$85.2MQ4 2025$158M$65.2MQ1 2026$118M$50.0MQ2 2026$215M$122MQ3 2026
Latest (Q3 2026): Operating cash flow $215M, Capital spending $122M.

Capital allocation, year by year

Cloudflare: where the cash came from (up) and went (down), by fiscal yearCloudflare: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $64.6MFY2021: Net borrowing $1.3BFY2021: Shares issued $36.4MFY2021: Capital spending −$93.0MFY2021: Acquisitions −$5.6MFY2021: Buybacks −$189K$1.4BFY2021FY2022: Operating cash flow $124MFY2022: Shares issued $25.3MFY2022: Capital spending −$144MFY2022: Acquisitions −$88.2MFY2022: Buybacks −$3K$149MFY2022FY2023: Operating cash flow $254MFY2023: Shares issued $33.9MFY2023: Capital spending −$114MFY2023: Acquisitions −$6.1MFY2023: Buybacks −$34K$288MFY2023FY2024: Operating cash flow $380MFY2024: Shares issued $32.7MFY2024: Capital spending −$185M$413MFY2024FY2025: Operating cash flow $603MFY2025: Net borrowing $2.0BFY2025: Shares issued $58.6MFY2025: Capital spending −$316M$2.7BFY2025
Over these 5 years operating cash flow totalled $1.4B; the largest uses were capital spending ($852M) and acquisitions ($99.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.1B
Debtnone
Net cash$5.1B

Cloudflare funds itself: free cash flow was $359M over the last twelve months, with $5.1B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Cloudflare: sources (+) and uses (−) of cash, Q3 2026Cloudflare: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$2.5BOther financing−$1.6BOther investing−$685MCash drawn (+) / kept (−)−$306MOperating cash flow$215MCapital spending−$122MTaxes on employees’ shares−$19.2MShares issued$6.0M
Cloudflare: sources (+) and uses (−) of cash, TTM to Q3 2026Cloudflare: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$2.5BOther financing−$1.6BCash drawn (+) / kept (−)−$922MOperating cash flow$682MOther investing−$327MCapital spending−$322MTaxes on employees’ shares−$64.7MShares issued$47.9M

From profit to cash

Cloudflare: net income to operating cash flow, Q3 2026Cloudflare: net income to operating cash flow, Q3 2026Net income−$34.1MDepreciation & amortization$67.4MStock-based pay$168MReceivables−$58.5MPayables$59.4MAccrued liabilities$58.2MEmployee-related liabilities−$17.5MDeferred revenue$63.7MContract assets−$3.0MPrepaid and other assets−$52.2MOperating cash flow$215M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202653—71-18
Q2 202652—439
Q1 202654—3519
Q4 202555—487
Q3 202554—57-3
Q2 202553—67-14
Q1 202557—78-21
Q4 202457—76-19

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$215M−$122M$2.5B$6.0M−$306M$93.6M
Q2 2026$118M−$50.0M—$4.1M−$732M$67.6M
Q1 2026$158M−$65.2M—$5.7M$9.9M$93.1M
Q4 2025$190M−$85.2M—$16.0M$105M$105M
Q3 2025$167M−$84.6M—$11.5M$466M$82.5M
Q2 2025$99.8M−$59.9M—$6.7M−$1.3B$39.9M
Q1 2025$146M−$85.9M—$11.2M−$56.9M$59.9M
Q4 2024$127M−$73.2M—$13.2M$31.7M$54.2M

Cloudflare: income statement and cash flow

Cloudflare, Q3 2026: revenue $783M (+39% year over year), operating margin -8.7%. The chart follows the revenue to costs, profit and cash.

Cloudflare: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.