Filing Flows › Cloudflare (NET) › Q2 2025
Cloudflare (NET) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Cloudflare (NET) reported revenue of $512M for the second quarter 2025 (Q2 2025), +28% from a year earlier and +7% from the quarter before. Operating margin was -13.1%, net loss $50.4M (9.8% of revenue).
Cloudflare, Q2 2025: revenue $512M (+28% year over year), operating margin -13.1%, net loss $50.4M, operating cash flow $99.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $512M | +7% | +28% |
| Operating profit | −$67.3M | — | — |
| Net earnings | −$50.4M | — | — |
| Operating cash flow | $99.8M | -32% | +33% |
| Free cash flow | $33.3M | — | -13% |
What changed
Revenue was $512.3M in Q2 2025, up 28% year over year and up 7% from the previous quarter.
Gross margin was 74.9%, down 2.9 points from a year earlier. Operating costs exceeded revenue by $67.3M, an operating margin of -13.1%. Operating expenses grew 30% against revenue growth of 28%. The fastest-growing cost line was General & admin (+39%). The quarter ended with a net loss of $50.4M, wider than the previous quarter's $38.5M loss. Non-operating items added $20.0M, -42% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $99.8M (up 33% year over year). Non-cash charges added back $45.5M of depreciation and amortization and $122.4M of share-based compensation. Working capital and other items used $17.6M. After purchases of property and equipment ($59.9M) and capitalized internal-use software ($6.6M), free cash flow as the company reports it was $33.3M.
Questions
What was Cloudflare's revenue in the second quarter 2025?
Cloudflare (NET) reported revenue of $512M for the second quarter 2025 (Q2 2025), +28% from a year earlier and +7% from the quarter before.
Was Cloudflare profitable in the second quarter 2025?
Operating loss was $67.3M (-13.1% of revenue) and net loss $50.4M.
Source: Cloudflare 10-Q on SEC EDGAR.