Filing Flows › Cloudflare (NET) › Q3 2025
Cloudflare (NET) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Cloudflare (NET) reported revenue of $562M for the third quarter 2025 (Q3 2025), +31% from a year earlier and +10% from the quarter before. Operating margin was -6.7%, net loss $1.3M (0.2% of revenue).
Cloudflare, Q3 2025: revenue $562M (+31% year over year), operating margin -6.7%, net loss $1.3M, operating cash flow $167M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $562M | +10% | +31% |
| Operating profit | −$37.5M | — | — |
| Net earnings | −$1.3M | — | — |
| Operating cash flow | $167M | +67% | +60% |
| Free cash flow | $75.0M | — | +66% |
What changed
Revenue was $562.0M in Q3 2025, up 31% year over year and up 10% from the previous quarter.
Gross margin was 74.0%, down 3.7 points from a year earlier. Operating costs exceeded revenue by $37.5M, an operating margin of -6.7%. Operating expenses grew 24% against revenue growth of 31%. The fastest-growing cost line was General & admin (+39%). The quarter ended with a net loss of $1.3M, narrower than the previous quarter's $50.4M loss. Non-operating items added $39.3M, 2125% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $167.1M (up 60% year over year). Non-cash charges added back $49.5M of depreciation and amortization and $109.9M of share-based compensation. Working capital and other items added $9.0M. After purchases of property and equipment ($84.6M) and capitalized internal-use software ($7.5M), free cash flow as the company reports it was $75.0M.
Questions
What was Cloudflare's revenue in the third quarter 2025?
Cloudflare (NET) reported revenue of $562M for the third quarter 2025 (Q3 2025), +31% from a year earlier and +10% from the quarter before.
Was Cloudflare profitable in the third quarter 2025?
Operating loss was $37.5M (-6.7% of revenue) and net loss $1.3M.
Source: Cloudflare 10-Q on SEC EDGAR.