Filing Flows › Cloudflare (NET) › Q4 2025
Cloudflare (NET) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Cloudflare (NET) reported revenue of $615M for the fourth quarter 2025 (Q4 2025), +34% from a year earlier and +9% from the quarter before. Operating margin was -8.0%, net loss $12.1M (2.0% of revenue).
Cloudflare, Q4 2025: revenue $615M (+34% year over year), operating margin -8.0%, net loss $12.1M, operating cash flow $190M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $615M | +9% | +34% |
| Operating profit | −$49.2M | — | — |
| Net earnings | −$12.1M | — | — |
| Operating cash flow | $190M | +14% | +50% |
| Free cash flow | $99.4M | — | +108% |
What changed
Revenue was $614.5M in Q4 2025, up 34% year over year and up 9% from the previous quarter.
Gross margin was 73.6%, down 2.7 points from a year earlier. Operating costs exceeded revenue by $49.2M, an operating margin of -8.0%. Operating expenses grew 30% against revenue growth of 34%. The fastest-growing cost line was General & admin (+47%). The quarter ended with a net loss of $12.1M, wider than the previous quarter's $1.3M loss. Non-operating items added $38.7M, -369% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $190.4M (up 50% year over year). Non-cash charges added back $52.6M of depreciation and amortization and $123.6M of share-based compensation. Working capital and other items added $26.3M. After purchases of property and equipment ($85.2M) and capitalized internal-use software ($5.8M), free cash flow as the company reports it was $99.4M.
Questions
What was Cloudflare's revenue in the fourth quarter 2025?
Cloudflare (NET) reported revenue of $615M for the fourth quarter 2025 (Q4 2025), +34% from a year earlier and +9% from the quarter before.
Was Cloudflare profitable in the fourth quarter 2025?
Operating loss was $49.2M (-8.0% of revenue) and net loss $12.1M.
Source: Cloudflare 10-K on SEC EDGAR.