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Okta vs Cloudflare: OKTA and NET compared
Okta is the larger company: $805M of revenue in its latest quarter (Q2 FY27) against $783M for Cloudflare (Q3 2026). Cloudflare is growing faster (+39% against +11% a year earlier). Okta is more profitable, with an operating margin of 13.3% against -8.7%.
Where the money goes: OKTA and NET
Okta (OKTA) · Q2 FY27
Okta, Q2 FY27: revenue $805M (+11% year over year), operating margin 13.3%, net earnings $116M, operating cash flow $234M. The chart follows the revenue to costs, profit and cash.
Cloudflare (NET) · Q3 2026
Cloudflare, Q3 2026: revenue $783M (+39% year over year), operating margin -8.7%, net loss $34.1M, operating cash flow $215M. The chart follows the revenue to costs, profit and cash.
| Okta (OKTA) | Cloudflare (NET) | |
|---|---|---|
| Latest quarter | Q2 FY27 | Q3 2026 |
| Revenue | $805M | $783M |
| Revenue growth, Y/Y | +11% | +39% |
| Gross margin | 79.6% | — |
| Operating margin | 13.3% | -8.7% |
| Net earnings | $116M | −$34.1M |
| Net margin | 14.4% | -4.4% |
| Operating cash flow | $234M | $215M |
| Free cash flow | $227M | $82.1M |
| Market value | $30.2B | $96.0B |
| P/E | 101.9× | — |
| Analysts’ mean target | $214.72 | $340.58 |
Where the revenue comes from
Okta
- Subscription: $793M (99%)
- Professional services and other: $12.0M (1%)
Questions
Which is bigger, Okta or Cloudflare?
Okta is the larger company: $805M of revenue in its latest quarter (Q2 FY27) against $783M for Cloudflare (Q3 2026).
Is Okta or Cloudflare growing faster?
Cloudflare is growing faster (+39% against +11% a year earlier).
Which is more profitable, Okta or Cloudflare?
Okta is more profitable, with an operating margin of 13.3% against -8.7%.
More: Okta earnings · how Okta makes money · Cloudflare earnings · how Cloudflare makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 27, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.