Cloudflare (NET) Free Cash Flow (2018 - 2026)
Cloudflare (NET) reported Free Cash Flow of $67.6 million for Q2 2026, up 69.4% from $39.9 million a year earlier but down 27.4% from the prior quarter.
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Analysis
Cloudflare (NET) Free Cash Flow (2018 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Cloudflare's Free Cash Flow came in at $348.41 million, up 67.1% year-over-year; for FY2025, it came in at $287.5 million, up 47.1% from FY2024.
- By year, Free Cash Flow came in at $195.39 million in FY2024 (+39.6%), $140.01 million in FY2023, -$20.01 million in FY2022 and -$28.34 million in FY2021.
- Five-year quarterly Free Cash Flow spans a low of -$59.95 million in Q1 2022 and a high of $105.22 million in Q4 2025.
- Year over year, Free Cash Flow has now increased in each of the last four quarters, with growth averaging 42.0% over the last eight quarters.
- The high point for year-over-year Free Cash Flow in five years was Q4 2022 (growth of 209.2%); the low point was Q2 2025 (a decline of 11.7%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $93.1 million (Q1 2026), $105.22 million (Q4 2025) and $82.48 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,833.59 Bn | 3,756.75 Bn | 60.48 Bn | 19.64 Bn |
| 2 | International Business Machines | 212.47 Bn | 163.37 Bn | 9.91 Bn | 2.37 Bn |
| 3 | Cloudflare | 112.40 Bn | 95.93 Bn | 499.52 Mn | 67.60 Mn |
| 4 | Equinix | 99.47 Bn | 88.02 Bn | 1.40 Bn | -511.00 Mn |
| 5 | Nebius | 60.05 Bn | 33.48 Bn | 448.70 Mn | 7.90 Bn |
| 6 | CoreWeave | 48.26 Bn | 35.35 Bn | 1.70 Bn | -5.74 Bn |
| 7 | Verisign | 25.97 Bn | 23.18 Bn | 384.60 Mn | 212.80 Mn |
| 8 | Nutanix | 18.41 Bn | 10.09 Bn | 651.35 Mn | 277.57 Mn |
| 9 | Akamai Technologies | 16.36 Bn | 9.77 Bn | 613.75 Mn | 181.34 Mn |
| 10 | DigitalOcean Holdings | 14.67 Bn | 12.67 Bn | 154.66 Mn | 68.38 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 67.60 Mn |
| Mar 31, 2026 | 93.10 Mn |
| Dec 31, 2025 | 105.22 Mn |
| Sep 30, 2025 | 82.48 Mn |
| Jun 30, 2025 | 39.90 Mn |
| Mar 31, 2025 | 59.90 Mn |
| Dec 31, 2024 | 54.16 Mn |
| Sep 30, 2024 | 54.52 Mn |
| Jun 30, 2024 | 45.19 Mn |
| Mar 31, 2024 | 41.52 Mn |
| Dec 31, 2023 | 54.63 Mn |
| Sep 30, 2023 | 40.81 Mn |
| Jun 30, 2023 | 25.70 Mn |
| Mar 31, 2023 | 18.87 Mn |
| Dec 31, 2022 | 37.98 Mn |
| Sep 30, 2022 | 792,000.00 |
| Jun 30, 2022 | 1.17 Mn |
| Mar 31, 2022 | -59.95 Mn |
| Dec 31, 2021 | 12.28 Mn |
| Sep 30, 2021 | -35.73 Mn |
API Access
Cloudflare Free Cash Flow API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=free-cash-flow&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "free-cash-flow", "ticker": "NET", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=free-cash-flow&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();