NET

Cloudflare, Inc.

Ticker: NETTechnologyPrepackaged Software
HQ SAN FRANCISCO, CACIK 1477333FY end 12-31Book / share $4.58Shares 353M
Revenue (FY)
$2.17B+29.85%
TTM $2.51B
Op. margin
-9.56%-0.29%
TTM -14.11%
Net income
$-102.27M-29.78%
TTM $-206.27M
Operating cash
$603.11M+58.54%
TTM $633.43M
Free cash flow
$260.56M+56.10%
TTM $314.87M
Return on equity
-7.01%+0.52%
TTM -12.73%
Debt / equity
2.24+1.01%
TTM 2.02
Shares outstanding
348.4M+2.05%
TTM 353.5M

The business

Cloudflare, Inc. (NYSE: NET) operates a global connectivity cloud platform designed to help organizations build a better Internet. The company's mission centers on delivering security, performance, and reliability services across on-premises, hybrid, cloud, and software-as-a-service environments. Cloudflare's website is www.cloudflare.com.

The company's core technology is built on a distributed, serverless network architecture spanning more than 330 cities across over 125 countries, interconnecting with more than 13,000 networks globally. This efficient infrastructure enables rapid product deployment and scaling while reducing operating costs through commodity hardware powered by proprietary software.

Cloudflare's product portfolio comprises four primary categories. Application Services protect Internet properties from attacks while optimizing performance through web application firewalls, bot management, DDoS mitigation, API security, and content delivery solutions. The Secure Access Service Edge platform combines Zero Trust security and network services to help organizations connect and protect corporate infrastructure without legacy hardware. Developer-based Solutions enable customers to build serverless and AI applications on Cloudflare's network through products like Cloudflare Workers, storage services, and AI tools. Consumer Offerings include the 1.1.1.1 DNS resolver and WARP virtual private network, which serve as both standalone products and marketing channels for the business.

As of December 31, 2025, Cloudflare served approximately 332,000 paying customers across more than 190 countries, with large customers growing from 2,756 in 2023 to 4,298 in 2025. The company employs 5,156 full-time employees, with 2,452 located outside the United States. No single customer represents more than 10 percent of revenue.

Cloudflare's go-to-market strategy combines direct sales, indirect channels through managed service providers and resellers, and self-service web offerings. The company competes against on-premises hardware vendors, point solution providers, and public cloud vendors by offering integrated infrastructure combining security, performance, and reliability through a single vendor with global network coverage and independence from any single cloud provider.

Sector
Technology
Industry
Prepackaged Software
HQ
SAN FRANCISCO, CA
FY end
12-31
CIK
1477333
SIC
7372
Financial performance · annual
20192025
$-537.57M$294.22M$1.13B$1.96B$2.79B2019202020212022202320242025TTMTTMTTM

Ownership

Who holds Cloudflare, Inc. — across funds, superinvestors and bonds · N-PORT 2026Q1 · 13F 2026-03-31

638
funds hold it
1 of 36
superinvestors hold it
$24.52B
fund-held value
39.8%
of shares held by funds
2
bond issues held by funds

Top fund holders

Fund% of fundValue
Growth Fund of America
AGTHX
0.90%$2.96B
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.10%$1.98B
VANGUARD MID-CAP INDEX FUND
VO · VANGUARD INDEX FUNDS
0.68%$1.34B
New Perspective Fund
ANWPX
0.72%$1.10B
Growth Fund
AMERICAN FUNDS INSURANCE SERIES
1.51%$749.78M

Superinvestors in Cloudflare, Inc.

Stanley DruckenmillerNEW
Duquesne Family Office
0.4%

Share of each manager's reported 13F portfolio.

Bonds held by funds

Funds report holding 2 issues of Cloudflare, Inc.'s debt, $583.02M at fund-held market value — what funds hold, not the company's debt outstanding.

IssueCouponMaturesFundsFund-held
Cloudflare, Inc.0.000%None2030-06-1569$318.56M
Cloudflare Inc0.000%None2026-08-1525$264.46M

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Fund ownership is a subset of institutional 13F ownership — the two describe overlapping populations and must not be added together.

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