Cloudflare, Inc. (NET) Revenue History
Annual and quarterly revenue from 2017 to 2025
Compound Annual Growth Rate (CAGR)
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NET Revenue Growth
Revenue Breakdown (FY 2025)
NET's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
NET Revenue Analysis (2017–2025)
As of May 6, 2026, Cloudflare, Inc. (NET) generated trailing twelve-month (TTM) revenue of $2.17 billion, reflecting explosive growth of +33.6% year-over-year. The most recent quarter (Q4 2025) recorded $614.5 million in revenue, up 9.3% sequentially.
Looking at the longer-term picture, NET's 5-year compound annual growth rate (CAGR) stands at +38.1%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $2.17 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows NET's business is primarily driven by Reportable Segment (100%). With over half of revenue concentrated in Reportable Segment, the company maintains significant focus in this area while developing other growth vectors.
When compared to Technology sector peers including FSLY (+14.8% YoY), AKAM (+5.4% YoY), and BAND (+27752.2% YoY), NET has underperformed the peer group in terms of revenue growth. Compare NET vs FSLY →
NET Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| NETCurrent | $2.2B | +33.6% | +38.1% | -9.4% | |
 FSLY | $544M | +14.8% | +22.1% | -30.9% | |
 AKAM | $4.0B | +5.4% | +6.6% | 13.4% | |
 BAND | $754M | +27752.2% | +17.0% | -1.9% | |
 ZS | $2.7B | +23.9% | +44.0% | -4.8% | |
 PANW | $9.2B | +15.4% | +22.0% | 13.5% |
NET Historical Revenue Data (2017–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $2.17B | +29.8% | $1.61B | 74.4% | $-203,296,000 | -9.4% |
| 2024 | $1.67B | +28.8% | $1.29B | 77.3% | $-154,761,000 | -9.3% |
| 2023 | $1.30B | +33.0% | $989.7M | 76.3% | $-250,885,000 | -19.3% |
| 2022 | $975.2M | +48.6% | $742.6M | 76.1% | $-248,756,000 | -25.5% |
| 2021 | $656.4M | +52.3% | $509.3M | 77.6% | $-148,204,000 | -22.6% |
| 2020 | $431.1M | +50.2% | $330.0M | 76.6% | $-110,489,000 | -25.6% |
| 2019 | $287.0M | +49.0% | $223.6M | 77.9% | $-118,246,000 | -41.2% |
| 2018 | $192.7M | +42.8% | $149.1M | 77.4% | $-84,899,000 | -44.1% |
| 2017 | $134.9M | - | $106.1M | 78.7% | $-9,730,000 | -7.2% |
Full NET Stock Analysis
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Start ComparisonNET — Frequently Asked Questions
Quick answers to the most common questions about buying NET stock.
Is NET's revenue growth accelerating or slowing?
NET revenue is accelerating at +33.6% year-over-year, exceeding the 5-year CAGR of +38.1%. TTM revenue reached $2.2B. Growth momentum has increased versus prior periods.
What is NET's long-term revenue growth rate?
Cloudflare, Inc.'s 5-year revenue CAGR of +38.1% reflects the sustained expansion pattern. Current YoY growth of +33.6% is above this long-term average.
How is NET's revenue distributed by segment?
NET reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2017-2025 are available for download. Segment mix reveals concentration and diversification trends.