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Where the tokens are
Trade NET perpsStandardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $696.06M | $639.76M | $614.51M | $562.03M | $512.32M | $479.09M | $459.95M | $430.08M |
| Cost of revenue | $196.54M | $184.16M | $161.96M | $146.32M | $128.68M | $115.58M | $108.69M | $95.97M |
| Gross profit | $499.52M | $455.60M | $452.55M | $415.71M | $383.64M | $363.51M | $351.26M | $334.12M |
| Gross margin | 71.8% | 71.2% | 73.6% | 74.0% | 74.9% | 75.9% | 76.4% | 77.7% |
| Research and development | $159.49M | $150.97M | $141.89M | $120.96M | $134.56M | $115.09M | $120.21M | $110.91M |
| Selling, general and administrative | $395.03M | $366.62M | $359.90M | $332.22M | $316.35M | $301.67M | $265.77M | $254.00M |
| Operating expenses | $705.21M | $517.59M | $501.79M | $453.17M | $450.90M | $416.76M | $385.98M | $364.91M |
| Operating income | −$205.70M | −$61.99M | −$49.23M | −$37.46M | −$67.26M | −$53.25M | −$34.72M | −$30.79M |
| Operating margin | -29.6% | -9.7% | -8.0% | -6.7% | -13.1% | -11.1% | -7.5% | -7.2% |
| EBITDA | −$20.63M | $26.80M | $31.28M | $85.71M | −$44.92M | $12.09M | $22.64M | $57.62M |
| Interest income | $39.93M | $40.17M | $41.89M | $42.53M | $25.41M | $21.40M | $21.99M | $22.47M |
| Interest expense | −$3.09M | −$2.56M | −$2.89M | −$2.91M | −$1.52M | −$1.44M | −$1.45M | −$1.43M |
| Income before taxes | −$167.94M | −$21.40M | −$10.51M | $1.85M | −$47.29M | −$36.76M | −$10.84M | −$12.82M |
| Income taxes | $2.04M | $1.53M | $1.57M | $3.14M | $3.16M | $1.70M | $2.01M | $2.51M |
| Net income | −$169.98M | −$22.93M | −$12.08M | −$1.29M | −$50.45M | −$38.45M | −$12.85M | −$15.33M |
| Net margin | -24.4% | -3.6% | -2.0% | -0.2% | -9.8% | -8.0% | -2.8% | -3.6% |
| EPS, basic | −$0.48 | −$0.07 | −$0.03 | — | −$0.15 | −$0.11 | −$0.04 | −$0.04 |
| EPS, diluted | −$0.48 | −$0.07 | −$0.03 | — | −$0.15 | −$0.11 | −$0.04 | −$0.04 |
| Diluted shares | 354.33M | 352.63M | 351.16M | 349.31M | 347.49M | 345.72M | 344.06M | 342.36M |
Figures describe Cloudflare shares, not any token. As of Aug 6, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.