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Side-by-side financial comparison of Axos Financial, Inc. (AX) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $392.2M, roughly 1.6× Axos Financial, Inc.). Axos Financial, Inc. runs the higher net margin — 31.8% vs -2.0%, a 33.8% gap on every dollar of revenue. Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 16.1%).
Axos Financial is an American bank holding company based in Las Vegas, Nevada and is the parent of Axos Bank, a direct bank. It also offers registered investment adviser services and an electronic trading platform.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
AX vs NET — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $392.2M | $614.5M |
| Net Profit | $124.7M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | — | -8.0% |
| Net Margin | 31.8% | -2.0% |
| Revenue YoY | — | 33.6% |
| Net Profit YoY | 18.5% | 6.0% |
| EPS (diluted) | $2.15 | $-0.03 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $392.2M | — | ||
| Q4 25 | $385.1M | $614.5M | ||
| Q3 25 | $323.4M | $562.0M | ||
| Q2 25 | $321.4M | $512.3M | ||
| Q1 25 | $308.8M | $479.1M | ||
| Q4 24 | $307.9M | $459.9M | ||
| Q3 24 | $320.7M | $430.1M | ||
| Q2 24 | $290.9M | $401.0M |
| Q1 26 | $124.7M | — | ||
| Q4 25 | $128.4M | $-12.1M | ||
| Q3 25 | $112.4M | $-1.3M | ||
| Q2 25 | $110.7M | $-50.4M | ||
| Q1 25 | $105.2M | $-38.5M | ||
| Q4 24 | $104.7M | $-12.8M | ||
| Q3 24 | $112.3M | $-15.3M | ||
| Q2 24 | $104.9M | $-15.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% |
| Q1 26 | — | — | ||
| Q4 25 | 45.6% | -8.0% | ||
| Q3 25 | 46.3% | -6.7% | ||
| Q2 25 | 48.5% | -13.1% | ||
| Q1 25 | 47.9% | -11.1% | ||
| Q4 24 | 48.8% | -7.5% | ||
| Q3 24 | 49.6% | -7.2% | ||
| Q2 24 | 49.6% | -8.7% |
| Q1 26 | 31.8% | — | ||
| Q4 25 | 33.3% | -2.0% | ||
| Q3 25 | 34.7% | -0.2% | ||
| Q2 25 | 34.4% | -9.8% | ||
| Q1 25 | 34.1% | -8.0% | ||
| Q4 24 | 34.0% | -2.8% | ||
| Q3 24 | 35.0% | -3.6% | ||
| Q2 24 | 36.0% | -3.8% |
| Q1 26 | $2.15 | — | ||
| Q4 25 | $2.22 | $-0.03 | ||
| Q3 25 | $1.94 | $0.00 | ||
| Q2 25 | $1.89 | $-0.15 | ||
| Q1 25 | $1.81 | $-0.11 | ||
| Q4 24 | $1.80 | $-0.05 | ||
| Q3 24 | $1.93 | $-0.04 | ||
| Q2 24 | $1.75 | $-0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $943.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.1B | $1.5B |
| Total Assets | $29.2B | $6.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $943.5M | ||
| Q3 25 | $2.6B | $1.1B | ||
| Q2 25 | $1.9B | $1.5B | ||
| Q1 25 | $2.0B | $204.5M | ||
| Q4 24 | $2.4B | $147.7M | ||
| Q3 24 | $2.6B | $182.9M | ||
| Q2 24 | $2.0B | $157.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $312.7M | — | ||
| Q1 25 | $377.4M | — | ||
| Q4 24 | $358.7M | — | ||
| Q3 24 | $313.5M | — | ||
| Q2 24 | $325.7M | — |
| Q1 26 | $3.1B | — | ||
| Q4 25 | $2.9B | $1.5B | ||
| Q3 25 | $2.8B | $1.3B | ||
| Q2 25 | $2.7B | $1.2B | ||
| Q1 25 | $2.6B | $1.4B | ||
| Q4 24 | $2.5B | $1.0B | ||
| Q3 24 | $2.4B | $973.1M | ||
| Q2 24 | $2.3B | $881.5M |
| Q1 26 | $29.2B | — | ||
| Q4 25 | $28.2B | $6.0B | ||
| Q3 25 | $27.4B | $5.8B | ||
| Q2 25 | $24.8B | $5.6B | ||
| Q1 25 | $24.0B | $3.7B | ||
| Q4 24 | $23.7B | $3.3B | ||
| Q3 24 | $23.6B | $3.1B | ||
| Q2 24 | $22.9B | $2.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.13× | — | ||
| Q2 24 | 0.14× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $190.4M |
| Free Cash FlowOCF − Capex | — | $105.2M |
| FCF MarginFCF / Revenue | — | 17.1% |
| Capex IntensityCapex / Revenue | — | 13.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $104.1M | $190.4M | ||
| Q3 25 | $118.4M | $167.1M | ||
| Q2 25 | $490.3M | $99.8M | ||
| Q1 25 | $73.7M | $145.8M | ||
| Q4 24 | $162.5M | $127.3M | ||
| Q3 24 | $70.8M | $104.7M | ||
| Q2 24 | $305.5M | $74.8M |
| Q1 26 | — | — | ||
| Q4 25 | $85.4M | $105.2M | ||
| Q3 25 | $109.3M | $82.5M | ||
| Q2 25 | $436.1M | $39.9M | ||
| Q1 25 | $65.1M | $59.9M | ||
| Q4 24 | $156.4M | $54.2M | ||
| Q3 24 | $53.0M | $54.5M | ||
| Q2 24 | $269.5M | $45.2M |
| Q1 26 | — | — | ||
| Q4 25 | 22.2% | 17.1% | ||
| Q3 25 | 33.8% | 14.7% | ||
| Q2 25 | 135.7% | 7.8% | ||
| Q1 25 | 21.1% | 12.5% | ||
| Q4 24 | 50.8% | 11.8% | ||
| Q3 24 | 16.5% | 12.7% | ||
| Q2 24 | 92.6% | 11.3% |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 13.9% | ||
| Q3 25 | 2.8% | 15.1% | ||
| Q2 25 | 16.9% | 11.7% | ||
| Q1 25 | 2.8% | 17.9% | ||
| Q4 24 | 2.0% | 15.9% | ||
| Q3 24 | 5.5% | 11.7% | ||
| Q2 24 | 12.4% | 7.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.81× | — | ||
| Q3 25 | 1.05× | — | ||
| Q2 25 | 4.43× | — | ||
| Q1 25 | 0.70× | — | ||
| Q4 24 | 1.55× | — | ||
| Q3 24 | 0.63× | — | ||
| Q2 24 | 2.91× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AX
| Net Interest Income | $306.3M | 78% |
| Noninterest Income | $86.0M | 22% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
