vs
Side-by-side financial comparison of BREAD FINANCIAL HOLDINGS, INC. (BFH) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
BREAD FINANCIAL HOLDINGS, INC. is the larger business by last-quarter revenue ($975.0M vs $614.5M, roughly 1.6× Cloudflare, Inc.). On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 5.4%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -0.8%).
Bread Financial Holdings, Inc. is an American publicly traded provider of private label credit cards, coalition loyalty programs, and direct marketing, derived from the capture and analysis of transaction-rich data.
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.
BFH vs NET — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $975.0M | $614.5M |
| Net Profit | — | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 4.9% | -8.0% |
| Net Margin | — | -2.0% |
| Revenue YoY | 5.4% | 33.6% |
| Net Profit YoY | — | 6.0% |
| EPS (diluted) | $1.21 | $-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.
| Q4 25 | $975.0M | $614.5M | ||
| Q3 25 | $971.0M | $562.0M | ||
| Q2 25 | $929.0M | $512.3M | ||
| Q1 25 | $970.0M | $479.1M | ||
| Q4 24 | $925.0M | $459.9M | ||
| Q3 24 | $983.0M | $430.1M | ||
| Q2 24 | $939.0M | $401.0M | ||
| Q1 24 | $991.0M | $378.6M |
| Q4 25 | — | $-12.1M | ||
| Q3 25 | $188.0M | $-1.3M | ||
| Q2 25 | $139.0M | $-50.4M | ||
| Q1 25 | $138.0M | $-38.5M | ||
| Q4 24 | — | $-12.8M | ||
| Q3 24 | $2.0M | $-15.3M | ||
| Q2 24 | $133.0M | $-15.1M | ||
| Q1 24 | $134.0M | $-35.5M |
| 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 24 | — | 77.5% |
| Q4 25 | 4.9% | -8.0% | ||
| Q3 25 | 20.2% | -6.7% | ||
| Q2 25 | 18.7% | -13.1% | ||
| Q1 25 | 20.3% | -11.1% | ||
| Q4 24 | -2.9% | -7.5% | ||
| Q3 24 | 4.1% | -7.2% | ||
| Q2 24 | 19.2% | -8.7% | ||
| Q1 24 | 19.0% | -14.4% |
| Q4 25 | — | -2.0% | ||
| Q3 25 | 19.4% | -0.2% | ||
| Q2 25 | 15.0% | -9.8% | ||
| Q1 25 | 14.2% | -8.0% | ||
| Q4 24 | — | -2.8% | ||
| Q3 24 | 0.2% | -3.6% | ||
| Q2 24 | 14.2% | -3.8% | ||
| Q1 24 | 13.5% | -9.4% |
| Q4 25 | $1.21 | $-0.03 | ||
| Q3 25 | $3.96 | $0.00 | ||
| Q2 25 | $2.94 | $-0.15 | ||
| Q1 25 | $2.78 | $-0.11 | ||
| Q4 24 | $0.08 | $-0.05 | ||
| Q3 24 | $0.05 | $-0.04 | ||
| Q2 24 | $2.66 | $-0.04 | ||
| Q1 24 | $2.70 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.6B | $943.5M |
| Total DebtLower is stronger | $4.3B | — |
| Stockholders' EquityBook value | $3.3B | $1.5B |
| Total Assets | $22.7B | $6.0B |
| Debt / EquityLower = less leverage | 1.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.6B | $943.5M | ||
| Q3 25 | $3.8B | $1.1B | ||
| Q2 25 | $3.8B | $1.5B | ||
| Q1 25 | $4.2B | $204.5M | ||
| Q4 24 | $4.0B | $147.7M | ||
| Q3 24 | $3.5B | $182.9M | ||
| Q2 24 | $4.1B | $157.0M | ||
| Q1 24 | $3.8B | $254.4M |
| Q4 25 | $4.3B | — | ||
| Q3 25 | $3.8B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $5.1B | — | ||
| Q4 24 | $5.6B | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.3B | $1.5B | ||
| Q3 25 | $3.3B | $1.3B | ||
| Q2 25 | $3.2B | $1.2B | ||
| Q1 25 | $3.1B | $1.4B | ||
| Q4 24 | $3.1B | $1.0B | ||
| Q3 24 | $3.1B | $973.1M | ||
| Q2 24 | $3.2B | $881.5M | ||
| Q1 24 | $3.0B | $797.2M |
| Q4 25 | $22.7B | $6.0B | ||
| Q3 25 | $21.7B | $5.8B | ||
| Q2 25 | $21.8B | $5.6B | ||
| Q1 25 | $22.4B | $3.7B | ||
| Q4 24 | $22.9B | $3.3B | ||
| Q3 24 | $21.7B | $3.1B | ||
| Q2 24 | $22.1B | $2.9B | ||
| Q1 24 | $22.3B | $2.8B |
| Q4 25 | 1.29× | — | ||
| Q3 25 | 1.14× | — | ||
| Q2 25 | 1.34× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.82× | — | ||
| Q3 24 | 1.47× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $568.0M | $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.
| Q4 25 | $568.0M | $190.4M | ||
| Q3 25 | $605.0M | $167.1M | ||
| Q2 25 | $526.0M | $99.8M | ||
| Q1 25 | $393.0M | $145.8M | ||
| Q4 24 | $479.0M | $127.3M | ||
| Q3 24 | $456.0M | $104.7M | ||
| Q2 24 | $477.0M | $74.8M | ||
| Q1 24 | $447.0M | $73.6M |
| Q4 25 | — | $105.2M | ||
| Q3 25 | — | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | — | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | — | $41.5M |
| Q4 25 | — | 17.1% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.0% |
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 15.1% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 8.5% |
| Q4 25 | — | — | ||
| Q3 25 | 3.22× | — | ||
| Q2 25 | 3.78× | — | ||
| Q1 25 | 2.85× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 228.00× | — | ||
| Q2 24 | 3.59× | — | ||
| Q1 24 | 3.34× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFH
Segment breakdown not available.
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
