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Side-by-side financial comparison of Dolby Laboratories, Inc. (DLB) 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 $346.7M, roughly 1.8× Dolby Laboratories, Inc.). Dolby Laboratories, Inc. runs the higher net margin — 15.4% vs -2.0%, a 17.3% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs -2.9%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $50.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -2.5%).
Dolby Laboratories, Inc. is an American technology corporation specializing in audio noise reduction, audio encoding/compression, spatial audio, and high-dynamic-range television (HDR) imaging. Dolby licenses its technologies to consumer electronics manufacturers.
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.
DLB vs NET — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $346.7M | $614.5M |
| Net Profit | $53.3M | $-12.1M |
| Gross Margin | 87.5% | 73.6% |
| Operating Margin | 17.9% | -8.0% |
| Net Margin | 15.4% | -2.0% |
| Revenue YoY | -2.9% | 33.6% |
| Net Profit YoY | -21.4% | 6.0% |
| EPS (diluted) | $0.55 | $-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 | $346.7M | $614.5M | ||
| Q3 25 | $307.0M | $562.0M | ||
| Q2 25 | $315.5M | $512.3M | ||
| Q1 25 | $369.6M | $479.1M | ||
| Q4 24 | $357.0M | $459.9M | ||
| Q3 24 | $304.8M | $430.1M | ||
| Q2 24 | $288.8M | $401.0M | ||
| Q1 24 | $364.5M | $378.6M |
| Q4 25 | $53.3M | $-12.1M | ||
| Q3 25 | $49.3M | $-1.3M | ||
| Q2 25 | $46.1M | $-50.4M | ||
| Q1 25 | $91.8M | $-38.5M | ||
| Q4 24 | $67.8M | $-12.8M | ||
| Q3 24 | $58.6M | $-15.3M | ||
| Q2 24 | $38.4M | $-15.1M | ||
| Q1 24 | $97.8M | $-35.5M |
| Q4 25 | 87.5% | 73.6% | ||
| Q3 25 | 87.1% | 74.0% | ||
| Q2 25 | 86.1% | 74.9% | ||
| Q1 25 | 90.3% | 75.9% | ||
| Q4 24 | 88.6% | 76.4% | ||
| Q3 24 | 88.8% | 77.7% | ||
| Q2 24 | 87.7% | 77.8% | ||
| Q1 24 | 89.4% | 77.5% |
| Q4 25 | 17.9% | -8.0% | ||
| Q3 25 | 9.7% | -6.7% | ||
| Q2 25 | 15.1% | -13.1% | ||
| Q1 25 | 29.2% | -11.1% | ||
| Q4 24 | 22.4% | -7.5% | ||
| Q3 24 | 15.2% | -7.2% | ||
| Q2 24 | 12.7% | -8.7% | ||
| Q1 24 | 29.9% | -14.4% |
| Q4 25 | 15.4% | -2.0% | ||
| Q3 25 | 16.1% | -0.2% | ||
| Q2 25 | 14.6% | -9.8% | ||
| Q1 25 | 24.8% | -8.0% | ||
| Q4 24 | 19.0% | -2.8% | ||
| Q3 24 | 19.2% | -3.6% | ||
| Q2 24 | 13.3% | -3.8% | ||
| Q1 24 | 26.8% | -9.4% |
| Q4 25 | $0.55 | $-0.03 | ||
| Q3 25 | $0.50 | $0.00 | ||
| Q2 25 | $0.48 | $-0.15 | ||
| Q1 25 | $0.94 | $-0.11 | ||
| Q4 24 | $0.70 | $-0.05 | ||
| Q3 24 | $0.59 | $-0.04 | ||
| Q2 24 | $0.40 | $-0.04 | ||
| Q1 24 | $1.01 | $-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 | $644.6M | $943.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $1.5B |
| Total Assets | $3.2B | $6.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $644.6M | $943.5M | ||
| Q3 25 | $702.6M | $1.1B | ||
| Q2 25 | $699.3M | $1.5B | ||
| Q1 25 | $626.6M | $204.5M | ||
| Q4 24 | $520.8M | $147.7M | ||
| Q3 24 | $482.0M | $182.9M | ||
| Q2 24 | $869.0M | $157.0M | ||
| Q1 24 | $825.4M | $254.4M |
| Q4 25 | $2.6B | $1.5B | ||
| Q3 25 | $2.6B | $1.3B | ||
| Q2 25 | $2.6B | $1.2B | ||
| Q1 25 | $2.6B | $1.4B | ||
| Q4 24 | $2.5B | $1.0B | ||
| Q3 24 | $2.5B | $973.1M | ||
| Q2 24 | $2.4B | $881.5M | ||
| Q1 24 | $2.4B | $797.2M |
| Q4 25 | $3.2B | $6.0B | ||
| Q3 25 | $3.2B | $5.8B | ||
| Q2 25 | $3.2B | $5.6B | ||
| Q1 25 | $3.2B | $3.7B | ||
| Q4 24 | $3.2B | $3.3B | ||
| Q3 24 | $3.1B | $3.1B | ||
| Q2 24 | $3.0B | $2.9B | ||
| Q1 24 | $3.0B | $2.8B |
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 | $54.8M | $190.4M |
| Free Cash FlowOCF − Capex | $50.2M | $105.2M |
| FCF MarginFCF / Revenue | 14.5% | 17.1% |
| Capex IntensityCapex / Revenue | 1.3% | 13.9% |
| Cash ConversionOCF / Net Profit | 1.03× | — |
| TTM Free Cash FlowTrailing 4 quarters | $715.3M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $190.4M | ||
| Q3 25 | $472.2M | $167.1M | ||
| Q2 25 | $67.7M | $99.8M | ||
| Q1 25 | $174.9M | $145.8M | ||
| Q4 24 | $106.8M | $127.3M | ||
| Q3 24 | $327.3M | $104.7M | ||
| Q2 24 | $21.3M | $74.8M | ||
| Q1 24 | $181.4M | $73.6M |
| Q4 25 | $50.2M | $105.2M | ||
| Q3 25 | $435.9M | $82.5M | ||
| Q2 25 | $61.3M | $39.9M | ||
| Q1 25 | $168.0M | $59.9M | ||
| Q4 24 | $100.0M | $54.2M | ||
| Q3 24 | $297.2M | $54.5M | ||
| Q2 24 | $13.7M | $45.2M | ||
| Q1 24 | $172.5M | $41.5M |
| Q4 25 | 14.5% | 17.1% | ||
| Q3 25 | 142.0% | 14.7% | ||
| Q2 25 | 19.4% | 7.8% | ||
| Q1 25 | 45.5% | 12.5% | ||
| Q4 24 | 28.0% | 11.8% | ||
| Q3 24 | 97.5% | 12.7% | ||
| Q2 24 | 4.7% | 11.3% | ||
| Q1 24 | 47.3% | 11.0% |
| Q4 25 | 1.3% | 13.9% | ||
| Q3 25 | 11.8% | 15.1% | ||
| Q2 25 | 2.0% | 11.7% | ||
| Q1 25 | 1.9% | 17.9% | ||
| Q4 24 | 1.9% | 15.9% | ||
| Q3 24 | 9.8% | 11.7% | ||
| Q2 24 | 2.6% | 7.4% | ||
| Q1 24 | 2.4% | 8.5% |
| Q4 25 | 1.03× | — | ||
| Q3 25 | 9.57× | — | ||
| Q2 25 | 1.47× | — | ||
| Q1 25 | 1.91× | — | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 5.59× | — | ||
| Q2 24 | 0.55× | — | ||
| Q1 24 | 1.85× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLB
| Licensing Brodcast Revenue | $100.3M | 29% |
| Licensing Mobile Revenue | $74.9M | 22% |
| Licensing Other Revenue | $70.2M | 20% |
| Licensing CE Revenue | $45.6M | 13% |
| Licensing PC Revenue | $28.7M | 8% |
| Products And Services | $26.9M | 8% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
