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Side-by-side financial comparison of Fidelity National Financial, Inc. (FNF) 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 $544.0M, roughly 1.1× Fidelity National Financial, Inc.). Cloudflare, Inc. runs the higher net margin — -2.0% vs -21.5%, a 19.5% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 10.3%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 13.7%).
Fidelity National Financial, Inc., is an American provider of title insurance and settlement services to the real estate and mortgage industries. A Fortune 500 company, Fidelity National Financial generated approximately $8.469 billion in annual revenue in 2019 from its title and real estate-related operations. The company was the first instance of an attorney licensed by a Native American Tribe being certified as "authorized house counsel" in the state of Florida.
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.
FNF vs NET — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $544.0M | $614.5M |
| Net Profit | $-117.0M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 82.9% | -8.0% |
| Net Margin | -21.5% | -2.0% |
| Revenue YoY | 10.3% | 33.6% |
| Net Profit YoY | -126.0% | 6.0% |
| EPS (diluted) | $-0.44 | $-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 | $544.0M | $614.5M | ||
| Q3 25 | $553.0M | $562.0M | ||
| Q2 25 | $547.0M | $512.3M | ||
| Q1 25 | $455.0M | $479.1M | ||
| Q4 24 | $493.0M | $459.9M | ||
| Q3 24 | $506.0M | $430.1M | ||
| Q2 24 | $504.0M | $401.0M | ||
| Q1 24 | $421.0M | $378.6M |
| Q4 25 | $-117.0M | $-12.1M | ||
| Q3 25 | $358.0M | $-1.3M | ||
| Q2 25 | $278.0M | $-50.4M | ||
| Q1 25 | $83.0M | $-38.5M | ||
| Q4 24 | $450.0M | $-12.8M | ||
| Q3 24 | $266.0M | $-15.3M | ||
| Q2 24 | $306.0M | $-15.1M | ||
| Q1 24 | $248.0M | $-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 | 82.9% | -8.0% | ||
| Q3 25 | 81.9% | -6.7% | ||
| Q2 25 | 69.8% | -13.1% | ||
| Q1 25 | 24.4% | -11.1% | ||
| Q4 24 | — | -7.5% | ||
| Q3 24 | 61.9% | -7.2% | ||
| Q2 24 | 90.9% | -8.7% | ||
| Q1 24 | 78.6% | -14.4% |
| Q4 25 | -21.5% | -2.0% | ||
| Q3 25 | 64.7% | -0.2% | ||
| Q2 25 | 50.8% | -9.8% | ||
| Q1 25 | 18.2% | -8.0% | ||
| Q4 24 | 91.3% | -2.8% | ||
| Q3 24 | 52.6% | -3.6% | ||
| Q2 24 | 60.7% | -3.8% | ||
| Q1 24 | 58.9% | -9.4% |
| Q4 25 | $-0.44 | $-0.03 | ||
| Q3 25 | $1.33 | $0.00 | ||
| Q2 25 | $1.02 | $-0.15 | ||
| Q1 25 | $0.30 | $-0.11 | ||
| Q4 24 | $1.65 | $-0.05 | ||
| Q3 24 | $0.97 | $-0.04 | ||
| Q2 24 | $1.12 | $-0.04 | ||
| Q1 24 | $0.91 | $-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 | $2.6B | $943.5M |
| Total DebtLower is stronger | $4.4B | — |
| Stockholders' EquityBook value | $7.4B | $1.5B |
| Total Assets | $109.0B | $6.0B |
| Debt / EquityLower = less leverage | 0.59× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.6B | $943.5M | ||
| Q3 25 | $3.5B | $1.1B | ||
| Q2 25 | $3.3B | $1.5B | ||
| Q1 25 | $4.5B | $204.5M | ||
| Q4 24 | $3.5B | $147.7M | ||
| Q3 24 | $5.0B | $182.9M | ||
| Q2 24 | $4.9B | $157.0M | ||
| Q1 24 | $3.5B | $254.4M |
| Q4 25 | $4.4B | — | ||
| Q3 25 | $4.4B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $3.9B | — |
| Q4 25 | $7.4B | $1.5B | ||
| Q3 25 | $8.4B | $1.3B | ||
| Q2 25 | $7.9B | $1.2B | ||
| Q1 25 | $7.9B | $1.4B | ||
| Q4 24 | $7.8B | $1.0B | ||
| Q3 24 | $8.1B | $973.1M | ||
| Q2 24 | $7.3B | $881.5M | ||
| Q1 24 | $7.1B | $797.2M |
| Q4 25 | $109.0B | $6.0B | ||
| Q3 25 | $106.6B | $5.8B | ||
| Q2 25 | $102.3B | $5.6B | ||
| Q1 25 | $98.2B | $3.7B | ||
| Q4 24 | $95.4B | $3.3B | ||
| Q3 24 | $94.7B | $3.1B | ||
| Q2 24 | $88.8B | $2.9B | ||
| Q1 24 | $84.5B | $2.8B |
| Q4 25 | 0.59× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.56× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.56× | — | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.58× | — | ||
| Q1 24 | 0.55× | — |
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 | $1.5B | $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 | $1.5B | $190.4M | ||
| Q3 25 | $1.3B | $167.1M | ||
| Q2 25 | $1.9B | $99.8M | ||
| Q1 25 | $1.1B | $145.8M | ||
| Q4 24 | $1.5B | $127.3M | ||
| Q3 24 | $2.4B | $104.7M | ||
| Q2 24 | $1.4B | $74.8M | ||
| Q1 24 | $1.6B | $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 | 3.66× | — | ||
| Q2 25 | 6.82× | — | ||
| Q1 25 | 13.43× | — | ||
| Q4 24 | 3.32× | — | ||
| Q3 24 | 8.89× | — | ||
| Q2 24 | 4.45× | — | ||
| Q1 24 | 6.42× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FNF
| Escrow Fees | $241.0M | 44% |
| Other Title Related Fees And Income | $182.0M | 33% |
| Service Link Excluding Title Premiums Escrow Fees And Subservicing Fees | $87.0M | 16% |
| Insurance Contracts Home Warranty | $31.0M | 6% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
