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Side-by-side financial comparison of Federal Realty Investment Trust (FRT) 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 $336.0M, roughly 1.8× Federal Realty Investment Trust). Federal Realty Investment Trust runs the higher net margin — 38.6% vs -2.0%, a 40.6% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 8.7%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 6.5%).
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South 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.
FRT vs NET — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $336.0M | $614.5M |
| Net Profit | $129.7M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 53.8% | -8.0% |
| Net Margin | 38.6% | -2.0% |
| Revenue YoY | 8.7% | 33.6% |
| Net Profit YoY | 103.5% | 6.0% |
| EPS (diluted) | $1.49 | $-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 | $336.0M | — | ||
| Q4 25 | $336.0M | $614.5M | ||
| Q3 25 | $322.3M | $562.0M | ||
| Q2 25 | $311.5M | $512.3M | ||
| Q1 25 | $309.2M | $479.1M | ||
| Q4 24 | $311.4M | $459.9M | ||
| Q3 24 | $303.6M | $430.1M | ||
| Q2 24 | $296.1M | $401.0M |
| Q1 26 | $129.7M | — | ||
| Q4 25 | $129.7M | $-12.1M | ||
| Q3 25 | $61.6M | $-1.3M | ||
| Q2 25 | $155.9M | $-50.4M | ||
| Q1 25 | $63.8M | $-38.5M | ||
| Q4 24 | $65.5M | $-12.8M | ||
| Q3 24 | $61.0M | $-15.3M | ||
| Q2 24 | $112.0M | $-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 | 53.8% | — | ||
| Q4 25 | 53.8% | -8.0% | ||
| Q3 25 | 34.3% | -6.7% | ||
| Q2 25 | 65.1% | -13.1% | ||
| Q1 25 | 35.0% | -11.1% | ||
| Q4 24 | 35.1% | -7.5% | ||
| Q3 24 | 34.9% | -7.2% | ||
| Q2 24 | 53.0% | -8.7% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | 38.6% | -2.0% | ||
| Q3 25 | 19.1% | -0.2% | ||
| Q2 25 | 50.0% | -9.8% | ||
| Q1 25 | 20.6% | -8.0% | ||
| Q4 24 | 21.0% | -2.8% | ||
| Q3 24 | 20.1% | -3.6% | ||
| Q2 24 | 37.8% | -3.8% |
| Q1 26 | $1.49 | — | ||
| Q4 25 | $1.49 | $-0.03 | ||
| Q3 25 | $0.69 | $0.00 | ||
| Q2 25 | $1.78 | $-0.15 | ||
| Q1 25 | $0.72 | $-0.11 | ||
| Q4 24 | $0.74 | $-0.05 | ||
| Q3 24 | $0.70 | $-0.04 | ||
| Q2 24 | $1.32 | $-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 | $107.4M | $943.5M |
| Total DebtLower is stronger | $5.0B | — |
| Stockholders' EquityBook value | $3.2B | $1.5B |
| Total Assets | $9.1B | $6.0B |
| Debt / EquityLower = less leverage | 1.53× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $107.4M | — | ||
| Q4 25 | $107.4M | $943.5M | ||
| Q3 25 | $111.3M | $1.1B | ||
| Q2 25 | $177.0M | $1.5B | ||
| Q1 25 | $109.2M | $204.5M | ||
| Q4 24 | $123.4M | $147.7M | ||
| Q3 24 | $97.0M | $182.9M | ||
| Q2 24 | $103.2M | $157.0M |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $1.5B | ||
| Q3 25 | $3.2B | $1.3B | ||
| Q2 25 | $3.2B | $1.2B | ||
| Q1 25 | $3.2B | $1.4B | ||
| Q4 24 | $3.2B | $1.0B | ||
| Q3 24 | $3.1B | $973.1M | ||
| Q2 24 | $3.0B | $881.5M |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.1B | $6.0B | ||
| Q3 25 | $8.9B | $5.8B | ||
| Q2 25 | $8.6B | $5.6B | ||
| Q1 25 | $8.6B | $3.7B | ||
| Q4 24 | $8.5B | $3.3B | ||
| Q3 24 | $8.5B | $3.1B | ||
| Q2 24 | $8.4B | $2.9B |
| Q1 26 | 1.53× | — | ||
| Q4 25 | 1.53× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.42× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — | $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 | $622.4M | $190.4M | ||
| Q3 25 | $147.8M | $167.1M | ||
| Q2 25 | $150.7M | $99.8M | ||
| Q1 25 | $179.0M | $145.8M | ||
| Q4 24 | $574.6M | $127.3M | ||
| Q3 24 | $144.1M | $104.7M | ||
| Q2 24 | $169.7M | $74.8M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 4.80× | — | ||
| Q3 25 | 2.40× | — | ||
| Q2 25 | 0.97× | — | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 8.77× | — | ||
| Q3 24 | 2.36× | — | ||
| Q2 24 | 1.52× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FRT
Segment breakdown not available.
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
