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Side-by-side financial comparison of Fastly, Inc. (FSLY) 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 $172.6M, roughly 3.6× Fastly, Inc.). Cloudflare, Inc. runs the higher net margin — -2.0% vs -9.0%, a 7.0% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 22.8%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $12.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 13.7%).
Fastly, Inc. is an American company based in San Francisco, which describes itself as a cloud computing company. Fastly provides content delivery network services, image optimization, and load balancing services. Fastly's cloud security services include denial-of-service attack protection, bot mitigation, and a web application firewall.
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.
FSLY vs NET — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $172.6M | $614.5M |
| Net Profit | $-15.5M | $-12.1M |
| Gross Margin | 61.4% | 73.6% |
| Operating Margin | -8.7% | -8.0% |
| Net Margin | -9.0% | -2.0% |
| Revenue YoY | 22.8% | 33.6% |
| Net Profit YoY | 52.9% | 6.0% |
| EPS (diluted) | $-0.10 | $-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 | $172.6M | $614.5M | ||
| Q3 25 | $158.2M | $562.0M | ||
| Q2 25 | $148.7M | $512.3M | ||
| Q1 25 | $144.5M | $479.1M | ||
| Q4 24 | $140.6M | $459.9M | ||
| Q3 24 | $137.2M | $430.1M | ||
| Q2 24 | $132.4M | $401.0M | ||
| Q1 24 | $133.5M | $378.6M |
| Q4 25 | $-15.5M | $-12.1M | ||
| Q3 25 | $-29.5M | $-1.3M | ||
| Q2 25 | $-37.5M | $-50.4M | ||
| Q1 25 | $-39.1M | $-38.5M | ||
| Q4 24 | $-32.9M | $-12.8M | ||
| Q3 24 | $-38.0M | $-15.3M | ||
| Q2 24 | $-43.7M | $-15.1M | ||
| Q1 24 | $-43.4M | $-35.5M |
| Q4 25 | 61.4% | 73.6% | ||
| Q3 25 | 58.4% | 74.0% | ||
| Q2 25 | 54.5% | 74.9% | ||
| Q1 25 | 53.2% | 75.9% | ||
| Q4 24 | 53.4% | 76.4% | ||
| Q3 24 | 54.5% | 77.7% | ||
| Q2 24 | 55.1% | 77.8% | ||
| Q1 24 | 54.8% | 77.5% |
| Q4 25 | -8.7% | -8.0% | ||
| Q3 25 | -18.2% | -6.7% | ||
| Q2 25 | -24.8% | -13.1% | ||
| Q1 25 | -26.4% | -11.1% | ||
| Q4 24 | -24.4% | -7.5% | ||
| Q3 24 | -29.6% | -7.2% | ||
| Q2 24 | -35.3% | -8.7% | ||
| Q1 24 | -34.6% | -14.4% |
| Q4 25 | -9.0% | -2.0% | ||
| Q3 25 | -18.6% | -0.2% | ||
| Q2 25 | -25.2% | -9.8% | ||
| Q1 25 | -27.1% | -8.0% | ||
| Q4 24 | -23.4% | -2.8% | ||
| Q3 24 | -27.7% | -3.6% | ||
| Q2 24 | -33.0% | -3.8% | ||
| Q1 24 | -32.5% | -9.4% |
| Q4 25 | $-0.10 | $-0.03 | ||
| Q3 25 | $-0.20 | $0.00 | ||
| Q2 25 | $-0.26 | $-0.15 | ||
| Q1 25 | $-0.27 | $-0.11 | ||
| Q4 24 | $-0.23 | $-0.05 | ||
| Q3 24 | $-0.27 | $-0.04 | ||
| Q2 24 | $-0.32 | $-0.04 | ||
| Q1 24 | $-0.32 | $-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 | $361.8M | $943.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $929.6M | $1.5B |
| Total Assets | $1.5B | $6.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $361.8M | $943.5M | ||
| Q3 25 | $342.9M | $1.1B | ||
| Q2 25 | $321.2M | $1.5B | ||
| Q1 25 | $307.3M | $204.5M | ||
| Q4 24 | $295.9M | $147.7M | ||
| Q3 24 | $308.2M | $182.9M | ||
| Q2 24 | $311.8M | $157.0M | ||
| Q1 24 | $329.5M | $254.4M |
| Q4 25 | $929.6M | $1.5B | ||
| Q3 25 | $937.0M | $1.3B | ||
| Q2 25 | $942.6M | $1.2B | ||
| Q1 25 | $957.0M | $1.4B | ||
| Q4 24 | $965.3M | $1.0B | ||
| Q3 24 | $969.5M | $973.1M | ||
| Q2 24 | $981.2M | $881.5M | ||
| Q1 24 | $991.8M | $797.2M |
| Q4 25 | $1.5B | $6.0B | ||
| Q3 25 | $1.5B | $5.8B | ||
| Q2 25 | $1.5B | $5.6B | ||
| Q1 25 | $1.4B | $3.7B | ||
| Q4 24 | $1.5B | $3.3B | ||
| Q3 24 | $1.5B | $3.1B | ||
| Q2 24 | $1.5B | $2.9B | ||
| Q1 24 | $1.5B | $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 | $22.4M | $190.4M |
| Free Cash FlowOCF − Capex | $12.2M | $105.2M |
| FCF MarginFCF / Revenue | 7.1% | 17.1% |
| Capex IntensityCapex / Revenue | 5.9% | 13.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $65.8M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.4M | $190.4M | ||
| Q3 25 | $28.9M | $167.1M | ||
| Q2 25 | $25.8M | $99.8M | ||
| Q1 25 | $17.3M | $145.8M | ||
| Q4 24 | $5.2M | $127.3M | ||
| Q3 24 | $5.0M | $104.7M | ||
| Q2 24 | $-4.9M | $74.8M | ||
| Q1 24 | $11.1M | $73.6M |
| Q4 25 | $12.2M | $105.2M | ||
| Q3 25 | $22.9M | $82.5M | ||
| Q2 25 | $15.9M | $39.9M | ||
| Q1 25 | $14.7M | $59.9M | ||
| Q4 24 | $251.0K | $54.2M | ||
| Q3 24 | $3.0M | $54.5M | ||
| Q2 24 | $-6.7M | $45.2M | ||
| Q1 24 | $9.5M | $41.5M |
| Q4 25 | 7.1% | 17.1% | ||
| Q3 25 | 14.5% | 14.7% | ||
| Q2 25 | 10.7% | 7.8% | ||
| Q1 25 | 10.2% | 12.5% | ||
| Q4 24 | 0.2% | 11.8% | ||
| Q3 24 | 2.2% | 12.7% | ||
| Q2 24 | -5.1% | 11.3% | ||
| Q1 24 | 7.1% | 11.0% |
| Q4 25 | 5.9% | 13.9% | ||
| Q3 25 | 3.8% | 15.1% | ||
| Q2 25 | 6.6% | 11.7% | ||
| Q1 25 | 1.8% | 17.9% | ||
| Q4 24 | 3.5% | 15.9% | ||
| Q3 24 | 1.5% | 11.7% | ||
| Q2 24 | 1.3% | 7.4% | ||
| Q1 24 | 1.2% | 8.5% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FSLY
| Network Services | $130.8M | 76% |
| Security | $35.4M | 21% |
| Other | $6.4M | 4% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
