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Side-by-side financial comparison of IDEX Corporation (IEX) 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 $398.4M, roughly 1.5× IDEX Corporation). IDEX Corporation runs the higher net margin — 30.1% vs -2.0%, a 32.1% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 16.7%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $86.0M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -29.4%).
IDEX can refer to several things, including:International Defence Exhibition, a biennial arms and defense technology sales exhibition IDEX Corporation, a publicly listed company that makes fluidics systems and specialty engineered products Ideanomics, a publicly traded company that trades under the IDEX ticker symbol.
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.
IEX vs NET — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $398.4M | $614.5M |
| Net Profit | $120.0M | $-12.1M |
| Gross Margin | 99.9% | 73.6% |
| Operating Margin | 43.3% | -8.0% |
| Net Margin | 30.1% | -2.0% |
| Revenue YoY | 16.7% | 33.6% |
| Net Profit YoY | 25.7% | 6.0% |
| EPS (diluted) | $1.61 | $-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.
| Q2 26 | $398.4M | — | ||
| Q1 26 | $407.7M | — | ||
| Q4 25 | $899.1M | $614.5M | ||
| Q3 25 | $878.7M | $562.0M | ||
| Q2 25 | $865.4M | $512.3M | ||
| Q1 25 | $814.3M | $479.1M | ||
| Q4 24 | $862.9M | $459.9M | ||
| Q3 24 | $798.2M | $430.1M |
| Q2 26 | $120.0M | — | ||
| Q1 26 | $128.3M | — | ||
| Q4 25 | $128.3M | $-12.1M | ||
| Q3 25 | $127.8M | $-1.3M | ||
| Q2 25 | $131.6M | $-50.4M | ||
| Q1 25 | $95.5M | $-38.5M | ||
| Q4 24 | $123.2M | $-12.8M | ||
| Q3 24 | $119.1M | $-15.3M |
| Q2 26 | 99.9% | — | ||
| Q1 26 | 94.9% | — | ||
| Q4 25 | 43.1% | 73.6% | ||
| Q3 25 | 44.5% | 74.0% | ||
| Q2 25 | 45.3% | 74.9% | ||
| Q1 25 | 45.3% | 75.9% | ||
| Q4 24 | 42.5% | 76.4% | ||
| Q3 24 | 44.3% | 77.7% |
| Q2 26 | 43.3% | — | ||
| Q1 26 | 45.0% | — | ||
| Q4 25 | 20.4% | -8.0% | ||
| Q3 25 | 21.1% | -6.7% | ||
| Q2 25 | 21.7% | -13.1% | ||
| Q1 25 | 17.4% | -11.1% | ||
| Q4 24 | 19.2% | -7.5% | ||
| Q3 24 | 21.0% | -7.2% |
| Q2 26 | 30.1% | — | ||
| Q1 26 | 31.5% | — | ||
| Q4 25 | 14.3% | -2.0% | ||
| Q3 25 | 14.5% | -0.2% | ||
| Q2 25 | 15.2% | -9.8% | ||
| Q1 25 | 11.7% | -8.0% | ||
| Q4 24 | 14.3% | -2.8% | ||
| Q3 24 | 14.9% | -3.6% |
| Q2 26 | $1.61 | — | ||
| Q1 26 | $1.71 | — | ||
| Q4 25 | $1.71 | $-0.03 | ||
| Q3 25 | $1.70 | $0.00 | ||
| Q2 25 | $1.74 | $-0.15 | ||
| Q1 25 | $1.26 | $-0.11 | ||
| Q4 24 | $1.61 | $-0.05 | ||
| Q3 24 | $1.57 | $-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 | $586.2M | $943.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $4.0B | $1.5B |
| Total Assets | $6.9B | $6.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | $586.2M | — | ||
| Q1 26 | $580.0M | — | ||
| Q4 25 | $580.0M | $943.5M | ||
| Q3 25 | $593.8M | $1.1B | ||
| Q2 25 | $568.2M | $1.5B | ||
| Q1 25 | $594.1M | $204.5M | ||
| Q4 24 | $620.8M | $147.7M | ||
| Q3 24 | $633.2M | $182.9M |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.1B | — |
| Q2 26 | $4.0B | — | ||
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.0B | $1.5B | ||
| Q3 25 | $4.0B | $1.3B | ||
| Q2 25 | $4.0B | $1.2B | ||
| Q1 25 | $3.9B | $1.4B | ||
| Q4 24 | $3.8B | $1.0B | ||
| Q3 24 | $3.8B | $973.1M |
| Q2 26 | $6.9B | — | ||
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.9B | $6.0B | ||
| Q3 25 | $7.0B | $5.8B | ||
| Q2 25 | $6.9B | $5.6B | ||
| Q1 25 | $6.8B | $3.7B | ||
| Q4 24 | $6.7B | $3.3B | ||
| Q3 24 | $7.0B | $3.1B |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 0.45× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.46× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.52× | — | ||
| Q3 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 | — | $190.4M |
| Free Cash FlowOCF − Capex | $86.0M | $105.2M |
| FCF MarginFCF / Revenue | 21.6% | 17.1% |
| Capex IntensityCapex / Revenue | 4.4% | 13.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $654.3M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $209.5M | $190.4M | ||
| Q3 25 | $203.5M | $167.1M | ||
| Q2 25 | $161.7M | $99.8M | ||
| Q1 25 | $105.7M | $145.8M | ||
| Q4 24 | $172.6M | $127.3M | ||
| Q3 24 | $205.3M | $104.7M |
| Q2 26 | $86.0M | — | ||
| Q1 26 | $189.8M | — | ||
| Q4 25 | $189.8M | $105.2M | ||
| Q3 25 | $188.7M | $82.5M | ||
| Q2 25 | $146.9M | $39.9M | ||
| Q1 25 | $91.4M | $59.9M | ||
| Q4 24 | $157.1M | $54.2M | ||
| Q3 24 | $191.6M | $54.5M |
| Q2 26 | 21.6% | — | ||
| Q1 26 | 46.6% | — | ||
| Q4 25 | 21.1% | 17.1% | ||
| Q3 25 | 21.5% | 14.7% | ||
| Q2 25 | 17.0% | 7.8% | ||
| Q1 25 | 11.2% | 12.5% | ||
| Q4 24 | 18.2% | 11.8% | ||
| Q3 24 | 24.0% | 12.7% |
| Q2 26 | 4.4% | — | ||
| Q1 26 | 15.6% | — | ||
| Q4 25 | 2.2% | 13.9% | ||
| Q3 25 | 1.7% | 15.1% | ||
| Q2 25 | 1.7% | 11.7% | ||
| Q1 25 | 1.8% | 17.9% | ||
| Q4 24 | 1.8% | 15.9% | ||
| Q3 24 | 1.7% | 11.7% |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.59× | — | ||
| Q2 25 | 1.23× | — | ||
| Q1 25 | 1.11× | — | ||
| Q4 24 | 1.40× | — | ||
| Q3 24 | 1.72× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IEX
Segment breakdown not available.
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
