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Side-by-side financial comparison of Cloudflare, Inc. (NET) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
NetEase, Inc. is the larger business by last-quarter revenue ($4.0B vs $614.5M, roughly 6.5× Cloudflare, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs -2.0%, a 33.0% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 9.7%).
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.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
NET vs NTES — Head-to-Head
Income Statement — Q4 2025 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $4.0B |
| Net Profit | $-12.1M | $1.2B |
| Gross Margin | 73.6% | 64.1% |
| Operating Margin | -8.0% | 28.3% |
| Net Margin | -2.0% | 31.0% |
| Revenue YoY | 33.6% | — |
| Net Profit YoY | 6.0% | — |
| EPS (diluted) | $-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 | $614.5M | — | ||
| Q3 25 | $562.0M | $4.0B | ||
| Q2 25 | $512.3M | $3.9B | ||
| Q1 25 | $479.1M | $4.0B | ||
| Q4 24 | $459.9M | — | ||
| Q3 24 | $430.1M | $3.7B | ||
| Q2 24 | $401.0M | $3.5B | ||
| Q1 24 | $378.6M | $3.7B |
| Q4 25 | $-12.1M | — | ||
| Q3 25 | $-1.3M | $1.2B | ||
| Q2 25 | $-50.4M | $1.3B | ||
| Q1 25 | $-38.5M | $1.5B | ||
| Q4 24 | $-12.8M | — | ||
| Q3 24 | $-15.3M | $955.7M | ||
| Q2 24 | $-15.1M | $939.6M | ||
| Q1 24 | $-35.5M | $1.1B |
| Q4 25 | 73.6% | — | ||
| Q3 25 | 74.0% | 64.1% | ||
| Q2 25 | 74.9% | 64.7% | ||
| Q1 25 | 75.9% | 64.1% | ||
| Q4 24 | 76.4% | — | ||
| Q3 24 | 77.7% | 62.9% | ||
| Q2 24 | 77.8% | 62.9% | ||
| Q1 24 | 77.5% | 63.4% |
| Q4 25 | -8.0% | — | ||
| Q3 25 | -6.7% | 28.3% | ||
| Q2 25 | -13.1% | 32.5% | ||
| Q1 25 | -11.1% | 36.2% | ||
| Q4 24 | -7.5% | — | ||
| Q3 24 | -7.2% | 27.3% | ||
| Q2 24 | -8.7% | 27.4% | ||
| Q1 24 | -14.4% | 28.4% |
| Q4 25 | -2.0% | — | ||
| Q3 25 | -0.2% | 31.0% | ||
| Q2 25 | -9.8% | 32.6% | ||
| Q1 25 | -8.0% | 36.6% | ||
| Q4 24 | -2.8% | — | ||
| Q3 24 | -3.6% | 25.6% | ||
| Q2 24 | -3.8% | 26.8% | ||
| Q1 24 | -9.4% | 29.1% |
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $0.00 | — | ||
| Q2 25 | $-0.15 | — | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.05 | — | ||
| Q3 24 | $-0.04 | — | ||
| Q2 24 | $-0.04 | — | ||
| Q1 24 | $-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 | $943.5M | $31.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $160.8B |
| Total Assets | $6.0B | $214.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | $31.3B | ||
| Q2 25 | $1.5B | $54.4B | ||
| Q1 25 | $204.5M | $41.7B | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | $20.2B | ||
| Q2 24 | $157.0M | $19.0B | ||
| Q1 24 | $254.4M | $43.0B |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.3B | $160.8B | ||
| Q2 25 | $1.2B | $154.0B | ||
| Q1 25 | $1.4B | $147.8B | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $973.1M | $135.6B | ||
| Q2 24 | $881.5M | $134.2B | ||
| Q1 24 | $797.2M | $130.5B |
| Q4 25 | $6.0B | — | ||
| Q3 25 | $5.8B | $214.5B | ||
| Q2 25 | $5.6B | $208.5B | ||
| Q1 25 | $3.7B | $200.9B | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.1B | $184.9B | ||
| Q2 24 | $2.9B | $183.3B | ||
| Q1 24 | $2.8B | $195.1B |
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 | $1.8B |
| Free Cash FlowOCF − Capex | $105.2M | $1.8B |
| FCF MarginFCF / Revenue | 17.1% | 44.7% |
| Capex IntensityCapex / Revenue | 13.9% | 1.0% |
| Cash ConversionOCF / Net Profit | — | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | — | ||
| Q3 25 | $167.1M | $1.8B | ||
| Q2 25 | $99.8M | $1.5B | ||
| Q1 25 | $145.8M | $1.7B | ||
| Q4 24 | $127.3M | — | ||
| Q3 24 | $104.7M | $1.5B | ||
| Q2 24 | $74.8M | $898.8M | ||
| Q1 24 | $73.6M | $1.3B |
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | $1.8B | ||
| Q2 25 | $39.9M | $1.5B | ||
| Q1 25 | $59.9M | $1.6B | ||
| Q4 24 | $54.2M | — | ||
| Q3 24 | $54.5M | $1.5B | ||
| Q2 24 | $45.2M | $875.6M | ||
| Q1 24 | $41.5M | $1.3B |
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | 44.7% | ||
| Q2 25 | 7.8% | 38.3% | ||
| Q1 25 | 12.5% | 40.4% | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 12.7% | 38.9% | ||
| Q2 24 | 11.3% | 25.0% | ||
| Q1 24 | 11.0% | 34.0% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | 1.0% | ||
| Q2 25 | 11.7% | 0.7% | ||
| Q1 25 | 17.9% | 1.6% | ||
| Q4 24 | 15.9% | — | ||
| Q3 24 | 11.7% | 1.4% | ||
| Q2 24 | 7.4% | 0.7% | ||
| Q1 24 | 8.5% | 1.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.47× | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.58× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 1.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
