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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Principal Financial Group (PFG). Click either name above to swap in a different company.
Principal Financial Group is the larger business by last-quarter revenue ($750.8M vs $614.5M, roughly 1.2× Cloudflare, Inc.). Principal Financial Group runs the higher net margin — 0.3% vs -2.0%, a 2.2% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 4.0%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -58.3%).
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.
Principal Financial GroupPFGEarnings & Financial Report
Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, United States.
NET vs PFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $750.8M |
| Net Profit | $-12.1M | $1.9M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | — |
| Net Margin | -2.0% | 0.3% |
| Revenue YoY | 33.6% | 4.0% |
| Net Profit YoY | 6.0% | 783.0% |
| 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.
| Q1 26 | — | $750.8M | ||
| Q4 25 | $614.5M | $4.6B | ||
| Q3 25 | $562.0M | $3.7B | ||
| Q2 25 | $512.3M | $3.7B | ||
| Q1 25 | $479.1M | $3.7B | ||
| Q4 24 | $459.9M | $4.8B | ||
| Q3 24 | $430.1M | $3.0B | ||
| Q2 24 | $401.0M | $4.3B |
| Q1 26 | — | $1.9M | ||
| Q4 25 | $-12.1M | $517.0M | ||
| Q3 25 | $-1.3M | $213.8M | ||
| Q2 25 | $-50.4M | $406.2M | ||
| Q1 25 | $-38.5M | $48.1M | ||
| Q4 24 | $-12.8M | $905.4M | ||
| Q3 24 | $-15.3M | $-220.0M | ||
| Q2 24 | $-15.1M | $353.1M |
| 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 | — | — | ||
| Q4 25 | -8.0% | — | ||
| Q3 25 | -6.7% | — | ||
| Q2 25 | -13.1% | — | ||
| Q1 25 | -11.1% | — | ||
| Q4 24 | -7.5% | — | ||
| Q3 24 | -7.2% | — | ||
| Q2 24 | -8.7% | — |
| Q1 26 | — | 0.3% | ||
| Q4 25 | -2.0% | 11.3% | ||
| Q3 25 | -0.2% | 5.8% | ||
| Q2 25 | -9.8% | 11.1% | ||
| Q1 25 | -8.0% | 1.3% | ||
| Q4 24 | -2.8% | 19.1% | ||
| Q3 24 | -3.6% | -7.3% | ||
| Q2 24 | -3.8% | 8.2% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.03 | $2.30 | ||
| Q3 25 | $0.00 | $0.95 | ||
| Q2 25 | $-0.15 | $1.79 | ||
| Q1 25 | $-0.11 | $0.21 | ||
| Q4 24 | $-0.05 | $3.92 | ||
| Q3 24 | $-0.04 | $-0.95 | ||
| Q2 24 | $-0.04 | $1.49 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | — |
| Total Assets | $6.0B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $943.5M | $4.4B | ||
| Q3 25 | $1.1B | $5.1B | ||
| Q2 25 | $1.5B | $3.7B | ||
| Q1 25 | $204.5M | $3.9B | ||
| Q4 24 | $147.7M | $4.2B | ||
| Q3 24 | $182.9M | $6.2B | ||
| Q2 24 | $157.0M | $4.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | $3.9B | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $3.9B | ||
| Q2 24 | — | $3.9B |
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $11.9B | ||
| Q3 25 | $1.3B | $11.7B | ||
| Q2 25 | $1.2B | $11.4B | ||
| Q1 25 | $1.4B | $11.2B | ||
| Q4 24 | $1.0B | $11.1B | ||
| Q3 24 | $973.1M | $11.2B | ||
| Q2 24 | $881.5M | $11.0B |
| Q1 26 | — | — | ||
| Q4 25 | $6.0B | $341.4B | ||
| Q3 25 | $5.8B | $334.5B | ||
| Q2 25 | $5.6B | $323.1B | ||
| Q1 25 | $3.7B | $313.0B | ||
| Q4 24 | $3.3B | $313.7B | ||
| Q3 24 | $3.1B | $322.9B | ||
| Q2 24 | $2.9B | $308.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.33× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.39× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.35× | ||
| Q2 24 | — | 0.36× |
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 | $190.4M | $1.7B | ||
| Q3 25 | $167.1M | $1.0B | ||
| Q2 25 | $99.8M | $811.9M | ||
| Q1 25 | $145.8M | $977.3M | ||
| Q4 24 | $127.3M | $1.5B | ||
| Q3 24 | $104.7M | $1.1B | ||
| Q2 24 | $74.8M | $1.4B |
| 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 | — | 3.37× | ||
| Q3 25 | — | 4.70× | ||
| Q2 25 | — | 2.00× | ||
| Q1 25 | — | 20.32× | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 4.05× |
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% |
PFG
Segment breakdown not available.
