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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Sinclair, Inc. (SBGI). Click either name above to swap in a different company.
Sinclair, Inc. is the larger business by last-quarter revenue ($807.0M vs $614.5M, roughly 1.3× Cloudflare, Inc.). Sinclair, Inc. runs the higher net margin — 2.5% vs -2.0%, a 4.4% 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 -1.3%).
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.
Sinclair, Inc., doing business as Sinclair Broadcast Group, is a publicly traded American telecommunications conglomerate that is controlled by the descendants of company founder Julian Sinclair Smith. Headquartered in the Baltimore suburb of Cockeysville, Maryland, the company is the second-largest television station operator in the United States by number of stations after Nexstar Media Group, owning or operating 193 stations across the country in over 100 markets, covering 40% of American ...
NET vs SBGI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $807.0M |
| Net Profit | $-12.1M | $20.0M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | 0.0% |
| Net Margin | -2.0% | 2.5% |
| Revenue YoY | 33.6% | 4.0% |
| Net Profit YoY | 6.0% | — |
| EPS (diluted) | $-0.03 | $0.28 |
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 | — | $807.0M | ||
| Q4 25 | $614.5M | $836.0M | ||
| Q3 25 | $562.0M | $773.0M | ||
| Q2 25 | $512.3M | $784.0M | ||
| Q1 25 | $479.1M | $776.0M | ||
| Q4 24 | $459.9M | $1.0B | ||
| Q3 24 | $430.1M | $917.0M | ||
| Q2 24 | $401.0M | $829.0M |
| Q1 26 | — | $20.0M | ||
| Q4 25 | $-12.1M | $109.0M | ||
| Q3 25 | $-1.3M | $-1.0M | ||
| Q2 25 | $-50.4M | $-64.0M | ||
| Q1 25 | $-38.5M | $-156.0M | ||
| Q4 24 | $-12.8M | $176.0M | ||
| Q3 24 | $-15.3M | $94.0M | ||
| Q2 24 | $-15.1M | $17.0M |
| 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 | — | 0.0% | ||
| Q4 25 | -8.0% | 9.6% | ||
| Q3 25 | -6.7% | 7.5% | ||
| Q2 25 | -13.1% | 2.7% | ||
| Q1 25 | -11.1% | 1.8% | ||
| Q4 24 | -7.5% | 26.5% | ||
| Q3 24 | -7.2% | 19.5% | ||
| Q2 24 | -8.7% | 7.7% |
| Q1 26 | — | 2.5% | ||
| Q4 25 | -2.0% | 13.0% | ||
| Q3 25 | -0.2% | -0.1% | ||
| Q2 25 | -9.8% | -8.2% | ||
| Q1 25 | -8.0% | -20.1% | ||
| Q4 24 | -2.8% | 17.5% | ||
| Q3 24 | -3.6% | 10.3% | ||
| Q2 24 | -3.8% | 2.1% |
| Q1 26 | — | $0.28 | ||
| Q4 25 | $-0.03 | $1.62 | ||
| Q3 25 | $0.00 | $-0.02 | ||
| Q2 25 | $-0.15 | $-0.91 | ||
| Q1 25 | $-0.11 | $-2.30 | ||
| Q4 24 | $-0.05 | $2.64 | ||
| Q3 24 | $-0.04 | $1.43 | ||
| Q2 24 | $-0.04 | $0.27 |
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 | $866.0M | ||
| Q3 25 | $1.1B | $526.0M | ||
| Q2 25 | $1.5B | $616.0M | ||
| Q1 25 | $204.5M | $631.0M | ||
| Q4 24 | $147.7M | $697.0M | ||
| Q3 24 | $182.9M | $536.0M | ||
| Q2 24 | $157.0M | $378.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $4.1B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.1B |
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $443.0M | ||
| Q3 25 | $1.3B | $347.0M | ||
| Q2 25 | $1.2B | $361.0M | ||
| Q1 25 | $1.4B | $436.0M | ||
| Q4 24 | $1.0B | $583.0M | ||
| Q3 24 | $973.1M | $415.0M | ||
| Q2 24 | $881.5M | $340.0M |
| Q1 26 | — | — | ||
| Q4 25 | $6.0B | $5.9B | ||
| Q3 25 | $5.8B | $5.6B | ||
| Q2 25 | $5.6B | $5.7B | ||
| Q1 25 | $3.7B | $5.8B | ||
| Q4 24 | $3.3B | $5.9B | ||
| Q3 24 | $3.1B | $5.8B | ||
| Q2 24 | $2.9B | $5.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.84× | ||
| Q3 25 | — | 11.75× | ||
| Q2 25 | — | 11.30× | ||
| Q1 25 | — | 9.56× | ||
| Q4 24 | — | 7.02× | ||
| Q3 24 | — | 9.86× | ||
| Q2 24 | — | 12.08× |
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% | 1.7% |
| 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 | $98.0M | ||
| Q3 25 | $167.1M | $-36.0M | ||
| Q2 25 | $99.8M | $122.0M | ||
| Q1 25 | $145.8M | $5.0M | ||
| Q4 24 | $127.3M | $198.0M | ||
| Q3 24 | $104.7M | $210.0M | ||
| Q2 24 | $74.8M | $-306.0M |
| Q1 26 | — | — | ||
| Q4 25 | $105.2M | $79.0M | ||
| Q3 25 | $82.5M | $-58.0M | ||
| Q2 25 | $39.9M | $105.0M | ||
| Q1 25 | $59.9M | $-11.0M | ||
| Q4 24 | $54.2M | $175.0M | ||
| Q3 24 | $54.5M | $193.0M | ||
| Q2 24 | $45.2M | $-329.0M |
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | 9.4% | ||
| Q3 25 | 14.7% | -7.5% | ||
| Q2 25 | 7.8% | 13.4% | ||
| Q1 25 | 12.5% | -1.4% | ||
| Q4 24 | 11.8% | 17.4% | ||
| Q3 24 | 12.7% | 21.0% | ||
| Q2 24 | 11.3% | -39.7% |
| Q1 26 | — | 1.7% | ||
| Q4 25 | 13.9% | 2.3% | ||
| Q3 25 | 15.1% | 2.8% | ||
| Q2 25 | 11.7% | 2.2% | ||
| Q1 25 | 17.9% | 2.1% | ||
| Q4 24 | 15.9% | 2.3% | ||
| Q3 24 | 11.7% | 1.9% | ||
| Q2 24 | 7.4% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.90× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | — | 2.23× | ||
| Q2 24 | — | -18.00× |
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% |
SBGI
| Media revenue | $701.0M | 87% |
| Other | $82.0M | 10% |
| Political advertising revenue | $18.0M | 2% |
| Non-media revenue | $6.0M | 1% |
