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Side-by-side financial comparison of Cloudflare, Inc. (NET) and SCANSOURCE, INC. (SCSC). Click either name above to swap in a different company.
SCANSOURCE, INC. is the larger business by last-quarter revenue ($766.5M vs $614.5M, roughly 1.2× Cloudflare, Inc.). SCANSOURCE, INC. runs the higher net margin — 2.2% vs -2.0%, a 4.1% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 2.5%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $28.9M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 0.9%).
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.
ScanSource, Inc. is a leading global specialty technology distributor offering a broad portfolio of solutions including point-of-sale systems, barcode scanning tools, cybersecurity products, cloud services and communication solutions. It primarily serves value-added resellers, managed service providers and enterprise clients across North America, Latin America and Europe, covering retail, healthcare, industrial and public sector core segments.
NET vs SCSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $766.5M |
| Net Profit | $-12.1M | $16.5M |
| Gross Margin | 73.6% | 13.4% |
| Operating Margin | -8.0% | 2.3% |
| Net Margin | -2.0% | 2.2% |
| Revenue YoY | 33.6% | 2.5% |
| Net Profit YoY | 6.0% | -3.3% |
| EPS (diluted) | $-0.03 | $0.75 |
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 | $766.5M | ||
| Q3 25 | $562.0M | $739.6M | ||
| Q2 25 | $512.3M | $812.9M | ||
| Q1 25 | $479.1M | $704.8M | ||
| Q4 24 | $459.9M | $747.5M | ||
| Q3 24 | $430.1M | $775.6M | ||
| Q2 24 | $401.0M | $746.1M | ||
| Q1 24 | $378.6M | $752.6M |
| Q4 25 | $-12.1M | $16.5M | ||
| Q3 25 | $-1.3M | $19.9M | ||
| Q2 25 | $-50.4M | $20.1M | ||
| Q1 25 | $-38.5M | $17.4M | ||
| Q4 24 | $-12.8M | $17.1M | ||
| Q3 24 | $-15.3M | $17.0M | ||
| Q2 24 | $-15.1M | $16.1M | ||
| Q1 24 | $-35.5M | $12.8M |
| Q4 25 | 73.6% | 13.4% | ||
| Q3 25 | 74.0% | 14.5% | ||
| Q2 25 | 74.9% | 12.9% | ||
| Q1 25 | 75.9% | 14.2% | ||
| Q4 24 | 76.4% | 13.6% | ||
| Q3 24 | 77.7% | 13.1% | ||
| Q2 24 | 77.8% | 13.0% | ||
| Q1 24 | 77.5% | 12.6% |
| Q4 25 | -8.0% | 2.3% | ||
| Q3 25 | -6.7% | 3.5% | ||
| Q2 25 | -13.1% | 3.3% | ||
| Q1 25 | -11.1% | 3.2% | ||
| Q4 24 | -7.5% | 2.5% | ||
| Q3 24 | -7.2% | 2.3% | ||
| Q2 24 | -8.7% | 2.9% | ||
| Q1 24 | -14.4% | 2.3% |
| Q4 25 | -2.0% | 2.2% | ||
| Q3 25 | -0.2% | 2.7% | ||
| Q2 25 | -9.8% | 2.5% | ||
| Q1 25 | -8.0% | 2.5% | ||
| Q4 24 | -2.8% | 2.3% | ||
| Q3 24 | -3.6% | 2.2% | ||
| Q2 24 | -3.8% | 2.2% | ||
| Q1 24 | -9.4% | 1.7% |
| Q4 25 | $-0.03 | $0.75 | ||
| Q3 25 | $0.00 | $0.89 | ||
| Q2 25 | $-0.15 | $0.87 | ||
| Q1 25 | $-0.11 | $0.74 | ||
| Q4 24 | $-0.05 | $0.70 | ||
| Q3 24 | $-0.04 | $0.69 | ||
| Q2 24 | $-0.04 | $0.66 | ||
| Q1 24 | $-0.10 | $0.50 |
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 | $83.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $910.9M |
| Total Assets | $6.0B | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $83.5M | ||
| Q3 25 | $1.1B | $124.9M | ||
| Q2 25 | $1.5B | $126.2M | ||
| Q1 25 | $204.5M | $146.3M | ||
| Q4 24 | $147.7M | $110.5M | ||
| Q3 24 | $182.9M | $145.0M | ||
| Q2 24 | $157.0M | $185.5M | ||
| Q1 24 | $254.4M | $159.1M |
| Q4 25 | $1.5B | $910.9M | ||
| Q3 25 | $1.3B | $914.0M | ||
| Q2 25 | $1.2B | $906.4M | ||
| Q1 25 | $1.4B | $901.7M | ||
| Q4 24 | $1.0B | $900.7M | ||
| Q3 24 | $973.1M | $920.9M | ||
| Q2 24 | $881.5M | $924.3M | ||
| Q1 24 | $797.2M | $944.1M |
| Q4 25 | $6.0B | $1.7B | ||
| Q3 25 | $5.8B | $1.7B | ||
| Q2 25 | $5.6B | $1.8B | ||
| Q1 25 | $3.7B | $1.7B | ||
| Q4 24 | $3.3B | $1.7B | ||
| Q3 24 | $3.1B | $1.8B | ||
| Q2 24 | $2.9B | $1.8B | ||
| Q1 24 | $2.8B | $1.8B |
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 | $190.4M | $30.8M |
| Free Cash FlowOCF − Capex | $105.2M | $28.9M |
| FCF MarginFCF / Revenue | 17.1% | 3.8% |
| Capex IntensityCapex / Revenue | 13.9% | 0.3% |
| Cash ConversionOCF / Net Profit | — | 1.87× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $30.8M | ||
| Q3 25 | $167.1M | $23.2M | ||
| Q2 25 | $99.8M | — | ||
| Q1 25 | $145.8M | $66.1M | ||
| Q4 24 | $127.3M | $-6.2M | ||
| Q3 24 | $104.7M | $44.8M | ||
| Q2 24 | $74.8M | — | ||
| Q1 24 | $73.6M | $160.2M |
| Q4 25 | $105.2M | $28.9M | ||
| Q3 25 | $82.5M | $20.8M | ||
| Q2 25 | $39.9M | — | ||
| Q1 25 | $59.9M | $64.6M | ||
| Q4 24 | $54.2M | $-8.2M | ||
| Q3 24 | $54.5M | $42.5M | ||
| Q2 24 | $45.2M | — | ||
| Q1 24 | $41.5M | $157.7M |
| Q4 25 | 17.1% | 3.8% | ||
| Q3 25 | 14.7% | 2.8% | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 12.5% | 9.2% | ||
| Q4 24 | 11.8% | -1.1% | ||
| Q3 24 | 12.7% | 5.5% | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 11.0% | 21.0% |
| Q4 25 | 13.9% | 0.3% | ||
| Q3 25 | 15.1% | 0.3% | ||
| Q2 25 | 11.7% | 0.3% | ||
| Q1 25 | 17.9% | 0.2% | ||
| Q4 24 | 15.9% | 0.3% | ||
| Q3 24 | 11.7% | 0.3% | ||
| Q2 24 | 7.4% | 0.2% | ||
| Q1 24 | 8.5% | 0.3% |
| Q4 25 | — | 1.87× | ||
| Q3 25 | — | 1.17× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.79× | ||
| Q4 24 | — | -0.36× | ||
| Q3 24 | — | 2.64× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 12.51× |
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
