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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Shake Shack Inc. (SHAK). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $400.5M, roughly 1.5× Shake Shack Inc.). Shake Shack Inc. runs the higher net margin — 3.0% vs -2.0%, a 4.9% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 21.9%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $4.0M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 17.4%).
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.
Shake Shack is an American multinational fast casual restaurant chain based in New York City. It started out as a hot dog cart inside Madison Square Park in 2001, and its popularity steadily grew. In 2004, it received a permit to open a permanent kiosk within the park, expanding its menu from New York–style hot dogs to one with hamburgers, hot dogs, fries and its namesake milkshakes.
NET vs SHAK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $400.5M |
| Net Profit | $-12.1M | $11.8M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | 4.7% |
| Net Margin | -2.0% | 3.0% |
| Revenue YoY | 33.6% | 21.9% |
| Net Profit YoY | 6.0% | 35.8% |
| 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.
| Q4 25 | $614.5M | $400.5M | ||
| Q3 25 | $562.0M | $367.4M | ||
| Q2 25 | $512.3M | $356.5M | ||
| Q1 25 | $479.1M | $320.9M | ||
| Q4 24 | $459.9M | $328.7M | ||
| Q3 24 | $430.1M | $316.9M | ||
| Q2 24 | $401.0M | $316.5M | ||
| Q1 24 | $378.6M | $290.5M |
| Q4 25 | $-12.1M | $11.8M | ||
| Q3 25 | $-1.3M | $12.5M | ||
| Q2 25 | $-50.4M | $17.1M | ||
| Q1 25 | $-38.5M | $4.2M | ||
| Q4 24 | $-12.8M | $8.7M | ||
| Q3 24 | $-15.3M | $-10.2M | ||
| Q2 24 | $-15.1M | $9.7M | ||
| Q1 24 | $-35.5M | $2.0M |
| 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 24 | 77.5% | — |
| Q4 25 | -8.0% | 4.7% | ||
| Q3 25 | -6.7% | 5.0% | ||
| Q2 25 | -13.1% | 6.3% | ||
| Q1 25 | -11.1% | 0.9% | ||
| Q4 24 | -7.5% | 3.1% | ||
| Q3 24 | -7.2% | -5.7% | ||
| Q2 24 | -8.7% | 3.4% | ||
| Q1 24 | -14.4% | 0.0% |
| Q4 25 | -2.0% | 3.0% | ||
| Q3 25 | -0.2% | 3.4% | ||
| Q2 25 | -9.8% | 4.8% | ||
| Q1 25 | -8.0% | 1.3% | ||
| Q4 24 | -2.8% | 2.6% | ||
| Q3 24 | -3.6% | -3.2% | ||
| Q2 24 | -3.8% | 3.1% | ||
| Q1 24 | -9.4% | 0.7% |
| Q4 25 | $-0.03 | $0.28 | ||
| Q3 25 | $0.00 | $0.30 | ||
| Q2 25 | $-0.15 | $0.41 | ||
| Q1 25 | $-0.11 | $0.10 | ||
| Q4 24 | $-0.05 | $0.22 | ||
| Q3 24 | $-0.04 | $-0.26 | ||
| Q2 24 | $-0.04 | $0.23 | ||
| Q1 24 | $-0.10 | $0.05 |
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 | $360.1M |
| Total DebtLower is stronger | — | $247.7M |
| Stockholders' EquityBook value | $1.5B | $525.3M |
| Total Assets | $6.0B | $1.9B |
| Debt / EquityLower = less leverage | — | 0.47× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $360.1M | ||
| Q3 25 | $1.1B | $357.8M | ||
| Q2 25 | $1.5B | $336.8M | ||
| Q1 25 | $204.5M | $312.9M | ||
| Q4 24 | $147.7M | $320.7M | ||
| Q3 24 | $182.9M | $310.9M | ||
| Q2 24 | $157.0M | $304.4M | ||
| Q1 24 | $254.4M | $284.8M |
| Q4 25 | — | $247.7M | ||
| Q3 25 | — | $247.5M | ||
| Q2 25 | — | $247.2M | ||
| Q1 25 | — | $246.9M | ||
| Q4 24 | — | $246.7M | ||
| Q3 24 | — | $246.4M | ||
| Q2 24 | — | $246.2M | ||
| Q1 24 | — | $245.9M |
| Q4 25 | $1.5B | $525.3M | ||
| Q3 25 | $1.3B | $509.0M | ||
| Q2 25 | $1.2B | $494.1M | ||
| Q1 25 | $1.4B | $473.3M | ||
| Q4 24 | $1.0B | $470.0M | ||
| Q3 24 | $973.1M | $456.1M | ||
| Q2 24 | $881.5M | $462.4M | ||
| Q1 24 | $797.2M | $446.4M |
| Q4 25 | $6.0B | $1.9B | ||
| Q3 25 | $5.8B | $1.8B | ||
| Q2 25 | $5.6B | $1.8B | ||
| Q1 25 | $3.7B | $1.7B | ||
| Q4 24 | $3.3B | $1.7B | ||
| Q3 24 | $3.1B | $1.7B | ||
| Q2 24 | $2.9B | $1.7B | ||
| Q1 24 | $2.8B | $1.6B |
| Q4 25 | — | 0.47× | ||
| Q3 25 | — | 0.49× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.52× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 0.54× | ||
| Q2 24 | — | 0.53× | ||
| Q1 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 | $63.1M |
| Free Cash FlowOCF − Capex | $105.2M | $4.0M |
| FCF MarginFCF / Revenue | 17.1% | 1.0% |
| Capex IntensityCapex / Revenue | 13.9% | 14.8% |
| Cash ConversionOCF / Net Profit | — | 5.34× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $56.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $63.1M | ||
| Q3 25 | $167.1M | $63.0M | ||
| Q2 25 | $99.8M | $65.0M | ||
| Q1 25 | $145.8M | $31.2M | ||
| Q4 24 | $127.3M | $45.1M | ||
| Q3 24 | $104.7M | $41.9M | ||
| Q2 24 | $74.8M | $53.5M | ||
| Q1 24 | $73.6M | $30.7M |
| Q4 25 | $105.2M | $4.0M | ||
| Q3 25 | $82.5M | $23.7M | ||
| Q2 25 | $39.9M | $26.9M | ||
| Q1 25 | $59.9M | $1.9M | ||
| Q4 24 | $54.2M | $10.4M | ||
| Q3 24 | $54.5M | $7.1M | ||
| Q2 24 | $45.2M | $20.6M | ||
| Q1 24 | $41.5M | $-2.4M |
| Q4 25 | 17.1% | 1.0% | ||
| Q3 25 | 14.7% | 6.5% | ||
| Q2 25 | 7.8% | 7.5% | ||
| Q1 25 | 12.5% | 0.6% | ||
| Q4 24 | 11.8% | 3.2% | ||
| Q3 24 | 12.7% | 2.2% | ||
| Q2 24 | 11.3% | 6.5% | ||
| Q1 24 | 11.0% | -0.8% |
| Q4 25 | 13.9% | 14.8% | ||
| Q3 25 | 15.1% | 10.7% | ||
| Q2 25 | 11.7% | 10.7% | ||
| Q1 25 | 17.9% | 9.1% | ||
| Q4 24 | 15.9% | 10.6% | ||
| Q3 24 | 11.7% | 11.0% | ||
| Q2 24 | 7.4% | 10.4% | ||
| Q1 24 | 8.5% | 11.4% |
| Q4 25 | — | 5.34× | ||
| Q3 25 | — | 5.04× | ||
| Q2 25 | — | 3.79× | ||
| Q1 25 | — | 7.36× | ||
| Q4 24 | — | 5.18× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.54× | ||
| Q1 24 | — | 15.03× |
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% |
SHAK
Segment breakdown not available.
