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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Soho House & Co Inc. (SHCO). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $370.8M, roughly 1.7× Soho House & Co Inc.). Cloudflare, Inc. runs the higher net margin — -2.0% vs -5.0%, a 3.1% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 11.2%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $3.5M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 13.5%).
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.
Soho House is an international private members’ club with a focus on the media, arts and fashion industries.
NET vs SHCO — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $370.8M |
| Net Profit | $-12.1M | $-18.7M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | -1.6% |
| Net Margin | -2.0% | -5.0% |
| Revenue YoY | 33.6% | 11.2% |
| Net Profit YoY | 6.0% | -10790.3% |
| EPS (diluted) | $-0.03 | $-0.10 |
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 | $370.8M | ||
| Q2 25 | $512.3M | $329.8M | ||
| Q1 25 | $479.1M | $282.9M | ||
| Q4 24 | $459.9M | $305.6M | ||
| Q3 24 | $430.1M | $333.4M | ||
| Q2 24 | $401.0M | $302.9M | ||
| Q1 24 | $378.6M | $261.9M |
| Q4 25 | $-12.1M | — | ||
| Q3 25 | $-1.3M | $-18.7M | ||
| Q2 25 | $-50.4M | $24.9M | ||
| Q1 25 | $-38.5M | $8.2M | ||
| Q4 24 | $-12.8M | $-91.7M | ||
| Q3 24 | $-15.3M | $175.0K | ||
| Q2 24 | $-15.1M | $-29.9M | ||
| Q1 24 | $-35.5M | $-41.6M |
| 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% | — | ||
| Q3 25 | -6.7% | -1.6% | ||
| Q2 25 | -13.1% | 18.1% | ||
| Q1 25 | -11.1% | 12.3% | ||
| Q4 24 | -7.5% | -23.1% | ||
| Q3 24 | -7.2% | 11.4% | ||
| Q2 24 | -8.7% | -4.3% | ||
| Q1 24 | -14.4% | -9.3% |
| Q4 25 | -2.0% | — | ||
| Q3 25 | -0.2% | -5.0% | ||
| Q2 25 | -9.8% | 7.5% | ||
| Q1 25 | -8.0% | 2.9% | ||
| Q4 24 | -2.8% | -30.0% | ||
| Q3 24 | -3.6% | 0.1% | ||
| Q2 24 | -3.8% | -9.9% | ||
| Q1 24 | -9.4% | -15.9% |
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $0.00 | $-0.10 | ||
| Q2 25 | $-0.15 | $0.13 | ||
| Q1 25 | $-0.11 | $0.04 | ||
| Q4 24 | $-0.05 | $-0.48 | ||
| Q3 24 | $-0.04 | $0.00 | ||
| Q2 24 | $-0.04 | $-0.15 | ||
| Q1 24 | $-0.10 | $-0.21 |
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 | $142.5M |
| Total DebtLower is stronger | — | $735.8M |
| Stockholders' EquityBook value | $1.5B | $-351.6M |
| Total Assets | $6.0B | $2.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | $142.5M | ||
| Q2 25 | $1.5B | $150.3M | ||
| Q1 25 | $204.5M | $150.1M | ||
| Q4 24 | $147.7M | $152.7M | ||
| Q3 24 | $182.9M | $142.8M | ||
| Q2 24 | $157.0M | $148.5M | ||
| Q1 24 | $254.4M | $139.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | $735.8M | ||
| Q2 25 | — | $729.8M | ||
| Q1 25 | — | $705.1M | ||
| Q4 24 | — | $691.5M | ||
| Q3 24 | — | $694.8M | ||
| Q2 24 | — | $682.1M | ||
| Q1 24 | — | $671.7M |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.3B | $-351.6M | ||
| Q2 25 | $1.2B | $-348.6M | ||
| Q1 25 | $1.4B | $-340.1M | ||
| Q4 24 | $1.0B | $-335.1M | ||
| Q3 24 | $973.1M | $-279.4M | ||
| Q2 24 | $881.5M | $-231.7M | ||
| Q1 24 | $797.2M | $-193.0M |
| Q4 25 | $6.0B | — | ||
| Q3 25 | $5.8B | $2.7B | ||
| Q2 25 | $5.6B | $2.6B | ||
| Q1 25 | $3.7B | $2.5B | ||
| Q4 24 | $3.3B | $2.4B | ||
| Q3 24 | $3.1B | $2.6B | ||
| Q2 24 | $2.9B | $2.6B | ||
| Q1 24 | $2.8B | $2.5B |
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 | $34.9M |
| Free Cash FlowOCF − Capex | $105.2M | $3.5M |
| FCF MarginFCF / Revenue | 17.1% | 0.9% |
| Capex IntensityCapex / Revenue | 13.9% | 8.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | — | ||
| Q3 25 | $167.1M | $34.9M | ||
| Q2 25 | $99.8M | $41.0M | ||
| Q1 25 | $145.8M | $22.8M | ||
| Q4 24 | $127.3M | $26.9M | ||
| Q3 24 | $104.7M | $20.6M | ||
| Q2 24 | $74.8M | $36.0M | ||
| Q1 24 | $73.6M | $6.2M |
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | $3.5M | ||
| Q2 25 | $39.9M | $12.4M | ||
| Q1 25 | $59.9M | $7.5M | ||
| Q4 24 | $54.2M | $18.5M | ||
| Q3 24 | $54.5M | $10.3M | ||
| Q2 24 | $45.2M | $10.2M | ||
| Q1 24 | $41.5M | $-13.5M |
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | 0.9% | ||
| Q2 25 | 7.8% | 3.8% | ||
| Q1 25 | 12.5% | 2.7% | ||
| Q4 24 | 11.8% | 6.1% | ||
| Q3 24 | 12.7% | 3.1% | ||
| Q2 24 | 11.3% | 3.4% | ||
| Q1 24 | 11.0% | -5.2% |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | 8.5% | ||
| Q2 25 | 11.7% | 8.7% | ||
| Q1 25 | 17.9% | 5.4% | ||
| Q4 24 | 15.9% | 2.7% | ||
| Q3 24 | 11.7% | 3.1% | ||
| Q2 24 | 7.4% | 8.5% | ||
| Q1 24 | 8.5% | 7.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.65× | ||
| Q1 25 | — | 2.79× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 117.70× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
SHCO
| Membership | $122.7M | 33% |
| Other | $122.0M | 33% |
| Membership Revenue | $58.5M | 16% |
| Other Revenue | $28.5M | 8% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $24.8M | 7% |
| Elimination Of Equity Accounted Revenue | $13.4M | 4% |
| Related Party | $2.0M | 1% |
| Soho House | $1.0M | 0% |
