vs
Side-by-side financial comparison of Cloudflare, Inc. (NET) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $614.5M, roughly 6.0× Cloudflare, Inc.). SHOPIFY INC. runs the higher net margin — 20.2% vs -2.0%, a 22.2% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 30.6%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $105.2M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 27.4%).
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.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
NET vs SHOP — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $3.7B |
| Net Profit | $-12.1M | $743.0M |
| Gross Margin | 73.6% | 46.1% |
| Operating Margin | -8.0% | 17.2% |
| Net Margin | -2.0% | 20.2% |
| Revenue YoY | 33.6% | 30.6% |
| Net Profit YoY | 6.0% | -42.5% |
| EPS (diluted) | $-0.03 | $0.58 |
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 | $3.7B | ||
| Q3 25 | $562.0M | $2.8B | ||
| Q2 25 | $512.3M | $2.7B | ||
| Q1 25 | $479.1M | $2.4B | ||
| Q4 24 | $459.9M | $2.8B | ||
| Q3 24 | $430.1M | $2.2B | ||
| Q2 24 | $401.0M | $2.0B | ||
| Q1 24 | $378.6M | $1.9B |
| Q4 25 | $-12.1M | $743.0M | ||
| Q3 25 | $-1.3M | $264.0M | ||
| Q2 25 | $-50.4M | $906.0M | ||
| Q1 25 | $-38.5M | $-682.0M | ||
| Q4 24 | $-12.8M | $1.3B | ||
| Q3 24 | $-15.3M | $828.0M | ||
| Q2 24 | $-15.1M | $171.0M | ||
| Q1 24 | $-35.5M | $-273.0M |
| Q4 25 | 73.6% | 46.1% | ||
| Q3 25 | 74.0% | 48.9% | ||
| Q2 25 | 74.9% | 48.6% | ||
| Q1 25 | 75.9% | 49.5% | ||
| Q4 24 | 76.4% | 48.1% | ||
| Q3 24 | 77.7% | 51.7% | ||
| Q2 24 | 77.8% | 51.1% | ||
| Q1 24 | 77.5% | 51.4% |
| Q4 25 | -8.0% | 17.2% | ||
| Q3 25 | -6.7% | 12.1% | ||
| Q2 25 | -13.1% | 10.9% | ||
| Q1 25 | -11.1% | 8.6% | ||
| Q4 24 | -7.5% | 16.5% | ||
| Q3 24 | -7.2% | 13.1% | ||
| Q2 24 | -8.7% | 11.8% | ||
| Q1 24 | -14.4% | 4.6% |
| Q4 25 | -2.0% | 20.2% | ||
| Q3 25 | -0.2% | 9.3% | ||
| Q2 25 | -9.8% | 33.8% | ||
| Q1 25 | -8.0% | -28.9% | ||
| Q4 24 | -2.8% | 46.0% | ||
| Q3 24 | -3.6% | 38.3% | ||
| Q2 24 | -3.8% | 8.4% | ||
| Q1 24 | -9.4% | -14.7% |
| Q4 25 | $-0.03 | $0.58 | ||
| Q3 25 | $0.00 | $0.20 | ||
| Q2 25 | $-0.15 | $0.69 | ||
| Q1 25 | $-0.11 | $-0.53 | ||
| Q4 24 | $-0.05 | $0.99 | ||
| Q3 24 | $-0.04 | $0.64 | ||
| Q2 24 | $-0.04 | $0.13 | ||
| 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 | $5.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $13.5B |
| Total Assets | $6.0B | $15.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $5.8B | ||
| Q3 25 | $1.1B | $6.3B | ||
| Q2 25 | $1.5B | $5.8B | ||
| Q1 25 | $204.5M | $5.5B | ||
| Q4 24 | $147.7M | $5.5B | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | — | ||
| Q1 24 | $254.4M | — |
| Q4 25 | $1.5B | $13.5B | ||
| Q3 25 | $1.3B | $12.5B | ||
| Q2 25 | $1.2B | $12.1B | ||
| Q1 25 | $1.4B | $11.1B | ||
| Q4 24 | $1.0B | $11.6B | ||
| Q3 24 | $973.1M | $10.1B | ||
| Q2 24 | $881.5M | $9.2B | ||
| Q1 24 | $797.2M | $8.9B |
| Q4 25 | $6.0B | $15.2B | ||
| Q3 25 | $5.8B | $15.0B | ||
| Q2 25 | $5.6B | $14.6B | ||
| Q1 25 | $3.7B | $13.4B | ||
| Q4 24 | $3.3B | $13.9B | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $2.8B | — |
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 | $725.0M |
| Free Cash FlowOCF − Capex | $105.2M | $715.0M |
| FCF MarginFCF / Revenue | 17.1% | 19.5% |
| Capex IntensityCapex / Revenue | 13.9% | 0.3% |
| Cash ConversionOCF / Net Profit | — | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $725.0M | ||
| Q3 25 | $167.1M | $513.0M | ||
| Q2 25 | $99.8M | $428.0M | ||
| Q1 25 | $145.8M | $367.0M | ||
| Q4 24 | $127.3M | $615.0M | ||
| Q3 24 | $104.7M | $423.0M | ||
| Q2 24 | $74.8M | $340.0M | ||
| Q1 24 | $73.6M | $238.0M |
| Q4 25 | $105.2M | $715.0M | ||
| Q3 25 | $82.5M | $507.0M | ||
| Q2 25 | $39.9M | $422.0M | ||
| Q1 25 | $59.9M | $363.0M | ||
| Q4 24 | $54.2M | $611.0M | ||
| Q3 24 | $54.5M | $421.0M | ||
| Q2 24 | $45.2M | $333.0M | ||
| Q1 24 | $41.5M | $232.0M |
| Q4 25 | 17.1% | 19.5% | ||
| Q3 25 | 14.7% | 17.8% | ||
| Q2 25 | 7.8% | 15.7% | ||
| Q1 25 | 12.5% | 15.4% | ||
| Q4 24 | 11.8% | 21.7% | ||
| Q3 24 | 12.7% | 19.5% | ||
| Q2 24 | 11.3% | 16.3% | ||
| Q1 24 | 11.0% | 12.5% |
| Q4 25 | 13.9% | 0.3% | ||
| Q3 25 | 15.1% | 0.2% | ||
| Q2 25 | 11.7% | 0.2% | ||
| Q1 25 | 17.9% | 0.2% | ||
| Q4 24 | 15.9% | 0.1% | ||
| Q3 24 | 11.7% | 0.1% | ||
| Q2 24 | 7.4% | 0.3% | ||
| Q1 24 | 8.5% | 0.3% |
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 1.99× | ||
| 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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
