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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Snowflake Inc. (SNOW). Click either name above to swap in a different company.
Snowflake Inc. is the larger business by last-quarter revenue ($1.2B vs $614.5M, roughly 2.0× Cloudflare, Inc.). Cloudflare, Inc. runs the higher net margin — -2.0% vs -24.2%, a 22.3% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 28.7%). Snowflake Inc. produced more free cash flow last quarter ($113.6M vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 25.1%).
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.
Snowflake Inc. is an American cloud-based data platform company founded in San Mateo, California, and headquartered in Bozeman, Montana. It operates a platform that supports data analysis and simultaneous access to data sets with minimal latency. It operates on Amazon Web Services, Microsoft Azure, and Google Cloud Platform.
NET vs SNOW — Head-to-Head
Income Statement — Q4 2025 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $1.2B |
| Net Profit | $-12.1M | $-294.0M |
| Gross Margin | 73.6% | 67.8% |
| Operating Margin | -8.0% | -27.2% |
| Net Margin | -2.0% | -24.2% |
| Revenue YoY | 33.6% | 28.7% |
| Net Profit YoY | 6.0% | 9.4% |
| EPS (diluted) | $-0.03 | $-0.87 |
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 | $1.2B | ||
| Q3 25 | $562.0M | $1.1B | ||
| Q2 25 | $512.3M | $1.0B | ||
| Q1 25 | $479.1M | $986.8M | ||
| Q4 24 | $459.9M | $942.1M | ||
| Q3 24 | $430.1M | $868.8M | ||
| Q2 24 | $401.0M | $828.7M | ||
| Q1 24 | $378.6M | $774.7M |
| Q4 25 | $-12.1M | $-294.0M | ||
| Q3 25 | $-1.3M | $-298.0M | ||
| Q2 25 | $-50.4M | $-430.1M | ||
| Q1 25 | $-38.5M | $-327.5M | ||
| Q4 24 | $-12.8M | $-324.3M | ||
| Q3 24 | $-15.3M | $-316.9M | ||
| Q2 24 | $-15.1M | $-317.0M | ||
| Q1 24 | $-35.5M | $-169.4M |
| Q4 25 | 73.6% | 67.8% | ||
| Q3 25 | 74.0% | 67.5% | ||
| Q2 25 | 74.9% | 66.5% | ||
| Q1 25 | 75.9% | 66.2% | ||
| Q4 24 | 76.4% | 65.9% | ||
| Q3 24 | 77.7% | 66.8% | ||
| Q2 24 | 77.8% | 67.1% | ||
| Q1 24 | 77.5% | 68.8% |
| Q4 25 | -8.0% | -27.2% | ||
| Q3 25 | -6.7% | -29.7% | ||
| Q2 25 | -13.1% | -42.9% | ||
| Q1 25 | -11.1% | -39.2% | ||
| Q4 24 | -7.5% | -38.8% | ||
| Q3 24 | -7.2% | -40.9% | ||
| Q2 24 | -8.7% | -42.1% | ||
| Q1 24 | -14.4% | -35.6% |
| Q4 25 | -2.0% | -24.2% | ||
| Q3 25 | -0.2% | -26.0% | ||
| Q2 25 | -9.8% | -41.3% | ||
| Q1 25 | -8.0% | -33.2% | ||
| Q4 24 | -2.8% | -34.4% | ||
| Q3 24 | -3.6% | -36.5% | ||
| Q2 24 | -3.8% | -38.3% | ||
| Q1 24 | -9.4% | -21.9% |
| Q4 25 | $-0.03 | $-0.87 | ||
| Q3 25 | $0.00 | $-0.89 | ||
| Q2 25 | $-0.15 | $-1.29 | ||
| Q1 25 | $-0.11 | $-0.98 | ||
| Q4 24 | $-0.05 | $-0.98 | ||
| Q3 24 | $-0.04 | $-0.95 | ||
| Q2 24 | $-0.04 | $-0.95 | ||
| Q1 24 | $-0.10 | $-0.51 |
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 | $1.9B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $2.1B |
| Total Assets | $6.0B | $8.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $1.9B | ||
| Q3 25 | $1.1B | $1.9B | ||
| Q2 25 | $1.5B | $2.2B | ||
| Q1 25 | $204.5M | $2.6B | ||
| Q4 24 | $147.7M | $2.1B | ||
| Q3 24 | $182.9M | $1.3B | ||
| Q2 24 | $157.0M | $1.3B | ||
| Q1 24 | $254.4M | $1.8B |
| Q4 25 | $1.5B | $2.1B | ||
| Q3 25 | $1.3B | $2.4B | ||
| Q2 25 | $1.2B | $2.4B | ||
| Q1 25 | $1.4B | $3.0B | ||
| Q4 24 | $1.0B | $2.9B | ||
| Q3 24 | $973.1M | $4.1B | ||
| Q2 24 | $881.5M | $4.6B | ||
| Q1 24 | $797.2M | $5.2B |
| Q4 25 | $6.0B | $8.2B | ||
| Q3 25 | $5.8B | $8.2B | ||
| Q2 25 | $5.6B | $8.2B | ||
| Q1 25 | $3.7B | $9.0B | ||
| Q4 24 | $3.3B | $8.2B | ||
| Q3 24 | $3.1B | $6.9B | ||
| Q2 24 | $2.9B | $7.3B | ||
| Q1 24 | $2.8B | $8.2B |
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 | $137.5M |
| Free Cash FlowOCF − Capex | $105.2M | $113.6M |
| FCF MarginFCF / Revenue | 17.1% | 9.4% |
| Capex IntensityCapex / Revenue | 13.9% | 2.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $776.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $137.5M | ||
| Q3 25 | $167.1M | $74.9M | ||
| Q2 25 | $99.8M | $228.4M | ||
| Q1 25 | $145.8M | $432.7M | ||
| Q4 24 | $127.3M | $101.7M | ||
| Q3 24 | $104.7M | $69.9M | ||
| Q2 24 | $74.8M | $355.5M | ||
| Q1 24 | $73.6M | $344.6M |
| Q4 25 | $105.2M | $113.6M | ||
| Q3 25 | $82.5M | $58.2M | ||
| Q2 25 | $39.9M | $183.4M | ||
| Q1 25 | $59.9M | $421.4M | ||
| Q4 24 | $54.2M | $88.3M | ||
| Q3 24 | $54.5M | $64.8M | ||
| Q2 24 | $45.2M | $338.9M | ||
| Q1 24 | $41.5M | $331.5M |
| Q4 25 | 17.1% | 9.4% | ||
| Q3 25 | 14.7% | 5.1% | ||
| Q2 25 | 7.8% | 17.6% | ||
| Q1 25 | 12.5% | 42.7% | ||
| Q4 24 | 11.8% | 9.4% | ||
| Q3 24 | 12.7% | 7.5% | ||
| Q2 24 | 11.3% | 40.9% | ||
| Q1 24 | 11.0% | 42.8% |
| Q4 25 | 13.9% | 2.0% | ||
| Q3 25 | 15.1% | 1.5% | ||
| Q2 25 | 11.7% | 4.3% | ||
| Q1 25 | 17.9% | 1.1% | ||
| Q4 24 | 15.9% | 1.4% | ||
| Q3 24 | 11.7% | 0.6% | ||
| Q2 24 | 7.4% | 2.0% | ||
| Q1 24 | 8.5% | 1.7% |
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% |
SNOW
| Products | $1.2B | 96% |
| Professional Services And Other | $54.5M | 4% |
| Related Party | $6.7M | 1% |
