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Side-by-side financial comparison of Cloudflare, Inc. (NET) and SouthState Bank Corp (SSB). Click either name above to swap in a different company.
SouthState Bank Corp is the larger business by last-quarter revenue ($661.7M vs $614.5M, roughly 1.1× Cloudflare, Inc.). SouthState Bank Corp runs the higher net margin — 34.1% vs -2.0%, a 36.1% gap on every dollar of revenue. Over the past eight quarters, SouthState Bank Corp's revenue compounded faster (37.4% 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.
SouthState Bank, based in Winter Haven, Florida, is an American bank and a subsidiary of SouthState Corporation, a bank holding company. As of May 26, 2025, the company had 371 branches in South Carolina, North Carolina, Georgia, Florida, Alabama, Virginia, Colorado and Texas.
NET vs SSB — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $661.7M |
| Net Profit | $-12.1M | $225.8M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | 15.1% |
| Net Margin | -2.0% | 34.1% |
| Revenue YoY | 33.6% | — |
| Net Profit YoY | 6.0% | 153.5% |
| EPS (diluted) | $-0.03 | $2.28 |
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.
| Q1 26 | — | $661.7M | ||
| Q4 25 | $614.5M | $581.1M | ||
| Q3 25 | $562.0M | $599.7M | ||
| Q2 25 | $512.3M | $577.9M | ||
| Q1 25 | $479.1M | $544.5M | ||
| Q4 24 | $459.9M | $369.8M | ||
| Q3 24 | $430.1M | $351.5M | ||
| Q2 24 | $401.0M | $350.3M |
| Q1 26 | — | $225.8M | ||
| Q4 25 | $-12.1M | $247.7M | ||
| Q3 25 | $-1.3M | $246.6M | ||
| Q2 25 | $-50.4M | $215.2M | ||
| Q1 25 | $-38.5M | $89.1M | ||
| Q4 24 | $-12.8M | $144.2M | ||
| Q3 24 | $-15.3M | $143.2M | ||
| Q2 24 | $-15.1M | $132.4M |
| Q1 26 | — | — | ||
| 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 26 | — | 15.1% | ||
| Q4 25 | -8.0% | 54.3% | ||
| Q3 25 | -6.7% | 53.6% | ||
| Q2 25 | -13.1% | 48.8% | ||
| Q1 25 | -11.1% | 22.3% | ||
| Q4 24 | -7.5% | 50.7% | ||
| Q3 24 | -7.2% | 53.1% | ||
| Q2 24 | -8.7% | 49.3% |
| Q1 26 | — | 34.1% | ||
| Q4 25 | -2.0% | 42.6% | ||
| Q3 25 | -0.2% | 41.1% | ||
| Q2 25 | -9.8% | 37.2% | ||
| Q1 25 | -8.0% | 16.4% | ||
| Q4 24 | -2.8% | 39.0% | ||
| Q3 24 | -3.6% | 40.7% | ||
| Q2 24 | -3.8% | 37.8% |
| Q1 26 | — | $2.28 | ||
| Q4 25 | $-0.03 | $2.47 | ||
| Q3 25 | $0.00 | $2.42 | ||
| Q2 25 | $-0.15 | $2.11 | ||
| Q1 25 | $-0.11 | $0.87 | ||
| Q4 24 | $-0.05 | $1.88 | ||
| Q3 24 | $-0.04 | $1.86 | ||
| Q2 24 | $-0.04 | $1.73 |
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 | $2.9B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $9.0B |
| Total Assets | $6.0B | $68.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.9B | ||
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $204.5M | — | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | — |
| Q1 26 | — | $9.0B | ||
| Q4 25 | $1.5B | $9.1B | ||
| Q3 25 | $1.3B | $9.0B | ||
| Q2 25 | $1.2B | $8.8B | ||
| Q1 25 | $1.4B | $8.6B | ||
| Q4 24 | $1.0B | $5.9B | ||
| Q3 24 | $973.1M | $5.9B | ||
| Q2 24 | $881.5M | $5.7B |
| Q1 26 | — | $68.0B | ||
| Q4 25 | $6.0B | $67.2B | ||
| Q3 25 | $5.8B | $66.0B | ||
| Q2 25 | $5.6B | $65.9B | ||
| Q1 25 | $3.7B | $65.1B | ||
| Q4 24 | $3.3B | $46.4B | ||
| Q3 24 | $3.1B | $46.1B | ||
| Q2 24 | $2.9B | $45.5B |
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 | — |
| Free Cash FlowOCF − Capex | $105.2M | — |
| FCF MarginFCF / Revenue | 17.1% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $190.4M | $232.1M | ||
| Q3 25 | $167.1M | $122.4M | ||
| Q2 25 | $99.8M | $72.6M | ||
| Q1 25 | $145.8M | $-126.3M | ||
| Q4 24 | $127.3M | $354.3M | ||
| Q3 24 | $104.7M | $-246.8M | ||
| Q2 24 | $74.8M | $126.8M |
| Q1 26 | — | — | ||
| Q4 25 | $105.2M | $215.5M | ||
| Q3 25 | $82.5M | $101.7M | ||
| Q2 25 | $39.9M | $52.5M | ||
| Q1 25 | $59.9M | $-139.1M | ||
| Q4 24 | $54.2M | $340.9M | ||
| Q3 24 | $54.5M | $-254.2M | ||
| Q2 24 | $45.2M | $117.3M |
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | 37.1% | ||
| Q3 25 | 14.7% | 17.0% | ||
| Q2 25 | 7.8% | 9.1% | ||
| Q1 25 | 12.5% | -25.5% | ||
| Q4 24 | 11.8% | 92.2% | ||
| Q3 24 | 12.7% | -72.3% | ||
| Q2 24 | 11.3% | 33.5% |
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 2.9% | ||
| Q3 25 | 15.1% | 3.5% | ||
| Q2 25 | 11.7% | 3.5% | ||
| Q1 25 | 17.9% | 2.4% | ||
| Q4 24 | 15.9% | 3.6% | ||
| Q3 24 | 11.7% | 2.1% | ||
| Q2 24 | 7.4% | 2.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | 0.50× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | -1.42× | ||
| Q4 24 | — | 2.46× | ||
| Q3 24 | — | -1.72× | ||
| Q2 24 | — | 0.96× |
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% |
SSB
| Net Interest Income | $561.6M | 85% |
| Noninterest Income | $100.1M | 15% |
