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Side-by-side financial comparison of Cloudflare, Inc. (NET) and TRINITY INDUSTRIES INC (TRN). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $611.2M, roughly 1.0× TRINITY INDUSTRIES INC). TRINITY INDUSTRIES INC runs the higher net margin — 31.8% vs -2.0%, a 33.7% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs -2.9%). TRINITY INDUSTRIES INC produced more free cash flow last quarter ($158.6M vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -13.1%).
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.
Trinity Industries Inc. is an American industrial corporation that owns a variety of businesses which provide products and services to the industrial, energy, transportation and construction sectors.
NET vs TRN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $611.2M |
| Net Profit | $-12.1M | $194.2M |
| Gross Margin | 73.6% | 25.5% |
| Operating Margin | -8.0% | 54.9% |
| Net Margin | -2.0% | 31.8% |
| Revenue YoY | 33.6% | -2.9% |
| Net Profit YoY | 6.0% | 413.8% |
| EPS (diluted) | $-0.03 | $2.25 |
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 | $611.2M | ||
| Q3 25 | $562.0M | $454.1M | ||
| Q2 25 | $512.3M | $506.2M | ||
| Q1 25 | $479.1M | $585.4M | ||
| Q4 24 | $459.9M | $629.4M | ||
| Q3 24 | $430.1M | $798.8M | ||
| Q2 24 | $401.0M | $841.4M | ||
| Q1 24 | $378.6M | $809.6M |
| Q4 25 | $-12.1M | $194.2M | ||
| Q3 25 | $-1.3M | $30.3M | ||
| Q2 25 | $-50.4M | $14.1M | ||
| Q1 25 | $-38.5M | $22.1M | ||
| Q4 24 | $-12.8M | $37.8M | ||
| Q3 24 | $-15.3M | $31.4M | ||
| Q2 24 | $-15.1M | $54.4M | ||
| Q1 24 | $-35.5M | $23.7M |
| Q4 25 | 73.6% | 25.5% | ||
| Q3 25 | 74.0% | 31.1% | ||
| Q2 25 | 74.9% | 26.4% | ||
| Q1 25 | 75.9% | 24.3% | ||
| Q4 24 | 76.4% | 24.6% | ||
| Q3 24 | 77.7% | 21.2% | ||
| Q2 24 | 77.8% | 21.3% | ||
| Q1 24 | 77.5% | 20.3% |
| Q4 25 | -8.0% | 54.9% | ||
| Q3 25 | -6.7% | 26.1% | ||
| Q2 25 | -13.1% | 18.8% | ||
| Q1 25 | -11.1% | 17.0% | ||
| Q4 24 | -7.5% | 17.8% | ||
| Q3 24 | -7.2% | 15.3% | ||
| Q2 24 | -8.7% | 16.9% | ||
| Q1 24 | -14.4% | 14.2% |
| Q4 25 | -2.0% | 31.8% | ||
| Q3 25 | -0.2% | 6.7% | ||
| Q2 25 | -9.8% | 2.8% | ||
| Q1 25 | -8.0% | 3.8% | ||
| Q4 24 | -2.8% | 6.0% | ||
| Q3 24 | -3.6% | 3.9% | ||
| Q2 24 | -3.8% | 6.5% | ||
| Q1 24 | -9.4% | 2.9% |
| Q4 25 | $-0.03 | $2.25 | ||
| Q3 25 | $0.00 | $0.37 | ||
| Q2 25 | $-0.15 | $0.17 | ||
| Q1 25 | $-0.11 | $0.26 | ||
| Q4 24 | $-0.05 | $0.34 | ||
| Q3 24 | $-0.04 | $0.37 | ||
| Q2 24 | $-0.04 | $0.65 | ||
| Q1 24 | $-0.10 | $0.28 |
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 | $201.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $1.1B |
| Total Assets | $6.0B | $8.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $201.3M | ||
| Q3 25 | $1.1B | $66.3M | ||
| Q2 25 | $1.5B | $147.7M | ||
| Q1 25 | $204.5M | $94.9M | ||
| Q4 24 | $147.7M | $228.2M | ||
| Q3 24 | $182.9M | $222.4M | ||
| Q2 24 | $157.0M | $257.1M | ||
| Q1 24 | $254.4M | $118.8M |
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.3B | $1.0B | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.0B | $1.1B | ||
| Q3 24 | $973.1M | $1.1B | ||
| Q2 24 | $881.5M | $1.1B | ||
| Q1 24 | $797.2M | $1.0B |
| Q4 25 | $6.0B | $8.4B | ||
| Q3 25 | $5.8B | $8.9B | ||
| Q2 25 | $5.6B | $8.8B | ||
| Q1 25 | $3.7B | $8.7B | ||
| Q4 24 | $3.3B | $8.8B | ||
| Q3 24 | $3.1B | $8.8B | ||
| Q2 24 | $2.9B | $9.0B | ||
| Q1 24 | $2.8B | $9.1B |
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 | $177.4M |
| Free Cash FlowOCF − Capex | $105.2M | $158.6M |
| FCF MarginFCF / Revenue | 17.1% | 25.9% |
| Capex IntensityCapex / Revenue | 13.9% | 3.1% |
| Cash ConversionOCF / Net Profit | — | 0.91× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $314.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $177.4M | ||
| Q3 25 | $167.1M | $44.2M | ||
| Q2 25 | $99.8M | $61.6M | ||
| Q1 25 | $145.8M | $76.5M | ||
| Q4 24 | $127.3M | $201.6M | ||
| Q3 24 | $104.7M | $78.5M | ||
| Q2 24 | $74.8M | $241.5M | ||
| Q1 24 | $73.6M | $52.2M |
| Q4 25 | $105.2M | $158.6M | ||
| Q3 25 | $82.5M | $35.3M | ||
| Q2 25 | $39.9M | $52.9M | ||
| Q1 25 | $59.9M | $67.3M | ||
| Q4 24 | $54.2M | $180.1M | ||
| Q3 24 | $54.5M | $62.1M | ||
| Q2 24 | $45.2M | $230.2M | ||
| Q1 24 | $41.5M | $47.6M |
| Q4 25 | 17.1% | 25.9% | ||
| Q3 25 | 14.7% | 7.8% | ||
| Q2 25 | 7.8% | 10.5% | ||
| Q1 25 | 12.5% | 11.5% | ||
| Q4 24 | 11.8% | 28.6% | ||
| Q3 24 | 12.7% | 7.8% | ||
| Q2 24 | 11.3% | 27.4% | ||
| Q1 24 | 11.0% | 5.9% |
| Q4 25 | 13.9% | 3.1% | ||
| Q3 25 | 15.1% | 2.0% | ||
| Q2 25 | 11.7% | 1.7% | ||
| Q1 25 | 17.9% | 1.6% | ||
| Q4 24 | 15.9% | 3.4% | ||
| Q3 24 | 11.7% | 2.1% | ||
| Q2 24 | 7.4% | 1.3% | ||
| Q1 24 | 8.5% | 0.6% |
| Q4 25 | — | 0.91× | ||
| Q3 25 | — | 1.46× | ||
| Q2 25 | — | 4.37× | ||
| Q1 25 | — | 3.46× | ||
| Q4 24 | — | 5.33× | ||
| Q3 24 | — | 2.50× | ||
| Q2 24 | — | 4.44× | ||
| Q1 24 | — | 2.20× |
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% |
TRN
| Manufacturing | $296.5M | 49% |
| Leasing And Management | $234.8M | 38% |
| Maintenance Services Domain | $69.8M | 11% |
| Digital Logistics Services | $11.2M | 2% |
