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Side-by-side financial comparison of Cloudflare, Inc. (NET) and TRUPANION, INC. (TRUP). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $376.9M, roughly 1.6× TRUPANION, INC.). On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 11.7%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $25.3M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 11.0%).
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.
TRUPANION, INC.TRUPEarnings & Financial Report
Trupanion, Inc. is a pet insurance provider headquartered in Seattle, Washington. Established in 1998, Trupanion operates across the United States, Canada, Australia, and Puerto Rico. The company offers coverage for pets and is self-underwritten by the American Pet Insurance Company (APIC).
NET vs TRUP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $376.9M |
| Net Profit | $-12.1M | — |
| Gross Margin | 73.6% | 17.3% |
| Operating Margin | -8.0% | 1.9% |
| Net Margin | -2.0% | — |
| Revenue YoY | 33.6% | 11.7% |
| Net Profit YoY | 6.0% | — |
| EPS (diluted) | $-0.03 | $0.13 |
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 | $376.9M | ||
| Q3 25 | $562.0M | $366.9M | ||
| Q2 25 | $512.3M | $353.6M | ||
| Q1 25 | $479.1M | $342.0M | ||
| Q4 24 | $459.9M | $337.3M | ||
| Q3 24 | $430.1M | $327.5M | ||
| Q2 24 | $401.0M | $314.8M | ||
| Q1 24 | $378.6M | $306.1M |
| Q4 25 | $-12.1M | — | ||
| Q3 25 | $-1.3M | — | ||
| Q2 25 | $-50.4M | — | ||
| Q1 25 | $-38.5M | — | ||
| Q4 24 | $-12.8M | — | ||
| Q3 24 | $-15.3M | — | ||
| Q2 24 | $-15.1M | — | ||
| Q1 24 | $-35.5M | — |
| Q4 25 | 73.6% | 17.3% | ||
| Q3 25 | 74.0% | 16.4% | ||
| Q2 25 | 74.9% | 15.5% | ||
| Q1 25 | 75.9% | 14.9% | ||
| Q4 24 | 76.4% | 15.7% | ||
| Q3 24 | 77.7% | 15.1% | ||
| Q2 24 | 77.8% | 12.8% | ||
| Q1 24 | 77.5% | 11.8% |
| Q4 25 | -8.0% | 1.9% | ||
| Q3 25 | -6.7% | 1.6% | ||
| Q2 25 | -13.1% | 0.7% | ||
| Q1 25 | -11.1% | -0.4% | ||
| Q4 24 | -7.5% | 0.1% | ||
| Q3 24 | -7.2% | 0.5% | ||
| Q2 24 | -8.7% | -1.7% | ||
| Q1 24 | -14.4% | -2.0% |
| Q4 25 | -2.0% | — | ||
| Q3 25 | -0.2% | — | ||
| Q2 25 | -9.8% | — | ||
| Q1 25 | -8.0% | — | ||
| Q4 24 | -2.8% | — | ||
| Q3 24 | -3.6% | — | ||
| Q2 24 | -3.8% | — | ||
| Q1 24 | -9.4% | — |
| Q4 25 | $-0.03 | $0.13 | ||
| Q3 25 | $0.00 | $0.13 | ||
| Q2 25 | $-0.15 | $0.22 | ||
| Q1 25 | $-0.11 | $-0.03 | ||
| Q4 24 | $-0.05 | $0.04 | ||
| Q3 24 | $-0.04 | $0.03 | ||
| Q2 24 | $-0.04 | $-0.14 | ||
| Q1 24 | $-0.10 | $-0.16 |
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 | $370.7M |
| Total DebtLower is stronger | — | $101.8M |
| Stockholders' EquityBook value | $1.5B | $383.9M |
| Total Assets | $6.0B | $915.0M |
| Debt / EquityLower = less leverage | — | 0.27× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $370.7M | ||
| Q3 25 | $1.1B | $348.5M | ||
| Q2 25 | $1.5B | $319.6M | ||
| Q1 25 | $204.5M | $321.8M | ||
| Q4 24 | $147.7M | $307.4M | ||
| Q3 24 | $182.9M | $293.1M | ||
| Q2 24 | $157.0M | $277.2M | ||
| Q1 24 | $254.4M | $275.2M |
| Q4 25 | — | $101.8M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $127.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $383.9M | ||
| Q3 25 | $1.3B | $368.6M | ||
| Q2 25 | $1.2B | $355.5M | ||
| Q1 25 | $1.4B | $333.7M | ||
| Q4 24 | $1.0B | $323.3M | ||
| Q3 24 | $973.1M | $320.2M | ||
| Q2 24 | $881.5M | $305.8M | ||
| Q1 24 | $797.2M | $303.4M |
| Q4 25 | $6.0B | $915.0M | ||
| Q3 25 | $5.8B | $880.2M | ||
| Q2 25 | $5.6B | $847.8M | ||
| Q1 25 | $3.7B | $837.2M | ||
| Q4 24 | $3.3B | $806.9M | ||
| Q3 24 | $3.1B | $816.1M | ||
| Q2 24 | $2.9B | $795.9M | ||
| Q1 24 | $2.8B | $789.5M |
| Q4 25 | — | 0.27× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $29.3M |
| Free Cash FlowOCF − Capex | $105.2M | $25.3M |
| FCF MarginFCF / Revenue | 17.1% | 6.7% |
| Capex IntensityCapex / Revenue | 13.9% | 1.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $75.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $29.3M | ||
| Q3 25 | $167.1M | $29.2M | ||
| Q2 25 | $99.8M | $15.0M | ||
| Q1 25 | $145.8M | $16.0M | ||
| Q4 24 | $127.3M | $23.7M | ||
| Q3 24 | $104.7M | $15.3M | ||
| Q2 24 | $74.8M | $6.9M | ||
| Q1 24 | $73.6M | $2.4M |
| Q4 25 | $105.2M | $25.3M | ||
| Q3 25 | $82.5M | $23.9M | ||
| Q2 25 | $39.9M | $12.0M | ||
| Q1 25 | $59.9M | $14.0M | ||
| Q4 24 | $54.2M | $21.8M | ||
| Q3 24 | $54.5M | $13.4M | ||
| Q2 24 | $45.2M | $4.0M | ||
| Q1 24 | $41.5M | $-631.0K |
| Q4 25 | 17.1% | 6.7% | ||
| Q3 25 | 14.7% | 6.5% | ||
| Q2 25 | 7.8% | 3.4% | ||
| Q1 25 | 12.5% | 4.1% | ||
| Q4 24 | 11.8% | 6.5% | ||
| Q3 24 | 12.7% | 4.1% | ||
| Q2 24 | 11.3% | 1.3% | ||
| Q1 24 | 11.0% | -0.2% |
| Q4 25 | 13.9% | 1.0% | ||
| Q3 25 | 15.1% | 1.4% | ||
| Q2 25 | 11.7% | 0.8% | ||
| Q1 25 | 17.9% | 0.6% | ||
| Q4 24 | 15.9% | 0.6% | ||
| Q3 24 | 11.7% | 0.6% | ||
| Q2 24 | 7.4% | 0.9% | ||
| Q1 24 | 8.5% | 1.0% |
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% |
TRUP
| Subscriptionbusiness | $261.4M | 69% |
| Other | $115.4M | 31% |
