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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Frontier Group Holdings, Inc. (ULCC). Click either name above to swap in a different company.
Frontier Group Holdings, Inc. is the larger business by last-quarter revenue ($997.0M vs $614.5M, roughly 1.6× Cloudflare, Inc.). Frontier Group Holdings, Inc. runs the higher net margin — 5.3% vs -2.0%, a 7.3% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs -0.5%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $-113.0M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 7.4%).
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.
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
NET vs ULCC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $997.0M |
| Net Profit | $-12.1M | $53.0M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | 4.9% |
| Net Margin | -2.0% | 5.3% |
| Revenue YoY | 33.6% | -0.5% |
| Net Profit YoY | 6.0% | -1.9% |
| EPS (diluted) | $-0.03 | $0.24 |
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 | $997.0M | ||
| Q3 25 | $562.0M | $886.0M | ||
| Q2 25 | $512.3M | $929.0M | ||
| Q1 25 | $479.1M | $912.0M | ||
| Q4 24 | $459.9M | $1.0B | ||
| Q3 24 | $430.1M | $935.0M | ||
| Q2 24 | $401.0M | $973.0M | ||
| Q1 24 | $378.6M | $865.0M |
| Q4 25 | $-12.1M | $53.0M | ||
| Q3 25 | $-1.3M | $-77.0M | ||
| Q2 25 | $-50.4M | $-70.0M | ||
| Q1 25 | $-38.5M | $-43.0M | ||
| Q4 24 | $-12.8M | $54.0M | ||
| Q3 24 | $-15.3M | $26.0M | ||
| Q2 24 | $-15.1M | $31.0M | ||
| Q1 24 | $-35.5M | $-26.0M |
| 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 24 | 77.5% | — |
| Q4 25 | -8.0% | 4.9% | ||
| Q3 25 | -6.7% | -8.7% | ||
| Q2 25 | -13.1% | -8.1% | ||
| Q1 25 | -11.1% | -5.0% | ||
| Q4 24 | -7.5% | 4.5% | ||
| Q3 24 | -7.2% | 2.0% | ||
| Q2 24 | -8.7% | 2.6% | ||
| Q1 24 | -14.4% | -3.6% |
| Q4 25 | -2.0% | 5.3% | ||
| Q3 25 | -0.2% | -8.7% | ||
| Q2 25 | -9.8% | -7.5% | ||
| Q1 25 | -8.0% | -4.7% | ||
| Q4 24 | -2.8% | 5.4% | ||
| Q3 24 | -3.6% | 2.8% | ||
| Q2 24 | -3.8% | 3.2% | ||
| Q1 24 | -9.4% | -3.0% |
| Q4 25 | $-0.03 | $0.24 | ||
| Q3 25 | $0.00 | $-0.34 | ||
| Q2 25 | $-0.15 | $-0.31 | ||
| Q1 25 | $-0.11 | $-0.19 | ||
| Q4 24 | $-0.05 | $0.24 | ||
| Q3 24 | $-0.04 | $0.11 | ||
| Q2 24 | $-0.04 | $0.14 | ||
| Q1 24 | $-0.10 | $-0.12 |
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 | $671.0M |
| Total DebtLower is stronger | — | $620.0M |
| Stockholders' EquityBook value | $1.5B | $491.0M |
| Total Assets | $6.0B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.26× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $671.0M | ||
| Q3 25 | $1.1B | $566.0M | ||
| Q2 25 | $1.5B | $563.0M | ||
| Q1 25 | $204.5M | $686.0M | ||
| Q4 24 | $147.7M | $740.0M | ||
| Q3 24 | $182.9M | $576.0M | ||
| Q2 24 | $157.0M | $658.0M | ||
| Q1 24 | $254.4M | $622.0M |
| Q4 25 | — | $620.0M | ||
| Q3 25 | — | $673.0M | ||
| Q2 25 | — | $565.0M | ||
| Q1 25 | — | $512.0M | ||
| Q4 24 | — | $507.0M | ||
| Q3 24 | — | $474.0M | ||
| Q2 24 | — | $455.0M | ||
| Q1 24 | — | $469.0M |
| Q4 25 | $1.5B | $491.0M | ||
| Q3 25 | $1.3B | $434.0M | ||
| Q2 25 | $1.2B | $506.0M | ||
| Q1 25 | $1.4B | $570.0M | ||
| Q4 24 | $1.0B | $604.0M | ||
| Q3 24 | $973.1M | $549.0M | ||
| Q2 24 | $881.5M | $520.0M | ||
| Q1 24 | $797.2M | $484.0M |
| Q4 25 | $6.0B | $7.2B | ||
| Q3 25 | $5.8B | $6.7B | ||
| Q2 25 | $5.6B | $6.5B | ||
| Q1 25 | $3.7B | $6.5B | ||
| Q4 24 | $3.3B | $6.2B | ||
| Q3 24 | $3.1B | $5.8B | ||
| Q2 24 | $2.9B | $5.7B | ||
| Q1 24 | $2.8B | $5.2B |
| Q4 25 | — | 1.26× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.88× | ||
| Q1 24 | — | 0.97× |
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 | $-91.0M |
| Free Cash FlowOCF − Capex | $105.2M | $-113.0M |
| FCF MarginFCF / Revenue | 17.1% | -11.3% |
| Capex IntensityCapex / Revenue | 13.9% | 2.2% |
| Cash ConversionOCF / Net Profit | — | -1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $-600.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $-91.0M | ||
| Q3 25 | $167.1M | $-215.0M | ||
| Q2 25 | $99.8M | $-133.0M | ||
| Q1 25 | $145.8M | $-86.0M | ||
| Q4 24 | $127.3M | $87.0M | ||
| Q3 24 | $104.7M | $-156.0M | ||
| Q2 24 | $74.8M | $9.0M | ||
| Q1 24 | $73.6M | $-22.0M |
| Q4 25 | $105.2M | $-113.0M | ||
| Q3 25 | $82.5M | $-217.0M | ||
| Q2 25 | $39.9M | $-166.0M | ||
| Q1 25 | $59.9M | $-104.0M | ||
| Q4 24 | $54.2M | $73.0M | ||
| Q3 24 | $54.5M | $-170.0M | ||
| Q2 24 | $45.2M | $-22.0M | ||
| Q1 24 | $41.5M | $-39.0M |
| Q4 25 | 17.1% | -11.3% | ||
| Q3 25 | 14.7% | -24.5% | ||
| Q2 25 | 7.8% | -17.9% | ||
| Q1 25 | 12.5% | -11.4% | ||
| Q4 24 | 11.8% | 7.3% | ||
| Q3 24 | 12.7% | -18.2% | ||
| Q2 24 | 11.3% | -2.3% | ||
| Q1 24 | 11.0% | -4.5% |
| Q4 25 | 13.9% | 2.2% | ||
| Q3 25 | 15.1% | 0.2% | ||
| Q2 25 | 11.7% | 3.6% | ||
| Q1 25 | 17.9% | 2.0% | ||
| Q4 24 | 15.9% | 1.4% | ||
| Q3 24 | 11.7% | 1.5% | ||
| Q2 24 | 7.4% | 3.2% | ||
| Q1 24 | 8.5% | 2.0% |
| Q4 25 | — | -1.72× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | — | -6.00× | ||
| Q2 24 | — | 0.29× | ||
| 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% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
