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Side-by-side financial comparison of Cloudflare, Inc. (NET) and VEON Ltd. (VEON). Click either name above to swap in a different company.
VEON Ltd. is the larger business by last-quarter revenue ($1.1B vs $614.5M, roughly 1.8× Cloudflare, Inc.). VEON Ltd. runs the higher net margin — 55.9% vs -2.0%, a 57.9% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 5.8%).
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.
VEON Ltd., also known as VEON Group, is a multinational telecommunication and digital services company. Headquartered in Dubai, the company is publicly traded on the U.S.-based NASDAQ stock exchange. VEON operates in six markets in Europe and Asia, including Bangladesh, Kazakhstan, Kyrgyzstan, Pakistan, Ukraine and Uzbekistan. Specific brands include Banglalink in Bangladesh, Jazz in Pakistan, Kyivstar in Ukraine, and units operating in Kazakhstan, Kyrgyzstan, and Uzbekistan under the Beeline...
NET vs VEON — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $1.1B |
| Net Profit | $-12.1M | $608.0M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | 75.4% |
| Net Margin | -2.0% | 55.9% |
| Revenue YoY | 33.6% | 5.8% |
| Net Profit YoY | 6.0% | 583.1% |
| EPS (diluted) | $-0.03 | $0.34 |
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 | — | ||
| Q3 25 | $562.0M | — | ||
| Q2 25 | $512.3M | $1.1B | ||
| Q1 25 | $479.1M | — | ||
| Q4 24 | $459.9M | — | ||
| Q3 24 | $430.1M | — | ||
| Q2 24 | $401.0M | $1.0B | ||
| Q1 24 | $378.6M | — |
| Q4 25 | $-12.1M | — | ||
| Q3 25 | $-1.3M | — | ||
| Q2 25 | $-50.4M | $608.0M | ||
| Q1 25 | $-38.5M | — | ||
| Q4 24 | $-12.8M | — | ||
| Q3 24 | $-15.3M | — | ||
| Q2 24 | $-15.1M | $89.0M | ||
| Q1 24 | $-35.5M | — |
| 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% | — | ||
| Q3 25 | -6.7% | — | ||
| Q2 25 | -13.1% | 75.4% | ||
| Q1 25 | -11.1% | — | ||
| Q4 24 | -7.5% | — | ||
| Q3 24 | -7.2% | — | ||
| Q2 24 | -8.7% | 27.1% | ||
| Q1 24 | -14.4% | — |
| Q4 25 | -2.0% | — | ||
| Q3 25 | -0.2% | — | ||
| Q2 25 | -9.8% | 55.9% | ||
| Q1 25 | -8.0% | — | ||
| Q4 24 | -2.8% | — | ||
| Q3 24 | -3.6% | — | ||
| Q2 24 | -3.8% | 8.7% | ||
| Q1 24 | -9.4% | — |
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $0.00 | — | ||
| Q2 25 | $-0.15 | $0.34 | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.05 | — | ||
| Q3 24 | $-0.04 | — | ||
| Q2 24 | $-0.04 | $0.04 | ||
| Q1 24 | $-0.10 | — |
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 | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $1.5B |
| Total Assets | $6.0B | $8.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.5B | $1.3B | ||
| Q1 25 | $204.5M | — | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | $862.0M | ||
| Q1 24 | $254.4M | — |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $973.1M | — | ||
| Q2 24 | $881.5M | $1.1B | ||
| Q1 24 | $797.2M | — |
| Q4 25 | $6.0B | — | ||
| Q3 25 | $5.8B | — | ||
| Q2 25 | $5.6B | $8.5B | ||
| Q1 25 | $3.7B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $2.9B | $7.3B | ||
| Q1 24 | $2.8B | — |
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.
| Q4 25 | $190.4M | — | ||
| Q3 25 | $167.1M | — | ||
| Q2 25 | $99.8M | — | ||
| Q1 25 | $145.8M | — | ||
| Q4 24 | $127.3M | — | ||
| Q3 24 | $104.7M | — | ||
| Q2 24 | $74.8M | — | ||
| Q1 24 | $73.6M | — |
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | — | ||
| Q2 25 | $39.9M | — | ||
| Q1 25 | $59.9M | — | ||
| Q4 24 | $54.2M | — | ||
| Q3 24 | $54.5M | — | ||
| Q2 24 | $45.2M | — | ||
| Q1 24 | $41.5M | — |
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 12.5% | — | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 11.0% | — |
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | — | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | 17.9% | — | ||
| Q4 24 | 15.9% | — | ||
| Q3 24 | 11.7% | — | ||
| Q2 24 | 7.4% | — | ||
| Q1 24 | 8.5% | — |
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% |
VEON
Segment breakdown not available.
