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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Virtu Financial, Inc. (VIRT). Click either name above to swap in a different company.
Virtu Financial, Inc. is the larger business by last-quarter revenue ($1.1B vs $614.5M, roughly 1.8× Cloudflare, Inc.). Virtu Financial, Inc. runs the higher net margin — 31.6% vs -2.0%, a 33.6% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 30.7%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 25.7%).
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.
Virtu Financial, Inc. is an American high-frequency trading company. The company went public on the Nasdaq in 2015.
NET vs VIRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $1.1B |
| Net Profit | $-12.1M | $346.6M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | 37.4% |
| Net Margin | -2.0% | 31.6% |
| Revenue YoY | 33.6% | 30.7% |
| Net Profit YoY | 6.0% | 82.8% |
| EPS (diluted) | $-0.03 | $1.99 |
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 | — | $1.1B | ||
| Q4 25 | $614.5M | $969.9M | ||
| Q3 25 | $562.0M | $824.8M | ||
| Q2 25 | $512.3M | $999.6M | ||
| Q1 25 | $479.1M | $837.9M | ||
| Q4 24 | $459.9M | $834.3M | ||
| Q3 24 | $430.1M | $706.8M | ||
| Q2 24 | $401.0M | $693.0M |
| Q1 26 | — | $346.6M | ||
| Q4 25 | $-12.1M | $139.9M | ||
| Q3 25 | $-1.3M | $77.6M | ||
| Q2 25 | $-50.4M | $151.2M | ||
| Q1 25 | $-38.5M | $99.7M | ||
| Q4 24 | $-12.8M | $94.1M | ||
| Q3 24 | $-15.3M | $60.0M | ||
| Q2 24 | $-15.1M | $66.6M |
| 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 | — | 37.4% | ||
| Q4 25 | -8.0% | 35.4% | ||
| Q3 25 | -6.7% | 21.8% | ||
| Q2 25 | -13.1% | 34.7% | ||
| Q1 25 | -11.1% | 26.7% | ||
| Q4 24 | -7.5% | 24.3% | ||
| Q3 24 | -7.2% | 20.8% | ||
| Q2 24 | -8.7% | 22.4% |
| Q1 26 | — | 31.6% | ||
| Q4 25 | -2.0% | 14.4% | ||
| Q3 25 | -0.2% | 9.4% | ||
| Q2 25 | -9.8% | 15.1% | ||
| Q1 25 | -8.0% | 11.9% | ||
| Q4 24 | -2.8% | 11.3% | ||
| Q3 24 | -3.6% | 8.5% | ||
| Q2 24 | -3.8% | 9.6% |
| Q1 26 | — | $1.99 | ||
| Q4 25 | $-0.03 | $1.54 | ||
| Q3 25 | $0.00 | $0.86 | ||
| Q2 25 | $-0.15 | $1.65 | ||
| Q1 25 | $-0.11 | $1.08 | ||
| Q4 24 | $-0.05 | $1.03 | ||
| Q3 24 | $-0.04 | $0.64 | ||
| Q2 24 | $-0.04 | $0.71 |
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 | $973.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $2.2B |
| Total Assets | $6.0B | $25.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $973.2M | ||
| Q4 25 | $943.5M | $1.1B | ||
| Q3 25 | $1.1B | $707.9M | ||
| Q2 25 | $1.5B | $752.1M | ||
| Q1 25 | $204.5M | $723.6M | ||
| Q4 24 | $147.7M | $872.5M | ||
| Q3 24 | $182.9M | $701.4M | ||
| Q2 24 | $157.0M | $684.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.7B |
| Q1 26 | — | $2.2B | ||
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $973.1M | $1.2B | ||
| Q2 24 | $881.5M | $1.2B |
| Q1 26 | — | $25.1B | ||
| Q4 25 | $6.0B | $20.2B | ||
| Q3 25 | $5.8B | $21.3B | ||
| Q2 25 | $5.6B | $19.3B | ||
| Q1 25 | $3.7B | $17.5B | ||
| Q4 24 | $3.3B | $15.4B | ||
| Q3 24 | $3.1B | $14.4B | ||
| Q2 24 | $2.9B | $13.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.29× | ||
| Q3 25 | — | 1.40× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 1.33× | ||
| Q4 24 | — | 1.39× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 1.41× |
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 | $518.4M | ||
| Q3 25 | $167.1M | $-68.7M | ||
| Q2 25 | $99.8M | $62.8M | ||
| Q1 25 | $145.8M | $15.0M | ||
| Q4 24 | $127.3M | $599.0M | ||
| Q3 24 | $104.7M | $112.1M | ||
| Q2 24 | $74.8M | $490.8M |
| Q1 26 | — | — | ||
| Q4 25 | $105.2M | $495.6M | ||
| Q3 25 | $82.5M | $-76.7M | ||
| Q2 25 | $39.9M | $57.6M | ||
| Q1 25 | $59.9M | $9.2M | ||
| Q4 24 | $54.2M | $586.6M | ||
| Q3 24 | $54.5M | $106.2M | ||
| Q2 24 | $45.2M | $486.9M |
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | 51.1% | ||
| Q3 25 | 14.7% | -9.3% | ||
| Q2 25 | 7.8% | 5.8% | ||
| Q1 25 | 12.5% | 1.1% | ||
| Q4 24 | 11.8% | 70.3% | ||
| Q3 24 | 12.7% | 15.0% | ||
| Q2 24 | 11.3% | 70.3% |
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 2.4% | ||
| Q3 25 | 15.1% | 1.0% | ||
| Q2 25 | 11.7% | 0.5% | ||
| Q1 25 | 17.9% | 0.7% | ||
| Q4 24 | 15.9% | 1.5% | ||
| Q3 24 | 11.7% | 0.8% | ||
| Q2 24 | 7.4% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.71× | ||
| Q3 25 | — | -0.89× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 6.37× | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | — | 7.37× |
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% |
VIRT
| Trading income, net | $789.1M | 72% |
| Commissions, net and technology services | $186.6M | 17% |
| Other | $119.6M | 11% |
