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Side-by-side financial comparison of Cloudflare, Inc. (NET) and Western Union CO (WU). Click either name above to swap in a different company.
Western Union CO is the larger business by last-quarter revenue ($982.7M vs $614.5M, roughly 1.6× Cloudflare, Inc.). Western Union CO runs the higher net margin — 6.6% vs -2.0%, a 8.5% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 0.0%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -1.9%).
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.
The Western Union Company is an American multinational financial services corporation headquartered in Denver, Colorado.
NET vs WU — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $982.7M |
| Net Profit | $-12.1M | $64.7M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | 12.5% |
| Net Margin | -2.0% | 6.6% |
| Revenue YoY | 33.6% | 0.0% |
| Net Profit YoY | 6.0% | -47.6% |
| EPS (diluted) | $-0.03 | $0.41 |
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 | — | $982.7M | ||
| Q4 25 | $614.5M | $972.0M | ||
| Q3 25 | $562.0M | $985.3M | ||
| Q2 25 | $512.3M | $983.6M | ||
| Q1 25 | $479.1M | $938.7M | ||
| Q4 24 | $459.9M | $1.0B | ||
| Q3 24 | $430.1M | $993.4M | ||
| Q2 24 | $401.0M | $1.0B |
| Q1 26 | — | $64.7M | ||
| Q4 25 | $-12.1M | $114.4M | ||
| Q3 25 | $-1.3M | $139.6M | ||
| Q2 25 | $-50.4M | $122.1M | ||
| Q1 25 | $-38.5M | $123.5M | ||
| Q4 24 | $-12.8M | $385.7M | ||
| Q3 24 | $-15.3M | $264.8M | ||
| Q2 24 | $-15.1M | $141.0M |
| Q1 26 | — | — | ||
| Q4 25 | 73.6% | 33.6% | ||
| Q3 25 | 74.0% | 34.7% | ||
| Q2 25 | 74.9% | 34.6% | ||
| Q1 25 | 75.9% | 34.0% | ||
| Q4 24 | 76.4% | 35.0% | ||
| Q3 24 | 77.7% | 34.2% | ||
| Q2 24 | 77.8% | 35.0% |
| Q1 26 | — | 12.5% | ||
| Q4 25 | -8.0% | 19.1% | ||
| Q3 25 | -6.7% | 20.5% | ||
| Q2 25 | -13.1% | 19.6% | ||
| Q1 25 | -11.1% | 18.9% | ||
| Q4 24 | -7.5% | 17.5% | ||
| Q3 24 | -7.2% | 16.6% | ||
| Q2 24 | -8.7% | 18.7% |
| Q1 26 | — | 6.6% | ||
| Q4 25 | -2.0% | 11.8% | ||
| Q3 25 | -0.2% | 14.2% | ||
| Q2 25 | -9.8% | 12.4% | ||
| Q1 25 | -8.0% | 13.2% | ||
| Q4 24 | -2.8% | 37.9% | ||
| Q3 24 | -3.6% | 26.7% | ||
| Q2 24 | -3.8% | 13.8% |
| Q1 26 | — | $0.41 | ||
| Q4 25 | $-0.03 | $0.36 | ||
| Q3 25 | $0.00 | $0.43 | ||
| Q2 25 | $-0.15 | $0.37 | ||
| Q1 25 | $-0.11 | $0.36 | ||
| Q4 24 | $-0.05 | $1.14 | ||
| Q3 24 | $-0.04 | $0.78 | ||
| Q2 24 | $-0.04 | $0.41 |
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 | $909.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $910.5M |
| Total Assets | $6.0B | $8.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $909.2M | ||
| Q4 25 | $943.5M | $1.2B | ||
| Q3 25 | $1.1B | $947.8M | ||
| Q2 25 | $1.5B | $1.0B | ||
| Q1 25 | $204.5M | $1.3B | ||
| Q4 24 | $147.7M | $1.5B | ||
| Q3 24 | $182.9M | $1.1B | ||
| Q2 24 | $157.0M | $1.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | — | $2.1B |
| Q1 26 | — | $910.5M | ||
| Q4 25 | $1.5B | $957.8M | ||
| Q3 25 | $1.3B | $925.4M | ||
| Q2 25 | $1.2B | $883.6M | ||
| Q1 25 | $1.4B | $939.4M | ||
| Q4 24 | $1.0B | $968.9M | ||
| Q3 24 | $973.1M | $652.7M | ||
| Q2 24 | $881.5M | $440.8M |
| Q1 26 | — | $8.1B | ||
| Q4 25 | $6.0B | $8.3B | ||
| Q3 25 | $5.8B | $7.8B | ||
| Q2 25 | $5.6B | $8.0B | ||
| Q1 25 | $3.7B | $8.3B | ||
| Q4 24 | $3.3B | $8.4B | ||
| Q3 24 | $3.1B | $7.7B | ||
| Q2 24 | $2.9B | $8.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.01× | ||
| Q3 25 | — | 2.70× | ||
| Q2 25 | — | 2.83× | ||
| Q1 25 | — | 2.61× | ||
| Q4 24 | — | 3.04× | ||
| Q3 24 | — | 3.29× | ||
| Q2 24 | — | 4.88× |
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 | $109.0M |
| Free Cash FlowOCF − Capex | $105.2M | — |
| FCF MarginFCF / Revenue | 17.1% | — |
| Capex IntensityCapex / Revenue | 13.9% | 4.8% |
| Cash ConversionOCF / Net Profit | — | 1.68× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $109.0M | ||
| Q4 25 | $190.4M | $135.4M | ||
| Q3 25 | $167.1M | $260.4M | ||
| Q2 25 | $99.8M | $-300.0K | ||
| Q1 25 | $145.8M | $148.2M | ||
| Q4 24 | $127.3M | $134.0M | ||
| Q3 24 | $104.7M | $212.1M | ||
| Q2 24 | $74.8M | $-33.8M |
| Q1 26 | — | — | ||
| Q4 25 | $105.2M | $115.5M | ||
| Q3 25 | $82.5M | $252.7M | ||
| Q2 25 | $39.9M | $-7.8M | ||
| Q1 25 | $59.9M | $144.8M | ||
| Q4 24 | $54.2M | $119.7M | ||
| Q3 24 | $54.5M | $205.1M | ||
| Q2 24 | $45.2M | $-38.9M |
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | 11.9% | ||
| Q3 25 | 14.7% | 25.6% | ||
| Q2 25 | 7.8% | -0.8% | ||
| Q1 25 | 12.5% | 15.4% | ||
| Q4 24 | 11.8% | 11.8% | ||
| Q3 24 | 12.7% | 20.6% | ||
| Q2 24 | 11.3% | -3.8% |
| Q1 26 | — | 4.8% | ||
| Q4 25 | 13.9% | 2.0% | ||
| Q3 25 | 15.1% | 0.8% | ||
| Q2 25 | 11.7% | 0.8% | ||
| Q1 25 | 17.9% | 0.4% | ||
| Q4 24 | 15.9% | 1.4% | ||
| Q3 24 | 11.7% | 0.7% | ||
| Q2 24 | 7.4% | 0.5% |
| Q1 26 | — | 1.68× | ||
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.87× | ||
| Q2 25 | — | -0.00× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | — | 0.35× | ||
| Q3 24 | — | 0.80× | ||
| Q2 24 | — | -0.24× |
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% |
WU
Segment breakdown not available.
