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Side-by-side financial comparison of Cloudflare, Inc. (NET) and ZIONS BANCORPORATION, NATIONAL ASSOCIATION (ZION). Click either name above to swap in a different company.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION is the larger business by last-quarter revenue ($891.0M vs $614.5M, roughly 1.4× Cloudflare, Inc.). ZIONS BANCORPORATION, NATIONAL ASSOCIATION runs the higher net margin — 29.5% vs -2.0%, a 31.5% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 8.7%). ZIONS BANCORPORATION, NATIONAL ASSOCIATION produced more free cash flow last quarter ($952.0M vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 9.6%).
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.
Zions Bancorporation is an American national bank headquartered in Salt Lake City, Utah. It operates as a national bank rather than as a bank holding company and does business under the following seven brands: Zions Bank, Amegy Bank of Texas, California Bank and Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and the Commerce Bank of Washington.
NET vs ZION — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $891.0M |
| Net Profit | $-12.1M | $263.0M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | — |
| Net Margin | -2.0% | 29.5% |
| Revenue YoY | 33.6% | 8.7% |
| Net Profit YoY | 6.0% | 21.8% |
| EPS (diluted) | $-0.03 | $1.77 |
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 | $891.0M | ||
| Q3 25 | $562.0M | $861.0M | ||
| Q2 25 | $512.3M | $838.0M | ||
| Q1 25 | $479.1M | $795.0M | ||
| Q4 24 | $459.9M | $820.0M | ||
| Q3 24 | $430.1M | $792.0M | ||
| Q2 24 | $401.0M | $777.0M | ||
| Q1 24 | $378.6M | $742.0M |
| Q4 25 | $-12.1M | $263.0M | ||
| Q3 25 | $-1.3M | $222.0M | ||
| Q2 25 | $-50.4M | $244.0M | ||
| Q1 25 | $-38.5M | $170.0M | ||
| Q4 24 | $-12.8M | $216.0M | ||
| Q3 24 | $-15.3M | $214.0M | ||
| Q2 24 | $-15.1M | $201.0M | ||
| Q1 24 | $-35.5M | $153.0M |
| 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% | — | ||
| Q3 25 | -6.7% | — | ||
| Q2 25 | -13.1% | — | ||
| Q1 25 | -11.1% | — | ||
| Q4 24 | -7.5% | — | ||
| Q3 24 | -7.2% | — | ||
| Q2 24 | -8.7% | — | ||
| Q1 24 | -14.4% | — |
| Q4 25 | -2.0% | 29.5% | ||
| Q3 25 | -0.2% | 25.8% | ||
| Q2 25 | -9.8% | 29.1% | ||
| Q1 25 | -8.0% | 21.4% | ||
| Q4 24 | -2.8% | 26.3% | ||
| Q3 24 | -3.6% | 27.0% | ||
| Q2 24 | -3.8% | 25.9% | ||
| Q1 24 | -9.4% | 20.6% |
| Q4 25 | $-0.03 | $1.77 | ||
| Q3 25 | $0.00 | $1.48 | ||
| Q2 25 | $-0.15 | $1.63 | ||
| Q1 25 | $-0.11 | $1.13 | ||
| Q4 24 | $-0.05 | $1.34 | ||
| Q3 24 | $-0.04 | $1.37 | ||
| Q2 24 | $-0.04 | $1.28 | ||
| Q1 24 | $-0.10 | $0.96 |
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 | — |
| Total DebtLower is stronger | — | $1.5B |
| Stockholders' EquityBook value | $1.5B | $7.2B |
| Total Assets | $6.0B | $89.0B |
| Debt / EquityLower = less leverage | — | 0.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $204.5M | — | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | — | ||
| Q1 24 | $254.4M | — |
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $970.0M | ||
| Q1 25 | — | $964.0M | ||
| Q4 24 | — | $950.0M | ||
| Q3 24 | — | $548.0M | ||
| Q2 24 | — | $546.0M | ||
| Q1 24 | — | $544.0M |
| Q4 25 | $1.5B | $7.2B | ||
| Q3 25 | $1.3B | $6.9B | ||
| Q2 25 | $1.2B | $6.6B | ||
| Q1 25 | $1.4B | $6.3B | ||
| Q4 24 | $1.0B | $6.1B | ||
| Q3 24 | $973.1M | $6.4B | ||
| Q2 24 | $881.5M | $6.0B | ||
| Q1 24 | $797.2M | $5.8B |
| Q4 25 | $6.0B | $89.0B | ||
| Q3 25 | $5.8B | $88.5B | ||
| Q2 25 | $5.6B | $88.9B | ||
| Q1 25 | $3.7B | $88.0B | ||
| Q4 24 | $3.3B | $88.8B | ||
| Q3 24 | $3.1B | $87.0B | ||
| Q2 24 | $2.9B | $87.6B | ||
| Q1 24 | $2.8B | $87.1B |
| Q4 25 | — | 0.21× | ||
| Q3 25 | — | 0.21× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.16× | ||
| Q3 24 | — | 0.09× | ||
| Q2 24 | — | 0.09× | ||
| Q1 24 | — | 0.09× |
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 | $1.1B |
| Free Cash FlowOCF − Capex | $105.2M | $952.0M |
| FCF MarginFCF / Revenue | 17.1% | 106.8% |
| Capex IntensityCapex / Revenue | 13.9% | 13.6% |
| Cash ConversionOCF / Net Profit | — | 4.08× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $1.1B | ||
| Q3 25 | $167.1M | $438.0M | ||
| Q2 25 | $99.8M | $-62.0M | ||
| Q1 25 | $145.8M | $179.0M | ||
| Q4 24 | $127.3M | $1.1B | ||
| Q3 24 | $104.7M | $119.0M | ||
| Q2 24 | $74.8M | $251.0M | ||
| Q1 24 | $73.6M | $261.0M |
| Q4 25 | $105.2M | $952.0M | ||
| Q3 25 | $82.5M | $413.0M | ||
| Q2 25 | $39.9M | $-93.0M | ||
| Q1 25 | $59.9M | $152.0M | ||
| Q4 24 | $54.2M | $1.1B | ||
| Q3 24 | $54.5M | $97.0M | ||
| Q2 24 | $45.2M | $234.0M | ||
| Q1 24 | $41.5M | $231.0M |
| Q4 25 | 17.1% | 106.8% | ||
| Q3 25 | 14.7% | 48.0% | ||
| Q2 25 | 7.8% | -11.1% | ||
| Q1 25 | 12.5% | 19.1% | ||
| Q4 24 | 11.8% | 128.2% | ||
| Q3 24 | 12.7% | 12.2% | ||
| Q2 24 | 11.3% | 30.1% | ||
| Q1 24 | 11.0% | 31.1% |
| Q4 25 | 13.9% | 13.6% | ||
| Q3 25 | 15.1% | 2.9% | ||
| Q2 25 | 11.7% | 3.7% | ||
| Q1 25 | 17.9% | 3.4% | ||
| Q4 24 | 15.9% | 11.8% | ||
| Q3 24 | 11.7% | 2.8% | ||
| Q2 24 | 7.4% | 2.2% | ||
| Q1 24 | 8.5% | 4.0% |
| Q4 25 | — | 4.08× | ||
| Q3 25 | — | 1.97× | ||
| Q2 25 | — | -0.25× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 5.31× | ||
| Q3 24 | — | 0.56× | ||
| Q2 24 | — | 1.25× | ||
| Q1 24 | — | 1.71× |
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% |
ZION
Segment breakdown not available.
