Cloudflare vs Shopify
Shopify reported revenue of $11.6 billion in fiscal 2025, 5.3 times Cloudflare's $2.2 billion in fiscal 2025. Cloudflare's revenue grew 29.9% in its latest year, and Shopify's grew 30.1%. Cloudflare had an operating margin of -9.6%, against 12.7% at Shopify. Free cash flow was $288 million at Cloudflare and $2.0 billion at Shopify.
Side by side
| Cloudflare | Shopify | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $2.2B | $11.6B |
| Revenue growth | 29.9% | 30.1% |
| Revenue growth a year, last 5 years | 38.1% | 31.6% |
| Gross margin | 74.5% | 48.1% |
| Operating margin | −9.6% | 12.7% |
| Net margin | −4.7% | 10.7% |
| Free cash flow | $288M | $2.0B |
| Free cash flow margin | 13.3% | 17.4% |
| Return on capital | −29.7% | 16.3% |
| Net debt to EBITDA | — | −3.9x |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 2.0% | 0.3% |
| Last close | $331.86 | $168.18 |
| P/E at the last close | — | 113.6× |
| Insider trades, last 12 months | sold $664.8 million | — |
| Piotroski F-score | 3 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
CloudflareShopify
Operating margin
Percent of revenue
CloudflareShopify
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CloudflareShopify
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Cloudflare and Shopify pages.