Run-rate dilution has risen for four straight quarters across software and internet. New per-employee metrics on the tracker + 2Q26 leaderboard and deep dives.
On your numbers Cloudflare's FCF after SBC is about -$42k per employee ($67k less $109k). Does the tracker net buybacks out of the dilution rows, or is it gross issuance?
On your numbers Cloudflare's FCF after SBC is about -$42k per employee ($67k less $109k). Does the tracker net buybacks out of the dilution rows, or is it gross issuance?