Cloudflare (NET) Company Report

Cloudflare (NET) achieved revenue of $562 million in Q3 2025, marking a 30.7% year-over-year increase, and reported an operating profit of $85.9 million.
The company expanded its large customer base (those paying over $100,000 annually) to 4,009, a 23% increase year over year, with these customers contributing 73% of total revenue. The dollar-based net retention rate accelerated to 119%.
Remaining Performance Obligations (RPO) increased 43% year over year to $2,143 million, driven by strong performance from large customer cohorts and the Cloudflare Workers platform.
For Q4 2025, Cloudflare anticipates revenue between $588.5 million and $589.5 million and diluted net income per share of $0.27. The full-year 2025 revenue is projected to be between $2,142 million and $2,143 million, with diluted net income per share of $0.91.
CJ Desai, a speaker on the earnings call, is departing Cloudflare to become the CEO of another public technology company.

Oct 30, 2025, 9:00 PM

Transcript

Cloudflare Reports Q3 2025 Results and Provides Q4 and Full-Year 2025 Guidance

NET

Earnings

Guidance Update

Revenue Acceleration/Inflection

Cloudflare reported Q3 2025 revenue of $562 million, marking 31% year-over-year growth.
The company achieved a Non-GAAP gross margin of 75% and a Non-GAAP operating margin of 15% for Q3 2025.
As of September 30, 2025, Cloudflare had 295,552 total paying customers and 4,009 large customers (those with over $100,000 in annualized revenue), with large customer growth at 23% year-over-year.
For Q4 2025, revenue is guided between $588.5 million and $589.5 million, with full-year 2025 revenue expected between $2,142.0 million and $2,143.0 million.

Oct 30, 2025, 9:00 PM

Presentation

Cloudflare Announces Third Quarter 2025 Financial Results and Outlook

NET

Earnings

Guidance Update

Revenue Acceleration/Inflection

Cloudflare reported Q3 2025 revenue of $562.0 million, an increase of 31% year-over-year.
The company achieved non-GAAP net income per diluted share of $0.27 for Q3 2025.
Free cash flow for Q3 2025 was $75.0 million, or 13% of revenue.
For Q4 2025, Cloudflare expects total revenue to range from $588.5 million to $589.5 million.
The full-year fiscal 2025 non-GAAP net income per share is projected to be $0.91.

Oct 30, 2025, 8:16 PM

8-K

Cloudflare Announces Third Quarter 2025 Financial Results and Leadership Change

NET

Earnings

Guidance Update

Management Change

Cloudflare reported third quarter 2025 revenue of $562.0 million, representing a 31% increase year-over-year.
For Q3 2025, the company achieved non-GAAP income from operations of $85.9 million (15.3% of revenue) and non-GAAP net income per diluted share of $0.27.
Free cash flow for the third quarter of 2025 was $75.0 million, or 13% of revenue.
CJ Desai will step down as President of Product & Engineering effective November 7, 2025, to assume a CEO role at another publicly-traded company.
Cloudflare provided a full year fiscal 2025 outlook, expecting total revenue between $2,142.0 to $2,143.0 million and non-GAAP net income per share of $0.91.

Oct 30, 2025, 8:15 PM

Press Release

Cloudflare Discusses Strategic Shifts, Product Growth, and Future Initiatives

NET

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

Cloudflare positions itself as "the network" that makes the Internet faster and protects it, fundamentally differing from hyperscalers by focusing on moving data efficiently rather than hoarding it.
The company is transitioning from a product-led growth model to a more sophisticated enterprise sales strategy, which has led to an earlier-than-expected upswing in sales, particularly in APAC, EMEA, and North America.
Growth is increasingly driven by "pool of funds" deals, where customers commit to spending a certain amount and are encouraged to adopt Cloudflare's entire platform, including its "Act one" (security/performance), "Act two" (Zero Trust), and "Act three" (developer platform like Workers) products.
The Workers developer platform (Act three) is growing significantly faster than anticipated and is expected to surpass Act one and Act two in revenue within the next few years.
Cloudflare is exploring a new initiative, referred to as "Act Four," to act as a broker between AI companies and content creators, aiming to compensate creators for their content used by AI, drawing parallels to the music industry's shift to streaming models.

Aug 12, 2025, 7:30 PM

Cloudflare Implements Permission-Based AI Crawler Blocking

NET

Product Launch

New Projects/Investments

Cloudflare has launched a permission-based model that defaults to blocking AI crawlers from accessing website content, requiring explicit consent from website owners.
This initiative aims to re-establish control for content creators and foster a new economic model, addressing the issue of AI models using content without compensation or attribution.
Since September 2024, over one million customers have already utilized Cloudflare's option to block AI crawlers.
Cloudflare is actively involved in developing a new standardized protocol for AI bot authentication and identification, providing enhanced control for website operators.
The new model is supported by major global publishers and media companies, including Condé Nast, Dotdash Meredith, Gannett Media, Pinterest, Reddit, Universal Music Group, and TIME.

Jul 3, 2025, 7:00 AM

Press Release

Cloudflare AGM 2025: Key Voting Outcomes Announced

NET

Proxy Vote Outcomes

Board Change

Auditor Change

Cloudflare held its FY 2025 AGM on June 05, 2025, conducting the meeting virtually with clear proxy instructions and a record date of 04/10/2025.
All three board nominees—Stacy Cunningham, Mark Hawkins, and Carl Ledbetter—were elected as class three directors based on preliminary voting results.
The meeting ratified KPMG LLP as the independent auditor for the year ending 12/31/2025 and approved advisory executive compensation proposals.

Jun 5, 2025, 4:41 PM

Cloudflare Reports Strong Q1 2025 Performance and Earnings

NET

Earnings

Guidance Update

Revenue Acceleration/Inflection

Q1 2025 revenue reached $479.1 million demonstrating robust YoY growth (20% / 27% ).
Secured its largest contract in company history (exceeding $100M) and its longest-term SASE agreement .
Updated guidance for Q2 2025 and FY 2025 with Q2 revenue expected in the $500M range and FY revenue projected between $2.09B and $2.094B .
Profitability highlights included an operating profit of $56M, a GAAP loss from operations of $53.2M, and a 77% Non-GAAP gross margin .
Expanded customer base to 250,819 paying customers with 3,527 large customers now contributing 69% of total revenue .
Improved operational efficiency with free cash flow of $52.9M and strong APAC performance up 54% YoY .

May 8, 2025, 9:01 PM

Transcript Presentation 8-K

Cloudflare Enhances Leadership and Strategic Focus for Future Growth

NET

Management Change

Revenue Acceleration/Inflection

New Projects/Investments

Leadership transformation: In 2024, Cloudflare enhanced its management team with key hires including Mark Anderson, Stephanie Cohen, and CJ Desai, positioning the company to overcome recent operational challenges and reinvigorate its innovation engine in 2025.
Strategic network and revenue growth: The executives emphasized strengthening a resilient, integrated network platform to support enterprise and developer products, with an ambitious target of reaching $5 billion in revenue by 2028 through improved go-to-market operations.
Adapting to market evolution: The call highlighted efforts to address emerging challenges such as evolving content monetization in the AI-driven web and enterprise technology debt, underscoring Cloudflare’s initiatives to align with changing internet business models.

Mar 12, 2025, 5:01 PM

Transcript

Cloudflare Investor Day 2025: Growth Strategy and Innovation Roadmap

NET

Revenue Acceleration/Inflection

New Projects/Investments

Product Launch

Cloudflare has outlined its strategy to scale its business to over $5B in revenue, emphasizing investments in product and engineering enhancements aimed at driving future growth.
The company reinforced its commitment to innovation, detailing advancements in AI, application services, and network capabilities to support digital modernization and a seamless developer experience.
A robust go-to-market plan was highlighted, focusing on accelerating sales productivity through enhanced AE momentum, pipeline growth, and alignment with customers' digital imperatives.

Mar 12, 2025, 5:00 PM

Presentation

Earnings Transcripts

Quarterly earnings call transcripts for Cloudflare.

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