OpenNashEarnings

Software · NYSE: NET

Cloudflare earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 9 Feb 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Cloudflare reported third quarter revenue of $782.5 million, up 39% year-over-year, with a GAAP loss from operations of $67.9 million and non-GAAP income from operations of $137.1 million, or 18% of revenue.

Cloudflare had what it called its best quarter ever. Revenue was $782.5 million, up 39% from a year earlier, its fastest growth in nearly four years. Non-GAAP operating income was $137.1 million, a 17.5% margin, though it still posted a GAAP net loss of $34.1 million. Customers adding larger commitments and a record number of new paying customers drove growth. Net retention rose to 122%.

Read the Q3 2026 summary →Q3 2026 slides (PDF) ↗Official transcript (PDF) ↗

Quarters

KPI history

Revenue$782.5M+39.2% y/yQ3 2026
Q4 2024: $459.9M (worked out from the annual figure)Q4 ’24$459.9MQ1 2025: $479.1MQ1 ’25$479.1MQ2 2025: $512.3MQ2 ’25$512.3MQ3 2025: $562.0MQ3 ’25$562.0MQ4 2025: $614.5M (worked out from the annual figure)Q4 ’25$614.5MQ1 2026: $639.8MQ1 ’26$639.8MQ2 2026: $696.1MQ2 ’26$696.1MQ3 2026: $782.5MQ3 ’26$782.5M

Fourth quarter worked out from the annual figure.

Data
Q4 2024$459.9M *
Q1 2025$479.1M
Q2 2025$512.3M
Q3 2025$562.0M
Q4 2025$614.5M *
Q1 2026$639.8M
Q2 2026$696.1M
Q3 2026$782.5M
Diluted EPS (GAAP)-$0.10Q3 2026
Q1 2025: -$0.11Q1 ’25-$0.11Q2 2025: -$0.15Q2 ’25-$0.15Q3 2025: $0.00Q3 ’25$0.00Q1 2026: -$0.07Q1 ’26-$0.07Q2 2026: -$0.48Q2 ’26-$0.48Q3 2026: -$0.10Q3 ’26-$0.10
Data
Q1 2025-$0.11
Q2 2025-$0.15
Q3 2025$0.00
Q1 2026-$0.07
Q2 2026-$0.48
Q3 2026-$0.10

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin-8.7%−2.0 pts y/yQ3 2026
Q4 2024: -7.5%Q4 ’24-7.5%Q1 2025: -11.1%Q1 ’25-11.1%Q2 2025: -13.1%Q2 ’25-13.1%Q3 2025: -6.7%Q3 ’25-6.7%Q4 2025: -8.0%Q4 ’25-8.0%Q1 2026: -9.7%Q1 ’26-9.7%Q2 2026: -29.6%Q2 ’26-29.6%Q3 2026: -8.7%Q3 ’26-8.7%
Data
Q4 2024-7.5%
Q1 2025-11.1%
Q2 2025-13.1%
Q3 2025-6.7%
Q4 2025-8.0%
Q1 2026-9.7%
Q2 2026-29.6%
Q3 2026-8.7%
Free cash flow$93.6M+13.4% y/yQ3 2026
Q4 2024: $54.2MQ4 ’24$54.2MQ1 2025: $59.9MQ1 ’25$59.9MQ2 2025: $39.9MQ2 ’25$39.9MQ3 2025: $82.5MQ3 ’25$82.5MQ4 2025: $105.2MQ4 ’25$105.2MQ1 2026: $93.1MQ1 ’26$93.1MQ2 2026: $67.6MQ2 ’26$67.6MQ3 2026: $93.6MQ3 ’26$93.6M
Data
Q4 2024$54.2M
Q1 2025$59.9M
Q2 2025$39.9M
Q3 2025$82.5M
Q4 2025$105.2M
Q1 2026$93.1M
Q2 2026$67.6M
Q3 2026$93.6M

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$459.9Md$479.1M$512.3M$562.0M$614.5Md$639.8M$696.1M$782.5M
Gross margin76.4%75.9%74.9%74.0%73.6%71.2%71.8%71.2%
Operating income-$34.7Md-$53.2M-$67.3M-$37.5M-$49.2Md-$62.0M-$205.7M-$67.9M
Operating margin-7.5%-11.1%-13.1%-6.7%-8.0%-9.7%-29.6%-8.7%
Net income-$12.8Md-$38.5M-$50.4M-$1.3M-$12.1Md-$22.9M-$170.0M-$34.1M
Diluted EPS—-$0.11-$0.15$0.00—-$0.07-$0.48-$0.10
Operating cash flow$127.3Md$145.8M$99.8Md$167.1Md$190.4Md$158.3M$117.6Md$215.4Md
Capital expenditure$73.2Md$85.9M$59.9Md$84.6Md$85.2Md$65.2M$50.0Md$121.8Md
Free cash flow$54.2M$59.9M$39.9M$82.5M$105.2M$93.1M$67.6M$93.6M
R&D expense$120.2Md$115.1M$134.6M$121.0M$141.9Md$151.0M$159.5M$168.2M

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings