Companies · NET
Cloudflare
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Latest analysis
Updated Nov 5, 2026
Cloudflare posts best quarter ever: 39% revenue growth, 122% NRR, and GAAP profitability pulled forward to Q4 2026
Cloudflare delivered its strongest quarter as a public company, with Q3 2026 revenue of $782.5 million (+39% YoY), NRR of 122%, and operating margin of 17.5% — all records. The growth inflection is driven by two converging forces: Cloudflare's isolate-based architecture positioning it as the platform of choice for agentic AI workloads, and an intensifying security threat environment that is converting even legacy enterprises into Cloudflare customers at record pace. Management pulled forward GAAP profitability to Q4 2026, originally guided for no later than 2028, signaling that Workers Developer Platform unit economics are compressing faster than the market anticipated.
Tone: bullishRevenue
$2.2B
NET 10-K · FY 2025
Employees
5,156
Revenue FY2024
$1.7B
EBITDA margin
17.5%
Profile
NET 10-K Item 1 · Feb 26, 2026Cloudflare is a cloud-based network services company that delivers security, performance, and reliability to businesses of all sizes worldwide through a globally distributed, serverless network spanning more than 330 cities and over 125 countries. The company operates across application services, a SASE platform, developer-based solutions, and consumer offerings. Its network also serves as a programmable platform on which customers build and deploy applications, including AI-enhanced workloads.
Read filing description ↓ Collapse description ↑
Cloudflare's mission is to help build a better Internet. We have built a global network that delivers a broad range of services to businesses of all sizes and in all geographies — making them more secure, enhancing the performance of their business-critical applications, and eliminating the cost and complexity of managing individual network hardware. Our network serves as a scalable, easy-to-use, unified control plane to deliver security, performance, and reliability across their on-premises, hybrid, cloud, and software-as-a-service (SaaS) applications. In addition, the distributed and programmable nature of our network increasingly is resulting in our customers building their applications on top of our network, too — including both traditional applications and those that are enhanced with artificial intelligence (AI). Customers are therefore looking to consolidate behind a single, global provider that operates in the cloud — what has been described as a 'Connectivity Cloud'. Cloudflare is a leader in this Connectivity Cloud category. Our network serves as a scalable, easy-to-use, unified control plane to deliver security, performance, and reliability across on-premises, hybrid, cloud, and SaaS applications. We serve comprehensive customer needs across security and connectivity, and increasingly, the distributed and programmable nature of our network is resulting in customers building their applications on top of our network, too. Today, our network spans more than 330 cities in over 125 countries worldwide and interconnects with over 13,000 networks globally, including major ISPs, cloud services, and enterprises.
Primary products
- Web Application Firewall (WAF)
- Bot Management
- Distributed Denial of Service (DDoS) Mitigation
- API Security (API Shield)
- SSL / TLS Encryption
- Client-Side Security (Page Shield)
Business segments
End markets
Geographies
Named customers
No single customer accounted for more than 10% of our revenue in the years ended December 31, 2023, 2024, or 2025.
Named competitors
“We believe that we are positioned favorably against our competitors based on these principal competitive factors.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue grew from $1,669.6 million in 2024 to $2,167.9 million in 2025, continuing the company's multi-year growth trend, though management cautions that historical growth rates may not be indicative of future performance.
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