Jun 2026 (Q2 FY26) — Aug 6, 2026
Cloudflare Q2 FY26 — Stellar Growth Driven by Agentic AI and Developer Platform
Read the full callCloudflare (NET) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Cloudflare earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 696 | +35.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -29.6 | −16.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -170 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
15 of 16 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly operating income guidance | $90 million to $91 million | Mar 2026 | We delivered operating profit of $96.1 million, representing a non-GAAP operating margin of 13.8%. | Achieved |
| Full-year restructuring and severance charge guidance | $140 million to $150 million for full year 2026, of which approximately $40 million noncash | Mar 2026 | For full year 2026, we now expect severance and other restructuring charges of up to $165 million with up to $130 million expected to be cash related. | Revised Down |
| Act 4 content-monetization first revenue | make real progress and see the first revenue passed back to the long tail of the Internet's content creators, as one of Cloudflare's top 6 priorities for 2026 | Mar 2026 | During these, we unveiled the key building blocks for a 2-sided agentic marketplace. Monetization Gateway allows our customers to sell any resource behind Cloudflare, whether it's a web page, an API, a data set or an MCP tool. | On Track |
1 of Cloudflare, Inc.'s 36 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 33 more targets are in the full ledger.
Claimed
- Revenue reached $696.1 million, marking a 36% year-over-year increase.
- Dollar-based net retention accelerated to 120%, up 6% year-over-year.
- Added a record 986 large customers ($100K+ ARR) year-over-year, a 27% increase.
- Non-GAAP operating profit was $96.1 million, representing a 13.8% operating margin.
- Free cash flow grew 69% year-over-year to $56.4 million.
Qualified
- Severance and other restructuring charges amounted to $151 million in Q2, with $99 million paid.
- Full-year 2026 severance and restructuring charges are now expected up to $165 million, with up to $130 million cash-related.
- General and administrative expenses as a percentage of revenue increased to 11% from 10% year-over-year.
Price
$297.58 +0.43% · +$1.28
Performance +41.7% 1Y
1Y: $210.01 on 17 Oct 2025 → $297.58. High $360.93 (9 Oct 2026), low $160.19 (23 Feb 2026).
- Previous close
- $296.3
- 52-week range
- $160.19 – $360.93
- One year
- +39.68%
Overview
- Symbol
- NET
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
15 of 16 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly operating income guidance | $90 million to $91 million | Mar 2026 | We delivered operating profit of $96.1 million, representing a non-GAAP operating margin of 13.8%. | Achieved |
| Full-year restructuring and severance charge guidance | $140 million to $150 million for full year 2026, of which approximately $40 million noncash | Mar 2026 | For full year 2026, we now expect severance and other restructuring charges of up to $165 million with up to $130 million expected to be cash related. | Revised Down |
| Act 4 content-monetization first revenue | make real progress and see the first revenue passed back to the long tail of the Internet's content creators, as one of Cloudflare's top 6 priorities for 2026 | Mar 2026 | During these, we unveiled the key building blocks for a 2-sided agentic marketplace. Monetization Gateway allows our customers to sell any resource behind Cloudflare, whether it's a web page, an API, a data set or an MCP tool. | On Track |
Claimed
- Revenue reached $696.1 million, marking a 36% year-over-year increase.
- Dollar-based net retention accelerated to 120%, up 6% year-over-year.
- Added a record 986 large customers ($100K+ ARR) year-over-year, a 27% increase.
- Non-GAAP operating profit was $96.1 million, representing a 13.8% operating margin.
- Free cash flow grew 69% year-over-year to $56.4 million.
Qualified
- Severance and other restructuring charges amounted to $151 million in Q2, with $99 million paid.
- Full-year 2026 severance and restructuring charges are now expected up to $165 million, with up to $130 million cash-related.
- General and administrative expenses as a percentage of revenue increased to 11% from 10% year-over-year.
The full ledger
Open Cloudflare, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 36 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Cloudflare Q1 FY26 — Strong Growth and AI-Driven Restructuring
Read the full callDec 2025 (Q4 FY25) — Feb 10, 2026
Cloudflare, Inc. Q4 FY25 — Record ACV Growth and AI Tailwinds
Read the full callEvery analysed call
Cloudflare earnings calls (NET)
Financials
What the filings say
Net profit, year on year: −237% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 430 | 460 | 479 | 512 | 562 | 615 | 640 | 696 |
| Operating profit | -31 | -35 | -53 | -67 | -37 | -49 | -62 | -206 |
| Operating margin | −7.2% | −7.5% | −11.1% | −13.1% | −6.7% | −8.0% | −9.7% | −29.6% |
| Other income | 18 | 24 | 16 | 20 | 39 | 39 | 41 | 38 |
| Interest | 1 | 1 | 1 | 2 | 3 | 3 | 3 | 3 |
| Profit before tax | -13 | -11 | -37 | -47 | 2 | -11 | -21 | -168 |
| Tax rate | −19.6% | −18.5% | −4.6% | −6.7% | 169.7% | −14.9% | −7.1% | −1.2% |
| Net profit | -15 | -13 | -38 | -50 | -1 | -12 | -23 | -170 |
| EPS ($ per share) | -0.04 | — | -0.11 | -0.15 | 0 | — | -0.07 | -0.48 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | -196 | -302 | -421 | -681 | -840 | -1,024 | -1,103 | -1,205 |
| Total liabilities | 80 | 105 | 564 | 1,556 | 1,964 | 1,997 | 2,255 | 4,577 |
| Fixed assets | 73 | 101 | 124 | 184 | 287 | 323 | 467 | 619 |
| Total assets | 298 | 831 | 1,381 | 2,372 | 2,588 | 2,760 | 3,301 | 6,036 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -43 | -39 | -17 | 65 | 124 | 254 | 380 | 603 |
| Cash from investing | -121 | -418 | -515 | -709 | -236 | -186 | -330 | -1,807 |
| Cash from financing | 169 | 571 | 505 | 847 | 6 | -192 | 13 | 2,004 |
| Net cash flow | 5 | 114 | -27 | 203 | -106 | -124 | 63 | 800 |
| Capital expenditure | -25 | -43 | -56 | -93 | -144 | -114 | -185 | -316 |
| Free cash flow | -69 | -82 | -74 | -28 | -20 | 140 | 195 | 287 |
NET revenue by segment
| Segment | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|
| Reportable | 100% | 100% | 100% | 100% | 100% | 100% | +35.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
NET operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Customers above an annual spend threshold Paying >$100,000 per year | 3,497During the quarter, we added a record number of new large customers those that pay us more than $100,000 per year, and now have 3,497 large customers, also up 27% year-over-year.Source: earnings call transcript | 3,712We now have 3,712 customers paying us more than $100,000 per year, a 22% increase year-over-year.Source: earnings call transcript | 4,009We now have 4,009 large customers, those that pay us more than $100,000 per year, a 23% increase year-over-year.Source: earnings call transcript | 4,298We now have 4,298 customers paying us more than $100,000 per year, up 23% year-over-year.Source: earnings call transcript | 4,416We now have 4,416 customers paying us more than $100,000 per year, a 25% increase year-over-year.Source: earnings call transcript | 4,698We now have 4,698 customers paying us more than $100,000 per year, a 27% increase year-over-year.Source: earnings call transcript | +6.4% |
| Net revenue retention rate | 111%Our dollar-based net retention ticked up 1 percentage point quarter-over-quarter to 111%.Source: earnings call transcript | 114%Our dollar-based net retention was 114%, up 3% quarter-over-quarter.Source: earnings call transcript | 119%Our dollar-based net retention was 119%, up 5 percentage points quarter-over-quarter.Source: earnings call transcript | 120%Our dollar-based net retention was 120%, up 1% quarter-over-quarter and 9% year-over-year.Source: earnings call transcript | 118%Our dollar-based net retention was 118%, down 2% quarter-over-quarter and up 7% year-over-year.Source: earnings call transcript | 120%Our dollar-based net retention was 120%, up 2% quarter-over-quarter and up 6% year-over-year.Source: earnings call transcript | +2 pt |
| Customers | ~237.7KIn the fourth quarter, we had approximately 237,700 paying customers, representing a record addition of nearly 48,000 paying customers in 2024 and an increase of 25% year-over-year.Source: earnings call transcript | ~266KIn the second quarter, we had approximately 266,000 paying customers, representing an addition of over 15,000 paying customers sequentially and an increase of 27% year-over-year.Source: earnings call transcript | ~296KIn the third quarter, we had approximately 296,000 paying customers, representing a record net addition of nearly 30,000 paying customers sequentially and an increase of 33% year-over-year, driven by an uptick in customers, including those graduating from the free tier to small paid accounts for developer platform products around our AI Week and birthday week.Source: earnings call transcript | ~332KIn the fourth quarter, we had approximately 332,000 paying customers, representing a record addition of nearly 37,000 paying customers sequentially and an increase of 40% year-over-year, driven again by an uptick in customers, including those graduating from the free tier to small paid accounts, particularly for our developer platform products.Source: earnings call transcript | — | — | — |
| Employees | ~4,300Our total number of employees increased 16% year-over-year, bringing our total headcount to about 4,300 at the end of the quarter.Source: earnings call transcript | 4,600+Our total number of employees increased 18% year-over-year, bringing our total headcount to more than 4,600 at the end of the quarter.Source: earnings call transcript | ~4,800Our total number of employees increased 16% year-over-year, bringing our total headcount to roughly 4,800 at the end of the quarter.Source: earnings call transcript | ~5,200Our total number of employees increased 21% year-over-year, bringing our total headcount to approximately 5,200 at the end of the quarter.Source: earnings call transcript | ~5,500Our total headcount ended the quarter at approximately 5,500.Source: earnings call transcript | 4,700Our total head count ended the quarter at 4,700.Source: earnings call transcript | — |
| Remaining performance obligation (RPO) | $1.687BRemaining performance obligations, or RPO, came in at $1.687 billion, representing an increase of 12% sequentially and 36% year-over-year.Source: earnings call transcript | $1.977BRemaining performance obligations, or RPO, came in at $1.977 billion, representing an increase of 6% sequentially and 39% year-over-year.Source: earnings call transcript | $2.143BRemaining performance obligations, or RPO, came in at $2.143 billion, representing an increase of 8% sequentially and 43% year-over-year.Source: earnings call transcript | $2.496BRemaining performance obligations, or RPO, came in at $2.496 billion, representing an increase of 16% sequentially and 48% year-over-year.Source: earnings call transcript | $2.543BRemaining performance obligations, or RPO, came in at $2.543 billion, representing an increase of 2% sequentially and 36% year-over-year.Source: earnings call transcript | $2.732BRemaining performance obligations, or RPO, came in at $2.732 billion, representing an increase of 7% sequentially and 38% year-over-year.Source: earnings call transcript | +7.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 51%
- EMEA 27% ↓ 1 pt
- Asia Pacific 14% ↑ 1 pt
- Other Geographical Regions 8%
As NET cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
984 filings between Oct 20, 2025 and Oct 7, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$700.03M
843 sales by 10 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 12
- Award — granted as compensation
- 21
- Option exercise — converted options into shares
- 25
- Tax withheld — shares kept back by the company to cover tax
Also filed: 82 conversions, 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Prince Matthew | — | $339.58M | Aug 5, 2026 |
| Zatlyn Michelle | — | $247.19M | Oct 7, 2026 |
| SEIFERT THOMAS J | — | $55.87M | Sep 17, 2026 |
| Ledbetter Carl | — | $32.43M | Sep 22, 2026 |
| Riley Janel | — | $8.78M | Aug 18, 2026 |
| Graham-Cumming John | — | $5.80M | Aug 10, 2026 |
| Starzak Alissa Michelle | — | $5.32M | Aug 18, 2026 |
| Kramer Douglas James | — | $3.67M | Feb 2, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 7, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 297 | $104.6K |
| Oct 7, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 2,162 | $759.7K |
| Oct 7, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 4,240 | $1.49M |
| Oct 7, 2026 | Zatlyn Michelle President and Board Co-Chair | Conversion 10b5-1 plan | 33,003 | — |
| Oct 7, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 7,688 | $2.68M |
| Oct 7, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 9,022 | $3.13M |
| Oct 7, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 3,900 | $1.36M |
| Oct 7, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 5,694 | $1.97M |
| Oct 6, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 8,559 | $3.15M |
| Oct 6, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 9,170 | $3.36M |
| Oct 6, 2026 | Zatlyn Michelle President and Board Co-Chair | Conversion 10b5-1 plan | 33,003 | — |
| Oct 6, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 752 | $277.7K |
| Oct 6, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 4,260 | $1.55M |
| Oct 6, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 6,179 | $2.26M |
| Oct 6, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 4,083 | $1.50M |
| Oct 5, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 157 | $55.9K |
| Oct 5, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 6,136 | $2.18M |
| Oct 5, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 5,892 | $2.08M |
| Oct 5, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 2,823 | $1.00M |
| Oct 5, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 6,864 | $2.42M |
| Oct 5, 2026 | Zatlyn Michelle President and Board Co-Chair | Conversion 10b5-1 plan | 33,003 | — |
| Oct 5, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 3,619 | $1.26M |
| Oct 5, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 2,683 | $939.3K |
| Oct 5, 2026 | Zatlyn Michelle President and Board Co-Chair | Sale 10b5-1 plan | 4,829 | $1.70M |
| Sep 22, 2026 | Ledbetter Carl Director | Sale 10b5-1 plan | 5,000 | $1.77M |
| Sep 17, 2026 | SEIFERT THOMAS J Chief Financial Officer | Sale 10b5-1 plan | 600 | $201.2K |
| Sep 17, 2026 | SEIFERT THOMAS J Chief Financial Officer | Sale 10b5-1 plan | 100 | $33.7K |
| Sep 17, 2026 | SEIFERT THOMAS J Chief Financial Officer | Sale 10b5-1 plan | 100 | $32.7K |
| Sep 17, 2026 | SEIFERT THOMAS J Chief Financial Officer | Sale 10b5-1 plan | 100 | $32.1K |
| Sep 17, 2026 | SEIFERT THOMAS J Chief Financial Officer | Sale 10b5-1 plan | 100 | $31.9K |
| Sep 17, 2026 | SEIFERT THOMAS J Chief Financial Officer | Conversion 10b5-1 plan | 10,000 | — |
| Sep 17, 2026 | SEIFERT THOMAS J Chief Financial Officer | Sale 10b5-1 plan | 300 | $98.4K |
| Sep 17, 2026 | SEIFERT THOMAS J Chief Financial Officer | Sale 10b5-1 plan | 2,632 | $878.1K |
| Sep 17, 2026 | SEIFERT THOMAS J Chief Financial Officer | Sale 10b5-1 plan | 1,604 | $533.3K |
| Sep 17, 2026 | SEIFERT THOMAS J Chief Financial Officer | Sale 10b5-1 plan | 700 | $230.6K |
| Sep 17, 2026 | SEIFERT THOMAS J Chief Financial Officer | Sale 10b5-1 plan | 700 | $231.2K |
| Sep 17, 2026 | SEIFERT THOMAS J Chief Financial Officer | Sale 10b5-1 plan | 1,196 | $396.6K |
| Sep 17, 2026 | SEIFERT THOMAS J Chief Financial Officer | Sale 10b5-1 plan | 1,868 | $625.0K |
| Sep 15, 2026 | SEIFERT THOMAS J Chief Financial Officer | Tax withheld | 2,944 | $963.4K |
| Sep 14, 2026 | Ledbetter Carl Director | Sale 10b5-1 plan | 2,400 | $750.9K |
| Sep 14, 2026 | Ledbetter Carl Director | Sale 10b5-1 plan | 1,200 | $376.5K |
| Sep 14, 2026 | Ledbetter Carl Director | Sale 10b5-1 plan | 440 | $136.6K |
| Sep 14, 2026 | Ledbetter Carl Director | Sale 10b5-1 plan | 960 | $297.1K |
| Sep 8, 2026 | Zatlyn Michelle PRESIDENT & BOARD CO-CHAIR | Conversion 10b5-1 plan | 33,003 | — |
| Sep 8, 2026 | Zatlyn Michelle PRESIDENT & BOARD CO-CHAIR | Sale 10b5-1 plan | 1,713 | $466.6K |
| Sep 8, 2026 | Zatlyn Michelle PRESIDENT & BOARD CO-CHAIR | Sale 10b5-1 plan | 2,428 | $663.1K |
| Sep 8, 2026 | Zatlyn Michelle PRESIDENT & BOARD CO-CHAIR | Sale 10b5-1 plan | 14,961 | $4.17M |
| Sep 8, 2026 | Zatlyn Michelle PRESIDENT & BOARD CO-CHAIR | Sale 10b5-1 plan | 5,489 | $1.53M |
| Sep 8, 2026 | Zatlyn Michelle PRESIDENT & BOARD CO-CHAIR | Sale 10b5-1 plan | 4,823 | $1.34M |
| Sep 8, 2026 | Zatlyn Michelle PRESIDENT & BOARD CO-CHAIR | Sale 10b5-1 plan | 2,202 | $604.2K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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