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Cloudflare second quarter 2026 earnings explained: revenue, EPS and valuation multiples

Cloudflare grew revenue 36% from a year earlier to $696.1 million in the quarter ended June 30, 2026, but posted a GAAP net loss of $170.0 million. Here is what its numbers, EPS and valuation multiples show.

Cloudflare reported its second quarter 2026 results on August 6, 2026. It is the most recent quarter the company has reported. Revenue for the three months ended June 30 rose 8.8% from the first quarter (Dalsna Finance calculation) and 36% from a year earlier, as reported by Cloudflare. Under GAAP, the standard US accounting rules, the company lost money, mostly because of a $150.7 million restructuring charge. On its own adjusted measures it made a profit. This article walks through what Cloudflare does, how it reports its revenue and what the numbers say about its valuation. Every figure is sourced and dated, and every number worked out by us is labelled as a Dalsna Finance calculation. [1][2]

Cloudflare in brief

Cloudflare, Inc. runs a global network that sits between businesses and the internet. Companies use it to protect their websites and apps from attacks, make them load faster and connect their staff to internal systems securely. Developers can also build and run applications on the network itself, including ones that use artificial intelligence. The network reaches more than 335 cities in over 125 countries, according to the company's quarterly report. Its Class A shares trade on the New York Stock Exchange under the ticker NET and began trading in September 2019, according to StockAnalysis. Matthew Prince, one of its founders, is its chief executive. [3][1][4]

Customers can start on a free plan, pay by card for Pro and Business plans or sign Enterprise contracts that typically run one to three years. Zero Trust security products are sold per seat and developer products are billed on usage. In the release Prince said, "The business model of the web is changing, and no company is better positioned than Cloudflare to help define its future." That is the company's own view. [3][1]

How Cloudflare reports its revenue

Cloudflare reports one operating segment, so it gives no revenue split by product. What it does report is revenue by region, based on each customer's billing address. The United States brought in $354.4 million in the second quarter, 51% of the total. International markets were 49% of revenue, against 51% in the first quarter, as reported in the quarterly reports. [3][5]

Cloudflare revenue by region, three months ended March 31 and June 30, 2026 (US dollars in thousands)
RegionQ1 2026Q2 2026ChangeChange (%)
United States315,830354,447Up 38,617Up 12.2%
Europe, Middle East and Africa175,678187,039Up 11,361Up 6.5%
Asia Pacific98,64899,444Up 796Up 0.8%
Other49,59955,131Up 5,532Up 11.2%
Total639,755696,061Up 56,306Up 8.8%

Revenue by billing address as reported by Cloudflare in its quarterly reports for the periods ended March 31 and June 30, 2026. The two change columns are a Dalsna Finance calculation: Change is Q2 2026 minus Q1 2026, and Change (%) is that change divided by the Q1 2026 figure, times 100, rounded to one decimal at the end. [3][5]

Customers and contracted revenue

Cloudflare tracks its large customers, paying customers whose annualized revenue is above $100,000. Annualized revenue is a customer's revenue for the quarter times four. There were 4,698 of them in the second quarter, against 4,416 in the first and 3,712 a year earlier. The company no longer lists total paying customers among its key business metrics. It said in its quarterly report that it dropped that metric in 2026 because it has become much less important to how it runs the business. [3][5]

Dollar based net retention compares what the same group of paying customers spends now with what they spent four quarters earlier. A figure above 100% means existing customers are spending more. It was 120% in the second quarter, against 118% in the first and 114% a year earlier. Remaining performance obligations, revenue under contract that has not yet been recognized, were $2,732.0 million at June 30, 2026, and Cloudflare expects to recognize 64% of that over the next twelve months. The release says the current part grew 35% from a year earlier. [3][5][1]

Cloudflare customer and contract measures, quarters ended March 31 and June 30, 2026
MeasureQ1 2026Q2 2026ChangeChange (%)
Large customers (annualized revenue above $100,000)4,4164,698Up 282Up 6.4%
Dollar based net retention rate118%120%Up 2 pointsNot meaningful
Remaining performance obligations (US dollars in millions)2,543.52,732.0Up 188.5Up 7.4%
Share of remaining performance obligations expected within twelve months64%64%UnchangedNot meaningful

As reported by Cloudflare in its quarterly reports for the periods ended March 31 and June 30, 2026. The two change columns are a Dalsna Finance calculation, worked as in the table above. Change (%) is not meaningful for the two rows that are already percentages, whose change is given in percentage points. [3][5]

The numbers, quarter over quarter

Revenue was $696.1 million in the second quarter, against $639.8 million in the first. Gross profit, which is revenue minus the direct cost of running the service, rose 9.6% to $499.5 million, and the gross margin was 71.8% against 71.2%. Cloudflare's loss from operations widened to $205.7 million from $62.0 million, and its GAAP net loss to $170.0 million from $22.9 million (Dalsna Finance calculation for the changes). [1][2]

Most of the wider loss came from one charge. On May 7, 2026 Cloudflare announced a plan to move to what it calls an agentic AI first operating model, and its first quarter release said it expected to cut about 1,100 jobs. The quarterly report says the plan reduced the workforce by about 20%. The second quarter carried $150.7 million of restructuring and other charges. Cloudflare estimates total charges under the plan of up to $165 million, made up of $125 million of cash for severance and benefits, $35 million of stock based pay and $5 million of other costs, with the rest to be recorded in the third quarter. [2][1][3]

Cloudflare also reports non GAAP, or adjusted, figures. They leave out stock based pay and its payroll taxes ($140.6 million in the second quarter), the restructuring charges and some smaller items. They also apply an adjusted tax charge. On that basis income from operations rose to $96.1 million from $73.1 million and net income to $107.8 million from $94.0 million. Adjusted net income is higher than adjusted operating income mainly because of interest income, $39.9 million in the second quarter. Free cash flow, cash from operations minus spending on equipment and capitalized software, fell to $56.4 million from $84.1 million. [1][2]

Calculation 1: Quarter over quarter changes and margins
Quarter over quarter, three months ended March 31 and June 30, 2026 (US dollars in millions unless stated)
MeasureQ1 2026Q2 2026ChangeChange (%)
Revenue639.8696.1Up 56.3Up 8.8%
Gross profit455.6499.5Up 43.9Up 9.6%
Restructuring and other chargesNone150.7Up 150.7Not meaningful
Loss from operations (GAAP)Loss of 62.0Loss of 205.7Down 143.7Not meaningful
Net loss (GAAP)Loss of 22.9Loss of 170.0Down 147.1Not meaningful
Income from operations (non GAAP)73.196.1Up 23.0Up 31.5%
Net income (non GAAP)94.0107.8Up 13.8Up 14.6%
Free cash flow (non GAAP)84.156.4Down 27.7Down 32.9%
Gross margin71.2%71.8%Up 0.5 pointsNot meaningful
GAAP operating marginLoss of 9.7%Loss of 29.6%Down 19.9 pointsNot meaningful
GAAP net margin (net loss divided by revenue)Loss of 3.6%Loss of 24.4%Down 20.8 pointsNot meaningful
Non GAAP net margin (non GAAP net income divided by revenue)14.7%15.5%Up 0.8 pointsNot meaningful
Non GAAP operating margin11.4%13.8%Up 2.4 pointsNot meaningful
Weighted average shares for GAAP EPS (millions)352.6354.3Up 1.7Up 0.5%
Weighted average diluted shares for non GAAP EPS (millions)375.4373.7Down 1.7Down 0.5%

As reported by Cloudflare, except the two net margin rows and the change columns, which are a Dalsna Finance calculation. Change is Q2 minus Q1 in the row's unit, in percentage points for margins. Change (%) is that change divided by Q1, times 100. Both use the figures in thousands as filed, rounded only at the end. Change (%) is not meaningful where Q1 was a loss or zero, as a percentage of such a base means nothing, or for margins, which are already percentages. [1][2]

Earnings per share

Earnings per share, or EPS, is profit divided by the number of shares. The diluted figure also counts shares that could be created from stock awards and convertible notes. When a company makes a loss, those extra shares would make the loss per share smaller, so they are left out and the basic and diluted figures are the same. Cloudflare reported a GAAP net loss per share of $0.48 for the second quarter and $0.07 for the first. Its adjusted EPS, non GAAP net income per diluted share, was $0.29 and $0.25. Dividing each net figure by the share count Cloudflare used gives the same results. [1][2]

The gap between the two is wide because adjusted EPS adds back stock based pay and, this quarter, the restructuring charge. Paying staff in stock is a real cost to shareholders, because it spreads ownership over more shares, so the two figures answer different questions. [1]

Calculation 2: GAAP and adjusted EPS
EPS arithmetic, three months ended March 31 and June 30, 2026 (net figures in US dollars in millions, shares in millions)
QuarterGAAP net lossNon GAAP net incomeShares used, GAAP and non GAAPGAAP divided by sharesGAAP EPS as reportedNon GAAP divided by sharesNon GAAP EPS as reported
Q1 2026Loss of 22.994.0352.6 GAAP and 375.4 non GAAPLoss of $0.07Loss of $0.07$0.25$0.25
Q2 2026Loss of 170.0107.8354.3 GAAP and 373.7 non GAAPLoss of $0.48Loss of $0.48$0.29$0.29

Net figures, shares and reported EPS as reported by Cloudflare. The two division columns are a Dalsna Finance calculation from the figures in thousands, rounded to the cent. [1][2]

Cloudflare EPS, GAAP and non GAAP, Q1 and Q2 2026 (US dollars per share)
  • Diluted EPS (non GAAP): Adds back stock based pay, restructuring and some smaller items.
Cloudflare EPS, GAAP and non GAAP, Q1 and Q2 2026 (US dollars per share)
Net loss per share (GAAP)Diluted EPS (non GAAP)
Q1 2026Loss of $0.07$0.25
Q2 2026Loss of $0.48$0.29

As reported by Cloudflare. The arithmetic is in the table above. [1][2]

What the market values Cloudflare at

Market capitalization, or market cap, is what the stock market values the whole company at: the share price times the number of shares. Cloudflare's Class A shares closed at $280.70 on Friday, October 30, 2026, as reported by StockAnalysis. The cover of its second quarter report to the SEC lists 322,618,775 Class A shares and 33,460,940 Class B shares outstanding as of July 21, 2026, or 356,079,715 in total. Counting both classes at the Class A price gives a market cap of about $99.95 billion (Dalsna Finance calculation). Class B shares are not listed, so this is an approximation. Every multiple and share price below uses this one share count. [4][3]

Two things to keep in mind about that count. It is lower than the 373.7 million diluted shares behind adjusted EPS, which also counts stock awards and shares that could come from convertible notes. And stockholders approved a plan in June 2026 that would give every Class A and Class B share an extra share of a new non voting Class C stock, which Cloudflare expects to work much like a two for one stock split. The quarterly report filed in August said it could happen as early as September 2026, subject to lawsuits that seek to stop it. On October 16, 2026 the Delaware Court of Chancery granted a preliminary injunction in In re Cloudflare, Inc. Stockholder Litigation. It stops the wider recapitalization that includes the Class C plan from closing until the court decides the case after a trial. The ruling is preliminary and is not a final decision on the lawsuits. The plan has not taken effect, so this article uses the cover count. [1][3][6]

Calculation 3: Shares outstanding, July 21, 2026
  • Class A shares outstanding: 322,618,775
  • Plus Class B shares outstanding: 33,460,940

356,079,715 shares in total

Dalsna Finance calculation from the cover of Cloudflare's quarterly report for the period ended June 30, 2026. Every per share figure, multiple and share price in this article uses this one count. [3]

Calculation 4: Market cap at the October 30, 2026 close
  • Closing price of $280.70 for Class A shares on October 30, 2026, as reported by StockAnalysis
  • Times 356,079,715 Class A and Class B shares, both counted at the Class A price

Market cap of about $99,951.6 million, or about $99.95 billion

Dalsna Finance calculation, rounded at the end. The multiples below divide the unrounded market cap. [4][3]

Six valuation multiples

The price to earnings ratio, or P/E, is market cap divided by a year of earnings. It shows how many dollars the market is paying for each dollar of yearly profit. Annualised means one quarter multiplied by four. Cloudflare's GAAP net loss times four is a loss of $679.9 million, so its annualised P/E is not meaningful: a P/E cannot be read from a loss, because dividing by a negative number says nothing about how expensive the shares are. The adjusted P/E uses non GAAP net income instead: $107.8 million times 4 is $431.1 million, which gives 231.8 (Dalsna Finance calculation). [1][4][3]

A forward P/E uses an estimate of future earnings. Cloudflare's own guidance, given on August 6, 2026, is non GAAP net income per share of $1.25 to $1.26 for the full year 2026. We use the midpoint, $1.255. Multiplying it by the same 356,079,715 shares gives estimated earnings of about $446.9 million and a forward adjusted P/E of 223.7 (Dalsna Finance calculation on a company projection). The guidance assumes about 374 million shares, and two of the four quarters it covers were already reported. Cloudflare gives no GAAP guidance and we found no published GAAP estimate, so there is no forward GAAP P/E. [1][4][3]

A trailing P/E, sometimes called a historical P/E, uses the last four reported quarters. Over the twelve months to June 30, 2026 Cloudflare had a GAAP net loss of $206.3 million, so its trailing P/E is not meaningful either. Non GAAP net income over the same four quarters added up to $411.2 million, which gives a trailing adjusted P/E of 243.1 (Dalsna Finance calculation). [1][2][7][8][4][3]

Calculation 5: Annualised P/E
  • Second quarter 2026 GAAP net loss of $170.0 million times 4 is a loss of $679.9 million
  • Market cap divided by a loss says nothing about how expensive the shares are

Annualised P/E not meaningful

Dalsna Finance calculation from the figures in thousands as filed. [1]

Calculation 6: Annualised adjusted P/E
  • Second quarter 2026 non GAAP net income of $107.8 million times 4 is $431.1 million
  • Market cap of $99,951.6 million divided by $431.1 million

Annualised adjusted P/E of 231.8

Dalsna Finance calculation, using unrounded figures and rounded to one decimal. [1][4][3]

Calculation 7: Forward adjusted P/E on company guidance
  • Midpoint of Cloudflare's 2026 guidance for non GAAP net income per share of $1.25 to $1.26 is $1.255, a company projection given on August 6, 2026
  • Times 356,079,715 shares is about $446.9 million of estimated earnings
  • Market cap of $99,951.6 million divided by $446.9 million

Forward adjusted P/E of 223.7

Dalsna Finance calculation on a company projection, using unrounded figures and rounded to one decimal. At the low and high ends of the guidance it would be 224.6 and 222.8. [1][4][3]

Calculation 8: Trailing P/E
  • GAAP net loss over the four quarters to June 30, 2026 was $206.3 million, as in the table further down
  • Market cap divided by a loss says nothing about how expensive the shares are

Trailing P/E not meaningful

Dalsna Finance calculation from the figures in thousands as filed. [1][2][7][8]

Calculation 9: Trailing adjusted P/E
  • Non GAAP net income over the four quarters to June 30, 2026 added up to $411.2 million, as in the table further down
  • Market cap of $99,951.6 million divided by $411.2 million

Trailing adjusted P/E of 243.1

Dalsna Finance calculation, using unrounded figures and rounded to one decimal. [1][2][7][8][4][3]

Six valuation multiples for Cloudflare at the October 30, 2026 close
MeasureEarnings usedFormulaResult
Annualised P/EUses Calculation 5: Annualised P/ELoss of $679.9 million (Q2 2026 GAAP net loss of $170.0 million times 4)Not meaningful for a lossNot meaningful
Annualised adjusted P/EUses Calculation 6: Annualised adjusted P/E$431.1 million (Q2 2026 non GAAP net income of $107.8 million times 4)$99,951.6 million divided by $431.1 million231.8
Forward P/ENo GAAP guidance or published GAAP estimate foundNot calculatedNot calculated
Forward adjusted P/E (company guidance for 2026 non GAAP EPS, given August 6, 2026)Uses Calculation 7: Forward adjusted P/E on company guidance$446.9 million ($1.255 midpoint times 356,079,715 shares)$99,951.6 million divided by $446.9 million223.7
Trailing P/E (four quarters to June 30, 2026)Uses Calculation 8: Trailing P/ELoss of $206.3 million of GAAP net incomeNot meaningful for a lossNot meaningful
Trailing adjusted P/E (four quarters to June 30, 2026)Uses Calculation 9: Trailing adjusted P/E$411.2 million of non GAAP net income$99,951.6 million divided by $411.2 million243.1

Dalsna Finance calculation. Market cap is $280.70 times 356,079,715 shares, about $99,951.6 million. Multiples are rounded to one decimal. A P/E is not meaningful when the earnings used are a loss. [4][3][1][2][7][8]

The last four quarters

Each of the last four quarters comes from Cloudflare's own release for that quarter, so none has to be worked out. GAAP net losses added up to $206.3 million and non GAAP net income to $411.2 million (Dalsna Finance calculation for the sums). The second quarter's GAAP loss is the largest of the four because of the restructuring charge. [8][7][2][1]

Calculation 10: Last four quarters of net income
Cloudflare net income, GAAP and non GAAP, last four quarters (US dollars in millions)
QuarterNet income (GAAP)Net income (non GAAP)
Q3 2025Loss of 1.3102.6
Q4 2025Loss of 12.1106.8
Q1 2026Loss of 22.994.0
Q2 2026Loss of 170.0107.8
Total, four quartersLoss of 206.3411.2

Quarters as reported by Cloudflare in its releases for the third quarter of 2025, the fourth quarter of 2025 and the first and second quarters of 2026. The totals are a Dalsna Finance calculation from the figures in thousands, rounded at the end. [8][7][2][1]

Cloudflare net income, GAAP and non GAAP, by quarter, Q3 2025 to Q2 2026 (US dollars in millions)
Cloudflare net income, GAAP and non GAAP, by quarter, Q3 2025 to Q2 2026 (US dollars in millions)
Net income (GAAP)Net income (non GAAP)
Q3 2025Loss of $1.3m$102.6m
Q4 2025Loss of $12.1m$106.8m
Q1 2026Loss of $22.9m$94.0m
Q2 2026Loss of $170.0m$107.8m

As reported by Cloudflare in its quarterly releases. The four quarter total is not charted. [8][7][2][1]

Four base cases: the second quarter held flat for a year

Suppose revenue stayed at the second quarter's level for a full year, with no growth and no decline: $696.1 million times 4, or $2,784.2 million. At the second quarter's GAAP net margin that is a loss of $679.9 million, or $1.91 per share on the cover share count. The restructuring charge sits inside the operating loss and Cloudflare put a figure on it, so a GAAP operating case leaves the $150.7 million out. Even then the quarter's operating result is a loss of $55.0 million, which held for a year is a loss of $220.0 million, or $0.62 per share. No multiple can turn a loss into a share price, so these two rows have no prices. [1][3]

The adjusted case keeps the 15.5% non GAAP net margin, which gives $431.1 million a year, or $1.21 per share. It is simply the latest quarter annualised, so at the annualised adjusted P/E it returns the October 30, 2026 close of $280.70 by construction. The other cells only show how the price moves when the same earnings are given a different multiple. Because adjusted net income is lifted by interest income below the operating line, a fourth case uses the 13.8% non GAAP operating margin, which leaves out interest, taxes and other income: $384.4 million a year, or $1.08 per share. That figure is counted before tax, so it is not net income. [1][4][3]

The adjusted multiples apply to the adjusted rows, so each kind of earnings meets its own kind of multiple. The three GAAP multiples are not meaningful or not calculated, so they have no column. [1]

Calculation 11: Revenue held flat for a year
  • Second quarter 2026 revenue of $696.1 million
  • Times 4, with no growth and no decline

$2,784.2 million of revenue a year

Dalsna Finance calculation. Hypothetical arithmetic for illustration only. These are not forecasts, price targets or investment advice. [1]

Calculation 12: Base case results, GAAP cases
  • Net margin case: GAAP net loss of $170.0 million times 4 is a loss of $679.9 million, or $1.91 per share
  • Operating case: loss from operations of $205.7 million plus $150.7 million of restructuring charges is a loss of $55.0 million, times 4 is a loss of $220.0 million, or $0.62 per share
  • Per share figures divide by 356,079,715 shares

Both GAAP cases are losses, so no implied price

Dalsna Finance calculation, using unrounded figures and rounded at the end. Hypothetical arithmetic for illustration only. These are not forecasts, price targets or investment advice. [1][3]

Calculation 13: Base case earnings, adjusted case
  • $2,784.2 million of revenue a year
  • At the second quarter's non GAAP net margin of 15.5% ($107.8 million divided by $696.1 million, unrounded)
  • Gives $431.1 million of non GAAP earnings a year
  • Divided by 356,079,715 shares

$431.1 million a year, or $1.21 per share

Dalsna Finance calculation, using unrounded figures and rounded at the end. Hypothetical arithmetic for illustration only. These are not forecasts, price targets or investment advice. [1][3]

Calculation 14: Base case earnings, non GAAP operating case
  • $2,784.2 million of revenue a year
  • At the second quarter's non GAAP operating margin of 13.8% ($96.1 million divided by $696.1 million, unrounded)
  • Gives $384.4 million a year, counted before interest and tax, so not net income
  • Divided by 356,079,715 shares

$384.4 million a year, or $1.08 per share

Dalsna Finance calculation, using unrounded figures and rounded at the end. Hypothetical arithmetic for illustration only. These are not forecasts, price targets or investment advice. [1][3]

Base cases: implied share price at each multiple. Hypothetical arithmetic for illustration only. These are not forecasts, price targets or investment advice.
Base caseYear of earnings (US dollars in millions)Per shareAt annualised adjusted P/E of 231.8At forward adjusted P/E of 223.7At trailing adjusted P/E of 243.1
Net margin case (GAAP net loss)Uses Calculation 12: Base case results, GAAP casesLoss of 679.9Loss of $1.91Not applicableNot applicableNot applicable
GAAP operating case, excluding restructuring chargesUses Calculation 12: Base case results, GAAP casesLoss of 220.0Loss of $0.62Not applicableNot applicableNot applicable
Adjusted case (non GAAP net income)Uses Calculation 13: Base case earnings, adjusted case, Calculation 6: Annualised adjusted P/E, Calculation 7: Forward adjusted P/E on company guidance and Calculation 9: Trailing adjusted P/E431.1$1.21$280.70$270.80$294.29
Non GAAP operating case (before interest and taxes)Uses Calculation 14: Base case earnings, non GAAP operating case, Calculation 6: Annualised adjusted P/E, Calculation 7: Forward adjusted P/E on company guidance and Calculation 9: Trailing adjusted P/E384.4$1.08$250.31$241.48$262.43

Dalsna Finance calculation. Implied price is the multiple times a year of earnings divided by 356,079,715 shares, unrounded, rounded to the cent. Revenue is $696.1 million times 4. GAAP rows are losses and meet no adjusted multiple. Non GAAP net margin is $107.8 million divided by $696.1 million. Non GAAP operating margin is $96.1 million divided by $696.1 million. [1][3][4][2][7][8]

Scenario chart: each implied share price in the table above against the reference price. Hypothetical arithmetic for illustration only. These are not forecasts, price targets or investment advice.

Adjusted case (non GAAP net income)

  • Close stated in this article $280.70 on October 30, 2026
  • At annualised adjusted P/E of 231.8 $280.70 0.0%
  • At forward adjusted P/E of 223.7 $270.80 3.5% lower
  • At trailing adjusted P/E of 243.1 $294.29 4.8% higher

Non GAAP operating case (before interest and taxes)

  • Close stated in this article $280.70 on October 30, 2026
  • At annualised adjusted P/E of 231.8 $250.31 10.8% lower
  • At forward adjusted P/E of 223.7 $241.48 14.0% lower
  • At trailing adjusted P/E of 243.1 $262.43 6.5% lower

These are illustrations from the base case earnings held flat and the reference price shown, not forecasts or advice. Green bars sit above the reference price, red bars below and grey bars within 0.5% of it. The dashed line marks the reference price.

Adjusted base cases: implied share price at each multiple. Hypothetical arithmetic for illustration only. These are not forecasts, price targets or investment advice. (US dollars per share)
  • Non GAAP operating case: Before interest and taxes. Not net income.
Adjusted base cases: implied share price at each multiple. Hypothetical arithmetic for illustration only. These are not forecasts, price targets or investment advice. (US dollars per share)
Adjusted caseNon GAAP operating case
Adj P/E 231.8$280.70$250.31
Fwd adj 223.7$270.80$241.48
Trail adj 243.1$294.29$262.43

Dalsna Finance calculation, the same six prices as the last two rows of the table above, at the annualised adjusted (Adj), forward adjusted (Fwd adj) and trailing adjusted (Trail adj) P/E. The two GAAP rows are losses and have no prices, so they have no bars. [1][3][4][2][7][8]

What to watch

For the third quarter of 2026 Cloudflare guided to revenue of $736.0 million to $737.0 million, non GAAP income from operations of $129.0 million to $130.0 million and non GAAP net income per share of $0.34. For the full year it guided to revenue of $2,864.0 million to $2,870.0 million. These are company projections from August 6, 2026. The third quarter report will also carry the rest of the restructuring charges and show whether the plan is substantially complete, as the company expects. [1][3]

Two changes to the share structure are worth following. The Class C plan described above would roughly double the share count if it goes ahead. As of August 5, 2026 eight lawsuits had been filed seeking to stop it, and the court's preliminary injunction of October 16, 2026 keeps it from closing until the court rules after a trial. On August 13, 2026 Cloudflare also issued $2.50 billion of 0% convertible senior notes due 2031. Convertible notes can be turned into shares, and the quarterly report says converting notes would dilute existing stockholders to the extent Cloudflare settles conversions in Class A shares. [3][9][6]

How these figures were made: inputs come from Cloudflare's earnings releases for the third and fourth quarters of 2025 and the first and second quarters of 2026 and from its quarterly reports for the first and second quarters of 2026 on SEC EDGAR. The share price is the dated close named above. Calculations use unrounded inputs and are rounded only at the end, with multiples to one decimal, per share figures and prices to the cent and dollar amounts to one decimal in millions. [8][7][2][1][5][3][4]

Companies in this article: Cloudflare (NET)

Sources

  1. Cloudflare Announces Second Quarter 2026 Financial Results (Form 8-K, Exhibit 99.1) Cloudflare, Inc. (SEC filing) · 2026-08-06
  2. Cloudflare Announces First Quarter 2026 Financial Results (Form 8-K/A, Exhibit 99.1) Cloudflare, Inc. (SEC filing) · 2026-05-07
  3. Form 10-Q for the quarterly period ended June 30, 2026 Cloudflare, Inc. (SEC filing) · 2026-08-06
  4. Cloudflare, Inc. (NET) Stock Price History StockAnalysis · 2026-10-30
  5. Form 10-Q for the quarterly period ended March 31, 2026 Cloudflare, Inc. (SEC filing) · 2026-05-08
  6. In re Cloudflare, Inc. Stockholder Litigation, Consolidated C.A. No. 2026-0772-JTL, Opinion Granting Preliminary Injunction Delaware Court of Chancery · 2026-10-16
  7. Cloudflare Announces Fourth Quarter and Fiscal Year 2025 Financial Results (Form 8-K, Exhibit 99.1) Cloudflare, Inc. (SEC filing) · 2026-02-10
  8. Cloudflare Announces Third Quarter 2025 Financial Results (Form 8-K, Exhibit 99.1) Cloudflare, Inc. (SEC filing) · 2025-10-30
  9. Current report (Form 8-K) on the issue of 0% Convertible Senior Notes due 2031 Cloudflare, Inc. (SEC filing) · 2026-08-13

Written by Dalsna Finance from the public sources listed above. Every figure is cited to its source or shown as a labelled Dalsna Finance calculation. How we work: editorial standards. General information, not investment advice.

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