Cloudflare reported strong revenue growth and operational performance, with significant expansion in customer base and strategic sectors like AI and financial services. However, there are some financial pressures, such as a decrease in gross margin and a year-over-year decrease in free cash flow. Overall, the positive momentum in revenue growth and strategic initiatives outweigh the financial lowlights.

Company Guidance -

Q3 2025

During Cloudflare's Q2 2025 earnings call, the company reported impressive financial metrics, including $512.3 million in quarterly revenue, representing a 28% year-over-year increase, and an annual run rate revenue surpassing $2 billion. The company highlighted a 22% year-over-year increase in large customers paying over $100,000 annually, with revenue from these customers growing 35% year-over-year, contributing to 71% of the quarter's revenue. Cloudflare's dollar-based net retention rate improved to 114%, and the company achieved a gross margin of 76.3% and an operating profit of $72.3 million, equating to an operating margin of 14.1%. Free cash flow was reported at $33.3 million. Additionally, Cloudflare noted strategic wins with large customers, a continued focus on innovation, and operational improvements, including an accelerated increase in net sales capacity and improved sales productivity.

Record-Breaking Revenue and Growth

Cloudflare crossed $2 billion in annual run rate revenue, achieving $512.3 million of revenue in the quarter, representing a 28% year-over-year growth.

Significant Growth in Large Customers

Cloudflare now has 3,712 customers paying more than $100,000 per year, a 22% increase year-over-year. Revenue contribution from these large customers grew 35% year-over-year.

Strong Operational Performance

Delivered an operating profit of $72.3 million with a 14.1% operating margin. The free cash flow was $33.3 million, exceeding expectations.

Expansion in AI and Financial Services

Signed significant contracts with rapidly growing AI and Fortune 500 financial services companies, demonstrating increased adoption of Cloudflare's products in these sectors.

Innovative Product Launches and Strategy

Continued innovation with Workers AI and strategic operational progress in go-to-market areas. New pipeline attainment grew at the fastest rate in more than two years.

Cloudflare (GB:0A3Z) Earnings, Revenues Date & History

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GB:0A3Z Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	0.23 / -	0.2	―	―	―
Jul 31, 2025	2025 (Q2)	0.18 / 0.21	0.2	5.00% (<+0.01)
May 08, 2025	2025 (Q1)	0.16 / 0.16	0.16	0.00% (0.00)
Feb 06, 2025	2024 (Q4)	0.18 / 0.19	0.15	26.67% (+0.04)
Nov 07, 2024	2024 (Q3)	0.18 / 0.20	0.16	25.00% (+0.04)
Aug 01, 2024	2024 (Q2)	0.14 / 0.20	0.1	100.00% (+0.10)
May 02, 2024	2024 (Q1)	0.13 / 0.16	0.08	100.00% (+0.08)
Feb 08, 2024	2023 (Q4)	0.12 / 0.15	0.06	150.00% (+0.09)
Nov 02, 2023	2023 (Q3)	0.10 / 0.16	0.06	166.67% (+0.10)
Aug 03, 2023	2023 (Q2)	0.07 / 0.10	0	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

GB:0A3Z Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$207.78	$199.69	-3.90%
May 08, 2025	$124.94	$132.96	+6.42%
Feb 06, 2025	$141.62	$168.87	+19.24%
Nov 07, 2024	$96.61	$90.37	-6.45%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.