Cloudflare demonstrated strong revenue growth and customer expansion, driven by successful product innovation and strategic partnerships. However, challenges in gross margin and free cash flow were noted. The company shows confidence in continued growth despite economic uncertainties.

Company Guidance

During Cloudflare's second-quarter 2025 earnings call, the company reported significant achievements, including surpassing $2 billion in annual run rate revenue, with $512.3 million in quarterly revenue, marking a 28% year-over-year increase. Cloudflare's customer base expanded, with 3,712 customers now paying over $100,000 annually, a 22% increase from the previous year. Large customers contributed 71% of revenue, growing their contribution by 35% year-over-year. The dollar-based net retention rate rose to 114%, up 3% quarter-over-quarter, while the gross margin was maintained at 76.3%, within the company’s long-term target range. The company reported an operating profit of $72.3 million, with an operating margin of 14.1%, and generated $33.3 million in free cash flow. Cloudflare highlighted record ACV bookings and strategic wins across various sectors, including AI and financial services, indicating robust operational and strategic progress. The company also provided guidance for the third quarter, forecasting revenue between $543.5 million to $544.5 million, with a full-year revenue projection of $2.113.5 billion to $2.115.5 billion, representing a 27% year-over-year increase.

Record Revenue Achievement

Cloudflare achieved $512.3 million in revenue for Q2 2025, marking a 28% year-over-year growth and crossing the $2 billion annual run rate revenue milestone.

Strong Growth in Large Customers

The number of customers paying more than $100,000 annually increased by 22% year-over-year, with revenue from these large customers growing 35% and contributing to 71% of total revenue.

Innovation and Product Expansion

Cloudflare secured several significant contracts, including a $15 million contract with a rapidly growing AI company and multiple deals with Fortune 500 companies, demonstrating the scalability and efficiency of their platform.

Improved Sales Productivity

Sales productivity improved year-over-year and quarter-over-quarter, with new pipeline attainment growing at the fastest rate in over two years.

Strategic Partnerships and Market Positioning

Cloudflare formed strategic partnerships with media companies to invent new business models for content creators on an AI-driven web.

Cloudflare (NET) Earnings, Revenues Date & History

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NET 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

NET Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$207.68	$200.11	-3.65%
May 08, 2025	$124.31	$132.34	+6.46%
Feb 06, 2025	$141.52	$166.66	+17.76%
Nov 07, 2024	$95.66	$91.25	-4.61%

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.