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Company Research3 May 2024
Companies That Had Their IPO in 2019: Bull Market and Tech Dominance
Discussing the stock and IPO market in 2019, and the factors that led to the overall bullish performance of stocks during the year.
Cloudflare
Cloudflare (NET) investor relations material
Cloudflare Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Achieved Q4 revenue of $615M, up 34% year-over-year, with strong acceleration in new annual contract value and large customer growth; full-year revenue reached $2.17B.
Ended 2025 with 332,466 paying customers, up 40% year-over-year, and 4,298 large customers (> $100K annualized revenue), representing 73% of total revenue.
Record new ACV booked, including the largest annual contract value deal in company history ($42.5M/year), with global sales productivity and quota attainment at all-time highs.
Notable customer wins include leading AI companies, Fortune 100/500 tech firms, government, and media, highlighting the company's role as a critical infrastructure provider.
Maintained a high non-GAAP gross margin of 75% in Q4 2025, supported by a scalable serverless architecture and efficient cost structure.
Financial highlights
Q4 non-GAAP gross margin was 74.9%, with GAAP gross profit at $452.6M (73.6% margin); operating income reached $89.6M (14.6% margin), and net income was $106.8M ($0.28/share).
Free cash flow was $99.4M (16% of revenue) in Q4; full-year free cash flow was $260.6M (12% of revenue).
Ended Q4 with $4.1B in cash, cash equivalents, and available-for-sale securities; RPO grew 48% year-over-year to $2.5B.
Full-year 2025 revenue reached $2.17B, a 29% CAGR since 2023.
Operating cash flow for Q4 2025 was $190M, with a 30% margin.
Outlook and guidance
Q1 2026 revenue expected at $620–$621M, with non-GAAP income from operations of $70–$71M and EPS of $0.23.
Full-year 2026 revenue guidance is $2.785–$2.795B (28–29% growth), operating income of $378–$382M, and EPS of $1.11–$1.12.
Network CapEx as a percentage of revenue projected at 12–15% for FY 2026.
Revenue expected to be weighted 46% in the first half of 2026.
How AI/agents drive new ACV growth?
What drives RPO growth acceleration?
What impacts GAAP vs. Non-GAAP operating margin?
How does AI drive demand for Act 1/2 products?
Pool of funds impact on revenue predictability?
Next steps for AI content monetization marketplace?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Cloudflare earnings date
Q1 20267 May, 2026
Cloudflare
Next Cloudflare earnings date
Q1 20267 May, 2026
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Frequently asked questions
Ensuring Cyber Security
Cloudflare is a global web infrastructure and website security company offering content delivery network (CDN) services, distributed denial-of-service (DDoS) mitigation, Internet security, and distributed domain name server services. By routing web traffic through its global network, the company filters out malicious threats while optimizing legitimate content for faster delivery. As cyber threats have evolved in volume and sophistication, Cloudflare has become a critical defense layer for numerous websites, applications, and APIs, catering to a range of customers from small blogs to Fortune 500 corporations.
Founded to Build a Better Internet
Cloudflare traces its origins to a project undertaken by two Harvard Business School students, Matthew Prince and Michelle Zatlyn, along with coder Lee Holloway. In 2009, the trio officially founded Cloudflare with an aspiration to revolutionize how the internet functions, enhancing its security and efficiency. Cloudflare quickly transformed from this anti-spam measure to a comprehensive web performance and security solution. Its public launch was in 2010 at the TechCrunch Disrupt conference, where it gained significant attention.
The Services
Cloudflare provides services designed to optimize and secure online operations for businesses and individual websites. At its core, Cloudflare acts as a content delivery network (CDN), accelerating the delivery of web content by distributing it across a global network of servers. This ensures users get data from the nearest server, leading to faster load times and reduced latency. Additionally, Cloudflare offers a robust layer of security against a myriad of cyber threats, including DDoS attacks, malicious bots, and potential data breaches. By sitting between a client's website and its visitors, Cloudflare filters traffic to keep malicious actors out while letting legitimate users in. The platform also offers performance enhancements, analytics, and other web solutions, ultimately providing a safer, faster, and more reliable internet experience for end-users.
Solutions for Businesses of All Sizes
Cloudflare's services cater to a broad spectrum of users, ranging from individual bloggers and small businesses to large corporations and e-commerce platforms. By using Cloudflare, these entities can ensure their websites load quickly and reliably, irrespective of the visitor's location, thanks to Cloudflare's vast global content delivery network. Whether a startup is looking to set up its first website in a secure way or a large enterprise is seeking to maintain a digital reputation and security, Cloudflare offers a solution. When looking at their list of customers one finds several publicly traded companies, with some examples being Polestar, SoFi, and Q2.
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