Cloudflare
Delivers Internet security, networking, and developer services on a shared global network.
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Profile
Delivers security, network connectivity, developer compute and storage, and consumer Internet services through a shared global network. Subscription and support revenue comes from direct, partner, and self-service customers, while one software stack and control plane support every product suite.
Runs a shared programmable network for Application Services, the SASE platform, developer-based solutions, and consumer offerings. Subscription and support arrangements produce substantially all revenue, sold through direct teams, channel partners, and web self-service. Free users feed adoption, while customers expand through usage, plan upgrades, and products across suites.
Serves customers worldwide, with the United States as the largest billing geography. A unified software stack and control plane deploy services globally and allocate capacity across the network; developer code runs through Workers. The system relies on colocation and ISP-partner facilities, a limited group of hardware suppliers, third-party infrastructure and software, channel execution, and rules covering privacy, data localization, and AI.
Company facts
Key statistics
Year to date +52.9% · Average volume (30d) 3.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 10, 2026 | Susquehanna | Reiterate | Neutral | $200 | $300 |
| Aug 7, 2026 | Truist Financial | Target | $300 | $350 | |
| Aug 7, 2026 | Needham | Reiterate | Buy | $250 | $380 |
| Aug 7, 2026 | Scotiabank | Reiterate | Outperform | $300 | $390 |
| Aug 7, 2026 | Morgan Stanley | Reiterate | Overweight | $305 | $370 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.27 | $0.29 | +8.0% | $664.7M | $696.1M | +4.7% | +5.57% |
| Aug 5, 2026Q2 FY26 | $0.27 | $0.29 | +8.0% | $664.7M | $696.1M | +4.7% | −2.78% |
| May 7, 2026Q1 FY26 | $0.23 | $0.25 | +8.4% | $620.8M | $639.8M | +3.0% | −23.62% |
| Feb 10, 2026Q4 FY25 | $0.27 | $0.28 | +3.2% | $591.3M | $614.5M | +3.9% | +5.24% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $479.1M | $512.3M | $562.0M | $614.5M | $639.8M | $696.1M | |
| Gross profit | $363.5M | $383.6M | $415.7M | $452.6M | $455.6M | $499.5M | |
| Operating income | −$53.2M | −$67.3M | −$37.5M | −$49.2M | −$62.0M | −$205.7M | |
| Net income | −$38.5M | −$50.4M | −$1.3M | −$12.1M | −$22.9M | −$170.0M | |
| Diluted EPS | −$0.11 | −$0.15 | −$0.00 | −$0.03 | −$0.07 | −$0.48 | |
| Gross margin | 75.9% | 74.9% | 74.0% | 73.6% | 71.2% | 71.8% | |
| Operating margin | -11.1% | -13.1% | -6.7% | -8.0% | -9.7% | -29.6% |
Fiscal years (4-quarter sums)FY21 $656.4M · FY22 $975.2M · FY23 $1.30B · FY24 $1.67B · FY25 $2.17B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $4.16B · Total debt $3.53B · Total assets $6.47B · Shareholders' equity $1.62B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 354.94M · Float 317.73M · 89.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Capital World Investors | 24.33M | 6.85% | 13F | Aug 12, 2026 |
| BlackRock, Inc. | 21.60M | 6.09% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 16.82M | 4.74% | 13F | Aug 13, 2026 |
| Morgan Stanley | 15.26M | 4.30% | 13F | Aug 13, 2026 |
| Baillie Gifford & Co | 14.60M | 4.11% | 13F | Aug 6, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Michelle Zatlyn | director, officer: President and Board Co-Chair | −33,003 | $277.43 |
| Aug 20, 2026 | Michelle Zatlyn | director, officer: President and Board Co-Chair | −33,003 | $285.06 |
| Aug 19, 2026 | Michelle Zatlyn | director, officer: President and Board Co-Chair | −33,003 | $294.63 |
| Aug 18, 2026 | Alissa Michelle Starzak | officer: Chief Legal Officer | −2,538 | $304.68 |
| Aug 17, 2026 | Alissa Michelle Starzak | officer: Chief Legal Officer | −3,333 | $310.15 |
Peers
- Akamai Technologies
Broad edge rival across delivery, application security, and compute.
- Amazon
Hyperscale cloud alternative across delivery, security, and edge workloads.
- Palo Alto Networks
Enterprise SASE and Zero Trust platform rival.
- Zscaler
Cloud-native Zero Trust and SASE specialist.
- Fastly
Direct edge platform rival in CDN, security, and serverless compute.
- Microsoft
Azure bundles application delivery security with cloud developer services.
- Alphabet Class A
Google Cloud alternative for CDN, application defense, and compute.
- F5
Application delivery and web/API security rival for enterprises.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cloudflare | $301.61 | +0.66% | $106.39B | — | 203.4 | 42.3 | +35.9% |
| Akamai Technologies | $107.02 | −0.39% | $15.62B | 38.7 | 15.6 | 3.6 | +5.4% |
| Amazon | $266.10 | −0.11% | $2.87T | 21.4 | 28.5 | 3.7 | +19.6% |
| Palo Alto Networks | $372.18 | +0.16% | $302.85B | 323.1 | 94.9 | 28.6 | +31.2% |
| Zscaler | $184.45 | +0.15% | $29.79B | — | 41.4 | 9.4 | +25.4% |
| Fastly | $23.04 | +0.09% | $3.61B | — | 45.2 | 5.2 | +23.3% |
| Microsoft | $513.06 | −0.06% | $3.81T | 28.6 | 26.2 | 11.5 | +17.8% |
| Alphabet Class A | $346.00 | −0.14% | $4.19T | 17.4 | 25.8 | 9.4 | +24.2% |
| F5 | $393.00 | −0.36% | $22.24B | 31.4 | 22.7 | 6.7 | +10.9% |
| Median | 30.0 | 27.4 | 8.1 | +21.4% |