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Technology · NYSE: NET

Cloudflare: how the business works

Cloudflare runs a network in more than 330 cities that protects and speeds up websites, apps and company networks, with revenue of $2,167.9 million in FY2025.

By · Checked against filings: . Editorial policy. Corrections

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Cloudflare, Inc. · San Francisco, California · Founded 2009

Updated for Q3 FY2026 · checked

Revenue, FY2025
$2,167.9M
Net loss, FY2025
−$102.3M
Cash from operations, FY2025
$603.1M
Customers above $100,000 annualized revenue (company measure), Sep 30, 2026
5,006
Employees, Dec 31, 2025
5,156

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Cloudflare in 5 points

  1. 1 · What it sells

    Cloudflare runs a network in more than 330 cities that protects and speeds up websites, apps and company networks, with $2,167.9 million of revenue in FY2025.

    More: what it sells

  2. 2 · Who pays it

    Cloudflare does not split revenue by type of customer, but by billing address in FY2025 the US paid 49%, Europe, the Middle East and Africa 28%, Asia Pacific 15% and other regions 8%, and no customer accounted for more than one-tenth of revenue.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, including $131.2 million of interest income, costs were $104.4, so Cloudflare lost $4.4; its operating loss was $207.2 million.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Cloudflare reports one segment and no profit by product; in FY2025 gross profit was $1,615.4 million, but sales, research and administration costs of $1,822.6 million left an operating loss of $207.2 million.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    In Q3 FY2026 Cloudflare reported a GAAP operating loss of $67.9 million and non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more operating income of $137.1 million, a gap mostly made up of $174.1 million of stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more and related payroll tax.

    More: the one thing to watch

Sources: From Cloudflare's FY2025 10-K, Q3 FY2026 10-Q and Q3 FY2026 earnings release · checked

See the full receipt and the management scorecard below

Sources (2)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Cloudflare's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Cloudflare · FY2025

Receipt for every $100

Where $100 of Cloudflare's money went in FY2025
Sales and marketing$40.1
Running the network$24.0
Research and development$22.3
General and administrative$16.9
Interest and other expense$0.7
Income tax$0.4
Net loss (costs above money in)−$4.4
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue $2,167.9 million + interest income $131.2 million = $2,299.1 million). The lines are rounded; costs add up to $104.4, so the last line is a net loss of $4.4. Measured on revenue alone, the operating loss was $9.6 per $100. Stock-based pay ($451.5 million) sits inside the cost lines.

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Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does Cloudflare do?

Businesses pay Cloudflare to protect and speed up their websites, apps and networks; most of the money goes on sales, engineers and running the network, and in FY2025 costs were higher than revenue, so it reported an operating loss.

  • Customers in more than 190 countries paid Cloudflare $2,167.9 million in FY2025. Its network runs in more than 330 cities.
  • Of every $100 that came in during FY2025, $40.1 went on sales and marketing, $24.0 on running the network and $22.3 on research and development.
Next: Who pays it

03Who pays it

Who pays Cloudflare?

  • Large customers

    Not disclosed

    Paying customers with more than $100,000 of annualized revenue (a quarter's revenue times four, usage included): 5,006 at Sep 30, 2026, up from 4,009 a year earlier. The share of revenue they pay is not disclosed.

  • Other businesses, developers and individuals on paid plans

    Not disclosed

    Cloudflare counted 332,466 paying customers in all at Dec 31, 2025, its last reported total. From 2026 it stopped reporting that number as a key metric.

How spread out the customers are

Cloudflare's FY2025 10-K says no customer accounted for more than 10% of revenue in FY2023, FY2024 or FY2025. Cloudflare does not split revenue by type or size of customer; by billing address, the US paid 49% of FY2025 revenue.

Sources (2)
Next: Why it makes money

04Why it makes money

Why does Cloudflare make money?

One shared network carries every product, and revenue has grown faster than sales, research and admin costs.

Cloudflare runs all its products on the same servers, and its free plan uses spare network capacity, according to its 10-K. Revenue rose from $656.4 million in FY2021 to $2,167.9 million in FY2025, while sales, research and admin costs rose from $637.0 million to $1,822.6 million. The operating loss per $100 of revenue narrowed from $19.5 to $9.6, while gross profit per $100 fell from $77.6 to $74.5 (Cityfort calculation from the FY2023 and FY2025 10-Ks).

Operating result per $100 of revenue

−$19.5−$9.6

FY2021 to FY2025

  1. Servers in more than 330 cities run every product
  2. A free plan runs on spare capacity
  3. Paying customers add security, network and developer products
  4. Large customers sign bigger contracts
  5. More revenue spreads the costs of sales, research and admin
  6. Cash from operations pays for more servers and acquisitions

↺ Step 6 feeds back into step 1.

Sources (2)
Next: How has it done

05The numbers · Consolidated · US$

How has Cloudflare done?

Revenue

$2.2BFY2025

Revenue grew every year, from $656.4 million in FY2021 to $2,167.9 million in FY2025, and was $782.5 million in Q3 FY2026, up 39.2% from a year earlier (Cityfort calculation from the Q3 FY2026 earnings release).

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$656M
FY2022$975M
FY2023$1.3B
FY2024$1.7B
FY2025$2.2B
Q4 FY2024$460M
Q1 FY2025$479M
Q2 FY2025$512M
Q3 FY2025$562M
Q4 FY2025$615M
Q1 FY2026$640M
Q2 FY2026$696M
Q3 FY2026$783M

Net profit

−$102MFY2025

Cloudflare had a GAAP net loss in every year from FY2021 to FY2025, and the Q2 FY2026 loss of $170.0 million includes a $150.7 million restructuring charge.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021−$260M−$0.83
FY2022−$193M−$0.59
FY2023−$184M−$0.55
FY2024−$78.8M−$0.23
FY2025−$102M−$0.29
Q4 FY2024−$12.8M−$0.04
Q1 FY2025−$38.5M−$0.11
Q2 FY2025−$50.4M−$0.15
Q3 FY2025−$1.3M$0.00
Q4 FY2025−$12.1M−$0.03
Q1 FY2026−$22.9M−$0.07
Q2 FY2026−$170M−$0.48
Q3 FY2026−$34.1M−$0.10

Profit kept per $100 of revenue

−$4.7FY2025

Gross profit was $74.5 per $100 of revenue in FY2025, down from $77.6 in FY2021, and the operating loss was $9.6 per $100 after stock-based pay of $451.5 million, or 20.8% of revenue.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY2021−39.7%−9.3%
FY2022−19.8%−10.1%
FY2023−14.2%−3.8%
FY2024−4.7%−1.6%
FY2025−4.7%−0.8%

Free cash flow

$288MFY2025

Free cash flow (cash from operations minus equipment purchases) went from −$28.3 million in FY2021 to $287.5 million in FY2025, helped by $451.5 million of stock-based pay that costs no cash.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$64.6M$93M−$28.3M
FY2022$124M$144M−$20M
FY2023$254M$114M$140M
FY2024$380M$185M$195M
FY2025$603M$316M$288M
See all yearly numbers
Cloudflare annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$656M−$61.1M−$260M−$0.83$64.6M$93M−$28.3M
FY2022$975M−$98.9M−$193M−$0.59$124M$144M−$20M
FY2023$1.3B−$49.7M−$184M−$0.55$254M$114M$140M
FY2024$1.7B−$27M−$78.8M−$0.23$380M$185M$195M
FY2025$2.2B−$17.5M−$102M−$0.29$603M$316M$288M

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31 (FY2025 = year ended Dec 31, 2025)). Net profit is the share belonging to the company's owners.

Download Cloudflare's yearly and quarterly numbers (CSV, with source ids)

Learn: Stock-based compensation and dilution: pay that becomes shares

Sources (13)
Next: What they said, and what happened

06Who runs it

Who runs Cloudflare, and did they deliver?

  • Matthew Prince

    Co-founder and Chief Executive Officer

    2025 total pay was $60,551,052, including $58,251,101 of stock awards, against $2,081,094 in 2024. He held 39.0% of the votes at Apr 30, 2026.

  • Michelle Zatlyn

    Co-founder and President

    2025 total pay was $60,045,160. She held 13.4% of the votes at Apr 30, 2026.

  • Alissa Starzak

    Chief Legal Officer · since 2026

    Succeeded Doug Kramer, whose resignation took effect on Mar 31, 2026.

  • Christian Smith

    President of Revenue · since 2026

    Appointed on Nov 5, 2026, succeeding Mark Anderson, who retires at the end of 2026.

What they said, and what happened

2 delivered · 1 partly delivered · 2 too early to tell

  1. Said on Feb 6, 2025

    Cloudflare said it expected FY2025 revenue of $2,090.0–2,094.0 million.

    What happened

    FY2025 revenue was $2,167.9 million, 3.5% above the top of the range (Cityfort calculation from the FY2025 10-K).

    Delivered

  2. Said on Feb 6, 2025

    Cloudflare said it expected FY2025 non-GAAP income from operations of $272.0–276.0 million.

    What happened

    It reported $303.9 million; the GAAP loss from operations was $207.2 million.

    Delivered

  3. Said on May 7, 2026

    Cloudflare said a restructuring would cut about 20% of its workforce, with charges of $140–150 million, substantially complete by the end of Q3 FY2026.

    What happened

    The plan was substantially complete by Sep 30, 2026, but charges were $161.7 million in the first nine months of FY2026, above the first range; the company later estimated up to $165 million.

    Partly delivered

  4. Said on Feb 10, 2026

    Cloudflare said it expected FY2026 revenue of $2,785.0–2,795.0 million.

    What happened

    Raised three times, to $2,963–2,964 million on Nov 5, 2026. Revenue was $2,118.3 million in the first nine months of FY2026.

    Too early to tell

  5. Said on Nov 5, 2026

    Cloudflare said it expected Q4 FY2026 revenue of $845.0–846.0 million and non-GAAP income from operations of $156–157 million.

    What happened

    Q4 FY2026 ends Dec 31, 2026.

    Too early to tell
Sources (11)
Next: What could go wrong

07What could go wrong

What could go wrong for Cloudflare?

  • Legal

    Court fight over the share-class changes

    A Delaware court preliminarily blocked the Class C and preferred-stock changes on Oct 16, 2026. As of Nov 5, 2026, eight stockholder complaints had been filed: seven were consolidated into one action alleging breach of fiduciary duty, and the eighth alleges that a two-thirds vote was required. The company and its board say the claims are without merit.

    Watch Rulings, the interlocutory appeal and any settlement, in the legal note of each 10-Q.

  • Governance

    Founders control the vote

    The co-founders held 50.3% of total votes at Jun 5, 2026 through Class B shares with 10 votes each, while Class B was 9.3% of all shares at Oct 22, 2026.

    Watch Class B's share of votes, 50.6% at Oct 22, 2026 (Cityfort calculation from the Q3 FY2026 10-Q).

  • Other

    Losses and stock-based pay

    Cloudflare had a GAAP net loss every year from FY2021 to FY2025. Stock-based pay was $451.5 million in FY2025, 20.8% of revenue, and weighted shares rose from 312.3 million in FY2021 to 348.4 million in FY2025.

    Watch Stock-based pay and related payroll tax as a share of revenue: 22.2% in Q3 FY2026.

  • Technology

    Network outages

    Software updates to Cloudflare's own network caused widespread service unavailability in November and December 2025. The company says they did not have a material impact.

    Watch Outages and service credits described in 10-Q risk factors or 8-Ks.

  • Debt

    $4.5 billion of convertible notes

    Cloudflare owes $4,500.0 million of principal on 0% notes due in 2030 and 2031. The 2030 notes convert at about $247.67 a share and the 2031 notes at about $496.94.

    Watch Cash and investments against the notes: $5,128.7 million and $4,441.9 million at Sep 30, 2026.

  • Execution

    Gross margin has fallen

    GAAP gross margin fell from 77.3% in FY2024 to 74.5% in FY2025 and 71.2% in Q3 FY2026 (Cityfort calculation from the FY2025 10-K and Q3 FY2026 earnings release).

    Watch Gross profit per $100 of revenue each quarter.

  • Execution

    Job cuts and sales leadership change

    A May 2026 plan cut about 20% of the workforce, with $161.7 million of charges in the first nine months of FY2026. The President of Revenue retires at the end of 2026.

    Watch Large-customer count (5,006 at Sep 30, 2026) and sales and marketing costs after the changes.

  • Competition

    Competition from larger vendors

    Cloudflare's 10-K lists network hardware makers, single-product cloud vendors and services of public cloud providers as competitors, without naming companies.

    Watch Dollar-based net retention, 122% in Q3 FY2026.

Sources (7)
Next: Supporters vs. critics

08Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue grew every year from $656.4 million in FY2021 to $2,167.9 million in FY2025, and rose 39.2% in Q3 FY2026 from a year earlier.
  • Cash from operations rose from $64.6 million in FY2021 to $603.1 million in FY2025.
  • Dollar-based net retention rose from 111% in Q4 FY2024 to 122% in Q3 FY2026.
  • Cash and investments of $5,128.7 million exceeded convertible notes carried at $4,441.9 million at Sep 30, 2026.
  • FY2025 revenue was 3.5% above the top of the range Cloudflare gave in February 2025.

What critics point to

  • Cloudflare had a GAAP net loss every year from FY2021 to FY2025, and lost $227.0 million in the first nine months of FY2026.
  • Stock-based pay was $451.5 million in FY2025, 20.8% of revenue.
  • GAAP gross margin fell from 77.3% in FY2024 to 71.2% in Q3 FY2026.
  • The co-founders hold 50.3% of the votes, and a Delaware court preliminarily blocked share-class changes that included charter amendments stockholders had approved; eight complaints had been filed as of Nov 5, 2026.
  • Matthew Prince's 2025 total pay was $60,551,052, against $2,081,094 in 2024.
Next: What to watch next

09What to watch next

What should you watch next at Cloudflare?

Next event

Q4 FY2026 results

Date not announced yet.

  • Revenue against the company's Q4 FY2026 range

    Cloudflare said on Nov 5, 2026 that it expects $845.0–846.0 million. Q3 FY2026 revenue was $782.5 million.

  • The Delaware share-class case

    The court preliminarily blocked the changes on Oct 16, 2026, and defendants sought an interlocutory appeal. Updates appear in the legal note of each 10-Q.

  • Gross margin

    GAAP gross margin was 71.2% in Q3 FY2026, against 74.0% a year earlier (Cityfort calculation from the Q3 FY2025 and Q3 FY2026 earnings releases).

  • The gap between GAAP and non-GAAP

    In Q3 FY2026 the GAAP operating loss was $67.9 million and non-GAAP operating income $137.1 million; stock-based pay and related payroll tax was $174.1 million.

Next: Key dates

10Key dates

What are the key dates for Cloudflare?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Cloudflare
EventDateSource
Fiscal 2026 endsThe Q4 FY2026 results date was not announced in the documents read.Form 10-Q, third quarter 2026 (quarter ended September 30, 2026)
President of Revenue Mark Anderson retiresAt the end of 2026; Christian Smith succeeds him.Not yet statedForm 8-K Exhibit 99.2: Cloudflare Appoints Christian Smith as President of Revenue
$400 million revolving credit line maturesUndrawn at Sep 30, 2026.Form 10-Q, third quarter 2026 (quarter ended September 30, 2026)
$2,000 million of 0% convertible notes dueConversion price about $247.67 a share.Form 10-Q, third quarter 2026 (quarter ended September 30, 2026)
$2,500 million of 0% convertible notes dueConversion price about $496.94 a share.Form 10-Q, third quarter 2026 (quarter ended September 30, 2026)

Learn: What is an 8-K? A company's news report, with a real Adobe filing

Sources (2)
Next: Key facts

11Key facts

Key facts about Cloudflare

What does Cloudflare do?
Cloudflare, Inc. runs a global network that protects and speeds up websites, apps and company networks, and lets developers run software on it. Cloudflare's network was in more than 330 cities in over 125 countries at Dec 31, 2025, and its FY2025 revenue was $2,167.9 million.
How does Cloudflare make money?
Cloudflare makes money from customers who pay for its security, performance, networking and developer products, all run on its own network; some charges depend on usage. Cloudflare had revenue of $2,167.9 million in FY2025 and $782.5 million in Q3 FY2026 (quarter ended Sep 30, 2026).
What is Cloudflare's business model?
Cloudflare's business model is to run one global network and sell many products on it, from a free plan that uses spare capacity to large contracts. At Sep 30, 2026, Cloudflare had $2,876.8 million of remaining performance obligationsSigned contracts with customers that have not been billed yet. (contracted revenue not yet recognized), 65% of it expected within 12 months.
Is Cloudflare profitable?
Not on a GAAP basis. Cloudflare reported a net loss of $102.3 million in FY2025 and a net loss in every year from FY2021 to FY2025. Cloudflare's net loss was $34.1 million in Q3 FY2026 (quarter ended Sep 30, 2026).
What is Cloudflare's revenue by segment?
Cloudflare reports one segment and does not split revenue by product. By customer billing address in FY2025, Cloudflare earned 49% of revenue in the United States, 28% in Europe, the Middle East and Africa, 15% in Asia Pacific and 8% in other regions.
What are Cloudflare's application services?
Cloudflare's application services protect and speed up websites and apps, with tools such as a web application firewall, DDoS attack protection, bot management, a content delivery network and DNS. Cloudflare does not report revenue for this product family; its total revenue was $2,167.9 million in FY2025.
What is Cloudflare's SASE and Zero Trust platform?
Cloudflare's SASE platform connects and secures company offices and staff, with network services such as Magic WAN and Magic Firewall and Zero Trust tools such as a secure web gateway, browser isolation and email security. Cloudflare does not report revenue for this product family; across all products it had 5,006 customers with more than $100,000 of annualized revenue at Sep 30, 2026.
What is Cloudflare's developer platform?
Cloudflare's developer platform lets programmers run code and AI models and store data on Cloudflare's network, with products such as Workers, Workers AI, R2 and D1. Cloudflare bought Replicate for $57.4 million on Dec 1, 2025, VoidZero for $164.2 million on Jun 1, 2026 and Deno Land for about $26.5 million on Oct 8, 2026.
Who are Cloudflare's customers?
Cloudflare had 332,466 paying customers at Dec 31, 2025, the last date it reported that total, in more than 190 countries. Cloudflare had 5,006 paying customers with more than $100,000 of annualized revenue at Sep 30, 2026, and no customer accounted for more than 10% of revenue in FY2023, FY2024 or FY2025.
Who owns Cloudflare?
Cloudflare's co-founders Matthew Prince and Michelle Zatlyn held 50.3% of the votes at Jun 5, 2026, mainly through unlisted Class B shares with 10 votes each, according to the 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more. Cloudflare's Class A stock trades on the NYSE as NET; Capital World Investors reported 7.3% of it as of Mar 31, 2026.
Sources (6)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

12What it sells

12What it sells

What does Cloudflare sell?

Cloudflare runs servers in more than 330 cities. Customers send their website, app or office traffic through this network. There Cloudflare blocks attacks, speeds up delivery and runs customers' code.

  • Application services

    Security for websites and apps (web application firewall, bot management, DDoS attack protection, API Shield, SSL/TLS) and speed tools (content delivery network, load balancing, DNS, Waiting Room).

  • Network services (SASE)

    Magic WAN, Magic Transit, Magic Firewall and Spectrum connect and protect a company's offices, data centers and networks over Cloudflare's network.

  • Zero Trust

    Checks every staff login and web request: zero trust network access, a secure web gateway, the WARP client, browser isolation, CASB, email security and data loss prevention.

  • Developer platform

    Lets programmers run code and store data on the network: Workers, Pages, R2 storage, D1 database, Workers KV, Durable Objects, Queues, Stream and Images.

  • AI tools for developers

    Workers AI, Vectorize and AI Gateway run and manage AI models on the network. Cloudflare bought Replicate, an AI model platform, for $57.4 million in December 2025.

  • Consumer services

    The 1.1.1.1 DNS resolver, the WARP app and a domain registrar. Users of 1.1.1.1 and WARP, and registrar-only customers, are not counted as paying customers.

What it does

  • Does: Sells security, speed, networking and developer products that all run on the same network
  • Does: Offers a free plan that runs on spare network capacity
  • Does: Sells to customers in more than 190 countries
  • Does: Charges some customers based on how much they use

What it does not do

  • Does not: Does not report revenue by product or product family
  • Does not: Does not pay a dividend
  • Does not: Has not reported its total paying customers since Dec 31, 2025, when it had 332,466
  • Does not: Does not count users of its free consumer apps 1.1.1.1 and WARP as paying customers
Sources (2)
13How the money flows

13How the money flows · FY2025

How does money flow through Cloudflare?

Money in

  • Revenue from customers$2.2B
  • Interest income$131M

The company

Cloudflare

$2.3B came in

Money out

  • Running the network (cost of revenue)$553M
  • Sales and marketing$921M
  • Research and development$513M
  • General and administrative$389M
  • Interest and other expense$16.7M
  • Income tax$9.6M
  • Net loss−$102M
  1. Customers paid Cloudflare $2,167.9 million in FY2025.
  2. Running the network and serving customers cost $552.5 million, leaving gross profit of $1,615.4 million.
  3. Sales and marketing took $920.8 million, research and development $512.5 million, and general and administrative $389.3 million: $1,822.6 million in all.
  4. That left an operating loss of $207.2 million. Interest income of $131.2 million on Cloudflare's cash and investments covered part of it.
  5. After $8.8 million of interest expense, $8.0 million of other expense and $9.6 million of income tax, the net loss was $102.3 million.
Sources (1)
14What it needs to run

14What it needs to run

What does Cloudflare need to run?

  • Network locations

    Servers in co-location and internet service provider facilities in more than 330 cities in over 125 countries at Dec 31, 2025. Core co-location sites are in greater Portland, Oregon and Amsterdam.

  • Servers and equipment

    Purchases of property and equipment were $315.6 million in FY2025, 14.6% of revenue, up from $185.0 million in FY2024.

  • People

    5,156 full-time employees at Dec 31, 2025, 2,452 of them outside the US, up from 3,682 at Dec 31, 2023. A plan announced on May 7, 2026 cut about 20% of the workforce.

  • Research and development

    $512.5 million in FY2025, up from $189.4 million in FY2021.

Sources (3)
15Where it sells

15Where it sells · FY2025

Where does Cloudflare sell?

  • United States49%
  • Europe, Middle East and Africa28%
  • Asia Pacific15%
  • Other8%
Sources (1)
16Where growth could come from

16Where growth could come from

Where could Cloudflare's growth come from?

Cloudflare said on Nov 5, 2026 that it expects FY2026 revenue of $2,963–2,964 million and non-GAAP income from operations of $462–463 million. Its first FY2026 revenue range, given on Feb 10, 2026, was $2,785–2,795 million; it raised the range in May, August and November.
Management statement, Nov 5, 2026. Reported as a statement, not our forecast.

  • Large customers

    Working

    5,006 at Sep 30, 2026

    Customers with more than $100,000 of annualized revenue rose from 4,009 a year earlier, up 24.9% (Cityfort calculation from the Q3 FY2026 10-Q).

    Status: Working, on track against what the company said.

  • Spending by existing customers

    Working

    122% net retention

    Dollar-based net retention was 122% in Q3 FY2026, up from 111% in Q4 FY2024 and Q1 FY2025.

    Status: Working, on track against what the company said.

  • Contracted revenue

    Working

    $2,876.8M RPO

    Remaining performance obligations rose from $2,495.8 million at Dec 31, 2025 to $2,876.8 million at Sep 30, 2026. Current RPO grew 37% from a year earlier, as stated in the Q3 FY2026 earnings release.

    Status: Working, on track against what the company said.

  • Developer and AI acquisitions

    New

    3 deals since Dec 2025

    Cloudflare bought Replicate ($57.4 million, Dec 1, 2025), VoidZero ($164.2 million, Jun 1, 2026) and Deno Land (about $26.5 million in cash, Oct 8, 2026).

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (5)
17The company's own measures (non-GAAP)

17The company's own measures · FY2025 and Q3 FY2026

What do Cloudflare's own measures show?

Adjusted (non-GAAP) figures and customer counts are Cloudflare's own measures, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Loss from operations, FY2025

    −$207M

    Company's own measure: Non-GAAP income from operations, FY2025

    $304M

    Cloudflare leaves out stock-based pay and related employer payroll taxes, amortization of acquired intangibles, acquisition-related costs, lease impairment, legal reserves and restructuring charges.

  • Official (GAAP): Loss from operations, Q3 FY2026

    −$67.9M

    Company's own measure: Non-GAAP income from operations, Q3 FY2026

    $137M

    Stock-based pay and related payroll tax was $174.1 million in the quarter, 22.2% of revenue (Cityfort calculation from the Q3 FY2026 earnings release). Restructuring charges were $11.0 million.

  • Official (GAAP): Net loss, Q3 FY2026

    −$34.1M

    Company's own measure: Non-GAAP net income, Q3 FY2026

    $144M

    Leaves out the same items as non-GAAP income from operations, with the company's own tax adjustments.

  • Official (GAAP): Diluted EPS, Q3 FY2026

    −$0.10

    Company's own measure: Non-GAAP diluted EPS, Q3 FY2026

    $0.38

    Non-GAAP net income per diluted share, leaving out the same items.

  • Official (GAAP): Net cash from operating activities, FY2025

    $603M

    Company's own measure: Free cash flow (company measure), FY2025

    $261M

    Cash from operations minus purchases of property and equipment and capitalized internal-use software. This page's own free cash flowCash from operations minus spending on buildings and equipment. Learn more, which deducts only equipment purchases, was $287.5 million.

  • Official (GAAP): Revenue, Q3 FY2026 ($ million)

    $783M

    Company's own measure: Customers with more than $100,000 of annualized revenue, Sep 30, 2026

    5,006 customers

    Annualized revenue is a customer's revenue in the quarter times four, usage included, so it can be more than the customer pays in a year. The count was 4,009 a year earlier.

  • Official (GAAP): Revenue growth from a year earlier, Q3 FY2026 (%)

    39.2%

    Company's own measure: Dollar-based net retention, Q3 FY2026

    122%

    Cloudflare's measure of how much revenue from existing paying customers changed over a year, after expansion and losses. It was 111% in Q4 FY2024. The GAAP growth figure is a Cityfort calculation from the Q3 FY2026 earnings release.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (4)
18Financial strength and debt

18Financial strength · Sep 30, 2026

How much debt does Cloudflare have?

At Sep 30, 2026 Cloudflare held $5,128.7 million of cash and investments against convertible notes carried at $4,441.9 million, so cash exceeded debt by $686.8 million.
  • Total debt$4.4B
  • Cash and investments$5.1B
  • Net cash (cash minus debt)$687M
  • Net worth (shareholders' money)$1.5B
Debt to equity
3.03×
$ of debt for every $1 of shareholders' money
  • Net cash is a Cityfort calculation from the Q3 FY2026 earnings release: cash, cash equivalents and available-for-sale securities minus the notes' carrying value. Against the $4,500.0 million principal it is $628.7 million (Cityfort calculation from the Q3 FY2026 10-Q).
  • All the debt is 0% convertible notes: $2,000.0 million due Jun 15, 2030 and $2,500.0 million due Aug 15, 2031. The $1,293.75 million of 2026 notes were repaid in Q3 FY2026.
  • A $400 million secured revolving credit line, maturing May 17, 2029, was undrawn at Sep 30, 2026.
  • Interest cover is not shown because Cloudflare had an operating loss. The notes pay no interest; most of the $3.5 million GAAP interest expense in Q3 FY2026 was amortized issuance costs.
  • Debt to equity compares the notes with stockholders' equity of $1,464.8 million (Cityfort calculation from the Q3 FY2026 earnings release).
  • Operating lease liabilities ($252.9 million at Dec 31, 2025) are not counted as debt here.
Sources (3)
19Who owns it

19Who owns it · ownership as of Apr 30, 2026

Who owns Cloudflare?

Class B shares carry 10 votes each and are not listed. The co-founders held 50.3% of total votes at the Jun 5, 2026 record date, and the 11 directors and executive officers held 52.4% of votes at Apr 30, 2026. Stockholders approved charter amendments creating a non-voting Class C stock on Jun 30, 2026; the planned changes also include exchanging the co-founders' Class B for Series FF preferred and Class A shares. A Delaware court preliminarily blocked the changes on Oct 16, 2026.
Officers and directors (as a group), votes
52.4%

Shares vs votes by class

Cloudflare has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.

  • Class A common stock: share of all votes49.4%
  • Class B common stock: share of all votes50.6%

Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.

Share classes
Cloudflare share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (Shares outstanding on Oct 22, 2026 (10-Q cover). Share and vote percentages are a Cityfort calculation from the Q3 FY2026 10-Q, at 10 votes per Class B share.)325.11Public and institutional investors; trades on the NYSE as NET90.7%49.4%Yes
Class B common stock (33,298,276 shares outstanding on Oct 22, 2026 (10-Q cover). Class B converts into Class A one-for-one, generally on transfer or when the holder's employment ends.)33.310Directors and executive officers held 99.0% of this class on Apr 30, 2026, as stated in the 2026 proxy9.3%50.6%No
Holders of 5% or more
Cloudflare holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Matthew Prince (co-founder and CEO)75.7%39.0%Apr 30, 2026S16% of Class B: 25,693,312 Class B shares and 45,508 Class A shares, as stated in the 2026 proxy. Much of the Class B is held through trusts.
Michelle Zatlyn (co-founder and President)25.5%13.4%Apr 30, 2026S16% of Class B: 9,016,720 Class B shares and 99,637 Class A shares, as stated in the 2026 proxy. Much of the Class B is held through trusts.
Capital World Investors7.3%–Mar 31, 2026S23% of Class A: 23,032,315 shares, from its Schedule 13G/A filed May 14, 2026. The filing does not state a share of total votes.
Morgan Stanley5.3%2.6%Dec 31, 2025S16% of Class A: 16,803,415 shares, from a Schedule 13G/A filed Feb 12, 2026, as listed in the 2026 proxy.
BlackRock, Inc.5.2%2.5%Dec 31, 2023S16% of Class A: 16,649,551 shares, from a Schedule 13G/A filed Jan 29, 2024, as listed in the 2026 proxy, so it may be out of date.
Vanguard Capital Management5.2%2.5%Mar 31, 2026S16% of Class A: 16,492,428 shares, from a Schedule 13G filed Apr 29, 2026, as listed in the 2026 proxy.
Vanguard Portfolio Management5.0%2.4%Mar 31, 2026S16% of Class A: 16,122,189 shares, from a Schedule 13G filed Apr 29, 2026, as listed in the 2026 proxy.
Baillie Gifford & Co4.6%–Jun 30, 2026S24, S16% of Class A: 14,598,594 shares, from its Schedule 13G/A filed Jul 24, 2026, below the 5% reporting level. The 2026 proxy had listed 5.3%.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Insider trades · Form 4 data as of Nov 6, 2026

What did Cloudflare's insiders report trading?

Cloudflare's insiders made 123 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.

They reported no purchases and 830 sales (3.1 million shares) in the open market or privately (codes P and S).

826 of the 830 sales were on forms with the Rule 10b5-1 plan box checked.

The same filings report 141 other share transactions (C: 81, F: 26, M: 21, A: 12, G: 1).

They also report 203 transactions in options, stock units or other derivatives.

Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.

P
a purchase in the open market or privately
S
a sale in the open market or privately
A
a grant, award or other acquisition from the company under Rule 16b-3
F
shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
M
exercise or conversion of an option or other derivative, exempt under Rule 16b-3
C
conversion of a derivative security
G
a bona fide gift

Code meanings: General Instruction 8 of Form 4 (SEC).

The latest 25 of 971 transactions
Cloudflare's insider transactions reported on Form 4 in the 12 months to Nov 6, 2026, newest filing first
InsiderTrade dateCodeSharesPriceHeld after10b5-1 boxFiling
Ledbetter CarlDirectorOct 19, 2026S1,931 D$303.6358871,142 (indirect: See footnote)CheckedForm 4, filed Oct 19, 2026
Ledbetter CarlDirectorOct 19, 2026S1,963 D$304.4744869,179 (indirect: See footnote)CheckedForm 4, filed Oct 19, 2026
Ledbetter CarlDirectorOct 19, 2026S1,106 D$305.5966868,073 (indirect: See footnote)CheckedForm 4, filed Oct 19, 2026
SEIFERT THOMAS JChief Financial OfficerOct 19, 2026M12,500 A$44.72117,458CheckedForm 4, filed Oct 19, 2026
SEIFERT THOMAS JChief Financial OfficerOct 19, 2026S1,100 D$297.2919116,358CheckedForm 4, filed Oct 19, 2026
SEIFERT THOMAS JChief Financial OfficerOct 19, 2026S3,401 D$298.3212112,957CheckedForm 4, filed Oct 19, 2026
SEIFERT THOMAS JChief Financial OfficerOct 19, 2026S3,756 D$299.3555109,201CheckedForm 4, filed Oct 19, 2026
SEIFERT THOMAS JChief Financial OfficerOct 19, 2026S2,643 D$300.3914106,558CheckedForm 4, filed Oct 19, 2026
SEIFERT THOMAS JChief Financial OfficerOct 19, 2026S598 D$301.9943105,960CheckedForm 4, filed Oct 19, 2026
SEIFERT THOMAS JChief Financial OfficerOct 19, 2026S502 D$303.2558105,458CheckedForm 4, filed Oct 19, 2026
SEIFERT THOMAS JChief Financial OfficerOct 19, 2026S500 D$304.15104,958CheckedForm 4, filed Oct 19, 2026
SEIFERT THOMAS JChief Financial OfficerOct 15, 2026F2,944 D$316.32104,958CheckedForm 4, filed Oct 19, 2026
Zatlyn MichelleDirector, President and Board Co-ChairOct 7, 2026C33,003 ASee filing102,778 (indirect: See footnote)CheckedForm 4, filed Oct 7, 2026
Zatlyn MichelleDirector, President and Board Co-ChairOct 7, 2026S5,694 D$346.399597,084 (indirect: See footnote)CheckedForm 4, filed Oct 7, 2026
Zatlyn MichelleDirector, President and Board Co-ChairOct 7, 2026S9,022 D$347.201788,062 (indirect: See footnote)CheckedForm 4, filed Oct 7, 2026
Zatlyn MichelleDirector, President and Board Co-ChairOct 7, 2026S7,688 D$348.230380,374 (indirect: See footnote)CheckedForm 4, filed Oct 7, 2026
Zatlyn MichelleDirector, President and Board Co-ChairOct 7, 2026S3,900 D$349.38276,474 (indirect: See footnote)CheckedForm 4, filed Oct 7, 2026
Zatlyn MichelleDirector, President and Board Co-ChairOct 7, 2026S4,240 D$350.374472,234 (indirect: See footnote)CheckedForm 4, filed Oct 7, 2026
Zatlyn MichelleDirector, President and Board Co-ChairOct 7, 2026S2,162 D$351.401770,072 (indirect: See footnote)CheckedForm 4, filed Oct 7, 2026
Zatlyn MichelleDirector, President and Board Co-ChairOct 7, 2026S297 D$352.24569,775 (indirect: See footnote)CheckedForm 4, filed Oct 7, 2026
Zatlyn MichelleDirector, President and Board Co-ChairOct 6, 2026C33,003 ASee filing102,778 (indirect: See footnote)CheckedForm 4, filed Oct 7, 2026
Zatlyn MichelleDirector, President and Board Co-ChairOct 6, 2026S4,260 D$364.392598,518 (indirect: See footnote)CheckedForm 4, filed Oct 7, 2026
Zatlyn MichelleDirector, President and Board Co-ChairOct 6, 2026S6,179 D$365.69192,339 (indirect: See footnote)CheckedForm 4, filed Oct 7, 2026
Zatlyn MichelleDirector, President and Board Co-ChairOct 6, 2026S9,170 D$366.654583,169 (indirect: See footnote)CheckedForm 4, filed Oct 7, 2026
Zatlyn MichelleDirector, President and Board Co-ChairOct 6, 2026S8,559 D$367.723374,610 (indirect: See footnote)CheckedForm 4, filed Oct 7, 2026

Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Cloudflare's Form 4 filings on EDGAR.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Sources (4)
20What it does with profit

20What it does with profit

What does Cloudflare do with its profit?

Cloudflare has never declared a dividend, and no share buyback program was found in the filings read. When the 2026 notes were repaid in Q3 FY2026, the amount above principal was settled in about 2.2 million Class A shares, and capped calls returned about 1.4 million shares.

  • Money raised · Jun 17, 2025

    Issued $2,000 million of 0% convertible senior notes due 2030; related capped calls cost $283.4 million.

    $2.0B

  • Money raised · Aug 13, 2026

    Issued $2,500 million of 0% convertible senior notes due 2031, with net proceeds of $2,462.5 million; capped calls cost $259.5 million, with a cap price of $854.12.

    $2.5B

Sources (4)
21Governance signals

21Governance signals

What do Cloudflare's governance filings show?

Auditor
KPMG LLP, since 2014
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The related-party section of Cloudflare's 2026 proxy statement was not reviewed for this page, so no related-party transactions are summarized here. KPMG's FY2025 fees were $4,077,327, of which $3,605,000 was for the audit.
Credit rating
No public credit rating found in a search of rating agency sites on Nov 6, 2026

Flags to know about

  • other · Oct 16, 2026

    Court blocks share-class changes

    Stockholders approved charter amendments creating a non-voting Class C stock on Jun 30, 2026; the planned changes also include exchanging the co-founders' Class B for Series FF preferred and Class A shares. The Delaware Court of Chancery preliminarily blocked the changes on Oct 16, 2026. As of Nov 5, 2026, eight stockholder complaints had been filed: seven were consolidated into one action against the company and its board alleging breach of fiduciary duty, and the eighth alleges that a two-thirds vote was required. The company and its board say the claims are without merit, and the defendants have sought an interlocutory appeal.

  • other

    Co-founders control the votes

    Matthew Prince and Michelle Zatlyn held 50.3% of total votes at the Jun 5, 2026 record date, through Class B shares with 10 votes each.

  • regulatory · Apr 9, 2026

    OFAC review closed

    Cloudflare voluntarily disclosed potential sanctions violations to the US Treasury's Office of Foreign Assets Control. OFAC closed its review with a No Action Letter on Apr 9, 2026, without penalties.

  • disclosure

    Total paying customers no longer reported

    From 2026 Cloudflare stopped reporting its total paying customers as a key metric. The last figure was 332,466 at Dec 31, 2025.

  • other

    Legal reserve of $10.7 million

    Q3 FY2026 general and administrative costs included $10.7 million of legal reserves and settlements. The filings read do not name the matter.

  • other

    Founders' pay of about $60 million each

    Matthew Prince's 2025 total pay was $60,551,052 and Michelle Zatlyn's $60,045,160, mostly stock awards. Prince's 2024 total was $2,081,094.

Sources (7)
22What the market paid

22What the market paid · price as of Nov 5, 2026

What did the market pay for Cloudflare on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Cloudflare's Class A stock closed at $244.51, from Nasdaq's historical price table (the stock is listed on the NYSE). The Q3 FY2026 results came out after that close. Times 358.4 million Class A and Class B shares (Oct 22, 2026) that is a market value of about $87.6 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q). Class B shares are not listed but convert one-for-one into Class A. P/E is not shown: Cloudflare had a net loss of $239.1 million over the four quarters to Sep 30, 2026 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases).

Share price
$244.51
Market value (market cap)
$87.6B

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 358.39 million ($244.51 × 358.39 million shares ≈ $87.6B). Source: Form 10-Q, third quarter 2026 (quarter ended September 30, 2026); Definitive proxy statement (DEF 14A), 2026 annual meeting

Source: NET historical closing prices, Oct 20 to Nov 5, 2026; Form 10-Q, third quarter 2026 (quarter ended September 30, 2026); Cloudflare Announces Fourth Quarter and Fiscal Year 2025 Financial Results (8-K Exhibit 99.1) and 3 more

Sources (10)
23How it got here

23How it got here

How did Cloudflare get here?

  1. 2009

    Milestone

    Incorporated

    Cloudflare, Inc. was incorporated in Delaware in July 2009 and is based in San Francisco.

  2. 2025

    Milestone

    $2 billion of 0% notes

    Cloudflare issued $2,000 million of 0% convertible notes due 2030 on Jun 17, 2025.

  3. 2025

    Crisis

    Network outages

    Software updates caused widespread service unavailability in November and December 2025; the company says the impact was not material.

  4. 2025

    Milestone

    Buys Replicate

    Cloudflare bought Replicate, an AI model platform, for $57.4 million in cash on Dec 1, 2025.

  5. 2026

    Business-model change

    Restructuring

    On May 7, 2026 Cloudflare announced a cut of about 20% of its workforce "to further accelerate its evolution to an agentic AI-first operating model".

  6. 2026

    Milestone

    Buys VoidZero

    Cloudflare bought VoidZero on Jun 1, 2026 for $164.2 million, $98.7 million of it in Class A shares.

  7. 2026

    Business-model change

    Share-class changes approved

    Stockholders approved a non-voting Class C stock on Jun 30, 2026: 382.3 million votes for and 200.6 million against.

  8. 2026

    Milestone

    $2.5 billion of new notes

    Cloudflare issued $2,500 million of 0% notes due 2031 on Aug 13, 2026, and repaid its 2026 notes in Q3 FY2026.

  9. 2026

    Crisis

    Court blocks share-class changes

    The Delaware Court of Chancery preliminarily blocked the changes on Oct 16, 2026; defendants sought an interlocutory appeal.

Sources (6)

24Sources and changes

Where every number on this page comes from

Sources (24 documents)
  1. S1Form 10-K, fiscal year 2025 (ended December 31, 2025) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2026
  2. S3Form 10-K, fiscal year 2023 (ended December 31, 2023) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 21, 2024
  3. S5Form 10-Q, third quarter 2026 (quarter ended September 30, 2026) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
  4. S6Form 10-Q, second quarter 2026 (quarter ended June 30, 2026) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2026
  5. S7Form 10-Q, first quarter 2026 (quarter ended March 31, 2026) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 8, 2026
  6. S8Cloudflare Announces Third Quarter 2026 Financial Results (8-K Exhibit 99.1) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
  7. S9Cloudflare Announces Second Quarter 2026 Financial Results (8-K Exhibit 99.1) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2026
  8. S10Cloudflare Announces First Quarter 2026 Financial Results (8-K Exhibit 99.1) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
  9. S11Cloudflare Announces Fourth Quarter and Fiscal Year 2025 Financial Results (8-K Exhibit 99.1) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 10, 2026
  10. S12Cloudflare Announces Third Quarter 2025 Financial Results (8-K Exhibit 99.1) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2025
  11. S13Cloudflare Announces Second Quarter 2025 Financial Results (8-K Exhibit 99.1) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2025
  12. S14Cloudflare Announces First Quarter 2025 Financial Results (8-K Exhibit 99.1) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 8, 2025
  13. S15Cloudflare Announces Fourth Quarter and Fiscal Year 2024 Financial Results (8-K Exhibit 99.1) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 6, 2025
  14. S16Definitive proxy statement (DEF 14A), 2026 annual meeting · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 9, 2026
  15. S17Form 8-K/A, Items 5.02 and 5.07: 2026 annual meeting results (filed Jul 1, 2026) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 1, 2026
  16. S18Form 8-K/A, Items 2.02 and 2.05: restructuring plan (filed May 7, 2026) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
  17. S19Form 8-K: 0% convertible senior notes due 2031 (filed Aug 13, 2026) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 13, 2026
  18. S20Form 8-K: 0% convertible senior notes due 2030 (filed Jun 17, 2025) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 17, 2025
  19. S21Form 8-K, Item 5.02: Chief Legal Officer transition (filed Feb 10, 2026) · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 10, 2026
  20. S22Form 8-K Exhibit 99.2: Cloudflare Appoints Christian Smith as President of Revenue · Cloudflare, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
  21. S23Schedule 13G/A, Capital World Investors, Class A common stock (event date Mar 31, 2026) · Capital World Investors (SEC EDGAR) · Tier 1: company or exchange filing · May 14, 2026
  22. S24Schedule 13G/A, Baillie Gifford & Co, Class A common stock (event date Jun 30, 2026) · Baillie Gifford & Co (SEC EDGAR) · Tier 1: company or exchange filing · Jul 24, 2026
  23. S25NET historical closing prices, Oct 20 to Nov 5, 2026 · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
  24. S26EDGAR filing index, Cloudflare, Inc. (CIK 0001477333) · U.S. Securities and Exchange Commission · Tier 1: company or exchange filing · Nov 6, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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