Cloudflare
ConvictionModerate
Usage- + subscription-based SaaS; self-built anycast network monetized across CDN/performance, security (WAF, DDoS, Zero Trust/SASE), and Developer Platform (Workers, R2, D1, AI inference). Land-and-expand, free tier funneling to paid; ~72% of revenue from customers >$100K/yr.
Revenue
$2.168B FY2025$639.8M Q1 FY2026Rev growth
+34% YoYQ1 FY2026); ~+30% FY2025; FY2026 guide ~+30%Gross margin
Non-GAAP 72.8%Q1 FY2026), down from 77.1% a year prior on lower-margin developer/AI mix + network cost allocation (full-year FY2025 non-GAAP GM 74.5%Op margin
Non-GAAP ~14%FY2025, $303.9M); GAAP operating loss -$207.2M (-9.6% of revenue) FY2025; FY2026 non-GAAP op income guide $418-421M (~15%Capex intensity
Moderate - self-built network keeps capexin roughly the low-double-digit % of revenue range (approximate; company does not headline a single ratioMarket cap
~$86BNYSE: NET, early July 2026; ~$246/sh, off ATH $276.82 on Jun 4 2026The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence