Cloudflare Beats Revenue Estimates at $782.5 Million as Sales Grow 39%

Cloudflare (NYSE: NET) reported third-quarter revenue of $782.5 million, above the $739.7 million analysts expected, and adjusted EPS of $0.38 against the $0.34 consensus estimate, in an 8-K accepted Thursday, Nov. 5, 2026.

Revenue rose 39% from a year earlier. Chief Executive Matthew Prince said the company had crossed $3 billion in annualized revenue and delivered its fastest revenue growth in nearly four years. Current remaining performance obligations grew 37% year over year.

Profitability and losses

GAAP loss from operations was $67.9 million, or 8.7% of revenue, compared with a loss of $37.5 million, or 6.7% of revenue, a year earlier. Non-GAAP income from operations was $137.1 million, or 17.5% of revenue, up from $85.9 million, or 15.3%.

GAAP net loss widened to $34.1 million, or $0.10 a share, from $1.3 million, or $0.00 a share, a year earlier. Restructuring and other charges were $11.0 million in the quarter.

Free cash flow was $82.1 million, or 10% of revenue, compared with $75.0 million, or 13%, a year earlier. Cash, cash equivalents and available-for-sale securities totaled $5,128.7 million at Sept. 30.

Outlook

For the fourth quarter, Cloudflare expects revenue of $845.0 million to $846.0 million, against the $798.2 million analyst estimate, and non-GAAP EPS of $0.43, against $0.38 expected. For fiscal 2026, it expects revenue of $2,963.0 million to $2,964.0 million, compared with the $2.87 billion consensus, and non-GAAP EPS of $1.35, against $1.26.

Leadership change

The company also named Christian Smith President of Revenue, effective Nov. 2, 2026. He succeeds Mark Anderson, who is retiring at the end of 2026 and will remain an advisor through December. Smith was previously senior vice president and chief revenue officer at Splunk, where he led its go-to-market organization through its move to cloud and recurring revenue.