Cloudflare Past Earnings Performance
Past criteria checks 0/6
Cloudflare has been growing earnings at an average annual rate of 13.5%, while the IT industry saw earnings growing at 9.3% annually. Revenues have been growing at an average rate of 28.9% per year.
Key information
13.45%
Earnings growth rate
15.78%
EPS growth rate
| IT Industry Growth | 22.43% |
| Revenue growth rate | 28.90% |
| Return on equity | -7.01% |
| Net Margin | -4.72% |
| Next Earnings Update | 07 May 2026 |
Recent past performance updates
Recent updates
Cloudflare Q1 Preview: Up 90% Since My Buy Call, But You're Too Late (Rating Downgrade)
May 04
NET: AI Security Partnerships And Legal Risks Will Shape Balanced Outlook
The updated analyst price target for Cloudflare edges slightly lower to about $232 from roughly $233, as analysts balance a mixed set of recent target cuts and upgrades with views that revenue, profitability and future P/E expectations now justify a modestly adjusted fair value. Analyst Commentary Recent Street research around Cloudflare reflects a split view, with some firms boosting ratings or targets and others trimming price objectives.
NET: AI And Security Hype Will Continue To Outpace Real Earnings Power
Cloudflare's updated analyst price target edges lower by around $1 to $148, as analysts balance tempered fair value and profit margin assumptions with slightly higher revenue growth expectations and a richer future P/E multiple. Analyst Commentary Street research on Cloudflare over the recent period has sent mixed messages, with a cluster of price target cuts sitting alongside several upgrades and higher targets.
Cloudflare, Inc. (NET): The "Connectivity Cloud" and the 2026 AI Inference Breakout
Cloudflare, Inc. (NET) , the powerhouse behind the "connectivity cloud," experienced a sharp technical correction on April 9, 2026, closing at $193.05 USD on the NYSE.NET: AI Security Hype Will Outrun Real Platform Monetization Progress
Cloudflare's fair value estimate has shifted from $145.00 to about $149.16 as analysts weigh mixed price target changes, a modestly higher discount rate, and slightly stronger expectations for revenue growth and profit margins, while also pointing to broad cybersecurity sector commentary that questions recent selloffs tied to AI security headlines. Analyst Commentary Recent research on Cloudflare highlights a split in views, with some firms pointing to potential upside tied to cybersecurity and AI infrastructure themes, while a separate group of bearish analysts is more focused on valuation and execution risks following the stock's run and sector volatility.NET: AI Infrastructure Momentum And Security Partnerships Will Shape Balanced Outlook
Cloudflare's updated analyst price target edges higher to about $232, as analysts balance a series of recent target cuts and upgrades with views that the recent sector selloff tied to Claude Code Security appears disconnected from the core cybersecurity businesses they cover. Analyst Commentary Recent research on Cloudflare reflects a split tape, with several firms cutting price targets while others issue upgrades or modest target increases.NET: AI Infrastructure And JD Cloud Partnership Will Drive Future Upside
Analysts have trimmed their average Cloudflare price target slightly by about $1 to reflect a higher discount rate and sharply lower modeled profit margins, while still highlighting continued revenue strength and questioning recent security sector selling linked to Claude Code Security news. Analyst Commentary Recent research on Cloudflare reflects a split tape, with several banks trimming price targets on valuation and margin assumptions at the same time others are upgrading ratings or lifting targets on product momentum and AI exposure.NET: AI Infrastructure Hype Will Outpace Real Security Monetization Risks
Cloudflare's fair value estimate has moved from $132.68 to $145.00 as analysts balance a mix of lower individual price targets, fresh upgrades, and continued interest in the stock's role in AI infrastructure and security workloads. Analyst Commentary Recent Street research on Cloudflare reflects a split view, with some firms lifting targets or upgrading on AI infrastructure and security demand while a group of more cautious voices trims expectations and stresses execution and valuation risks.Earnings Update: Cloudflare, Inc. (NYSE:NET) Just Reported Its Yearly Results And Analysts Are Updating Their Forecasts
Feb 13
NET: AI And Security Hype Will Likely Outrun Near Term Execution
Analysts slightly raised their Cloudflare fair value estimate to about $133 per share, citing updated price targets that reflect growing interest in its role in AI infrastructure and security, even as some firms recently trimmed their official targets. Analyst Commentary Recent research opinions on Cloudflare present a mixed picture, with some firms pointing to AI infrastructure and security as important demand drivers, while others are growing more cautious about how much of that potential is already reflected in the share price.NET: AI Security Platform And JD Cloud Expansion Will Drive Future Upside
Cloudflare's updated fair value estimate has eased to about $232.78 from $242.46. This reflects a series of recent analyst price target trims that balance earlier optimism around AI, security and SASE traction with more cautious views on sector sentiment and valuation, and slightly lower assumed future P/E levels.NET: AI And Security Hype Will Likely Magnify Future Outage Risks
Analysts have trimmed their fair value estimate for Cloudflare from US$135.41 to US$132.40, citing a mix of higher projected profitability, faster revenue growth, a lower assumed future P/E multiple, and recent Street research that highlights both strong Q3 execution and growing interest in Cloudflare's role at the intersection of AI and security. Analyst Commentary Recent Street research on Cloudflare points to strong Q3 execution, with several firms lifting their price targets after what they describe as an impressive quarter.NET: Elevated Expectations Will Likely Amplify Downside Risk From Future Outages
The analyst price target for Cloudflare has been raised from approximately $116 to about $135 per share, as analysts point to accelerating revenue growth, strong Q3 execution, and Cloudflare's strengthening position across AI, security, and SASE as key drivers supporting a higher fair value, despite modestly higher risk assumptions. Analyst Commentary Street research following Cloudflare's latest quarterly report has skewed positive, with multiple firms lifting price targets on the back of accelerating revenue growth and stronger than expected execution.NET: Surging AI Momentum And Enterprise Expansion Will Drive Shareholder Value
Cloudflare’s fair value estimate has been raised by analysts from $239.35 to $242.46 per share, as recent price target increases across the Street reflect ongoing AI-driven momentum, solid revenue growth, and expanding enterprise adoption despite recent operational risks. Analyst Commentary Recent Street research continues to highlight the shifting landscape for Cloudflare, with analysts showing confidence in the company’s trajectory while also identifying areas of caution.NET: Continued Acceleration With Large Enterprises Will Drive Shareholder Value
Cloudflare's analyst price target has been increased from $232 to $239. This change reflects stronger Q3 results and ongoing product momentum, according to analysts.NET: Revenue Acceleration and New Collaborations Will Drive Market Expansion
Cloudflare's analyst price target has increased from $209.01 to $232.49. This reflects improved growth and profitability metrics as analysts cite accelerating revenue and strong quarterly performance.AI And IoT Adoption Will Transform Cloud Infrastructure
Key Takeaways Strong demand for cloud-native security and resilient infrastructure, with expanding high-value partnerships and rising adoption of zero-trust, is driving long-term growth and customer retention. Operational efficiencies, cross-selling, and innovation initiatives are improving profitability and margin outlook while unlocking new, high-margin business opportunities.Why Cloudflare's 31% Pullback Is A Golden Buying Opportunity In AI And Edge Computing
Apr 28Cloudflare: Valuations Have Really Flared Up
Mar 25Cloudflare: Balancing High Growth And Profitability
Mar 03Cloudflare Q4: AI Agents & Inference Driving Up Enterprise Momentum (Downgrade)
Feb 13Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Cloudflare makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 2,168 | -102 | 1,304 | 512 |
| 30 Sep 25 | 2,013 | -103 | 1,215 | 491 |
| 30 Jun 25 | 1,881 | -117 | 1,137 | 481 |
| 31 Mar 25 | 1,770 | -82 | 1,065 | 449 |
| 31 Dec 24 | 1,670 | -79 | 1,009 | 421 |
| 30 Sep 24 | 1,572 | -94 | 969 | 398 |
| 30 Jun 24 | 1,478 | -102 | 921 | 377 |
| 31 Mar 24 | 1,385 | -181 | 877 | 364 |
| 31 Dec 23 | 1,297 | -184 | 817 | 358 |
| 30 Sep 23 | 1,209 | -202 | 765 | 341 |
| 30 Jun 23 | 1,127 | -221 | 721 | 327 |
| 31 Mar 23 | 1,053 | -190 | 692 | 313 |
| 31 Dec 22 | 975 | -193 | 642 | 298 |
| 30 Sep 22 | 894 | -225 | 598 | 280 |
| 30 Jun 22 | 813 | -290 | 551 | 251 |
| 31 Mar 22 | 731 | -262 | 485 | 217 |
| 31 Dec 21 | 656 | -260 | 447 | 189 |
| 30 Sep 21 | 589 | -217 | 398 | 162 |
| 30 Jun 21 | 531 | -136 | 361 | 147 |
| 31 Mar 21 | 478 | -127 | 328 | 133 |
| 31 Dec 20 | 431 | -119 | 303 | 127 |
| 30 Sep 20 | 389 | -114 | 292 | 119 |
| 30 Jun 20 | 349 | -128 | 286 | 116 |
| 31 Mar 20 | 317 | -121 | 267 | 106 |
| 31 Dec 19 | 287 | -106 | 241 | 91 |
| 30 Sep 19 | 259 | -94 | 216 | 80 |
| 30 Jun 19 | 235 | -91 | 205 | 67 |
| 31 Mar 19 | 213 | -93 | 194 | 61 |
| 31 Dec 18 | 193 | -87 | 180 | 54 |
| 31 Dec 17 | 135 | -11 | 82 | 34 |
| 31 Dec 16 | 85 | -17 | 54 | 24 |
Quality Earnings: NET is currently unprofitable.
Growing Profit Margin: NET is currently unprofitable.
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: NET is unprofitable, but has reduced losses over the past 5 years at a rate of 13.5% per year.
Accelerating Growth: Unable to compare NET's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: NET is unprofitable, making it difficult to compare its past year earnings growth to the IT industry (32.1%).
Return on Equity
High ROE: NET has a negative Return on Equity (-7.01%), as it is currently unprofitable.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/06 22:47 |
| End of Day Share Price | 2026/05/06 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Cloudflare, Inc. is covered by 53 analysts. 33 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Shrenik Kothari | Baird |
| Saket Kalia | Barclays |
| Peter Weed | Bernstein |