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Company Research3 May 2024
Companies That Had Their IPO in 2019: Bull Market and Tech Dominance
Discussing the stock and IPO market in 2019, and the factors that led to the overall bullish performance of stocks during the year.
Cloudflare (NET) investor relations material
Cloudflare Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved Q3 2025 revenue of $562 million, up 31% year-over-year, with accelerating growth and strong gains in large customers and enterprise sales.
Large customers (>$100K/year) grew 23% year-over-year to 4,009, now contributing 73% of revenue.
Non-GAAP operating income reached $85.9 million (15.3% margin), with net income at $102.6 million and free cash flow of $75 million (13% margin).
Dollar-based net retention rate improved to 119%, up from 110% a year ago.
Announced the departure of CJ Desai, key product leader, for a CEO role elsewhere.
Financial highlights
Q3 2025 revenue: $562 million, up 31% year-over-year; trailing twelve months revenue $1.67 billion.
Non-GAAP gross margin: 75.3% (down from 78.8% year-over-year); GAAP gross margin: 74%.
Non-GAAP operating margin: 15.3%; GAAP operating margin: -6.7%.
Net income: $102.6 million; diluted EPS $0.27 (non-GAAP); GAAP net loss: $1.3 million.
Free cash flow: $75 million (13% of revenue), up from $45.3 million (11%) a year ago.
RPO: $2.143 billion, up 43% year-over-year.
Ended quarter with $4.04 billion in cash, equivalents, and available-for-sale securities.
Outlook and guidance
Q4 2025 revenue expected at $588.5M–$589.5M, up 28% year-over-year.
Q4 operating income expected at $83M–$84M; diluted EPS $0.27.
Full-year 2025 revenue guidance: $2.142B–$2.143B, up 28% year-over-year; operating income: $297M–$298M; diluted EPS $0.91.
Targeting $3B annualized revenue run rate by Q4 2026 and $5B by Q4 2028.
FY 2025 network capex expected at ~13% of revenue.
Analyze gross margin decline drivers.
Impact of P&E President's departure?
Future revenue acceleration from RPO growth?
Update on Pay Per Crawl and NET Dollar progress
Future sales productivity gains and SASE channel?
Cloudflare's multi-cloud strategy vs. hyperscalers?
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Next Cloudflare earnings date
Q4 20255 Feb, 2026
Next Cloudflare earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
Ensuring Cyber Security
Cloudflare is a global web infrastructure and website security company offering content delivery network (CDN) services, distributed denial-of-service (DDoS) mitigation, Internet security, and distributed domain name server services. By routing web traffic through its global network, the company filters out malicious threats while optimizing legitimate content for faster delivery. As cyber threats have evolved in volume and sophistication, Cloudflare has become a critical defense layer for numerous websites, applications, and APIs, catering to a range of customers from small blogs to Fortune 500 corporations.
Founded to Build a Better Internet
Cloudflare traces its origins to a project undertaken by two Harvard Business School students, Matthew Prince and Michelle Zatlyn, along with coder Lee Holloway. In 2009, the trio officially founded Cloudflare with an aspiration to revolutionize how the internet functions, enhancing its security and efficiency. Cloudflare quickly transformed from this anti-spam measure to a comprehensive web performance and security solution. Its public launch was in 2010 at the TechCrunch Disrupt conference, where it gained significant attention.
The Services
Cloudflare provides services designed to optimize and secure online operations for businesses and individual websites. At its core, Cloudflare acts as a content delivery network (CDN), accelerating the delivery of web content by distributing it across a global network of servers. This ensures users get data from the nearest server, leading to faster load times and reduced latency. Additionally, Cloudflare offers a robust layer of security against a myriad of cyber threats, including DDoS attacks, malicious bots, and potential data breaches. By sitting between a client's website and its visitors, Cloudflare filters traffic to keep malicious actors out while letting legitimate users in. The platform also offers performance enhancements, analytics, and other web solutions, ultimately providing a safer, faster, and more reliable internet experience for end-users.
Solutions for Businesses of All Sizes
Cloudflare's services cater to a broad spectrum of users, ranging from individual bloggers and small businesses to large corporations and e-commerce platforms. By using Cloudflare, these entities can ensure their websites load quickly and reliably, irrespective of the visitor's location, thanks to Cloudflare's vast global content delivery network. Whether a startup is looking to set up its first website in a secure way or a large enterprise is seeking to maintain a digital reputation and security, Cloudflare offers a solution. When looking at their list of customers one finds several publicly traded companies, with some examples being Polestar, SoFi, and Q2.
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