Cloudflare Inc - Ordinary Shares - Class A
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+ FollowMarket Cap$99.95B
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Earnings Call Q2 2026
August 6, 2026 - AI Summary
Q2 2026 performance: strong acceleration across growth + profitability + cash
- Revenue $696.1M, +36% YoY.
- 4,698 “large” customers (> $100k/yr), +27% YoY; 986 net additions YoY (record), 282 added in the quarter.
- Dollar-based net retention: 120% (+2% QoQ, +6% YoY).
- Gross margin: 73.1% (sequential improvement for the first time in 8 quarters).
- Operating margin (non-GAAP): 13.8%; operating income $96.1M.
- Free cash flow: $56.4M (+69% YoY) (8% of revenue).
Customer/usage “agentic traffic” momentum is translating into monetizable scale
- Company claims non-human traffic has now surpassed human traffic (faster than they expected) and could become up to ~1,000x human traffic within ~5 years (framed as trend-based, not audited).
- Emphasis: non-human traffic includes both malicious automation and legitimate agent workloads; Cloudflare blocks malicious traffic without extra customer charges (security/edge positioning).
- Workers developer platform remains the engine: ~2M developers added in Q2 alone, implying total 7.4M+ developers by quarter end; CEO notes this exceeds developers added during all of 2025.
Next-quarter and full-year guidance: solid growth with higher operating profit but watch the one-off severance
- Q3 2026 outlook: revenue $736M–$737M (+31% YoY); operating income $129M–$130M; effective tax rate 20%; diluted EPS $0.34 (assumes ~374M shares).
- Full-year 2026 outlook: revenue $2.864B–$2.870B (+32% YoY); operating income $443M–$445M; tax rate 20%; diluted EPS $1.25–$1.26.
- Restructuring/severance charges remain a known “noise factor”: for full-year 2026, up to $165M total (up to $130M cash). CFO said FCF guidance excluding this impact is unchanged.
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$33.28
87.5% downside
Current Fair Value
87.5% downsideOvervalued by 87.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $99.95 Billion |
|---|---|
| Enterprise Value | $102.63 Billion |
| Earnings per Share | $-0.29 |
| Beta | 1.65 |
| Outstanding Shares | 354,334,000 |
Return
| Return on Equity | -13.60% |
|---|---|
| Return on Assets | -3.40% |
| Return on Invested Capital | -7.47% |
Valuation & Multiples
| P/E Ratio | -481.39 |
|---|---|
| PEG | -203.16 |
| Price to Sales | 44.47 |
| Price to Book Ratio | 66.71 |
| Enterprise Value to Revenue | 43.11 |
| Enterprise Value to EBIT | -357.01 |
| Enterprise Value to Net Income | -466 |
| Total Debt to Enterprise | 0.04 |
| Debt to Equity | 2.68 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$0.34
Consensus analyst estimateRevenue Estimate
$736.80 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 3.14, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 3.1388▲ 251.70% |
|---|---|
| Total Calls | 66,810▼ 99.55% |
| Total Puts | 209,700▼ 97.74% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.54%▼ 78.71% |
|---|---|
| Total Invested | $3.07B▼ 95.63% |
| Investors Holding | 493▼ 838.00% |
About Cloudflare Inc
CEO: Matthew Prince
Cloudflare, Inc. is on a mission to help build a better Internet. Cloudflare's platform protects and accelerates any Internet application online without adding hardware, installing software, or changing a line of code. Internet propertie...