Cloudflare Inc - Ordinary Shares - Class A
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+ FollowMarket Cap$109.18B
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Earnings Call Q3 2026
November 5, 2026 - AI Summary
Record performance + margin/profit expansion (what’s good)
- Cloudflare reported Q3’26 revenue of ~$782.5M, +39% YoY (fastest growth in ~4 years) and annualized revenue crossed $3B.
- Operating income $137.1M (17.5% operating margin), described as highest operating margin in company history; +60% YoY.
- Gross margin 72.4%, within the stated long-term range (70%–77%).
- Free cash flow $82.1M (about 10% of revenue), again exceeding expectations.
Customer + retention momentum (surprising but strong)
- ~5,000 large customers at quarter-end; +158k paying customers in Q3 (+110% YoY) and nearly double Q2’s previous record.
- Dollar-based net retention (DBNR) 122%, up +2% QoQ and +3% YoY.
- Sales productivity reached a new record; highest ACV growth and highest quota attainment in >5 years.
- Added a record net-new pace across $100k–$5M+ cohorts and noted first-ever >10M active developers, more than doubling since the start of 2026.
Go-to-market execution change + leadership transition (opportunities)
- Credits go to the go-to-market transformation; Mark Anderson retires end of 2026 but stays as an advisor for at least one year.
- Christian Smith appointed President of Revenue with a mandate to scale enterprise go-to-market execution, deepen enterprise momentum, and improve time-to-value at scale.
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Share Statistics
| Market cap | $109.18 Billion |
|---|---|
| Enterprise Value | $112.80 Billion |
| Earnings per Share | $-0.29 |
| Beta | 1.65 |
| Outstanding Shares | 357,126,000 |
Return
| Return on Equity | -16.32% |
|---|---|
| Return on Assets | -3.11% |
| Return on Invested Capital | -4.87% |
Valuation & Multiples
| P/E Ratio | -395.57 |
|---|---|
| PEG | -323.72 |
| Price to Sales | 43.67 |
| Price to Book Ratio | 76.43 |
| Enterprise Value to Revenue | 41.27 |
| Enterprise Value to EBIT | -376.2 |
| Enterprise Value to Net Income | -472 |
| Total Debt to Enterprise | 0.05 |
| Debt to Equity | 3.81 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 5, 2026
EPS
$0.38
Est. $0.34Revenue
$782.50 M
Est. $737.16 MNext Earnings Call
Expected Date
February 9, 2027
EPS Estimate
$0.39
Consensus analyst estimateRevenue Estimate
$845.79 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.27, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.2744▲ 65.27% |
|---|---|
| Total Calls | 274,710▼ 98.16% |
| Total Puts | 350,100▼ 96.23% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 7.24%▼ 74.00% |
|---|---|
| Total Invested | $8.90B▼ 87.33% |
| Investors Holding | 717▼ 614.00% |
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...