Cloudflare Q3 Revenue Jumps 39% to $782.5M; Full-Year Outlook Raised to ~$2.96B
NET sits 81% above its 52-week low of $158.83 on elevated volume (2.4× avg).
Summary
Cloudflare grew Q3 revenue 39% to $782.5 million and guided full-year fiscal 2026 revenue to about $2.96 billion, while naming Christian Smith as President of Revenue.
Key Events · Earnings and Guidance · NET
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Q3 Revenue Up 39% to $782.5M
Total revenue reached $782.5 million versus $562.0 million a year earlier, the fastest growth in nearly four years; current RPO grew 37% year over year.
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Full-Year Guidance Set at ~$2.96B
Q4 revenue was guided to $845.0-$846.0 million and fiscal 2026 to $2,963.0-$2,964.0 million, with non-GAAP operating income of $462.0-$463.0 million and non-GAAP EPS of $1.35.
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Non-GAAP Operating Income $137.1M
Non-GAAP income from operations was $137.1 million, or 17.5% of revenue, versus $85.9 million (15.3%) a year ago; GAAP loss from operations widened to $67.9 million on $174.1 million of stock-based compensation.
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Cash and Securities of $5.13B
Free cash flow was $82.1 million, or 10% of revenue, and cash, equivalents and available-for-sale securities totaled $5,128.7 million as of September 30, 2026.
Analysis · NET · Technology
Growth reaccelerated to 39% year over year — the fastest pace in nearly four years — on revenue of $782.5 million, while current RPO rose 37%, signaling a healthy pipeline of contracted future revenue. Management guided Q4 revenue to $845-846 million and full-year fiscal 2026 to $2,963-2,964 million, with non-GAAP operating income of $462-463 million and non-GAAP EPS of $1.35. Non-GAAP operating income improved to $137.1 million (17.5% of revenue) from $85.9 million a year ago, even as GAAP losses from operations widened to $67.9 million on heavy stock-based compensation of $174.1 million. The balance sheet remains strong, with $5.13 billion in cash and securities and $82.1 million of free cash flow this quarter. Separately, the company named Christian Smith, formerly Splunk's CRO, as President of Revenue effective November 2, 2026, succeeding Mark Anderson, who retires at year-end — a leadership change at the top of the go-to-market organization as Cloudflare targets $5 billion in annual recurring revenue.
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At the time of this filing, NET was trading at $288.00 on NYSE in the Technology sector, with a market capitalization of approximately $87.1B. The 52-week trading range was $158.83 to $370.35. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.