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Jun 30, 2025
Cloudflare Q2 2025 Earnings Report
Cloudflare reported strong Q2 results, surpassing $2 billion in annualized revenue with accelerated growth from large customers.
Key Takeaways
Cloudflare delivered solid Q2 performance with revenue of $512.3 million and non-GAAP net income of $75.1 million. Growth reaccelerated to 28% YoY, driven by strategic wins and customer expansion.
Revenue reached $512.3 million, a 28% increase YoY.
Non-GAAP net income was $75.1 million with EPS of $0.21.
Cloudflare achieved over $2 billion in annualized revenue run rate.
Strong demand from large customers contributed to the reacceleration in growth.
Forward Guidance
Cloudflare expects continued momentum into Q3 with revenue guidance up to $544.5 million and strong non-GAAP profitability.
Positive Outlook
- Q3 revenue guidance of $543.5M to $544.5M
- Non-GAAP operating income forecast of $75M to $76M
- Expected non-GAAP EPS of $0.23 for Q3
- Full-year revenue expected to surpass $2.1 billion
- Strong customer demand expected to persist
Challenges Ahead
- Decline in gross margin compared to previous year
- Continued GAAP net losses expected
- Free cash flow margin declined YoY
- Ongoing operating losses on a GAAP basis
- Stock-based compensation remains high, affecting GAAP profitability
Historical Earnings Impact
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Avg. Return Before/After Earnings
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