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Dec 31, 2025
Cloudflare Q4 2025 Earnings Report
Reported strong fourth-quarter revenue growth with improved non-GAAP profitability despite a GAAP operating loss.
Key Takeaways
Cloudflare delivered strong Q4 2025 results with robust revenue growth, solid non-GAAP profitability, and improved free cash flow, driven by large enterprise deals and continued demand for security and AI-related services.
Revenue grew strongly year over year driven by enterprise customer demand
Non-GAAP operating income increased despite a GAAP operating loss
Gross margin declined year over year due to infrastructure investments
Free cash flow margin improved compared to the prior year quarter
Forward Guidance
For Q1 2026, Cloudflare guided for continued revenue growth and sustained non-GAAP operating profitability.
Positive Outlook
- Continued strong demand from large enterprise customers
- Growth in AI, security, and developer platform offerings
- Rising remaining performance obligations
- Improving operating leverage on a non-GAAP basis
- Strong cash flow generation
Challenges Ahead
- GAAP operating losses expected to continue near term
- Ongoing infrastructure and network investment costs
- Macroeconomic uncertainty impacting customer spending
- Foreign exchange volatility
- Competitive pressure in cloud networking and security markets
Historical Earnings Impact
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Avg. Return Before/After Earnings
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