[NET] Cloudflare: Q3 2026 Earnings Test for Pool-of-Funds Revenue and Margins

Cloudflare runs a global network that spans more than 330 cities in over 125 countries, and businesses connect their websites, APIs, employee access and application code to it for security, performance and edge computing[1]. Ahead of Cloudflare's Q3 2026 earnings, the company is scheduled to hold its call on 2026-10-29 and report the third quarter of 2026, ending September 30, 2026[2]. In the latest disclosed period, the second quarter of 2026, revenue was $696.1 million, up 36% year over year, with a non-GAAP gross margin of 73.1%, non-GAAP operating income of $96.1 million (a 13.8% margin) and free cash flow of $56.4 million, while restructuring charges widened the GAAP operating loss to $205.7 million[3]. On August 6 the company guided third-quarter revenue to $736.0 million to $737.0 million (about 31% growth), non-GAAP operating income to $129.0 million to $130.0 million and non-GAAP EPS to $0.34[4]; the Drillr average of 19 analysts stands at $736.8 million of revenue and $0.342 of EPS, almost identical to company guidance[5].

Three things matter most in this report. First, whether revenue holds the $736.0 million low end of guidance and current remaining performance obligations (cRPO), the portion recognized within 12 months, keep growing at about 35%: second-quarter revenue beat the top of the earlier $664.0 million to $665.0 million guidance by about $31 million[6], but the largest customers increasingly sign pool-of-funds contracts with no quarterly spending schedule, and management acknowledged that this makes quarterly revenue more variable[7], so the third quarter can show whether the beat came from large-customer expansion or early consumption. Second, whether the non-GAAP gross margin holds 73.1%: the second quarter brought the first sequential gross-margin improvement in eight quarters[8], while cost of revenue rose 53%, far faster than revenue[9], and whether the recovery lasts determines whether the pressure from AI traffic and Workers is a cost reallocation or a real rise in costs. Third, whether the operating margin reaches the roughly 17.6% implied by guidance and how much cash the back-loaded network spending absorbs: the plan to cut about 20% of the workforce is due to be substantially complete by the end of September[10], while full-year network capex is guided at 14% to 15% of revenue and was only 7% in the second quarter[11].

Company Background and Business Structure

Cloudflare is a connectivity cloud built on the principle of one network running every service, and its scale comes from combining paying customers with a very large free user base. Founded in 2009, headquartered in San Francisco and listed on the NYSE in 2019, it interconnects with more than 13,000 networks and runs every service on every server; it uses idle capacity to serve millions of free users, and the resulting traffic scale makes ISPs willing to interconnect, which lowers co-location and bandwidth costs[1]. At the end of 2025 the company had about 332,000 paying customers, and no single customer accounted for more than 10% of revenue[12].

The company reports a single segment and does not disclose revenue by product, but its products fall into four groups[13]. The first is application services, including DDoS protection, WAF, CDN, DNS and bot and AI-crawler management, which protect and accelerate internet-facing websites and APIs and remain the traditional core business. The second is the SASE platform of Zero Trust access, secure gateways and wide-area network services, which replaces self-built corporate networks and hardware firewalls. The third is the developer platform, including Workers serverless compute, storage and GPU-powered Workers AI inference, billed on actual usage. The fourth is consumer products such as 1.1.1.1 and WARP, whose revenue is negligible[1].

Revenue is concentrated in the United States by geography and in large customers by cohort. In the second quarter of 2026, US revenue was $354.4 million (51%), Europe, the Middle East and Africa $187.0 million (27%), Asia Pacific $99.4 million (14%) and other regions $55.1 million (8%)[14]; the US grew 41%, EMEA 30% and APAC 32%, and customers paying more than $100,000 a year contributed 73% of revenue, up from 71% a year earlier[15]. Small customers pay monthly through self-service, while enterprise customers sign one- to three-year contracts recognized evenly over the term; some of the largest customers sign pool-of-funds contracts that commit to a minimum spend over the term without specifying which products or how much each quarter, and combined with usage-billed developer products, quarterly revenue depends more on actual consumption[16].

Both of the company's main storylines in 2026 involve AI. On one side, more than half of the traffic on the network in the second quarter came from non-human visitors, 12 months earlier than management had projected[8], and the Workers developer platform became the fastest-growing part of the business, with 7.4 million developers at quarter end, 2 million of them added in the quarter[15]. On the other side, the company announced in May a shift to an "AI-first" operating model with a plan to cut about 1,100 roles[6], and headcount ended the second quarter at about 4,700[11]. Customer prepayments left deferred revenue at $812.2 million at the end of June[17], and remaining performance obligations (RPO) were $2.732 billion, 64% of which the company plans to recognize within 12 months[18].

Financial History and Current Position

Cloudflare's annual revenue has grown fast, but it has stayed unprofitable on a GAAP basis. Revenue rose from $656.4 million in 2021 to $975.2 million in 2022, $1.297 billion in 2023, $1.670 billion in 2024 and $2.168 billion in 2025; in 2025 gross profit was $1.615 billion, the operating loss $207.2 million and the net loss $102.3 million, compared with a 2024 operating loss of $154.8 million[19]. Gross margin fell from 77% to 75% in 2025 as cost of revenue rose 46%[20]; operating cash flow was $603.1 million, purchases of property and equipment were $315.6 million (15% of revenue) and free cash flow was $260.6 million (a 12% margin, versus $166.9 million and 10% in 2024)[21]. Large customers rose from 3,497 a year earlier to 4,298 at the end of 2025, fourth-quarter dollar-based net retention was 120%[12], and RPO stood at $2.496 billion, 63% of it due within 12 months[22].

In the first quarter of 2026, revenue growth accelerated while gross margin kept falling. Revenue was $639.8 million, up 34%; non-GAAP gross margin was 72.8% (77.1% a year earlier); non-GAAP operating income was $73.1 million (11.4%); the GAAP operating loss was $62.0 million; and free cash flow was $84.1 million (13%)[23]. Large customers reached 4,416 and net retention was 118% (111% a year earlier)[24].

In the second quarter of 2026, revenue growth sped up further and the GAAP loss widened sharply because of restructuring. Revenue was $696.1 million, up 36%; non-GAAP gross margin was 73.1% (76.3% a year earlier); non-GAAP operating income was $96.1 million (13.8%, versus 14.1%); the GAAP operating loss was $205.7 million, the GAAP net loss $170.0 million and non-GAAP EPS $0.29[3]. Second-quarter operating cash flow was $117.6 million and free cash flow $56.4 million (8%); for the first half, operating cash flow was $275.9 million, purchases of property and equipment $115.2 million and free cash flow $140.5 million[25]. Restructuring charges totaled $150.7 million in the first half, of which $98.6 million had been paid in cash, leaving a restructuring liability of $24.3 million at the end of June[10].

The balance sheet holds ample cash, but the convertible debt is sizable. Cash, cash equivalents and available-for-sale securities were $4.163 billion at the end of June[3]; the notes maturing on August 15, 2026 carried a net value of $1.293 billion, with the company electing to pay principal in cash and settle the excess in shares, and the 2030 notes carried $1.977 billion[17]. On August 13 the company issued another $2.50 billion of 0% convertible notes due 2031 with an initial conversion price of about $496.94[26].

Operating Model

Revenue consists of subscription and usage revenue, almost all recognized over the service period, and its quarterly rhythm depends more and more on how fast large customers consume. Subscriptions come from small customers paying monthly and enterprise customers on one- to three-year contracts, while usage revenue comes from Workers, storage, Workers AI and other products billed on execution, plus consumption under pool-of-funds contracts[16]. Growth breaks into three parts: new paying customers (up 40% in 2025[12] and 74% in the second quarter of 2026[11], mostly small accounts), the number of large customers (4,698 at the end of June, up 27%) and expansion within existing customers (120% net retention)[27]. RPO and cRPO are the leading indicators: signed contracts enter RPO first and turn into revenue over one to three years, while usage is recognized in the quarter it occurs; the midpoint of third-quarter revenue guidance is about 5.8% above the second quarter[4]. Net retention is calculated by multiplying quarterly revenue by four and includes usage charges, so faster pool-of-funds consumption raises the metric on its own[12].

Profit is set by gross margin and three expense ratios, and AI traffic and the layoffs are pushing them in opposite directions. Non-GAAP operating income equals revenue times non-GAAP gross margin, minus sales and marketing, R&D and G&A expenses excluding stock-based compensation, restructuring and acquisition costs. Gross margin has fallen for three reasons: paid traffic grew faster than free traffic, moving network costs from sales and marketing into cost of revenue[11]; third-party technology services costs rose $30.1 million year over year; and depreciation from server deployments rose $10.1 million[9]. The first reason is only a reallocation, because bandwidth and co-location costs for free customers were previously recorded in sales and marketing[28], and sales and marketing fell from 36% to 33% of revenue over the same period[11]. On a GAAP basis the company also deducts stock-based compensation ($159.9 million in the second quarter, including $27.9 million tied to restructuring)[13] and restructuring charges, and it reaffirmed its target of GAAP profitability by the end of 2028 at the latest[7]. On timing, most costs are incurred as soon as a customer starts using the network, while revenue is recognized over the contract term, so a large new contract tends to weigh on profit before it contributes revenue[16].

Cash flow is supported by customer prepayments and non-cash stock-based compensation, then consumed by network capex. Free cash flow equals operating cash flow minus purchases of property and equipment and capitalized software; deferred revenue rose from $684.2 million at the start of the year to $812.2 million at the end of June[17], which keeps operating cash flow well above GAAP profit. Full-year network capex is guided at 14% to 15% of revenue, yet it was only 9% in the first quarter[29] and 7% in the second[11], so on the full-year revenue guidance the second half will carry clearly heavier spending; that investment lowers free cash flow first and then enters cost of revenue as depreciation in later quarters[9].

Industry and Competitive Position

Cloudflare competes with hardware vendors, point-solution cloud providers and public clouds at the same time, and the competitive boundary is extending from security and performance into compute. Its annual report groups competitors into three categories: on-premises network hardware vendors; cloud vendors that address a single use case (application and network security, CDN, DNS, email security and SD-WAN); and a subset of public cloud services. It also says it increasingly competes with public cloud vendors for storage and compute workloads as more third-party developers use Workers, and that Workers' efficiency lets it price the product very competitively[30].

The company's advantage comes from running every product on one network, but the available comparison material has clear limits. Customers can start with one product and expand, and in the second quarter the company signed multi-year contracts ranging from $4 million to $31.8 million as customers consolidated fragmented point solutions onto Cloudflare; management also said 80% of major global AI companies are customers, drawn by zero egress fees, low latency and freedom from lock-in[8]. AI-agent traffic is the new competitive variable, and the company has made application services the foundation for letting content owners control and charge AI crawlers[1], but these products have no separate revenue disclosure; because the company does not report revenue or gross margin by product, its figures cannot be compared with competitors on a like-for-like basis.

Core Debates

Revenue growth accelerated to 36% in the second quarter. Is that faster large-customer expansion or pool-of-funds commitments being consumed early, and can third-quarter revenue hold the 31% guidance?

This question matters because large customers drive about three-quarters of revenue and set the quarterly rhythm. Large customers contributed 73% of second-quarter revenue[15], and revenue of $696.1 million came in 4.7% above the top of earlier guidance[3][6]; third-quarter guidance of $736.0 million to $737.0 million, however, implies about 31% growth, five percentage points below the second quarter[4]. Pool-of-funds contracts commit to a total amount without a quarterly schedule, Workers usage also draws on those pools, and management acknowledged that this makes quarterly revenue less predictable[7].

The current evidence supports both explanations. On the expansion side, large-customer growth accelerated from 25% in the first quarter to 27%, with a record 986 net additions over the past 12 months[15]; net retention returned from 118% in the first quarter to 120% (114% a year earlier)[27]; RPO rose 7% sequentially and 38% year over year, with cRPO up 35%[11]; and management said new-customer bookings and pipeline generation grew at their fastest pace in more than five years[8]. On the other side, pool-of-funds contracts set no quarterly consumption[16], and the CFO said pools are "getting consumed faster and getting renewed" and stacked on top of each other, which raises quarterly variability across individual customers[11]. An alternative reading is that the second-quarter beat came from concentrated consumption by AI companies and Workers users, so if consumption returns to the average contract pace in the third quarter, revenue will land near guidance and cRPO growth will fall below revenue growth.

The numeric baselines for this debate are clear, and the financial transmission is direct. Second-quarter revenue was $696.1 million (up 36%), large customers numbered 4,698 at the end of June (up 27%), second-quarter net retention was 120%, and cRPO at the end of June was about 64% of the $2.732 billion RPO, or roughly $1.749 billion, up 35% year over year[18]. The transmission runs from large-customer signings and renewals, including pool-of-funds commitments, into RPO and cRPO and then into ratably recognized subscription revenue; usage of Workers and other products inside the pools becomes revenue in the same quarter.

The third-quarter report needs to show whether the beat can survive a return to the normal contract pace. The items to watch are whether revenue is at least $736.0 million and by how much it exceeds guidance, whether cRPO growth stays near 35% and at least matches revenue growth, whether large-customer growth and net retention hold 27% and 120%, and how management explains pool consumption and fourth-quarter guidance. If revenue falls below the low end of guidance and the company blames slower large-customer usage or pool consumption, or if cRPO growth drops below 31%, the expansion explanation weakens.

Gross margin stopped falling in the second quarter after eight quarterly declines. Is the cost pressure from AI traffic and Workers an accounting reallocation, or a real rise in unit costs?

This question determines how much profit Cloudflare keeps from its revenue. Non-GAAP gross margin fell from 76.3% a year earlier to 73.1%[3], and second-quarter GAAP cost of revenue rose 53% while revenue rose 36%[9][27]. Management attributed most of the decline to paid traffic growing faster than free traffic, which moves network costs from sales and marketing into cost of revenue[11]; if that is right, operating profit is unaffected and the sales and marketing ratio falls at the same time.

Evidence exists on both sides, and it points to different profit outcomes. On the stabilization side, non-GAAP gross margin rose 0.3 percentage points sequentially to 73.1%, the first improvement in eight quarters[8]; the CFO said gross margin should stabilize around the current level with unit economics continuing to improve, and the sales and marketing ratio fell three points over the same period, matching the margin decline[11]. In the first quarter the CFO also said GPU utilization was approaching CPU utilization in the 70% to 80% range[29]. On the other side, the largest item in cost growth was third-party technology services (up $30.1 million), which is not a reallocation[9]; developer products are not yet optimized on gross margin[29], and more than half of traffic already comes from non-human visitors[8]. An alternative reading is that the second-quarter uptick was quarterly noise, and if AI inference and Workers usage keep outgrowing total revenue, gross margin will fall back below the first quarter's 72.8%[23].

The baselines and the transmission chain for this debate can be checked item by item. The baselines are a second-quarter non-GAAP gross margin of 73.1% (76.3% a year earlier and 72.8% in the first quarter), a 17-point gap between cost-of-revenue growth and revenue growth, and a $30.1 million year-over-year rise in third-party technology services costs, the largest item in the $67.9 million increase in cost of revenue[9]; for full-year 2025 the same cost line rose $59.2 million[20]. The transmission runs from growth in AI-agent and paid traffic, which shifts network costs from sales and marketing into cost of revenue, and from Workers and Workers AI usage, which raises third-party technology services, GPU depreciation and bandwidth costs; a reallocation lowers the sales and marketing ratio at the same time, while a real cost increase reduces operating profit directly.

The third-quarter report can test whether gross margin has truly stabilized. The items to watch are whether non-GAAP gross margin is at least 73.1%, whether the gap between cost-of-revenue and revenue growth narrows from 17 points, whether the increase in third-party technology services costs is below $30.1 million, and whether the sales and marketing ratio falls alongside gross margin. If gross margin drops below 72.8% while third-party technology services costs accelerate, or if management stops saying gross margin will stabilize, the reallocation explanation no longer holds.

After cutting about 20% of its workforce, can Cloudflare lift its third-quarter operating margin to 17.6%, and how much cash will the back-loaded network spending absorb?

This question determines whether non-GAAP operating income and free cash flow can improve at the same time. Second-quarter non-GAAP operating income was $96.1 million (13.8%)[3], and third-quarter guidance is $129.0 million to $130.0 million[4], which requires the operating margin to rise by about four points, almost entirely from post-layoff personnel savings. The layoffs were announced in May, executed in the second quarter and are due to be substantially complete by the end of September[10]; meanwhile, full-year network capex is guided at 14% to 15% of revenue but ran at only about 8.6% in the first half, so second-half spending will be clearly concentrated and free cash flow may come under pressure[7].

The current evidence supports a profit improvement but also leaves doubts. On the supporting side, the sales and marketing ratio fell to 33% (36% a year earlier), R&D fell to 15% (16%), and headcount dropped to about 4,700[11]; the company raised full-year non-GAAP operating income guidance to $443.0 million to $445.0 million[4] and said it is pacing well ahead of its target of GAAP profitability by the end of 2028 at the latest, with full-year free cash flow expectations unchanged excluding restructuring[7]. On the other side, the G&A ratio rose from 10% to 11%[11], total restructuring charges were raised from an initial $140.0 million to $150.0 million[6] to up to $165 million, and the company warned in its 10-Q that replacing staff with AI tools could cause operational errors and network interruptions[10]. An alternative reading is that the third-quarter margin gain comes mainly from a revenue beat and deferred capex rather than a lasting change in the cost structure, and once network spending concentrates in the second half, free cash flow and later depreciation will offset the savings.

The baselines and transmission for this debate sit on the income statement and the cash flow statement. The baselines are second-quarter non-GAAP operating income of $96.1 million (a 13.8% margin, versus 14.1% a year earlier), second-quarter free cash flow of $56.4 million (an 8% margin, versus $33.3 million and 6% a year earlier)[25], and second-quarter network capex at 7% of revenue (9% in the first quarter). The transmission runs from the roughly 20% workforce cut, which lowers personnel costs in sales, R&D and G&A and lifts the non-GAAP operating margin; restructuring cash payments largely end in the third quarter, easing the burden on operating cash flow; and network capex, including GPUs, concentrates in the second half, first lowering free cash flow and then entering cost of revenue as depreciation in later quarters.

The third-quarter report has to show whether the savings appear in both profit and cash. The items to watch are whether non-GAAP operating income is at least $129.0 million with a margin near 17.6%, whether restructuring finishes on schedule and whether cumulative charges exceed $165 million, network capex as a share of revenue together with the free cash flow margin, and whether headcount rises again. If non-GAAP operating income falls below the low end of guidance, or third-quarter free cash flow is below $56.4 million without a clear rise in capex, the view that the layoffs bring a lasting profit improvement weakens.

Risks and Falsifiers

The first risk is that convertible financing and stock-based compensation keep diluting shareholders. The notes maturing on August 15, 2026 carry $1.294 billion of principal to be paid in cash, with the excess conversion value settled in shares, and at the June 30 share price that excess was about $364.7 million[17]; on August 13 the company issued another $2.50 billion of 0% convertible notes due 2031[26], on top of $2.0 billion of notes due 2030[31], and second-quarter stock-based compensation was $159.9 million[13]. The gap between the GAAP loss and non-GAAP profit comes mainly from stock-based compensation, and the exposed lines are per-share equity and GAAP net income. If stock-based compensation falls as a share of revenue in the third quarter, and the increase in shares outstanding after the maturing notes settle is smaller than expected after the capped call offset, this concern eases.

The second risk is execution of the AI-first operating model. After cutting about 20% of its workforce, the company relies more on AI and automation tools to run its global network, and it warned in its 10-Q that these tools could cause operational errors, network interruptions and control failures, particularly during the transition[10][6]; in the first quarter management said internal AI usage rose more than 600% in three months[32]. A network outage would affect service and renewals for all 4,698 large customers, and through them revenue and net retention. If no major network incident occurs in the third quarter and net retention stays at or above 120%, this risk has not materialized.

The third risk is that usage and pool-of-funds contracts make quarterly revenue more volatile, so the second-quarter beat may reflect early consumption rather than faster expansion. Large customers contribute 73% of revenue, and second-quarter revenue beat the top of guidance by about $31 million; a pullback of similar size would put third-quarter revenue near or below the $736.0 million low end of guidance[16][11][7][4]. The exposed lines are total revenue and the read on growth. If third-quarter revenue grows at least 34% and cRPO grows at least 35%, the early-consumption explanation is falsified.

The fourth risk is that AI inference and Workers usage grow at lower gross margins, so gross margin declines again after one quarter of stabilization. On second-quarter revenue of $696.1 million, each one-point drop in gross margin removes about $7 million of quarterly gross profit[3]; if the decline comes from real costs such as third-party technology services, it reduces non-GAAP operating income directly[9][29][11]. If third-quarter non-GAAP gross margin is at least 73.1% and the gap between cost-of-revenue and revenue growth narrows to within 10 points, this risk is falsified.

The fifth risk is that layoff savings fall short or are offset by network investment, so margin gains and cash generation cannot both be delivered. Third-quarter operating income guidance is about $33 million above the second quarter[4]; full-year network capex of 14% to 15% equals roughly $400 million to $430 million, while first-half purchases of property and equipment were only $115.2 million[25][11], and restructuring cash payments only largely end in the third quarter[10]. The exposed lines are non-GAAP operating income and free cash flow. If third-quarter non-GAAP operating income is at least $130.0 million and the free cash flow margin is at least 11%, this risk is falsified.

What to Watch Next

• Large-customer expansion versus early pool consumption: revenue against the $736.0 million low end of guidance (second-quarter base $696.1 million, up 36%) and cRPO growth against revenue growth (base 35%); revenue below guidance attributed to slower consumption, or cRPO growth below 31%, weakens the expansion case.
• The same debate through customer metrics: large customers (4,698, up 27%) and net retention (120%), plus management's account of consumption pace; a simultaneous decline in both supports the early-consumption reading.
• Cost reallocation versus real cost increases: non-GAAP gross margin against 73.1% (first quarter 72.8%) and whether the sales and marketing ratio falls with it; a drop below 72.8% with accelerating third-party technology services costs rejects the reallocation explanation.
• The same debate through cost growth: the 17-point gap between cost-of-revenue and revenue growth and the $30.1 million rise in third-party technology services; a gap narrowing to within 10 points supports stabilization.
• Profit after the layoffs: non-GAAP operating income against $129.0 million and a margin near 17.6% (base $96.1 million, 13.8%); a result below the low end of guidance weakens the lasting-improvement view.
• Cash after the layoffs: free cash flow (base $56.4 million, 8%), network capex as a share of revenue (base 7%), cumulative restructuring charges against $165 million, and headcount (about 4,700); free cash flow below $56.4 million without a clear rise in capex would show the savings are not turning into cash.

Conclusion

Cloudflare's business is driven by large-customer expansion, a usage-billed developer platform and one network that serves both paying and free users, and revenue growth, gross margin and operating margin are currently pulling against each other. Second-quarter revenue was $696.1 million, up 36%, with a 13.8% non-GAAP operating margin, $56.4 million of free cash flow and $4.163 billion of cash and available-for-sale securities at the end of June[3]; third-quarter guidance calls for revenue growth to slow to about 31% while non-GAAP operating income rises to $129.0 million to $130.0 million[4]. The central unresolved relationship is how much of the second-quarter growth was early pool consumption, whether the gross-margin stabilization reflects reallocation or real improvement, and how much of the layoff savings the back-loaded network spending will absorb.

After the second-quarter results, 404K Research wrote on August 7 that the 36% revenue growth was real but that sequential gross-margin stabilization is not a structural improvement, because paid traffic is still growing faster than free traffic and network costs are still shifting from sales and marketing into cost of revenue; the author also argued that it is unresolved whether AI-agent traffic can support a sustainable paid model, that committed-spend pools, usage billing and package pricing will increase quarterly volatility, and that restructuring costs ran above initial expectations[33]. That view bears on both the gross-margin debate and the large-customer pool-of-funds debate, rests on the premise that the paid-traffic share will keep rising, and stands in contrast to the CFO's statement that gross margin should stabilize around the current level[11]. Only this one independent assessment with a clear argument appeared after the second-quarter report, while other coverage focused on share-price moves, product launches and financing news, so it is one firm's interpretation and should not be read as a market-wide view.

The combination that would clearly strengthen the current understanding is third-quarter revenue of at least $736.0 million with cRPO growth near 35%, non-GAAP gross margin of at least 73.1% with a narrower gap between cost and revenue growth, non-GAAP operating income near $130.0 million, and free cash flow that does not deteriorate materially even as capex rises. Conversely, if revenue lands at or below the low end of guidance, cRPO growth falls below 31%, gross margin drops below 72.8%, or operating income misses guidance while restructuring costs overrun again, the second-quarter acceleration, the gross-margin stabilization and the layoff-driven profit improvement would all need to be reassessed.

Sources

[1] NET 10-K filed 2026-02-26 · products and network · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001477333&type=10-K

[2] Drillr earnings calendar (updated 2026-09-30) · NET 2026-10-29 call · 2026-09-30 · Drillr earnings calendar

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[17] NET 10-Q filed 2026-08-06 · balance sheet and convertible notes · 2026-08-06 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001477333&type=10-Q

[18] NET 10-Q filed 2026-08-06 · remaining performance obligations · 2026-08-06 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001477333&type=10-Q

[19] NET 10-K filed 2026-02-26 · FY2021-FY2025 annual financials · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001477333&type=10-K

[20] NET 10-K filed 2026-02-26 · FY2025 cost of revenue and gross margin · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001477333&type=10-K

[21] NET 10-K filed 2026-02-26 · FY2025 free cash flow · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001477333&type=10-K

[22] NET 10-K filed 2026-02-26 · remaining performance obligations · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001477333&type=10-K

[23] NET 8-K filed 2026-05-07 · Q1 2026 results · 2026-05-07 · 8-K · https://www.sec.gov/Archives/edgar/data/0001477333/000147733326000033/q126exhibit991.htm

[24] NET 10-Q filed 2026-05-08 · Q1 2026 large customers and net retention · 2026-05-08 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001477333&type=10-Q

[25] NET 10-Q filed 2026-08-06 · Q2 2026 free cash flow · 2026-08-06 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001477333&type=10-Q

[26] NET 8-K filed 2026-08-13 · 0% convertible senior notes due 2031 · 2026-08-13 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001477333&type=8-K

[27] NET 10-Q filed 2026-08-06 · Q2 2026 revenue, large customers and net retention · 2026-08-06 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001477333&type=10-Q

[28] NET 10-Q filed 2026-05-08 · sales and marketing includes free-customer network costs · 2026-05-08 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001477333&type=10-Q

[29] NET Q1 2026 earnings call 2026-05-07 · CFO remarks on margin, RPO and capex · 2026-05-07 · earnings-call · https://www.investing.com/news/transcripts/earnings-call-transcript-cloudflare-beats-q1-2026-estimates-stock-rises-93CH-4670970

[30] NET 10-K filed 2026-02-26 · competition · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001477333&type=10-K

[31] NET 10-K filed 2026-02-26 · convertible senior notes · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001477333&type=10-K

[32] NET Q1 2026 earnings call 2026-05-07 · results, AI usage and restructuring · 2026-05-07 · earnings-call · https://gateway.drillr.ai/mcp/private

[33] 404K Research 2026-08-07 · Cloudflare Fiscal Q2 2026 Earnings Call: AI Agent Business Accelerates · 2026-08-07 · 404K Research(Substack) · https://404kresearch.substack.com/p/cloudflare-fiscal-q2-2026-earnings