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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Matt Hedberg | RBC Capital Markets | 11 questions · 0% challenging |
| Adam Borg | Stifel | 10 questions · 0% challenging |
| Gabriela Borges | Goldman Sachs | 9 questions · 0% challenging |
| Andy Nowinski | Wells Fargo | 5 questions · 0% challenging |
| Shaul Eyal | TD Cowen | 4 questions · 0% challenging |
| Keith Weiss | Morgan Stanley | 4 questions · 25% challenging |
| Jim Fish | Piper Sandler | 4 questions · 0% challenging |
| Saket Kalia | Barclays | 4 questions · 0% challenging |
| Jon Ho | William Blair | 4 questions · 0% challenging |
| Fatima Boolani | Citigroup | 4 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| RBC Capital Markets | 1 analyst | 11 questions · 0% challenging |
| Stifel | 1 analyst | 10 questions · 0% challenging |
| Goldman Sachs | 1 analyst | 9 questions · 0% challenging |
| Wells Fargo | 2 analysts | 7 questions · 0% challenging |
| Morgan Stanley | 3 analysts | 6 questions · 17% challenging |
| William Blair | 1 analyst | 4 questions · 0% challenging |
| Barclays | 1 analyst | 4 questions · 0% challenging |
| Citigroup | 1 analyst | 4 questions · 0% challenging |
Cloudflare delivered Q1 revenue of $639.8 million, up 34% year-over-year, with dollar-based net retention at 118% and record sales productivity as AI and agentic workloads drove massive platform adoption with 5.5 million developers on Workers. Management raised both FY2026 revenue guidance to $2.805-2.813 billion and EPS guidance to $1.19-1.20, a 7% EPS raise reflecting strong operating leverage, while executing a 20% workforce reduction to restructure around an agentic AI-first organization.
Cloud & AI | Competitive Dynamics | Revenue Growth | Demand | Innovation & R&D | Pricing | Regulation Policy | Product Launch | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 4 | 2 | 2 | 3 | 1 | 1 | 1 |
| 2025Q1 | 3 | 3 | 6 | 2 | 2 | 1 | 1 | |
| 2025Q2 | 6 | 6 | 3 | 3 | 2 | 2 | 1 | 1 |
| 2025Q3 | 5 | 7 | 4 | 2 | 3 | 2 | 1 | |
| 2025Q4 | 5 | 4 | 4 | 2 | 2 | 1 | ||
| 2026Q1 | 6 | 3 | 3 | 2 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Cloud & AI | 4 | 3 | 6 | 5 | 5 | 6 |
| Competitive Dynamics | 4 | 3 | 6 | 7 | 4 | 3 |
| Revenue Growth | 2 | 6 | 3 | 4 | 4 | 3 |
| Demand | 2 | 2 | 3 | 2 | 2 | 2 |
| Innovation & R&D | 3 | 2 | 2 | 3 | 2 | 1 |
| Pricing | 1 | 2 | 2 | 1 | ||
| Regulation Policy | 1 | 1 | 1 | 1 | ||
| Product Launch | 1 | 1 | 1 | 1 |
What NET and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Cloudflare will deploy Arm across its global network to support traffic management, security and AI inference closer to users.”
Cloudflare will deploy Arm across its edge network for traffic, security and AI inference; signal on Cloudflare's Arm-based infrastructure buildout.
“lots of other companies have come in to contribute to it and oversee the governance of it, including Cloudflare, AWS, Stripe, Shopify, Google, and so it's currently the most popular open standard for agentic commerce”
Cloudflare is named as a contributor helping govern Coinbase-incubated x402, the leading open standard for agentic commerce, signaling Cloudflare's involvement in crypto agentic payments.
“there was a datapoint this quarter on Anthropic announcing managed agents.”
Anthropic's launch of managed agents is discussed as an AI-lab move that Cloudflare views as positive for its infrastructure opportunity; major AI labs partner with Cloudflare.
“Fortinet talked about the opportunity they are seeing in SOFRAN and SASE.”
An analyst references Fortinet's commentary on the sovereign/SASE opportunity, framing Fortinet as a competitor in the data-localization and SASE market where Cloudflare also plays.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $460M | +26.9% | $-0.04 | +55.0% | 76.4% | -7.5% | -2.8% | $48M |
| FY2025 Q1 | $479M | +26.5% | $-0.11 | -10.0% | 75.9% | -11.1% | -8.0% | $53M |
| FY2025 Q2 | $512M | +27.8% | $-0.15 | -227.8% | 74.9% | -13.1% | -9.8% | $33M |
| FY2025 Q3 | $562M | +30.7% | $-0.00 | +91.7% | 74.0% | -6.7% | -0.2% | $82M |
| FY2025 Q4 | $615M | +33.6% | $-0.03 | +7.8% | 73.6% | -8.0% | -2.0% | $156M |
| FY2026 Q1Selected | $640M | +33.5% | $-0.07 | +40.9% | 71.2% | -9.7% | -3.6% | $84M |
| FY2026 Q2 | $696M | +35.9% | $-0.48 | -230.6% | 71.8% | -29.6% | -24.4% | $140M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
No 8-K events recorded for this window.
Calendar quarter Q1 2026Earnings call May 7, 2026
FY2026 Q1 in brief
Cloudflare delivered Q1 revenue of $639.8 million, up 34% year-over-year, with dollar-based net retention at 118% and record sales productivity as AI and agentic workloads drove massive platform adoption with 5.5 million developers on Workers.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
GAAP revenue YoY +33.5% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for Cloudflare, Inc. (NET), FY2026 Q1: 10/10. Scores: Cloudflare, Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: NET daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
NET Cloudflare, Inc. | 10 | +33.5% | |
| ADBE Adobe Inc. | 7 | +12.0% | |
| AKAM Akamai Technologies | 6 | +5.8% | |
| CPAY Corpay | 8 | +25.4% | |
| CRWD CrowdStrike | 9 | +23.3% | |
| CRWV CoreWeave, Inc. Class A Common Stock | 8 | +111.7% | |
| FFIV F5, Inc. | 8 | +11.0% | |
| FTNT Fortinet | 10 | +20.1% | |
| GDDY GoDaddy | 7 | +6.1% | |
| GEN Gen Digital | 6 | +27.0% | |
| IOT Samsara Inc. | 10 | +28.3% | |
| MDB MongoDB, Inc. | 9 | +26.8% | |
| MSFT Microsoft Corporation | 9 | +18.3% | |
| ORCL Oracle Corporation | 9 | +21.7% | |
| PANW Palo Alto Networks | 6 | +14.9% | |
| PATH UiPath Inc. | 9 | +13.6% | |
| PLTR Palantir Technologies | 10 | +84.7% | |
| SNPS Synopsys | 7 | +65.5% | |
| TWLO Twilio Inc. | 10 | +20.0% | |
| VRSN Verisign | 7 | +6.6% | |
| XYZ Block, Inc. | 8 | +4.9% | |
| ZS Zscaler | 9 | +25.9% |