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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Matt Hedberg | RBC Capital Markets | 11 (0%) |
| Adam Borg | Stifel | 10 (0%) |
| Gabriela Borges | Goldman Sachs | 9 (0%) |
| Andy Nowinski | Wells Fargo | 5 (0%) |
| Shaul Eyal | TD Cowen | 4 (0%) |
| Keith Weiss | Morgan Stanley | 4 (25%) |
| Jim Fish | Piper Sandler | 4 (0%) |
| Saket Kalia | Barclays | 4 (0%) |
| Jon Ho | William Blair | 4 (0%) |
| Fatima Boolani | Citigroup | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| RBC Capital Markets | 1 | 11 (0%) |
| Stifel | 1 | 10 (0%) |
| Goldman Sachs | 1 | 9 (0%) |
| Wells Fargo | 2 |
| 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 |
| 7 (0%) |
| Morgan Stanley | 3 | 6 (17%) |
| William Blair | 1 | 4 (0%) |
| Citigroup | 1 | 4 (0%) |
| Piper Sandler | 1 | 4 (0%) |
| -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 Q1 | $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).
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; read-through 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.
| 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% | |
| MSFT Microsoft Corporation | 9 | +18.3% | |
| ORCL Oracle Corporation | 9 | +21.7% | |
| PANW Palo Alto Networks | 6 | +14.9% | |
| PLTR Palantir Technologies | 10 | +84.7% | |
| SNPS Synopsys | 7 | +65.5% | |
| VRSN Verisign | 7 | +6.6% | |
| XYZ Block, Inc. | 8 | +4.9% | |
| ZS Zscaler | 9 | +25.9% |