Q4 24 EPS
$0.19
BEAT +5.56%
Est. $0.18
Q4 24 Revenue
$459.9M
BEAT +1.73%
Est. $452.1M
vs S&P Since Q4 24
+42.4%
BEATING MARKET
NET +67.9% vs S&P +25.5%
Full Year 2024 Results
FY 24 EPS
$0.75
BEAT +0.81%
Est. $0.74
FY 24 Revenue
$1.67B
BEAT +0.47%
Est. $1.66B
Market Reaction
Did NET Beat Earnings? Q4 2024 Results
Cloudflare closed out 2024 on a strong note, posting fourth-quarter earnings and revenue that topped Wall Street expectations and signaling growing enterprise momentum. The networking and security platform reported non-GAAP EPS of $0.19, edging past … Read more Cloudflare closed out 2024 on a strong note, posting fourth-quarter earnings and revenue that topped Wall Street expectations and signaling growing enterprise momentum. The networking and security platform reported non-GAAP EPS of $0.19, edging past the $0.18 consensus estimate by 5.56%, while revenue climbed 26.9% year-over-year to $459.95 million, ahead of the $452.13 million analysts had anticipated. The clearest engine behind the beat was enterprise expansion, with customers spending more than $1.00 million annually surging 47% year-over-year to 173, and more than half of those new million-dollar relationships closing in Q4 alone. Non-GAAP operating income reached $67.25 million for the quarter, pushing the full-year figure to $230.11 million at a 13.8% margin. Looking ahead, Cloudflare guided full-year 2025 revenue to approximately $2.09 billion, implying roughly 25% growth, with non-GAAP EPS expected between $0.79 and $0.80, as CEO Matthew Prince pointed to AI innovation and customer ROI as central to the company's reacceleration strategy.
Key Takeaways
- • Record growth in largest customers spending more than $1 million annually, reaching 173 (47% YoY increase)
- • 55 new million-dollar customers added in 2024, with more than half added in Q4 alone
- • 27% year-over-year Q4 revenue growth and 29% full-year revenue growth
- • Non-GAAP operating margin expansion to 14.6% in Q4 from 11.0% in Q4 2023
- • Operating cash flow increased to $127.3 million in Q4, up from $85.4 million in Q4 2023
NET YoY Financials
Q4 2024 vs Q4 2023, source: SEC Filings
“We had a very strong end of 2024. We saw record growth in our largest customers, those that spend more than $1 million with Cloudflare per year—closing the year with 173. We added 55 of those customers in 2024, and more than half of these new additions came in during fourth quarter alone.”
— Matthew Prince, Q4 2024 Earnings Press Release
NET Earnings Trends
NET vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NET EPS Trend
Earnings per share: estimate vs actual
NET Revenue Trend
Quarterly revenue: estimate vs actual
NET Quarterly Results
10 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $0.25 | — | $639.8M | +2.75% |
| Q4 25 BEAT FY | $0.27 | $0.28 | +3.70% | $614.5M | +3.94% |
| FY Full Year | $0.91 | $0.93 | +1.81% | $2.17B | +1.08% |
| Q3 25 BEAT | $0.23 | $0.27 | +15.34% | $562.0M | +3.13% |
| Q2 25 BEAT | $0.18 | $0.21 | +15.51% | $512.3M | +2.14% |
| Q1 25 MISS | $0.16 | $0.16 | -1.54% | $479.1M | +2.00% |
| Q4 24 BEAT FY | $0.18 | $0.19 | +5.56% | $459.9M | +1.73% |
| FY Full Year | $0.74 | $0.75 | +0.81% | $1.67B | +0.47% |
| Q3 24 BEAT | $0.18 | $0.20 | +11.11% | $430.1M | +1.41% |
| Q2 24 BEAT | $0.14 | $0.20 | +42.86% | $401.0M | +1.53% |
| Q1 24 BEAT | $0.13 | $0.16 | +23.08% | $378.6M | +1.48% |
| Q3 21 | $-0.04 | — | — | — | — |