Q1 25 EPS
$0.16
MISS 1.54%
Est. $0.16
Q1 25 Revenue
$479.1M
BEAT +2.00%
Est. $469.7M
vs S&P Since Q1 25
+63.3%
BEATING MARKET
NET +97.0% vs S&P +33.6%
Market Reaction
Did NET Beat Earnings? Q1 2025 Results
Cloudflare posted a mixed but broadly encouraging first quarter for 2025, with revenue of $479.09 million rising 26.5% year-over-year and clearing the $469.70 million consensus by 2.00%, while non-GAAP EPS of $0.16 came in just shy of the $0.16 estim… Read more Cloudflare posted a mixed but broadly encouraging first quarter for 2025, with revenue of $479.09 million rising 26.5% year-over-year and clearing the $469.70 million consensus by 2.00%, while non-GAAP EPS of $0.16 came in just shy of the $0.16 estimate, a miss of 1.54%. The headline story, though, was the scale of enterprise momentum: the company closed the largest contract in its history, a deal exceeding $100 million anchored by its Workers developer platform, alongside the longest-term SASE contract to date, together signaling deepening confidence among large customers. Investors watching the print were rewarded with an aftermarket surge of roughly 8.6% as the market focused on top-line strength. Operating cash flow nearly doubled to $145.78 million, or 30% of revenue. Looking ahead, Cloudflare raised its full-year 2025 revenue outlook to approximately $2.09 billion and guided Q2 revenue to $500.00 to $501.00 million, with non-GAAP EPS of $0.18.
Key Takeaways
- • 27% year-over-year revenue growth
- • Highest year-over-year growth in net new ACV in three years
- • Largest contract in company history exceeding $100 million driven by Workers developer platform
- • Longest-term SASE contract to date
- • Operating cash flow nearly doubled year-over-year to $145.8 million (30% of revenue)
- • Non-GAAP operating margin expanded to 11.7% from 11.2% year-over-year
- • Free cash flow margin improved to 11% from 9% year-over-year
NET YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
“We kicked off 2025 with confidence, momentum, and strong results. In Q1, we landed the largest contract in Cloudflare's history, a more than $100 million deal driven by our Workers developer platform, and signed the longest-term SASE contract to date.”
— Matthew Prince, Q1 2025 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 | — | — | — | — |