Q2 25 EPS
$0.21
BEAT +15.51%
Est. $0.18
Q2 25 Revenue
$512.3M
BEAT +2.14%
Est. $501.6M
vs S&P Since Q2 25
+5.0%
BEATING MARKET
NET +26.3% vs S&P +21.3%
Market Reaction
Did NET Beat Earnings? Q2 2025 Results
Cloudflare posted a standout second quarter for fiscal 2025, delivering results that beat on both top and bottom lines as the network security and cloud services company crossed $2 billion in annualized revenue. Non-GAAP EPS of $0.21 exceeded the $0.… Read more Cloudflare posted a standout second quarter for fiscal 2025, delivering results that beat on both top and bottom lines as the network security and cloud services company crossed $2 billion in annualized revenue. Non-GAAP EPS of $0.21 exceeded the $0.18 consensus estimate by 15.51%, while revenue of $512.32 million topped expectations of $501.59 million by 2.14%, representing 27.8% growth year-over-year. The most telling signal beneath the headline numbers may be the RPO figures, with current RPO growing 33% and total RPO surging 39% year-over-year, pointing to robust deal momentum that underpins the company's raised full-year revenue guidance of $2.11 billion to $2.12 billion. CEO Matthew Prince noted that the company's largest customers are expanding investments at the highest levels since 2022, with Cloudflare's position in front of more than 20% of all websites making it a natural beneficiary of AI-driven internet infrastructure demand. For Q3, the company guided revenue of $543.50 million to $544.50 million, and shares rose sharply on the news.
Key Takeaways
- • Revenue growth reaccelerated to 28% year-over-year
- • Largest customers growing investments at highest levels since 2022
- • Current RPO year-over-year growth of 33%
- • Total RPO year-over-year growth of 39%
- • Signing bigger and longer deals
- • More than 20% of all websites sit behind Cloudflare's network
- • More than half of dynamic traffic flowing through APIs
NET YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“We had an excellent second quarter, exceeding $2 billion in annualized revenue while also reaccelerating revenue growth to 28% year-over-year. We're innovating faster than ever, and demand remains strong, as our largest customers grow their investments with Cloudflare at the highest levels we've seen since 2022.”
— Matthew Prince, Q2 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 | — | — | — | — |