Q3 25 EPS
$0.27
BEAT +15.34%
Est. $0.23
Q3 25 Revenue
$562.0M
BEAT +3.13%
Est. $544.9M
vs S&P Since Q3 25
-1.6%
TRAILING MARKET
NET +9.0% vs S&P +10.6%
Market Reaction
Did NET Beat Earnings? Q3 2025 Results
Cloudflare delivered a strong third quarter, posting non-GAAP EPS of $0.27 against a consensus estimate of $0.23, a beat of 15.34%, while revenue climbed 30.7% year-over-year to $562.03 million, ahead of the $544.95 million Wall Street had expected. … Read more Cloudflare delivered a strong third quarter, posting non-GAAP EPS of $0.27 against a consensus estimate of $0.23, a beat of 15.34%, while revenue climbed 30.7% year-over-year to $562.03 million, ahead of the $544.95 million Wall Street had expected. The second consecutive quarter of accelerating growth was underpinned by surging demand signals, with remaining performance obligations expanding 43% year-over-year, a figure that points to a deepening pipeline of contracted future revenue and suggests the momentum is unlikely to fade quickly. Non-GAAP operating margin ticked up to 15.3% from 14.8% a year ago, and GAAP net loss narrowed sharply to just $1.29 million from $15.33 million, reflecting meaningful operating leverage even as stock-based compensation totaled $119.70 million in the period. Looking ahead, Cloudflare guided Q4 revenue to approximately $589 million and raised its full-year 2025 revenue outlook to roughly $2.14 billion, with full-year non-GAAP EPS of $0.91, signaling continued confidence in sustained double-digit growth.
Key Takeaways
- • Revenue growth accelerated for the second consecutive quarter to 31% year-over-year
- • RPO year-over-year growth of 43%
- • Current RPO year-over-year growth of 30%
- • Non-GAAP operating margin expanded to 15.3% from 14.8% year-over-year
- • Free cash flow margin improved to 13% from 11% year-over-year
- • Operating cash flow increased to $167.1 million from $104.7 million year-over-year
NET YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“Our excellent third quarter results clearly demonstrate our increasing momentum, with revenue growth accelerating for the second consecutive quarter to 31 percent year-over-year. Great companies innovate and execute, and we continue to deliver on both.”
— Matthew Prince, Q3 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 | — | — | — | — |