Companies /Technology
Cloudflare Inc - Class A
NYSE: NET Software - Infrastructure
$343.57
▼ $11.44 (−3.22%) today
Markets open · 3:52pm ET

Cloudflare (NET) Q3 2025 Earnings

Reported Oct 30, 2025, 4:16pm ET · SEC source
$0.27
Beat +15.34%
EPS · est. $0.23
$562.0M
Beat +3.13%
Revenue · est. $544.9M
−19.6%
Trailing market
NET vs S&P since report
5 quarters
Consecutive EPS beats

How Did NET Stock React to Q3 2025 Earnings?

% change · around the report
0+5%+10%Oct 30Oct 31report 4:16pm ETearnings−0.1%+12.4%
0+5%+10%Oct 30Oct 31earnings−0.1%+12.4%
NET +12.4%S&P 500 −0.1%
0+5%+10%Oct 30Oct 31report 4:16pm ETearnings−0.1%+12.4%
0+5%+10%Oct 30Oct 31earnings−0.1%+12.4%
NET +12.4%NASDAQ −0.1%
−5%0+5%Oct 29Nov 7report 4:16pm ETearnings−1.8%−2.5%
−5%0+5%Oct 29Nov 7earnings−1.8%−2.5%
NET −2.5%S&P 500 −1.8%
−5%0+5%Oct 29Nov 7report 4:16pm ETearnings−3.4%−2.5%
−5%0+5%Oct 29Nov 7earnings−3.4%−2.5%
NET −2.5%NASDAQ −3.4%
+13.84%
Day of report
−2.05%
Next session
−8.09%
One week
−19.32%
30 days

S&P 500 over the same 30 days: +0.27%.

Did NET Beat Earnings? Q3 2025 Results

Yes. Cloudflare reported Q3 2025 earnings of $0.27 a share on Oct 30, 2025, beating the $0.23 consensus estimate by 15.3%. Revenue was $562.0M against a $544.9M estimate.

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 <a href="https://247wallst.com/investing/2025/10/30/cloudflare-net-accelerates-revenue-growth-as-losses-vanish-2/">second consecutive quarter of accelerating growth</a> 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

“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.”

Cloudflare CEO, on the earnings call

What Was Cloudflare's Outlook in Q3 2025?

For Q4 2025, Cloudflare expects revenue of $588.5 to $589.5 million, non-GAAP income from operations of $83.0 to $84.0 million, and non-GAAP net income per share of $0.27 on approximately 377 million diluted shares. For full year 2025, the company expects revenue of $2,142.0 to $2,143.0 million, non-GAAP income from operations of $297.0 to $298.0 million, and non-GAAP net income per share of $0.91 on approximately 370 million diluted shares.

NET YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$200.0M$400.0M$600.0M$430.1M$562.0MRevenue$334.1M$415.7MGross Profit$-48,001,025$-37,460,000Operating Income$-673,313$-1,290,000Net Income
$0$200.0M$400.0M$600.0MRevenueGross ProfitOperating IncomeNet Income
NET income statement, Q3 2025 versus Q3 2024
Metric Q3 2025 Q3 2024 Year over year
Revenue $562.0M $430.1M +30.7%
Gross Profit $415.7M $334.1M +24.4%
Operating Income −$37.5M −$48.0M −22.0%
Net Income −$1.3M −$673,313 +91.6%

Figures from SEC filings and company reports. Not investment advice.