Companies /Technology
Cloudflare Inc - Class A
NYSE: NET Software - Infrastructure
$342.63
▼ $12.38 (−3.49%) today
Markets closed · 5:44pm ET

Cloudflare (NET) Q4 2025 Earnings

Reported Feb 10, 2026, 4:15pm ET · SEC source
$0.28
Beat +3.21%
EPS · est. $0.27
$614.5M
Beat +3.91%
Revenue · est. $591.4M
+12.8%
Beating market
NET vs S&P since report
5 quarters
Consecutive EPS beats

How Did NET Stock React to Q4 2025 Earnings?

% change · around the report
−5%0+5%Feb 10Feb 11report 4:15pm ETearnings−0.1%−3.4%
−5%0+5%Feb 10Feb 11earnings−0.1%−3.4%
NET −3.4%S&P 500 −0.1%
−5%0+5%Feb 10Feb 11report 4:15pm ETearnings+0.0%−3.4%
−5%0+5%Feb 10Feb 11earnings+0.0%−3.4%
NET −3.4%NASDAQ +0.0%
−6%0+6%Feb 9Feb 18report 4:15pm ETearnings−1.0%−1.3%
−6%0+6%Feb 9Feb 18earnings−1.0%−1.3%
NET −1.3%S&P 500 −1.0%
−6%0+6%Feb 9Feb 18report 4:15pm ETearnings−1.1%−1.3%
−6%0+6%Feb 9Feb 18earnings−1.1%−1.3%
NET −1.3%NASDAQ −1.1%
+5.24%
Day of report
−2.24%
Next session
+1.71%
One week
+9.46%
30 days

S&P 500 over the same 30 days: −3.31%.

Did NET Beat Earnings? Q4 2025 Results

Yes. Cloudflare reported Q4 2025 earnings of $0.28 a share on Feb 10, 2026, beating the $0.27 consensus estimate by 3.2%. Revenue was $614.5M against a $591.4M estimate.

Cloudflare closed fiscal 2025 with a decisive beat on both top and bottom lines, capping a quarter that validated the company's aggressive push into AI-driven infrastructure. Revenue for Q4 came in at $614.51 million, up 33.6% year-over-year and ahead of the $591.24 million consensus by 3.94%, while non-GAAP EPS of $0.28 edged past the $0.27 estimate by 3.70%. The standout driver behind the momentum was deal velocity: Cloudflare closed its largest annual contract value deal ever and grew total new ACV nearly 50% year-over-year, its fastest expansion since 2021, as CEO Matthew Prince positioned the platform as the network AI agents run on and through. Free cash flow more than doubled to $99.44 million, representing a 16% margin. <a href="https://247wallst.com/investing/2026/02/10/live-earnings-will-cloudflare-rise-after-q4-earnings-tonight/">Shares surged roughly 12% after hours</a> on the results, with full-year 2026 revenue guidance of approximately $2.79 billion implying continued growth of around 29%, reinforcing investor confidence in Cloudflare's expanding enterprise footprint.

Key Takeaways
  • Largest annual contract value deal ever closed, averaging $42.5 million per year
  • Total new ACV grew nearly 50% year-over-year, fastest growth rate since 2021
  • RPO year-over-year growth of 48% and Current RPO year-over-year growth of 34%
  • AI and agentic computing driving demand across performance, security, and networking services
  • Free cash flow margin expanded to 16% from 10% year-over-year in Q4

“We had an exceptionally strong end to 2025. In Q4, we closed our largest annual contract value deal ever—averaging $42.5 million per year—and total new ACV grew nearly 50 percent year-over-year, our fastest growth rate since 2021.”

Cloudflare CEO, on the earnings call

What Was Cloudflare's Outlook in Q4 2025?

For Q1 2026, Cloudflare expects revenue of $620.0 to $621.0 million, non-GAAP operating income of $70.0 to $71.0 million, and non-GAAP EPS of $0.23 on approximately 377 million diluted shares. For full-year 2026, the company expects revenue of $2,785.0 to $2,795.0 million, non-GAAP operating income of $378.0 to $382.0 million, and non-GAAP EPS of $1.11 to $1.12 on approximately 377 million diluted shares.

NET YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$200.0M$400.0M$600.0M$460.0M$614.5MRevenue$350.9M$452.6MGross Profit$-87,480,455$-49,234,000Operating Income$-11,393,396$-12,077,000Net Income
$0$200.0M$400.0M$600.0MRevenueGross ProfitOperating IncomeNet Income
NET income statement, Q4 2025 versus Q4 2024
Metric Q4 2025 Q4 2024 Year over year
Revenue $614.5M $460.0M +33.6%
Gross Profit $452.6M $350.9M +29.0%
Operating Income −$49.2M −$87.5M −43.7%
Net Income −$12.1M −$11.4M +6.0%

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