Q4 2025 Cloudflare Inc Earnings Call Transcript

Feb 10, 2026 / 10:00 PM GMT

Transcript 8-K

Key Points

Positve

Cloudflare Inc (NET) achieved $614.5 million in revenue for Q4 2025, marking a 34% year-over-year increase.
The company reported a strong free cash flow of $99.4 million during the quarter, exceeding expectations.
Cloudflare Inc (NET) saw a 42% year-over-year growth in revenue from large customers, contributing 73% of total revenue.
The company's dollar-based net retention rate increased to 120%, up 9% year-over-year.
Cloudflare Inc (NET) added a record number of customers spending over $1 million annually for the fifth consecutive quarter.

Negative

Gross margin slightly decreased to 74.9%, just below the long-term target range of 75-77%.
The company experienced a decrease in gross margin by 270 basis points year-over-year.
There is a higher allocation of network expenses to cost of goods sold due to increased traffic from paying versus free customers.
Operating expenses as a percentage of revenue decreased only slightly by 3% year-over-year.
The company faces potential volatility in revenue forecasting due to a higher share of variable revenue from pool of funds contracts.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NET.N - Cloudflare Inc
Q4 2025 Cloudflare Inc Earnings Call
Feb 10, 2026 / 10:00PM GMT

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Presentation
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Right through your tee.

Hello and welcome to the CloudFlare 4th quarter, 2025 earnings call.

All lines have been placed on mute to prevent any background noise

After the speaker's remarks, there will be a question-and-answer session.

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Thank you for joining us today to discuss CloudFlaer's financial results for the 4th quarter of 2025.

With me on the call, we have Matthew Prince, co-founder and CEO.

Michelle Zatling, co-founder and President, and Thomas Seiford, CFO.

By now everyone should have access to our earnings announcement.

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