Cloudflare (NET) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Cloudflare published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Cloudflare reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Cloudflare reports one segment. The rows above are its revenue by region, based on the billing address of customers.
• On May 7, 2026 Cloudflare announced a plan to move to an agentic AI-first operating model that reduced approximately 20% of its workforce. Of the $161.7 million of restructuring and other charges in the first nine months of 2026, $11.0 million fell in Q3. The plan was announced in Q2, when GAAP EPS was a loss of $0.48.

Source: Cloudflare Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Cloudflare splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Cloudflare's United States revenue was $408 million in Q3 2026, up 44% from $283 million in Q3 2025, 52% of total revenue.
• Cloudflare's Europe, Middle East, and Africa revenue was $202 million in Q3 2026, up 32% from $153 million in Q3 2025, 26% of total revenue.
• Cloudflare's Asia Pacific revenue was $112 million in Q3 2026, up 32% from $84.7 million in Q3 2025, 14% of total revenue.
• Cloudflare's Other revenue was $60.7 million in Q3 2026, up 46% from $41.5 million in Q3 2025, 8% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The first three quotes are Cloudflare's outlook for the fourth quarter of fiscal 2026. The last is its full-year 2026 revenue outlook, given with non-GAAP income from operations of $462.0 to $463.0 million and non-GAAP net income per share of $1.35.

In its Q3 2026 release, Cloudflare said:

“Total revenue of $845.0 to $846.0 million”

“Non-GAAP income from operations of $156.0 to $157.0 million”

“Non-GAAP net income per share of $0.43, utilizing weighted average common shares outstanding of approximately 379 million”

“Total revenue of $2,963.0 to $2,964.0 million”

Source: Cloudflare Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the NET forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and GAAP net loss per diluted share, each as first reported in that quarter's release. Q3 2025 was a net loss of $0.00 per share.

We do not hold a confirmed date for Cloudflare's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Cloudflare's revenue was $782.5 million in Q3 2026, up 39% from $562.0 million a year earlier, and its CEO said the quarter took annualized revenue past $3 billion. Cloudflare reports no segments. It earns revenue mainly from subscriptions to its network and products, sold to contracted Enterprise customers and to pay-as-you-go customers through its website. (Cloudflare Q3 2026 release, Nov 5, 2026; Cloudflare Form 10-K, 2025, Feb 26, 2026)

Cloudflare attributes the growth mainly to new paying customers, including those with more than $100,000 in annualized revenue, which rose to 5,006 from 4,009, and to expansion within existing customers, shown by a dollar-based net retention rate of 122% for the quarter. (Cloudflare Form 10-Q, Q3 2026, Nov 5, 2026)

Cloudflare's U.S. customers produced $407.9 million, 52% of revenue, up from 50% a year earlier. Europe, Middle East, and Africa contributed $202.2 million (26%), Asia Pacific $111.7 million (14%) and Other $60.7 million (8%). Revenue through channel partners rose to $247.4 million, 32% of the total against 27%, while direct customers accounted for $535.1 million. (Cloudflare Form 10-Q, Q3 2026, Nov 5, 2026)

Cloudflare's Enterprise contracts typically run one to three years and generally combine a base subscription with, in some cases, a portion based on variable usage; some large customers commit to a "pool of funds" to spend on its products. Remaining performance obligations were $2,876.8 million at September 30, 2026, with 65% expected to be recognized in the next 12 months, and Current RPO grew 37% from a year earlier. (Cloudflare Form 10-K, 2025, Feb 26, 2026; Cloudflare Form 10-Q, Q3 2026, Nov 5, 2026; Cloudflare Q3 2026 release, Nov 5, 2026)

Cloudflare's GAAP net loss was $34.1 million in Q3 2026, or $0.10 per share, against $1.3 million, or $0.00, a year earlier. Non-GAAP net income was $143.7 million, or $0.38 per diluted share, against $0.27. The non-GAAP figures exclude stock-based compensation and related employer payroll taxes ($174.1 million in the quarter), amortization of acquired intangible assets ($9.2 million), legal reserve and settlements ($10.7 million) and restructuring and other charges ($11.0 million). (Cloudflare Q3 2026 release, Nov 5, 2026)

Cloudflare's restructuring plan, announced May 7, 2026, reduced approximately 20% of its workforce, with total charges estimated at up to $165 million: $125 million of cash severance and benefits, $35 million of stock-based compensation and $5 million of other costs. The plan was substantially completed by September 30, 2026, and restructuring and other charges totaled $161.7 million over nine months. (Cloudflare Form 10-Q, Q3 2026, Nov 5, 2026; Cloudflare Q3 2026 release, Nov 5, 2026)

Cloudflare's GAAP gross margin fell to 71.2% from 74.0%, as cost of revenue rose 54%, including $43.0 million more in third-party technology services costs and $19.4 million more for co-location facilities and network costs. In August 2026 Cloudflare issued $2,500.0 million of 0% Convertible Senior Notes due 2031. Non-GAAP diluted EPS used 376,461 thousand weighted-average shares, against 357,126 thousand basic shares for GAAP. (Cloudflare Q3 2026 release, Nov 5, 2026; Cloudflare Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Cloudflare gives a quarterly and full-year outlook in each release. For Q4 fiscal 2026 it expects total revenue of $845.0 to $846.0 million, non-GAAP income from operations of $156.0 to $157.0 million and non-GAAP net income per share of $0.43 on approximately 379 million shares. (Cloudflare Q3 2026 release, Nov 5, 2026)

Cloudflare's full-year fiscal 2026 outlook is total revenue of $2,963.0 to $2,964.0 million, non-GAAP income from operations of $462.0 to $463.0 million and non-GAAP net income per share of $1.35 on approximately 376 million shares. Through nine months it had revenue of $2,118.3 million. (Cloudflare Q3 2026 release, Nov 5, 2026; Cloudflare Form 10-Q, Q3 2026, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Cloudflare, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Cloudflare's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning NET is on is NET a buy or a sell?, what analysts expect next is on the NET forecast, and what the company does is on the Cloudflare (NET) stock page.

Every number on this page can be traced to a document Cloudflare published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.