Cloudflare sells a global network as a service, and it has compounded revenue at 41.5% a year for eight years to do it — from $134.9 million in fiscal 2017 to $2,167.9 million in fiscal 2025, sixteen-fold, on a 74.5% gross margin. In the quarter ended 30 June 2026 revenue grew 35.9%, the fifth consecutive quarter of acceleration and the fastest rate in three years; the dollar-based net retention rate reached 120%; and the company added a record 986 customers above $100,000 of annualised revenue over twelve months. In the same three months it cut approximately 20% of its workforce. Over its nine years as a filer Cloudflare has reported a GAAP operating loss in every single one — a cumulative $1,185.7 million — against cumulative free cash flow, on its own definition, of $177.9 million and cumulative stock-based compensation of $1,479.9 million. This is a full institutional-grade equity research report on Cloudflare, Inc. (NYSE: NET), built from SEC XBRL company facts, five Forms 10-K, the June 2026 Form 10-Q, the first- and second-quarter 2026 Supplemental Financial Information, the earnings releases and call transcripts through 6 August 2026 and the Q1 2026 Investor Presentation, into eight structured chapters and 66 rebuilt charts.
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