Filing Flows › Cloudflare (NET) › Q1 2026
Cloudflare (NET) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Cloudflare (NET) reported revenue of $640M for the first quarter 2026 (Q1 2026), +34% from a year earlier and +4% from the quarter before. Operating margin was -9.7%, net loss $22.9M (3.6% of revenue).
Cloudflare, Q1 2026: revenue $640M (+34% year over year), operating margin -9.7%, net loss $22.9M, operating cash flow $158M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $640M | +4% | +34% |
| Operating profit | −$62.0M | — | — |
| Net earnings | −$22.9M | — | — |
| Operating cash flow | $158M | -17% | +9% |
| Free cash flow | $84.1M | — | +59% |
What changed
Revenue was $639.8M in Q1 2026, up 34% year over year and up 4% from the previous quarter.
Gross margin was 71.2%, down 4.7 points from Q1 2025. Operating costs exceeded revenue by $62.0M, an operating margin of -9.7%. Operating expenses grew 24% against revenue growth of 34%. The fastest-growing cost line was Research & development (+31%). The quarter ended with a net loss of $22.9M, wider than the previous quarter's $12.1M loss. Non-operating items added $40.6M, -190% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $158.3M (up 9% year over year). Non-cash charges added back $57.8M of depreciation and amortization and $114.2M of share-based compensation. Working capital and other items added $9.2M. After purchases of property and equipment ($65.2M) and capitalized internal-use software ($9.0M), free cash flow as the company reports it was $84.1M.
Questions
What was Cloudflare's revenue in the first quarter 2026?
Cloudflare (NET) reported revenue of $640M for the first quarter 2026 (Q1 2026), +34% from a year earlier and +4% from the quarter before.
Was Cloudflare profitable in the first quarter 2026?
Operating loss was $62.0M (-9.7% of revenue) and net loss $22.9M.
Source: Cloudflare 10-Q on SEC EDGAR.