Filing Flows › Cloudflare (NET) › Q2 2026
Cloudflare (NET) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
Cloudflare (NET) reported revenue of $696M for the second quarter 2026 (Q2 2026), +36% from a year earlier and +9% from the quarter before. Operating margin was -29.6%, net loss $170M (24.4% of revenue).
Cloudflare, Q2 2026: revenue $696M (+36% year over year), operating margin -29.6%, net loss $170M, operating cash flow $118M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $696M | +9% | +36% |
| Operating profit | −$206M | — | — |
| Net earnings | −$170M | — | — |
| Operating cash flow | $118M | -26% | +18% |
| Free cash flow | $56.4M | — | +69% |
What changed
Revenue was $696.1M in Q2 2026, up 36% year over year and up 9% from the previous quarter.
Gross margin was 71.8%, down 3.1 points from Q2 2025. Operating costs exceeded revenue by $205.7M, an operating margin of -29.6%. Operating expenses grew 56% against revenue growth of 36%. The fastest-growing cost line was Sales & marketing (+26%). The quarter ended with a net loss of $170.0M, wider than the previous quarter's $22.9M loss. Non-operating items added $37.8M, -22% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $117.6M (up 18% year over year). Non-cash charges added back $65.4M of depreciation and amortization and $159.9M of share-based compensation. Working capital and other items added $62.3M. After purchases of property and equipment ($50.0M) and capitalized internal-use software ($11.2M), free cash flow as the company reports it was $56.4M.
Questions
What was Cloudflare's revenue in the second quarter 2026?
Cloudflare (NET) reported revenue of $696M for the second quarter 2026 (Q2 2026), +36% from a year earlier and +9% from the quarter before.
Was Cloudflare profitable in the second quarter 2026?
Operating loss was $206M (-29.6% of revenue) and net loss $170M.
Source: Cloudflare 10-Q on SEC EDGAR.