Equity Profile

NET

Cloudflare, Inc.

Information TechnologyInternet Services & Infrastructure$88.4B

Jul30Thu

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

Cloudflare, Inc. (NET) is a technology company that provides internet services and infrastructure, focusing on enhancing website performance and security....

Key Metrics to Watch

Revenue Growth

Investors will be keen to see how Cloudflare's revenue is growing, especially in a competitive market.

N/A

Earnings Per Share (EPS)

EPS is a critical measure of profitability, and any surprises can significantly impact stock performance.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

NET Q2-2026 Earnings Preview

Context

Company Snapshot

Cloudflare, Inc. (NET) is a technology company that provides internet services and infrastructure, focusing on enhancing website performance and security. As a key player in the cloud services sector, it benefits from the growing demand for online security and performance optimization.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+708.76%

Avg Stock Reaction

+0.97%

Last Quarter Recap

In Q1 2026, Cloudflare reported an EPS of $0.25, significantly beating expectations. The stock reacted positively, gaining 3.30% the following day.

Management Promises & Guidance

Focus on expanding customer base and improving service offerings.
Commitment to maintaining strong revenue growth.
Plans to enhance security features in response to increasing cyber threats.

Expectations

Wall Street Expectations

Overall, expectations are mixed ahead of the earnings report, with some optimism due to previous strong performance.

Bull Case

If Cloudflare continues its trend of beating earnings expectations, it could see significant stock appreciation.

Bear Case

Conversely, any signs of slowing growth or increased competition could lead to a negative market reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected revenue growth rate for the upcoming quarter?

Revenue growth is crucial for assessing the company's market position and future potential.

How many new customers were added in the last quarter?

Customer growth directly impacts future revenue and market share, making it a key metric for investors.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Cloudflare's ability to sustain high growth rates despite market pressures, given its strong customer retention and expanding service offerings.

Supporting Evidence

Cloudflare has consistently outperformed EPS estimates, indicating strong operational performance.

The options market suggests a higher volatility expectation than historical averages, hinting at potential surprises.

Insider selling may reflect profit-taking rather than a lack of confidence in future growth.

Key Risk

If customer growth exceeds expectations, it could significantly alter market perceptions.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on how well Cloudflare can maintain its growth trajectory amidst increasing competition.

Bull Confirmed If

Revenue growth of over 20% year-over-year would confirm the bullish outlook.

Bear Confirmed If

Any revenue growth below 10% would signal potential issues in market demand.

Pre-Earnings Positioning

Options Market

Implied Move

±11.71%

Historical Avg

±3.0%

Pricing rich

The options market is pricing in a significant potential move, indicating uncertainty about the earnings outcome.

Options are pricing ±15.4% while NET has averaged ±3.0% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.7%

30d HV

96.0%

Calls (2.1M)P/C Ratio: 0.37Puts (511K)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$17.7M

86,923 sh

2 insiders

Net

$17.7M

Net selling

Most Active Insiders· 21 open-market trades

President and Board Co-ChairZatlyn Michelle
$15.8M

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Cloudflare beats expectations, history suggests a potential stock gain of around 0.97%, confirming strong market demand.

In-Line / Cautious

If results are in line but management expresses caution, the stock may react neutrally as investors reassess growth prospects.

Miss

A miss could lead to a decline, with historical patterns suggesting a potential drop of around 2.99%.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

1 buy·2 sells

Members

House only

Est. Notional

$3,003.00–$45,000.00

disclosed dollar ranges

Most Active Members

D-CAGilbert CisnerosRep.
2

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Details on revenue growth and customer acquisition rates.
2Any updates on new product launches or service enhancements.
3Management's outlook on competitive pressures and market trends.
4Insights into customer retention and satisfaction metrics.
5Future guidance on expected performance in the next quarter.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Cloudflare, Inc. (NET) is a technology company that provides internet services and infrastructure, focusing on enhancing website performance and security....

Key Metrics to Watch

Revenue Growth

Investors will be keen to see how Cloudflare's revenue is growing, especially in a competitive market.

N/A

Earnings Per Share (EPS)

EPS is a critical measure of profitability, and any surprises can significantly impact stock performance.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

NET Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+708.76%

Avg Stock Reaction

+0.97%

Last Quarter Recap

In Q1 2026, Cloudflare reported an EPS of $0.25, significantly beating expectations. The stock reacted positively, gaining 3.30% the following day.

Management Promises & Guidance

Focus on expanding customer base and improving service offerings.
Commitment to maintaining strong revenue growth.
Plans to enhance security features in response to increasing cyber threats.

Expectations

Wall Street Expectations

Overall, expectations are mixed ahead of the earnings report, with some optimism due to previous strong performance.

Bull Case

If Cloudflare continues its trend of beating earnings expectations, it could see significant stock appreciation.

Bear Case

Conversely, any signs of slowing growth or increased competition could lead to a negative market reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected revenue growth rate for the upcoming quarter?

Revenue growth is crucial for assessing the company's market position and future potential.

How many new customers were added in the last quarter?

Customer growth directly impacts future revenue and market share, making it a key metric for investors.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Cloudflare's ability to sustain high growth rates despite market pressures, given its strong customer retention and expanding service offerings.

Supporting Evidence

Cloudflare has consistently outperformed EPS estimates, indicating strong operational performance.

The options market suggests a higher volatility expectation than historical averages, hinting at potential surprises.

Insider selling may reflect profit-taking rather than a lack of confidence in future growth.

Key Risk

If customer growth exceeds expectations, it could significantly alter market perceptions.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on how well Cloudflare can maintain its growth trajectory amidst increasing competition.

Bull Confirmed If

Revenue growth of over 20% year-over-year would confirm the bullish outlook.

Bear Confirmed If

Any revenue growth below 10% would signal potential issues in market demand.

Pre-Earnings Positioning

Options Market

Implied Move

±11.71%

Historical Avg

±3.0%

Pricing rich

The options market is pricing in a significant potential move, indicating uncertainty about the earnings outcome.

Options are pricing ±15.4% while NET has averaged ±3.0% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.7%

30d HV

96.0%

Calls (2.1M)P/C Ratio: 0.37Puts (511K)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$17.7M

86,923 sh

2 insiders

Net

$17.7M

Net selling

Most Active Insiders· 21 open-market trades

President and Board Co-ChairZatlyn Michelle
$15.8M

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Cloudflare beats expectations, history suggests a potential stock gain of around 0.97%, confirming strong market demand.

In-Line / Cautious

If results are in line but management expresses caution, the stock may react neutrally as investors reassess growth prospects.

Miss

A miss could lead to a decline, with historical patterns suggesting a potential drop of around 2.99%.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

1 buy·2 sells

Members

House only

Est. Notional

$3,003.00–$45,000.00

disclosed dollar ranges

Most Active Members

D-CAGilbert CisnerosRep.
2

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Details on revenue growth and customer acquisition rates.
2Any updates on new product launches or service enhancements.
3Management's outlook on competitive pressures and market trends.
4Insights into customer retention and satisfaction metrics.
5Future guidance on expected performance in the next quarter.