NET / FQ3 2026 (quarter ended 2026-09-30)

Cloudflare, Inc.

Reported: Nov 5, 2026

Forecast published

Nov 2, 2026 at 4:10 PM PST

Opus 5.5 High in Shortcut

Review incomplete

Shortcut

0.38

Normalized diluted EPS

+11.2% vs Street

Off by less than $0.01 per share

Street

0.34

Normalized diluted EPS

November 1 consensus snapshot

Off by $0.04 per share

Real

0.38

Reported normalized EPS

Shortcut win

Reported result · Nov 5 ↗ · Provider normalized EPS matches issuer non-GAAP diluted EPS of $0.38; GAAP diluted loss per share is $0.10.

USD per diluted ordinary/common share. Comparisons use unrounded estimates.

Model download

Explore the assumptions and calculations behind the forecast. This is the agent’s original workbook. Its review didn’t finish, so it hasn’t been checked or repaired.

Open in Shortcut ↗Download XLSX ↓

Shortcut’s reasoning.

Guidance (6-Aug-26): revenue $736-737m, non-GAAP op. income $129-130m, EPS $0.34 on ~374m shares; frozen consensus $0.34 / $739.4m sits on the guide.

Track record: revenue beat the guidance midpoint in each of the last 5 quarters (avg +$21m, +3.6%), op. income by avg +$6.8m and EPS by avg +$0.024; model builds revenue from drivers (4,848 avg large customers x $114.4k ARPU + other paying customers +7% Q/Q) = $755.7m, a +$19.2m (2.6%) beat, consistent with cRPO +34% and 43% opening-cRPO conversion.

Post-guidance event: $2.5bn 0% 2031 converts issued 13-Aug-26 (net $2.2bn after capped call) while the $1.29bn 2026 notes were repaid in cash on 15-Aug; day-weighted cash lifts interest income to ~$44m vs ~$30m implied by guidance (Fed hiked to 3.75-4.00% on 16-Sep).

Full-quarter savings from the ~1,100-person reduction (headcount 5,483 -> 4,700) support opex at 55.5% of revenue; non-GAAP op. income $133.8m (17.7% margin) vs $129.5m guide.

Demand backdrop: AWS +39%, Azure +48%, Google Cloud +103% in the September quarter; Cloudflare HTTP requests ~115m/s vs 63m at end-2024. Risk: CFO flagged consumption deals are harder to forecast (Sep-26).

EPS = $141.7m non-GAAP NI / 375.0m diluted shares = $0.378 (20% guided non-GAAP tax rate); no EPS bump for beat probability.

On the record.

Reporting period: FQ3 2026 (quarter ended 2026-09-30)
Reporting basis: non-GAAP diluted EPS per Class A/B common share, USD (issuer non-GAAP = normalized EPS)
Consensus snapshot: November 1, 2026
Model / effort: Opus 5.5 · High effort
Workbook: Original workbook · review incomplete

Record history

Forecast generated: Nov 1, 2026 at 10:23 PM PST
First posted: Nov 2, 2026 at 4:10 PM PST
Result checked: Nov 6, 2026 at 1:55 AM PST

Result basis

Provider normalized EPS matches issuer non-GAAP diluted EPS of $0.38; GAAP diluted loss per share is $0.10. All six frozen normalized historical EPS values match.