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AI核心结论
Cloudflare (NET) delivered strong Q1 2026 revenue growth of 33.5% YoY to $639.8M, while narrowing its net loss to $22.9M and maintaining positive operating cash flow of $158.3M, though gross margin compressed 4.7 percentage points to 71.2%.
营业收入
$639.75M
同比 ++33.54%
每股收益（基本）
$-0.07
同比 ++36.36%
毛利率
71.2%
同比 -4.66%
营业利润
$-61.99M
同比 -16.43%
提交于 · 来源: SEC EDGAR 10-Q 原文
Cloudflare (NET) Q1 FY2026 营收 $639.75M，同比增长 33.5%。 净亏损 $22.93M，稀释每股收益 -$0.07。 毛利率 71.2%。
Revenue grew 33.5% YoY to $639.8M in Q1 2026, up from $479.1M in Q1 2025, reflecting continued strong demand for Cloudflare's network security and connectivity services.
来源: Source: 10-Q Income Statement
Gross margin declined 4.7 percentage points YoY to 71.2% (from 75.9%), driven by cost of revenue rising 59.3% YoY to $184.2M — significantly outpacing revenue growth — suggesting higher infrastructure and delivery costs.
来源: Source: 10-Q Income Statement
Net loss improved 40.4% YoY to -$22.9M (from -$38.5M), and operating margin improved from -11.1% to -9.7%, indicating gradual progress toward profitability despite continued investment in growth.
来源: Source: 10-Q Income Statement
Total assets surged 65.6% YoY to $6.16B, with cash and equivalents jumping 355.9% to $932.2M, likely reflecting capital markets activity; however, total liabilities also doubled (+102.0%) to $4.64B, and current liabilities nearly tripled (+193.6%) to $2.41B.
来源: Source: 10-Q Balance Sheet
Operating cash flow remained healthy at $158.3M (+8.6% YoY), demonstrating that the business continues to generate cash from operations despite GAAP net losses, supported by $57.8M in D&A add-backs.
来源: Source: 10-Q Cash Flow Statement
Cost of revenue grew 59.3% YoY — nearly double the revenue growth rate of 33.5% — compressing gross margin by 4.7 percentage points to 71.2%. If infrastructure and bandwidth costs continue to outpace revenue growth, profitability timelines could be pushed out significantly.
来源: Source: 10-Q Income Statement
Total liabilities more than doubled YoY to $4.64B, pushing the debt-to-equity ratio to 3.04. Current liabilities nearly tripled to $2.41B, which, while partially offset by a current ratio of 1.96, represents a meaningful increase in near-term financial obligations.
来源: Source: 10-Q Balance Sheet
Cloudflare reported an operating loss of -$62.0M in Q1 2026, widening 16.4% from -$53.2M a year ago. Despite improving net loss figures, the company has yet to achieve GAAP operating profitability, and continued heavy R&D spending ($151.0M, +31.2% YoY) reflects ongoing investment intensity.
来源: Source: 10-Q Income Statement
R&D expense reached $151.0M in Q1 2026, representing approximately 23.6% of revenue. While necessary to maintain competitive positioning in a rapidly evolving cybersecurity and networking landscape, this level of spending constrains near-term profitability.
来源: Source: 10-Q Income Statement
Investing cash outflows increased 71.8% YoY to -$158.8M, nearly matching operating cash inflows of $158.3M, resulting in essentially breakeven free cash flow. Continued infrastructure investment could pressure free cash flow generation if revenue growth moderates.
来源: Source: 10-Q Cash Flow Statement
Q1 FY2026 实际 EPS $0.25，分析师一致预期 $0.24，超预期 +6.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $639.75M | $479.09M | +33.54% |
营业成本 | $184.16M | $115.58M | +59.34% |
毛利润 | $455.6M | $363.51M | +25.33% |
营业利润 | $-61.99M | $-53.25M | -16.43% |
净利润 | $-22.93M | $-38.45M | +40.38% |
每股收益（基本） | $-0.07 | $-0.11 | +36.36% |
每股收益（稀释） | $-0.07 | $-0.11 | +36.36% |
研发费用 | $150.97M | $115.09M | +31.18% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $6.16B | $3.72B | +65.64% |
流动资产 | $4.72B | $2.62B | +79.69% |
总负债 | $4.64B | $2.3B | +102.03% |
流动负债 | $2.41B | $821.01M | +193.62% |
股东权益 | $1.53B | $1.43B | +7.07% |
现金及等价物 | $932.23M | $204.46M | +355.95% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $158.33M | $145.78M | +8.61% |
投资活动现金流 | $-158.81M | $-92.44M | -71.80% |
筹资活动现金流 | $-9.47M | $3.52M | -368.82% |
折旧及摊销 | $57.81M | $42.21M | +36.98% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 71.2% | 75.9% | -4.66% |
营业利润率 | -9.7% | -11.1% | +1.42% |
净利率 | -3.6% | — | — |
净资产收益率 | -1.5% | — | — |
总资产收益率 | -0.4% | — | — |
流动比率 | $1.956 | — | — |
资产负债率 | $3.037 | — | — |
Cloudflare reported Q1 2026 revenue of $639.8M, a 33.5% YoY increase, and a net loss of $22.9M (EPS of -$0.07), significantly improved from a -$38.5M loss (-$0.11 EPS) a year ago. Whether these results beat Wall Street consensus estimates would require comparison to analyst forecasts, which are not included in the filing itself.
The key takeaways are strong revenue growth of 33.5% to $639.8M, a narrowing net loss to $22.9M, and sustained positive operating cash flow of $158.3M. However, gross margin compressed 4.7 percentage points to 71.2% as cost of revenue surged 59.3% YoY, and total liabilities more than doubled to $4.64B.
Cloudflare's revenue grew 33.5% year-over-year to $639.8M in Q1 2026, up from $479.1M in Q1 2025, reflecting continued strong demand for its cloud networking and cybersecurity services. This growth rate demonstrates robust enterprise adoption of the platform.
Cloudflare maintains adequate short-term liquidity with a current ratio of 1.96 and cash of $932.2M, but carries significant leverage with a debt-to-equity ratio of 3.04 and total liabilities of $4.64B — more than double from a year ago. The company generates positive operating cash flow of $158.3M but remains GAAP unprofitable with an operating loss of $62.0M.
Cloudflare's gross margin fell to 71.2% in Q1 2026 from 75.9% in Q1 2025, a 4.7 percentage point decline, because cost of revenue grew 59.3% YoY to $184.2M — nearly twice the 33.5% revenue growth rate. This suggests rising infrastructure, bandwidth, or data center costs that are outpacing the company's revenue expansion.