Cloudflare, Inc. (NET)
SEC filings, insider trading & institutional ownership from EDGAR.
Cloudflare operates a global cloud network that it describes as a "Connectivity Cloud," with a mission to help build a better Internet. The company delivers security, performance, and reliability services that replace on-premises network hardware and point solutions, acting as a unified control plane across on-premises, hybrid, cloud, and SaaS environments. Increasingly, customers also build applications, including AI-enhanced ones, directly on its programmable network. Growth strategy centers on acquiring new customers across contracted, pay-as-you-go, and free tiers, expanding existing relationships, developing new products, and extending its developer solutions.
Its products fall into four groups. Application services include application security (Web Application Firewall, Bot Management, DDoS mitigation, API Shield, SSL/TLS, Page Shield, Security Center) and application performance (content delivery, load balancing, DNS, Smart Shield, video delivery, web optimization, Waiting Room, Data Localization Suite), plus tools to control access by AI crawlers and agents. The secure access service edge (SASE) platform combines network services (Magic WAN, Magic Transit, Magic Firewall, Network Interconnect, Spectrum) with Zero Trust and workplace security (Zero Trust Network Access, Secure Web Gateway, WARP client, Remote Browser Isolation, CASB, Cloud Email Security, Digital Experience Monitoring, Data Loss Prevention). Developer-based solutions cover AI (Workers AI, Vectorize, AI Gateway), compute (Workers, Workers for Platforms, Pages), storage and databases (R2, D1, Workers KV, Durable Objects, Hyperdrive, Queues), and media (Stream, Images, Realtime). Consumer offerings include the 1.1.1.1 DNS resolver, 1.1.1.1 with WARP VPN, and Cloudflare Registrar.
Cloudflare serves millions of free and paying customers managing millions of Internet properties. As of December 31, 2025, it had approximately 332,000 paying customers in more than 190 countries, across industries such as technology, healthcare, financial services, retail, industrial, non-profit, and government. Large customers numbered 4,298, up from 3,497 in 2024 and 2,756 in 2023. No single customer exceeded 10% of revenue in 2023, 2024, or 2025. Small and medium customers mainly use pay-as-you-go plans, while Enterprise plan customers are contracted. The company also runs free-service initiatives such as Project Galileo, the Athenian Project, Cloudflare for Campaigns, and Project Cybersafe Schools, under its Cloudflare Impact sustainability and corporate responsibility platform.
The network spans more than 330 cities in over 125 countries and interconnects with over 13,000 networks, including major ISPs, cloud services, and enterprises. It runs a single proprietary software stack on commodity hardware, with every service running on every server in every city, an architecture the company calls "serverless." Encryption chips embedded in server motherboards are intended to prevent unauthorized software from running, and the company is deploying GPUs across the network for AI workloads. Cloudflare uses idle capacity to support a free tier, and the resulting scale makes it an attractive partner for ISPs, which lowers its co-location and bandwidth costs.
AI-summarized from Item 1 (Business) of the company’s most recent 10-K filing.
Financials
As reported to the SEC via XBRL, no adjustments
| Gross profit | $1.62B |
| Operating income | -$207.21M |
| Diluted EPS | -$0.29 |
| Gross margin | 74.5% |
| Net margin | -4.7% |
Revenue by region
FY2025 geographic segments • from the 10-K
Latest filings
10-K, 10-Q, 8-K, Form 4 & 13D/G. Sourced directly from SEC EDGAR
| Form | Filed |
|---|---|
| 8-K | Nov 5, 2026 |
| 10-Q | Nov 5, 2026 |
| 4Ledbetter Carl | Oct 20, 2026 |
| 4SEIFERT THOMAS J | Oct 20, 2026 |
Insider trading
From Form 4 filings
| Insider | Date | Type |
|---|---|---|
| Ledbetter Carl | Oct 19, 2026 | Sell |
| SEIFERT THOMAS J | Oct 19, 2026 | Sell |
| SEIFERT THOMAS J | Oct 19, 2026 | Option exercise |
| SEIFERT THOMAS J | Oct 15, 2026 | Tax withholding |
| Zatlyn Michelle | Oct 7, 2026 | Sell |
Top holders
13F & 13D/G • latest quarter
| Holder | Stake | Filed | Value |
|---|---|---|---|
| Capital World Investors | 7.5% | Aug 12, 2026 | $5.97B |
| BlackRock, Inc. | 6.6% | Aug 7, 2026 | $5.3B |
| Vanguard Portfolio Management | 5.2% | Aug 13, 2026 | $4.13B |
| MORGAN STANLEY | 4.7% | Aug 13, 2026 | $3.74B |
| BAILLIE GIFFORD & CO | 4.5% | Aug 6, 2026 | $3.58B |
Executive pay and the vote
From the FY2025 proxy statement (DEF 14A), filed Jun 9, 2026, and the annual meeting’s vote on Jun 30, 2026
Figures come from the company’s proxy statement, and the vote count from its 8-K.
The Summary Compensation Table for every named officer, the board with tenure and committees, and each proposal with its count, verified against the filings.
Sign up free →Latest 10-Q takeaways
filed Nov 5, 2026Cloudflare reports strong revenue growth (39% in the quarter) and expanding large-customer counts and net retention, but also widening GAAP losses, gross margin compression, a 20% workforce restructuring, and extensive macroeconomic and tariff caveats. The tone is mixed: optimistic on the business model and growth, tempered by cautious language about profitability and capital needs. Automated screens found no red flags in this filing.
Written by Scrutar's AI from NET's SEC filings. Check anything you rely on against the filing. Not investment advice.
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Companies related to NET
Peers identified from NET's own SEC filings.
Data as of Nov 8, 2026Source: SEC EDGAR.