Slide 1: Investor Presentation
Investor Presentation As of March 31, 2026 © 2026 Cloudflare, Inc.
Slide 2: Safe Harbor
Safe Harbor This presentation has been prepared by Cloudflare, Inc. (“Cloudflareˮ) for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise, or representation by the presenter or Cloudflare or any o
Slide 3: Cloudflare at a Glance
Cloudflare at a Glance 2010 4,400 Total Revenue $M Large Customers Launched Large > $100,000 Annualized Revenue Customers $2,168 4,416 $640 GR GR % A C CA 34 335 72% 29 % $1,670 $479 24 % 3,527 Cities in Of Revenue from Network Large Customers $1,297 2,878 5,483 73% Employees Non-GAAP Gross Marg
Slide 4: Helping protect the open Internet
Helping protect the open Internet As the Internet evolves, Cloudflare remains committed to open Internet principles. Unique and independent voices Open (2) , standards acy” ie Permissionless Multistakeholder innovation governance Democratized Al Human access rights Cloudflare | Impact Report 2025
Slide 5: Helping Build a Better Internet
Helping Build a Better Internet "Cloudflare's support was essential for Moldova's parliamentary elections, ensuring uninterrupted access to real-time results for citizens at home and abroad." Helping protect Access to Impact Report important voices innovation, Anatolie Golovco, Engineering privacy i
Slide 6: Help build a better Internet
Cloudflareʼs mission is to Help build a better Internet 6 © 2026 Cloudflare, Inc.
Slide 7: The Internet was not built for what it has become.
The Internet was not built for what it has become. 7 © 2026 Cloudflare, Inc.
Slide 8: From Endless Hardware to a Global Cloud Platform
From Endless Hardware to a Global Cloud Platform BANDAID BOXES BETTER INTERNET • Costly and complex • Easy-to-use, flexible, and scalable • Web of dependencies • Unified control plane • Specialized hardware • Serverless cloud architecture • On-premise only • Cloud, hybrid, on-premise, and SaaS • Po
Slide 9: Evolution of the Enterprise Stack
Evolution of the Enterprise Stack Yesterday Tomorrow Hardware / Software / Products Buy Services / Cloud Rent Network / Security Application Store/Compute 9 © 2026 Cloudflare, Inc.
Slide 10: An Integrated Global Cloud Platform
An Integrated Global Cloud Platform Cloudflare Cloudflare Cloudflare Cloudflare Platform Zero Trust Services Network Services Application Services 1 Cloudflare One Zero Trust Network Access WAN-as-a-Service WAF with API Protection Secure Web Gateway Firewall-as-a-Service Rate Limiting Cloud Access S
Slide 11: We Operate at Massive Scale
We Operate at Massive Scale 234B 4,400 72% 51% Cyber Threats Total Large Of Revenue from Of Revenue from Blocked per Day Customers Large Customers Outside of the U.S. Cyber threats blocked per day is approximate average over the three months ended March 31, 2026. All other figures are as of the th
Slide 12: Our Flexible, Scalable, & Efficient Serverless Architecture
Our Flexible, Scalable, & Efficient Serverless Architecture • Abstracts underlying infrastructure • Dynamically optimizes and leverages capacity across network • Single unified code base • Deployment on commodity hardware 12 © 2026 Cloudflare, Inc.
Slide 13: A Global Network Powering our Platform
A Global Network Powering our Platform 335 cities in 125+ countries, including mainland China 13,000 networks directly connect to Cloudflare, including ISPs, cloud providers, and large enterprises 500 Tbps of network capacity and growing 4,400 Large Customers Cloudflare city (as of Q1 2026 42% 2
Slide 14: Our Product & Network Flywheels Drive Our Business
Our Product & Network Flywheels Drive Our Business Serve Everyone Network Product Better Increased Helping Build a Serverless Ease of Products Efficiency Better Internet Architecture use Global 14 © 2026 Cloudflare, Inc. Scale
Slide 15: Data Intelligence & Quality Assurance at Scale
Data Intelligence & Quality Assurance at Scale Machine learning systems Global sensor network improve products with with Paying Customers in 190+ countries. every customerʼs request. Immune system for the Rapid development cycles Internet blocking an average of and QA through free users 234 billion
Slide 16: Our Competitive Advantages
Our Competitive Advantages NETWORK EASE SHARED NO SCALE OF USE INTELLIGENCE TRADE OFFS 16 © 2026 Cloudflare, Inc.
Slide 17: Our Favorable Competitive Position
Our Favorable Competitive Position Limitations • Complex and expensive On-Premises • Not suited to address cloud-based and hybrid deployments • Architected to deliver single point / more narrow product portfolio Point Solutions • Customers are increasingly looking for an integrated platform offering
Slide 18: Consistent & Deliberate TAM Expansion
Consistent & Deliberate TAM Expansion Cloudflare $231B Developer Services $214B Areas for Potential ● Application Platform Incremental Growth $196B ● Object Storage $181B Cloudflare Network Services AI 1 Cloudflare One ● Network Firewall ● MPLS ● SDWAN Database ● Intrusion Detection & Prevention ●
Slide 19: Traditional Go-To-Market Model Inverted
Traditional Model Go-To-Market Get customers Model Inverted We donʼt build ahead of the curve. Add sales reps to service new customer segments Sources of Leverage • Self service adoption for customers of all sizes Spend • Natural expansion marketing • Pulled into new geographies budget • Pulled up m
Slide 20: Our Strategy for Growth
Our Strategy for Growth Extend our serverless platform strategy Develop new products Expand • Enable a new class of applications relationships • Power store and compute with existing workloads customers • High product velocity • Increase stickiness Acquire new • Set pace for innovation in market • O
Slide 21: Financial Overview
Financial Overview © 2026 Cloudflare, Inc.
Slide 22: Key Financial Highlights
Key Financial Highlights $196B 34% 73% 4,400 Large Q1'26 Y/Y Q1'26 Non-GAAP Large Addressable Revenue Growth Gross Margin Customers Market in 2026 Note: Total Addressable Market represents 2026 expected spend from our analysis based on Gartner and IDC market data. Year-over-year revenue growth and
Slide 23: Track Record of Delivering Revenue Growth
Track Record of Delivering Revenue Growth Investment in enterprise sales Total Revenue $M $2,168 % $640 34 Large customer momentum $479 AGR $1,670 C 38% Land and expand strategy drives growth $1,297 across cohorts $975 Strong penetration $656 across the entire $431 product portfolio 2020 2021 2022
Slide 24: Rapid Customer Growth
Rapid Customer Growth Large Customers $100,000 Annualized Revenue 4,416 CAGR 30 % 3,527 2,878 72% revenue 69% 2,156 revenue 67% 1,537 revenue 62% revenue 58% revenue Q1 Q1 Q1 Q1 Q1 2022 2023 2024 2025 2026 Note: Large Customer data are as of three months ended March 31 of their respective years. Se
Slide 25: Strong Dollar-Based Net Retention
Strong Dollar-Based Net Retention 120% DNR includes all 119% 118% paying customers 114% 111% Large customers are a long-term tailwind to DNR Continuous innovation offers expansion opportunities Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Note: See the Appendix for how we define “Dollar-Based Net Retention.ˮ 25 ©
Slide 26: Attractive & Consistent Gross Margin
Attractive & Consistent Non-GAAP Gross Margin Gross Margin 77% 76% 75% 75% 73% Serverless architecture deployed on commodity hardware Single software stack across the network Symbiotic relationship with ISPs Leverage idle capacity across network Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Note: See Appendix for G
Slide 27: Elasticity of & Leverage in Our Operating Model
Elasticity of & Leverage in Our Operating Model Non-GAAP Operating Expenses & Operating Margin % of Revenue) 2021 2022 2023 2024 2025 2026E 14% 14% 15% 9% 4% 1% 21% 22% 22% 21% 24% 42% 40% 38% 36% 45% 17% 16% 16% 20% 19% 11% 10% 12% 15% 14% COGS S&M R&D G&A Operating Margin Note: See the Appendix
Slide 28: Strong Cash Position
Strong Cash Position ● Issued 2026 Notes: Raised $790 million in our Convertible Note Offering due 2026 that priced on August 10, 2021, net of the repurchase of 2025 notes, issuance costs, and a capped call with respect to the 2026 convertible notes. The Notes will mature on August 15, 2026. ● Revol
Slide 29: Guidance
Guidance Q2 2026 FY 2026 FY 2026 Network Capex as % of Revenue Revenue $664.0 $665.0 Revenue $2,805.0 $2,813.0 Y/Y Growth 30% Y/Y Growth 29% 30% 14%15% Operating Income $90.0 $91.0 Operating Income $418.0 $421.0 Operating Margin 14% Operating Margin 15% EPS $0.27 EPS $1.19 $1.20 Note: Th
Slide 30: Long-Term Operating Model
Unit economics Long-Term Operating Model support 20% long-term operating Q1 margins Long-Term 2023 2024 2025 2026 Model Gross Leverage efficiency and 78 % 79 % 76 % 73 % elasticity of our network and 75% 77% Margin ingress/egress dynamics Sales & Marketing Scale go-to-market operations 40 % 38 %
Slide 31: Our Business Model
Our Business Model Disrupting a large and growing total addressable market Widely distributed global cloud platform Expansive product portfolio; open to developer innovation Highly efficient business model and low fundamental cost structure High growth, predominantly subscription revenue model with
Slide 32: Appendix
Appendix © 2026 Cloudflare, Inc.
Slide 33: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly) 33 © 2026 Cloudflare, Inc.
Slide 34: Key Business Metrics
Appendix Key Business Metrics Paying Customers (> $100,000 Annualized Revenue) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 3,046 3,265 3,497 3,527 3,712 4,009 4,298 4,416 y-y growth 30% 28% 27% 23% 22% 23% 23% 25% % of revenue 67% 67% 69% 69% 71% 73% 73% 72% Dollar-Based Net Rete
Slide 35: Definitions
Appendix Definitions Paying Customers. We believe our ability to grow the number of paying customers on our network provides a key indicator of growth of our business and our future business opportunities. We define a paying customer at the end of the quarter as a person or entity who has generated