Slide 1: Investor Presentation
Investor Presentation as of June 30, 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: Company Overview
Company Overview © 2026 Cloudflare, Inc. 3
Slide 4: Mission: Help Build A Better Internet
Mission: Help Build A Better Internet © 2026 Cloudflare, Inc. 4
Slide 5: Cloudflare At A Glance
Cloudflare At A Glance 335 4,600 Total Revenue $M Large Customers Cities in Large > $100,000 Annualized Revenue Network Customers $2,168 4,698 $696 GR GR % A C CA 36 310B 73% 29 % $1,670 $512 24 % 3,712 Cyber Threats Revenue from Blocked per Large Customers Day 3,046 $1,297 4,700 49% Employees
Slide 6: The Economy Runs On Cloudflare
The Economy Runs On Cloudflare MEDIA SOFTWARE & SAAS RETAIL & ECOMMERCE FINANCE & FINTECH GAMING & GAMBLING HEALTHCARE © 2026 Cloudflare, Inc. 6
Slide 7: Cloudflare Is Built For What's Next
Cloudflare Is Built For Whatʼs Next One composable platform Unified security Any-to-any Flexibility for external-facing connectivity to customize the systems and internal for users, apps, branches, platform with full-stack resources data centers, & clouds developer tools One programmable network Mor
Slide 8: A Single, Programmable Network
A Single, Programmable Network Unlike Any Other 335 cities in 125+ countries, including mainland China 13,000 networks directly connect to Cloudflare, including ISPs, cloud providers, and large enterprises 534 Tbps of network capacity and growing Cloudflare city 4,600 large customers (as of Q2 20
Slide 9: A Single, Composable Platform Of Internet-Native Services
A Single, Composable Platform Of Internet-Native Services Every Cloudflare Built to run over service every Cloudflare server In every Cloudflare data center Across 335+ cities . in 125+ countries Note: Figures as of June 30, 2026. © 2026 Cloudflare, Inc. 9
Slide 10: Our Favorable Competitive Position
Our Favorable Competitive Position On-Premises Point Solutions Public Cloud • Architected to deliver single • Inability to serve as a unified Limitations • Complex and expensive point / more narrow product control plane across portfolio on-premise, cloud, hybrid, and SaaS infrastructure • Customers
Slide 11: 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 © 2026 Cloudflare, Inc. Scale 11
Slide 12: Connect, Protect, & Build Everywhere
Connect, Protect, & Build Everywhere Connect and protect Connect and protect external-facing systems internal-facing systems Cloudflare Network Services Cloudflare Zero Trust Services Cloudflare Application Services Build the next-generation of applications Cloudflare Developer Platform One Platform
Slide 13: Relentless Focus On Innovation
Relentless Focus On Innovation 2022 Ethereum Gateway Custom Domain Spectrum Gateway Protection 2014 Advanced Area 1 Email Domains API Shield Security Certification Manager Access Regional Services Images DLP Calls R2 DNS Firewall Argo Workers Image Resizing Pages Gateway DNS Storage Turnstile D1 201
Slide 14: A Consistently Expanding TAM
A Consistently Expanding TAM Cloudflare $384B Developer Services Areas for Potential ● Application Platform Incremental ● Object Storage Growth $329B ● AI & Agent Builder Platforms ● Inference ● AI Observability $282B Cloudflare Network Act IV $238B Services 1 Cloudflare One ● Network Firewall ● MPL
Slide 15: AI and agents change everything
AI and agents change everything © 2026 Cloudflare, Inc. 15
Slide 16: The Web Is Shifting
The Web Is Shifting 50 % of traffic on Cloudflareʼs network is now non-human © 2026 Cloudflare, Inc. 16
Slide 17: The Agentic Surge Is Real
The Agentic Surge Is Real AI Agent Requests (in billions per day) 1,700% INCREASE in daily AI agent requests on Cloudflareʼs network over one year © 2026 Cloudflare, Inc. 17
Slide 18: Cloudflare Is The Only Vendor To Help Customers Connect, Protect, & Build AI
Cloudflare Is The Only Vendor To Help Customers Connect, Protect, & Build AI We offer AI security and AI Category Secure workforce Protect AI-powered infrastructure Govern AI agents Build AI securely use of AI applications products — all on one platform Remote MCP servers, Workers AI, AI Search, Clo
Slide 19: Agents & The code they write
Cloudflare is the fastest, most secure, and most cost-effective place to build, deploy, and scale: The code Agents & they write © 2026 Cloudflare, Inc. 19
Slide 20: Andy Jassy Was Right About Primitives…
Andy Jassy Was Right About Primitives… “The best way we know how to do this is by building primitive services. … Primitives are the raw parts or the most foundational-level building blocks for software developers. … And, over the last 20 years, primitives have been at the heart of how weʼve innovate
Slide 21: …But The Agentic Cloud Needs New Primitives
…But The Agentic Cloud Needs New Primitives 2006 2026 S3 🡒 Durable Objects & Artifacts EC2 → Isolates Workers) SQS → Workflows © 2026 Cloudflare, Inc. 21
Slide 22: Developers Are "Getting It"
Developers Are “Getting Itˮ June 2026 7.4+ million 7.4 March 2026 5.5+ million December 2025 4.5+ million December 2024 April 2024 2+ million 3+ million June 2024 MILLION November 2022 1+ million 2.4+ million developers on the Cloudflare platform November 2021 350,000 May 2022 450,000 2019
Slide 23: Agent-native businesses are powered by Cloudflare
Mobile-native businesses Agent-native businesses were powered by the cloud are powered by Cloudflare ⟶ ⟶ ⟶ ⟶ ⟶ ⟶ ⟶ © 2026 Cloudflare, Inc. 23
Slide 24: Act I + Act III = Act IV
Act I + Act III = Act IV Connect & Protect Build Agentic Internet © 2026 Cloudflare, Inc. 24
Slide 25: Control plane for the Agentic Internet
Supply Technical Capabilities Demand Transparency • Control • Optimize • Charge Optimize • Behave • Access • Discover Reliable scarcity Bot Management Infrastructure Filter and manage automated traffic Analytics AI Gateway, Workers, & Workers AI b Value discovery Web Bot Auth u Developer Tools Authe
Slide 26: The Internet Runs On Cloudflare
The Internet Runs On Cloudflare Breadth Depth Importance Uniqueness The worldʼs largest 20% of the Internet 37% of the top 10,000 45% of the developer communities runs on Cloudflare sites run on Cloudflare Fortune 500 run on Cloudflare Note: All figures as of June 30, 2026. © 2026 Cloudflare, Inc.
Slide 27: Leading AI Companies Already Run On Cloudflare Too
Leading AI Companies Already Run On Cloudflare Too Top 50 generative AI Web products, by unique monthly visits 78 % run on Cloudflare Source: Top 50 Generative AI Web Products based on a16z Consumer report as of March 2026. This includes generative AI Web products only and does not include mobile ap
Slide 28: Technical Capabilities Required For A Functioning Market
Technical Capabilities Required For A Functioning Market A payment Reliable system scarcity Neutrality / Crisis Response Analytics a level playing field Streamlined Value workflows discovery
Slide 29: Every Agent Request Can Become A Metered Event
Every Agent Request Can Become A Metered Event The economic surface expands from content access to recommendations, payments, fulfillment, and audit. Build Discover Recommend Act Verify Settle deploy + configure crawler access ranking + context reserve or buy identity + policy payment + audit Acce
Slide 30: Largest Payment Network
LARGEST PAYMENT NETWORK 900 million 30+ trillion Average transactions per day Average transactions per day 100,000 transactions per second 500+ million transactions per second Source: Largest payment network figures per its public filings and technology disclosures. Each transaction defined as a pa
Slide 31: Cloudflare was built for this moment.
Cloudflare was built for this moment. © 2026 Cloudflare, Inc. 31
Slide 32: Financial Overview
Financial Overview © 2026 Cloudflare, Inc. 32
Slide 33: 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 34: Key Financial Highlights
Key Financial Highlights $238B 36% 73% 4,600 Large Q2'26 Y/Y Q2'26 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 market data. Year-over-year revenue growth and Non-GAAP
Slide 35: Track Record Of Delivering Strong Revenue Growth
Track Record Of Delivering Strong Revenue Growth Investment in enterprise sales Total Revenue $M $2,168 % $696 36 Large customer momentum $512 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 20
Slide 36: Rapid Customer Growth
Rapid Customer Growth Large Customers $100,000 Annualized Revenue 4,698 CAGR 28% 3,712 3,046 73% revenue 71% 2,352 revenue 67% 1,749 revenue 64% revenue 60% revenue Q2 Q2 Q2 Q2 Q2 2022 2023 2024 2025 2026 Note: Large Customer data are as of three months ended June 30 of their respective years. See
Slide 37: Strong Dollar-Based Net Retention
Strong Dollar-Based Net Retention 120% DNR includes all 120% paying customers 119% 118% 114% Large customers are a long-term tailwind to DNR Continuous innovation offers expansion opportunities Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Note: See the Appendix for how we define “Dollar-Based Net Retention.ˮ © 202
Slide 38: Robust Unit Economics
Robust Unit Economics Unit Economic Margin by Component What does it “cost to bookˮ $1 of Cost to Book incremental ARR? CTB Sales & CTB Marketing cost per dollar of incremental ARR How much does it “cost to serveˮ Cost to Serve the lifetime revenue? CTS = CTS Delivery, R&D, Support & G&A cost
Slide 39: 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% 16% 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 40: 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 41: Guidance
Guidance Q3 2026 FY 2026 FY 2026 Network Capex as % of Revenue Revenue $736.0 $737.0 Revenue $2,864.0 $2,870.0 Y/Y Growth 31% Y/Y Growth 32% 14% 15% Operating Income $129.0 $130.0 Operating Income $443.0 $445.0 Operating Margin 18% Operating Margin 1516% EPS $0.34 EPS $1.25 $1.26 Note:
Slide 42: Our "Rule Of" North Star… Since IPO
Our “Rule Ofˮ North Star… 2028 2027 50% + Since IPO 50% 40% © 2026 Cloudflare, Inc. 42
Slide 43: Long-Term Operating Model
Long-Term Operating Model Prior Updated Long-Term Long-Term 2022 2023 2024 2025 Model Model Gross 78 % 78 % 79 % 76 % 75% 77% 70% 77% Margin Sales & Marketing 42 % 40 % 38 % 36 % 27% 29% 23% 25% % of revenue) Research & Development 19 % 17 % 16 % 16 % 18% 20% 15% 17% % of revenue) Gene
Slide 44: Achieve GAAP profitability by 2028
Achieve GAAP profitability by 2028 latest © 2026 Cloudflare, Inc. 44
Slide 45: Appendix
Appendix © 2026 Cloudflare, Inc. 45
Slide 46: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation © 2026 Cloudflare, Inc. 46
Slide 47: Key Business Metrics
Appendix Key Business Metrics Paying Customers (> $100,000 Annualized Revenue) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 3,265 3,497 3,527 3,712 4,009 4,298 4,416 4,698 y-y growth 28% 27% 23% 22% 23% 23% 25% 27% % of revenue 67% 69% 69% 71% 73% 73% 72% 73% Dollar-Based Net Rete
Slide 48: 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