Slide 1: Investor Presentation
Investor Presentation As of December 31, 2025 © 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 332K Total Revenue $M Large Customers Launched Paying > $100,000 Annualized Revenue Customers $2,168 4,298 $615 GR 34 % GR A CA 330 73% 29 % C $1,670 $460 25 % 3,497 Cities in Of Revenue from Network Large Customers 2,756 $1,297 5,156 75% 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 protecting Access to Impact Report important voices innovation, Anatolie Golovco, Engineering privac
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 215B 332K 73% 51% Cyber Threats Total Paying 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 December 31, 2025. All other figures are as of the
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 330 cities in 125+ countries, including mainland China 13,000 networks directly connect to Cloudflare, including ISPs, cloud providers, and large enterprises 477 Tbps of network capacity and growing 332,000 Paying Customers Cloudflare city (as of Q4 2025 38
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 215 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% 75% 4,298 Large Q4'25 Y/Y Q4'25 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 N
Slide 23: Track Record of Delivering Revenue Growth
Track Record of Delivering Revenue Growth Investment in enterprise sales Total Revenue $M % $615 $2,168 34 Large customer momentum $460 AGR $1,670 C Land and expand % 38 strategy drives growth $1,297 across cohorts $975 Strong penetration $656 across the entire $431 product portfolio 2020 2021 202
Slide 24: Rapid Customer Growth
Rapid Customer Growth Paying Customers Large Customers $100,000 Annualized Revenue AGR 332,466 4,298 C 27% GR 237,714 CA % 189,791 28 3,497 162,086 73% 2,756 revenue 69% revenue 2,042 66% revenue 63% revenue 2022 2023 2024 2025 2022 2023 2024 2025 Note: Paying and Large Customer data are as of thre
Slide 25: Significant Growth in Large Customer Cohorts
Significant Growth in Large Customer Cohorts $100K $500K $1M Customers 4,298 Customers 634 Customers 269 23% 35% 55% GR 3,497 Y/Y Y/Y AGR Y/Y CA R C 173 % AG 468 % 28 % C 47 2,756 42 118 346 2,042 85 222 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Note: Large Customers data are as
Slide 26: Strong Dollar-Based Net Retention
Strong Dollar-Based Net Retention 120% DNR includes all 119% paying customers 114% 111% 111% Large customers are a long-term tailwind to DNR Continuous innovation offers expansion opportunities Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Note: See the Appendix for how we define “Dollar-Based Net Retention.ˮ 26 ©
Slide 27: Attractive & Consistent Gross Margin
Attractive & Consistent Non-GAAP Gross Margin Gross Margin 78% 77% 76% 75% 75% Serverless architecture deployed on commodity hardware Single software stack across the network Symbiotic relationship with ISPs Leverage idle capacity across network Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Note: See Appendix for G
Slide 28: 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% 14% 9% 4% 1% 21% 22% 22% 21% 24% 40% 38% 36% 45% 42% 16% 16% 17% 20% 19% 11% 10% 12% 15% 14% COGS S&M R&D G&A Operating Margin Note: See the Appendix
Slide 29: 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. ● Revolving Credit Facility: Executed $400 millio
Slide 30: Guidance
Guidance Q1 2026 FY 2026 FY 2026 Network Capex as % of Revenue Revenue $620 $621 Revenue $2,785 $2,795 Y/Y Growth 29% 30% Y/Y Growth 28% 29% 12%15% Operating Income $70 $71 Operating Income $378 $382 Operating Margin 11% Operating Margin 14% EPS $0.23 EPS $1.11 $1.12 Note: These forwa
Slide 31: Long-Term Operating Model
Unit economics Long-Term Operating Model support 20% long-term operating margins Long-Term 2022 2023 2024 2025 Model Gross Leverage efficiency and 78 % 78 % 79 % 76 % elasticity of our network and 75% 77% Margin ingress/egress dynamics Sales & Marketing Scale go-to-market operations 42 % 40 % 38
Slide 32: 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 33: Appendix
Appendix © 2026 Cloudflare, Inc.
Slide 34: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Annual 34 © 2026 Cloudflare, Inc.
Slide 35: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarterly) 35 © 2026 Cloudflare, Inc.
Slide 36: Key Business Metrics
Appendix Key Business Metrics Paying Customers Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 197,138 210,166 221,540 237,714 250,819 265,929 295,552 332,466 y-y growth 17% 21% 22% 25% 27% 27% 33% 40% Paying Customers (> $100,000 Annualized Revenue) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q
Slide 37: 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