NET
Cloudflare’s still got momentum
Cloudflare came out swinging with second-quarter 2026 results, and the headline number is the one investors usually squint at first: revenue hit $696.1 million, up 36% year over year. That’s not “nice little beat” territory. That’s “the engine is still revving” territory.
What’s driving the party?
CEO Matthew Prince pointed to a few familiar growth levers:
- Revenue accelerating in the quarter
- Record growth in total paying customers
- Record growth in large customers
- More developers building on the platform
That last one matters a lot. Cloudflare isn’t just selling a faster internet lane anymore; it’s trying to be the connective tissue for a web that’s increasingly shaped by AI answer engines and agents. In other words, the company wants to be the picks-and-shovels shop for the next internet era.
Why investors should care
For a stock like NET, the market usually asks one question: is this a one-off pop, or is the growth story getting broader? A 36% revenue jump plus record customer growth says this is still a pretty healthy machine. The bigger test, as always, is whether Cloudflare can keep turning that growth into durable profits instead of just flashy top-line fireworks.
Big picture: Cloudflare is still acting like a company with its foot on the gas, and Wall Street usually likes that—until the bill for the fuel comes due.