Cloudflare 2026年季度报告

For the quarterly period ended June 30, 2026 or For the transition period fromtoCommission file number: 001-39039__________________________________________________ Cloudflare, Inc. (Exact name of registrant as specified in itscharter)__________________________________________________ 101 Townsend Street San Francisco, California 94107 Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ Table of contents TABLE OF CONTENTS PART I. FINANCIAL INFORMATION Item 1Financial Statements (unaudited)9Condensed Consolidated Balance Sheets as ofJune30, 2026 andDecember31, 20259Condensed Consolidated Statements of Operations for theThree and Six Months Ended June30, 2026and 202510Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six MonthsEnded June30, 2026 and 202511Condensed Consolidated Statements of Stockholders' Equity for theThree and Six Months Ended June30,2026 and 202512Condensed Consolidated Statements of Cash Flows for theSix Months Ended June 30, 2026 and 202516Notes to Condensed Consolidated Financial Statements17Item 2Management's Discussion and Analysis of Financial Condition and Results of Operations37Item 3Quantitative and Qualitative Disclosures about Market Risk56Item 4Controls and Procedures57 PART II. OTHER INFORMATION Item 1Legal Proceedings59Item 1ARisk Factors59Item 2Unregistered Sales of Equity Securities and Use of Proceeds114Item 5Other Information115Item 6Exhibits116Signatures118 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Actof 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantialrisks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operatingperformance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,”“should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,”“potential,” or “continue,” or the negative of these words, or other similar terms or expressions that concern our expectations,strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: •our ability to retain and upgrade paying customers;•our ability to attract new paying customers, including large customers, or convert free customers to paying customers;•our future financial performance, including trends in revenue, costs of revenue, gross profit or gross margin, operatingexpenses, paying customers, and free cash flow;•our ability to achieve or maintain profitability and positive cash flow;•the impact of adverse economic conditions on our customers’ spending ability and the overall demand for our products;•the consequences we may face resulting from the activities of our customers and the actions we take in response,including associated theories of liability;•the demand, and our ability to generate demand, for our products or for solutions for security, performance, and reliabilityin general;•possible harm caused by significant disruption of service, loss or unauthorized access to customers’ content, or the actualor perceived failure of our products to prevent security incidents;•our ability to compete successfully in competitive markets;•our ability to respond to rapid technological changes;•our ability to continue to innovate and develop new products;•our expectations and management of future g