AI-generated · cited to primary sources · not investment advice
Cloudflare, Inc. Class A Common Stock (NET) Dec 2025 Filing Analysis
How durable is the business?
The moat is strengthening through platform consolidation as customers increasingly adopt multiple products across security, performance, and reliability suites. (1 expanding)
“Our dollar-based net retention rates were 120%, 111%, and 115% for the three months ended December 31, 2025, 2024, and 2023, respectively.”
See the full cited Business Model analysis of Cloudflare, Inc. Class A Common Stock
What could break the thesis?
The risk is easing as large customer growth remains robust. The count of customers paying >$100k increased from 3,497 to 4,298 (up 23%), and the Dollar-Based Net Retention Rate improved to 120% from 111% in the prior year. (1 easing)
“Our dollar-based net retention rates were 120%, 111%, and 115% for the three months ended December 31, 2025, 2024, and 2023, respectively.”
See the full cited Risk analysis of Cloudflare, Inc. Class A Common Stock
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