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© 2025 Cloudflare, Inc. As of September 30, 2025 Investor Presentation
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© 2025 Cloudflare, Inc. 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 officer, director, employee, agent, or advisor of Cloudflare. This presentation does not purport to be all-inclusive or to contain all of the information you may desire. Except as otherwise set forth in this presentation, information provided in this presentation speaks only as of the date set forth on the cover page of this presentation. This presentation and the accompanying oral commentary contain express and implied “forward-lookingˮ statements within the meaning of the federal securities laws, and these statements involve substantial risks, assumptions, and uncertainties. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, the current and planned development and functionality of our products, demand for our products, our ability to effectively sell our existing and new products, our ability to attract and retain new customers (including new large customers), expectations of future operating results or financial performance, business strategy and plans, the impact of adverse macroeconomic conditions, the impact of the conflicts in the Middle East and Ukraine and other areas of geopolitical tension around the world, or any potential worsening or expansion of those conflicts or tensions, other geopolitical events such as elections and other governmental changes, and threats of tariffs and other impediments to cross-border trade, market volatility, size and growth opportunities, the calculation of certain of our key financial and operating metrics, capital expenditures, plans for future operations, competitive position, rapidly evolving technological developments, including advancements in AI, and strategic relationships, as well as assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as “may,ˮ “will,ˮ “should,ˮ “could,ˮ “expect,ˮ “plan,ˮ “anticipate,ˮ “believe,ˮ “estimate,ˮ “predict,ˮ “intend,ˮ “potential,ˮ “would,ˮ “continue,ˮ “ongoingˮ or the negative of these terms or other comparable terminology. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Actual results could differ materially from our current expectations as a result of many factors, including those identified in the “Risk Factorsˮ section of our filings made with the Securities and Exchange Commission ("SEC"). You can locate these reports on our investor relations website (https://cloudflare.NET) or on the SEC website (www.sec.gov). If the risks or uncertainties ever materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements included in this presentation represent our views only as of the date of this presentation, and except as required by law, we assume no obligation and do not intend to update these forward-looking statements or to conform these statements to actual results or to changes in our expectations. In addition to our results determined in accordance with generally accepted accounting principles in the United States (“GAAPˮ), this presentation includes certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. See the appendix for a reconciliation of those measures to the most directly comparable GAAP measures. This presentation and the accompanying oral commentary may contain statistical data, estimates, and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that data nor do we undertake to update such data after the date of this presentation. By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business and products. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the network and products of Cloudflare. Safe Harbor 2
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© 2025 Cloudflare, Inc. 3 Cities in Network 330 Employees Launched 2010 Non-GAAP Gross Margin 75% Of Revenue from Large Customers 73% Paying Customers 31% 31% CAGR Total Revenue $M Large Customers > $100,000 Annualized Revenue 25% CAGR $975 $1,297 $1,670 20242022 2023 2,558 3,265 4,009 Q3 2024 Q3 2025 $430 $562 Cloudflare at a Glance © 2025 Cloudflare, Inc. 1 Note: Unless indicated otherwise, all data in orange shaded area of slide are as of September 30, 2025 except revenue from Large Customers and non-GAAP gross margin are for three months ended September 30, 2025. Large Customers data are as of September 30 of their respective years. See Appendix for GAAP financial measures and GAAP to non-GAAP reconciliation, and Large Customers definition. Q3 2023 Q3 2024 Q3 2025 295K 4,838
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Advocating for network neutrality Monitoring places where the Internet is not open Protecting human rights and democratic institutions Deploying standards that improve the privacy and security of data flows Participating in Internet standards development Fighting for the open Internet The Internet is a miracle. The connection of diverse networks with common standards enables us to exchange data around the world in a way that is resilient, interoperable, and accessible to anyone. Today, we depend on it for economic growth and innovation, access to information and free expression, and rule of law and democratic principles. Cloudflare is proud to be part of the global community standing up for the Internet. Supporting multistakeholder Internet governance
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© 2025 Cloudflare, Inc. 5 Helping Build a Better Internet https://www.cloudflare.com/impact/ Cloudflare for Startups 3,000+ startups receiving free credits to build on Cloudflare 122 startups in 22 countries selected for Cloudflare Launch Pad 2024 $2 billion in potential financing from partners to support startups Project Galileo Free services for journalists, civil society organizations, and human rights defenders 3000+ domains in 120 countries Free AI Crawl Control for journalists and local news Impact Report Engineering privacy into the Internet Empowering the open source community Responsible AI for everyone Investing in technical standards Sustainability reporting "Cyber attacks were not in the headlines during the 2024 U.S. presidential election, thanks in part to cybersecurity firm Cloudflare." - TIME Magazine TIME100 Most Influential Company of 2025 TIME100 AI #1 Most Influential Newsweek Top 100 Global Most Loved Workplaces 2025
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© 2025 Cloudflare, Inc. 6 Cloudflareʼs mission is to Help build a better Internet
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© 2025 Cloudflare, Inc. 7 The Internet was not built for what it has become. © 2025 Cloudflare, Inc.
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© 2025 Cloudflare, Inc. vv 8 From Endless Hardware to a Global Cloud Platform BETTER INTERNETBANDAID BOXES • Easy-to-use, flexible, and scalable • Unified control plane • Serverless cloud architecture • Cloud, hybrid, on-premise, and SaaS • Broad, integrated product platform • Costly and complex • Web of dependencies • Specialized hardware • On-premise only • Point solutions Global Cloud Platform © 2025 Cloudflare, Inc.
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© 2025 Cloudflare, Inc. 99 Yesterday Tomorrow Services / Cloud Rent Hardware / Software / Products Buy Network / Security Application Store/Compute Evolution of the Enterprise Stack
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© 2025 Cloudflare, Inc. 10 An Integrated Global Cloud Platform Compliance/Privacy: FedRAMP, ISO, SOC, PCI, GDPR compliant, Logs & Analytics, Data Localization Suite Cloudflare Application Services Cloudflare Global Network Cloudflare Zero Trust Services Cloudflare Network Services Cloudflare One Zero Trust Network Access Remote Browser Isolation Data Loss Prevention Network Interconnect Smart Routing WAN-as-a-Service Firewall-as-a-Service L3 & L4 DDoS Protection Rate Limiting Load Balancing Bot Management CDN and DNS L7 DDoS Protection WAF with API Protection Secure Web Gateway Cloud Access Security Broker Cloud Email Security IDS/IPS Cloudflare Platform Workers Pages Durable Objects StreamCloudflare Developer Platform R2 Workers KV Images 1
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© 2025 Cloudflare, Inc. 11 We Operate at Massive Scale Total Paying Customers Cyber Threats Blocked per Day Of Revenue from Outside of the U.S. 234B 295K 50% Of Revenue from Large Customers 73% Cyber threats blocked per day is approximate average over the three months ended September 30, 2025. All other figures are as of the three months ended September 30, 2025. See Appendix for “Paying Customersˮ and “Large Customersˮ definitions.
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© 2025 Cloudflare, Inc. 12 Our Flexible, Scalable, & Efficient Serverless Architecture • Abstracts underlying infrastructure • Dynamically optimizes and leverages capacity across network • Single unified code base • Deployment on commodity hardware
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© 2025 Cloudflare, Inc. 13 A Global Network Powering our Platform 95% of the world’s Internet-connected population is within ~50 ms of a Cloudflare data center 23% year-over-year Large Customer growth in Q3'25 Note: Figures as of September 30, 2025. See Appendix for “Paying Customersˮ and “Large Customersˮ definitions. 295,000 Paying Customers 449 Tbps of network capacity and growing 13,000 networks directly connect to Cloudflare, including ISPs, cloud providers, and large enterprises Cloudflare city (as of Q3 2025 38% of the Fortune 500 are Paying Customers as of September 30, 2025 330 cities in 125+ countries, including mainland China
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© 2025 Cloudflare, Inc. 14 Our Product & Network Flywheels Drive Our Business Product Ease of use Better Products Serve Everyone Network Serverless Architecture Increased Efficiency Helping Build a Better Internet Global Scale
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© 2025 Cloudflare, Inc. 15 Data Intelligence & Quality Assurance at Scale Machine learning systems improve products with every customerʼs request. Immune system for the Internet blocking an average of 234 billion cyber threats each day. Rapid development cycles and QA through free users volunteering to test new products. Global sensor network with paying customers in 190+ countries. Note: Cyber threats blocked per day is approximate average over the three months ended September 30, 2025. Other figures as of September 30, 2025.
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© 2025 Cloudflare, Inc. 16 Our Competitive Advantages NO TRADE OFFS NETWORK SCALE EASE OF USE SHARED INTELLIGENCE
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© 2025 Cloudflare, Inc. 17 Our Favorable Competitive Position Limitations Public Cloud On-Premises Point Solutions • Complex and expensive • Not suited to address cloud-based and hybrid deployments • Architected to deliver single point / more narrow product portfolio • Customers are increasingly looking for an integrated platform offering security, performance, and reliability through a single vendor • Inability to serve as a unified control plane across on-premise, cloud, hybrid, and SaaS infrastructure • Customer lock-in and competition concerns
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© 2025 Cloudflare, Inc. Cloudflare One ● VPN ● Content Filtering ● Remote Browser Isolation ● Data Loss Prevention ● Privileged Access Management ● Network Analytics ● Email Security ● CASB ● Cloud Security Posture Management Consistent & Deliberate TAM Expansion Cloudflare Zero Trust Services Note: Calculations performed by Cloudflare. Graphic created by Cloudflare based on Gartner® research. Figures reflect the markets addressed by our current product offerings. For full citation details on the Gartner forecasts used in Cloudflareʼs estimations, see the Appendix. ● Application Delivery Controllers ● CDN ● DDoS ● Web Application Firewall ● Bot Management ● Anti-Fraud ● Threat Intelligence Cloudflare Developer Services ● Application Platform ● Object Storage ● Network Firewall ● MPLS ● SDWAN ● Intrusion Detection & Prevention ● Multi-Cloud Networking 2018 2025 2026 2028 $231B $181B Cloudflare Application Services Cloudflare Network Services $196B 2027 $214B Areas for Potential Incremental Growth AI Internet of Things 5G Cellular Database Network Services $32B 18 1
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© 2025 Cloudflare, Inc. 19 Traditional Go-To-Market Model Inverted We donʼt build ahead of the curve. Sources of Leverage • Self service adoption for customers of all sizes • Natural expansion • Pulled into new geographies • Pulled up market Get customers Add sales reps to service new customer segments Model Spend marketing budget © 2025 Cloudflare, Inc.
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© 2025 Cloudflare, Inc. 20 Our Strategy for Growth Extend our serverless platform strategy • Upgrading to premium plans • Increased usage • Adding products • Grow awareness • Field sales • International coverage • Expand channel partnerships Acquire new customers Develop new products • High product velocity • Set pace for innovation in market • Expand into new markets to expand TAM Expand relationships with existing customers • Enable a new class of applications • Power store and compute workloads • Increase stickiness • Opens new market opportunity
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© 2025 Cloudflare, Inc. Financial Overview
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© 2025 Cloudflare, Inc. 22 Key Financial Highlights Q3'25 Y/Y Revenue Growth Large Addressable Market in 2025 Large Customers Q3'25 Non-GAAP Gross Margin $181B 31% 75% 4,009 Note: Total Addressable Market represents 2025 expected spend from our analysis based on Gartner and IDC market data. Year-over-year revenue growth and non-GAAP gross margin are as of the three months ended September 30, 2025. Large Customers are as of September 30, 2025. See Appendix for GAAP financial measures and GAAP to non-GAAP reconciliation, and how we define “Large Customers.ˮ
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© 2025 Cloudflare, Inc. 31% 23 Total Revenue $M Investment in enterprise sales Large customer momentum Land and expand strategy drives growth across cohorts Strong penetration across the entire product portfolio Track Record of Delivering Revenue Growth $287 $431 $656 2019 2020 2021 2022 $975 $1,297 2023 $1,670 2024 42% CAGR $430 Q3 2024 $562 Q3 2025
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© 2025 Cloudflare, Inc. 24 Rapid Customer Growth Paying Customers Q3 2022 Q3 2023 Q3 2025 295,552 156,000 182,027 24% CAGR Q3 2024 Large Customers $100,000 Annualized Revenue Q3 2022 Q3 2023 Q3 2025 4,009 2,558 1,908 28% CAGR Q3 2024 221,540 3,265 Note: Paying and Large Customer data are as of three months ended September 30 of their respective years. See the Appendix for how we define “Paying Customersˮ and “Large Customers.ˮ 61% revenue 65% revenue 67% revenue 73% revenue
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© 2025 Cloudflare, Inc. 114% Q3'25 119% Q3'24 110% Q4'24 111% Q1'25 111% Q2'25 25 Strong Dollar-Based Net Retention Note: See the Appendix for how we define “Dollar-Based Net Retention.ˮ DNR includes all paying customers Continuous innovation offers expansion opportunities Large customers are a long-term tailwind to DNR
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© 2025 Cloudflare, Inc. Q3'24 79% 75% Q3'25Q4'24 78% 77% Q1'25 Q2'25 76% 26 Serverless architecture deployed on commodity hardware Single software stack across the network Symbiotic relationship with ISPs Leverage idle capacity across network Attractive & Consistent Gross MarginNon-GAAP Gross Margin Note: See Appendix for GAAP to non-GAAP reconciliation.
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© 2025 Cloudflare, Inc. 27 Elasticity of & Leverage in Our Operating Model Non-GAAP Operating Expenses & Operating Margin % of Revenue) Note: See the Appendix for GAAP to non-GAAP reconciliation. 2025E is based on full-year mid-point guidance provided by Cloudflare on October 30, 2025. This forward looking guidance speaks only as of such date and the inclusion of such guidance in this presentation should not be interpreted as a confirmation or affirmation of such guidance as of any other date. Except as required by law, we assume no obligation and do not intend to update these forward-looking statements or to conform these statements to actual results or to changes in our expectations. S&M G&AR&DCOGS 21% 46% 22% 18% 20% 45% 21% 15% 19% 42% 22% 14% 17% 40% 22% 12% 8% 1% 9% 2020 2021 2022 2023 2024 14% 2025E 14% 21% 38% 16% 11% Operating Margin 4%
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© 2025 Cloudflare, Inc. 28 Strong Cash Position Cash Balance ● 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 million senior secured revolving credit facility on May 21, 2024. The proceeds may be used for working capital and general corporate purposes. ● Settled 2025 Capped Calls: Received $309.6M in cash in May 2025 upon the settlement of the 2025 Capped Calls. ● Issued 2030 Notes: Raised $1.97B in our Convertible Notes Offering due 2030 that priced on June 12, 2025, net of issuance costs, and a capped call with respect to the 2030 convertible notes. © 2025 Cloudflare, Inc. Operating Cash Flow & Margin
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© 2025 Cloudflare, Inc. $588.5 $589.5 28% $83.0 $84.0 14% $0.27 29 Guidance FY 2025 Network Capex as % of Revenue FY 2025Q4 2025 Revenue Y/Y Growth Operating Income Operating Margin EPS Revenue Y/Y Growth Operating Income Operating Margin EPS 13% Note: These forward looking statements were provided by us on October 30, 2025. This forward looking guidance speaks only as of such date and the inclusion of such guidance in this presentation should not be interpreted as a confirmation or affirmation of such guidance as of any other date. Except as required by law, we assume no obligation and do not intend to update these forward-looking statements or to conform these statements to actual results or to changes in our expectations. All guidance figures presented, other than revenue, are on an adjusted, non-GAAP basis. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future. $2,142.0 $2,143.0 28% $297 .0 $298.0 14% $0.91
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© 2025 Cloudflare, Inc. 30 Long-Term Operating Model Note: Metrics shown are non-GAAP. See Appendix for GAAP financial measures and GAAP to non-GAAP reconciliation. Figures are calculated based upon the respective underlying non-rounded data. 2022 2023 2024 Q3 2025 Long-Term Model Gross Margin 78 % 78 % 79 % 75 % Leverage efficiency and elasticity of our network and ingress/egress dynamics 75% 77% Sales & Marketing % of revenue) 42 % 40 % 38 % 36 % Scale go-to-market operations with a focus on improving productivity 27% 29% Research & Development % of revenue) 19 % 17 % 16 % 15 % Continue to prioritize product innovation 18% 20% General & Administrative % of revenue) 14 % 12 % 11 % 10 % Benefit from economies of scale and automation 8% 10% Operating Margin 4 % 9 % 14 % 15 % 20% Free Cash Flow Margin 4 % 9 % 10 % 13 % 25% Unit economics support 20% long-term operating margins
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31 High growth, predominantly subscription revenue model with attractive gross margin Widely distributed global cloud platform Disrupting a large and growing total addressable market Expansive product portfolio; open to developer innovation Highly efficient business model and low fundamental cost structure Our Business Model © 2025 Cloudflare, Inc.
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© 2025 Cloudflare, Inc. Appendix
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© 2025 Cloudflare, Inc. GAAP to Non-GAAP Reconciliation Quarterly) 33
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© 2025 Cloudflare, Inc. 34Note: See next slide for definitions of Paying Customers, Paying Customers (> $100,000 Annualized Revenue), and Dollar-Based Net Retention Rate. Dollar-Based Net Retention Rate Paying Customers (> $100,000 Annualized Revenue) Paying Customers Key Business Metrics Appendix Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 189,791 197,138 210,166 221,540 237,714 250,819 265,929 295,552 y-y growth 17% 17% 21% 22% 25% 27% 27% 33% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2,756 2,878 3,046 3,265 3,497 3,527 3,712 4,009 y-y growth 35% 33% 30% 28% 27% 23% 22% 23% % of revenue 66% 67% 67% 67% 69% 69% 71% 73% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 115% 115% 112% 110% 111% 111% 114% 119%
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© 2025 Cloudflare, Inc. 35 Definitions Appendix 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 revenue and has an active contract with us or one of our partners during such quarter, excluding (i) customers that were not acquired through ordinary sales channels, (ii) customers using only our registrar product, and (iii) customers using our consumer applications, such as 1.1.1.1 and WARP, which agreements and customers together represent an insignificant amount of our revenue. An entity is defined as a company, a government institution, a non-profit organization, or a distinct business unit of a large company. An active contract is defined as a customer relationship for which we have provided services during the quarter. Paying Customers (> $100,000 Annualized Revenue). While we continue to grow customers across all sizes, over time, our large customers have contributed an increasing share of our revenue. We view the number of customers with Annualized Revenue greater than $100,000 as indicative of our penetration within large enterprise accounts. To measure Annualized Revenue at the end of a quarter, we take the sum of revenue for each customer in the quarter and multiply that amount by four. For example, if we signed a new customer that generated $1,800 of revenue in a quarter, that customer would account for $7,200 of Annualized Revenue for that year. Our Annualized Revenue calculation excludes (i) agreements that were not entered into through ordinary sales channels, (ii) revenue generated from customers using only our registrar product, and (iii) customers using our consumer applications, such as 1.1.1.1 and WARP, which agreements and customers together represent an insignificant amount of our revenue. Our Annualized Revenue metric also includes any usage charges by a customer during a period, which represents a small portion of our total revenue and may not be recurring. As a result, Annualized Revenue may be higher than actual revenue over the course of the year. Dollar-Based Net Retention Rate. Our ability to maintain long-term revenue growth and achieve profitability is dependent on our ability to retain and grow revenue generated from our existing paying customers. We believe that we will achieve these objectives by continuing to focus on customer loyalty and adding additional products and functionality to our network. Our dollar-based net retention rate is a key way we measure our performance in these areas. Dollar-based net retention rate measures our ability to retain and expand recurring revenue from existing customers. To calculate dollar-based net retention rate for a quarter, we compare the Annualized Revenue from paying customers four quarters prior to the Annualized Revenue from the same set of customers in the most recent quarter. Our dollar-based net retention rate includes expansion and is net of contraction and attrition, but excludes Annualized Revenue from new customers in the current period. Our dollar-based net retention rate excludes professional services and the benefit of free customers that upgrade to a paid subscription between the prior and current periods, even though this is an important source of incremental growth. We believe this provides a more meaningful representation of our ability to add incremental business from existing paying customers as they renew and expand their contracts. Total Addressable Market. Total Addressable Market figures are Cloudflare estimates based on Gartner market forecasts and include the following Gartner sources: 1 Forecast Enterprise Network Equipment by Market Segment, Worldwide, 20222028, 4Q24 Update, Gartner, Christian Canales, Naresh Singh, Gurjyot Uppal, 12/24/2024 2 Forecast Analysis: Edge Distribution Platforms, Worldwide, Gartner, Brandon Medford, Jimmy Chuang, 08/22/2024 3 Forecast: Information Security, Worldwide, 20222028, 4Q24 Update, Gartner, Shailendra Upadhyay, Akshita Joshi, Elizabeth Kim, Ruggero Contu, Charanpal Bhogal, Rahul Yadav, Matt Milone, Sean O'Neill, Mark Wah, Christian Canales, 12/19/2024 4 Forecast: IT Operations Management Software, Worldwide, 20222028, 2Q24 Update, Gartner, Shailendra Upadhyay, Kanchi Bindal, Colin Fletcher, 10/16/2024 5 Forecast Analysis: Communications Services, Worldwide, Gartner, Grigory Betskov, Shashank Nigam, Gaspar Valdivia, Rashi Priyam, Shivansh Gupta, Vartika Dixit, 02/23/2024 6 Forecast Analysis: CPaaS, Worldwide, Gartner, Lisa Unden-Farboud, Daniel O'Connell, Ajit Patankar, 03/08/2024 7 Forecast: Enterprise Infrastructure Software, Worldwide, 20222028, 4Q24 Update, Gartner, Arunasree Cheparthi, Colin Fletcher, Robin Schumacher, Lisa Unden-Farboud, Nicholas Carter, Saikat Ray, Sharat Menon, Kelli Smith, Irina Guseva, Christian Canales, Brandon Medford, Amarendra ., Shailendra Upadhyay, Varsha Mehta, 12/17/2024. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.