Cloudflare stock surges to all-time record on Q2 earnings beat

Cloudflare (NYSE: NET) shares surged roughly 16% to an all-time high after the company reported strong second-quarter earnings and raised its full-year outlook.

Investors are increasingly confident that the network firm can successfully turn the explosion of automated web traffic into long-term growth.

How did Cloudflare reach a new share price record? 

Cloudflare’s revenue for the quarter hit $696.1 million, a 36% profit from 2025 that easily beat Wall Street’s expectations. Adjusted earnings also topped consensus estimates at $0.29 a share.

The company’s forward guidance gave it an even bigger boost. Cloudflare raised its full-year revenue expectation to around $2.87 billion, placing it comfortably ahead of analyst models, while also pushing its projected annual earnings upward.

Where the growth is coming from

Executives tied the quarter to demand from AI systems reshaping how the web is used. Customers spending more than $100,000 a year rose 27% from a year earlier to 4,698, and dollar-based net retention improved to 120%, according to reports, a sign existing accounts are spending more. 

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