Core Insights - Cloudflare Inc. reported Q4 2025 revenue of $615 million, a 34% year-over-year increase, exceeding analyst expectations of $591.43 million [1] - The company's customer base is expanding, with 4,298 customers now spending over $100,000 annually, a 23% increase from the previous year, contributing 73% of total revenue, up from 63% in 2022 [1] - For the full year 2025, revenue grew 29.8% to $2.17 billion, driven by higher customer spending and global expansion [1] Financial Projections - Cloudflare anticipates Q1 2026 revenue between $620 million and $621 million, reflecting a growth rate of 29% to 30% [2] - The company projects full-year 2026 revenue of $2.785 billion to $2.795 billion, indicating a growth rate of 28% to 29% [2] - Operating income for 2026 is expected to be between $378 million and $382 million, with a margin of 14% [2] Market Opportunities - The Total Addressable Market (TAM) for Cloudflare is expected to grow from $181 billion in 2025 to $231 billion by 2028, driven by advancements in AI, IoT, databases, and 5G services [2] - The company is positioned to capitalize on these expanding market opportunities [2] Leadership Changes - Chief Legal Officer Doug Kramer will resign effective March 31, 2026, after nearly 10 years, transitioning to a Senior Advisor role [3] - Alissa Starzak, currently Deputy Chief Legal Officer and Global Head of Public Policy, is expected to succeed him [3] Company Overview - Cloudflare, Inc. is a global cloud services company that enhances the security, speed, and reliability of websites and networks, protecting clients from DDoS attacks while optimizing internet traffic [4]