Cloudflare delivered a strong Q3 performance, with results surpassing Wall Street’s expectations and the market responding positively. Management attributed the quarter’s momentum to a surge in large enterprise deals, notable wins across government and media clients, and continuing gains in sales productivity. CEO Matthew Prince highlighted the transition from a product-led growth model to a true enterprise sales approach as a key driver, noting, “You’re seeing the average tickets tick up. You’re seeing the large deals tick up. And that’s driving just success in taking what have always been exceptional products and getting them in the hands of customers.”

Is now the time to buy NET? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Cloudflare’s Q3 Earnings Call

• Matt Hedberg (RBC Capital Markets) asked about the drivers behind record RPO growth, with CEO Matthew Prince and CFO Thomas Seifert pointing to enterprise deal momentum and platform expansion, especially among customers spending over $1 million per year.
• Adam Borg (Stifel) inquired about the sustainability of sales productivity gains, to which Prince responded there is still headroom, citing the caliber of new hires and improvements in sales processes.
• Gabriela Borges (Goldman Sachs) questioned whether Cloudflare faces capacity constraints for AI workloads, and Prince detailed the company’s strategy of investing behind demand and optimizing network utilization to avoid such constraints.
• Shaul Eyal (TD Cowen) asked about the regulatory and growth prospects for the NET Dollar project and the AI Gateway offering, with Prince explaining a multi-pronged approach to agentic commerce and highlighting strong initial traction among media clients.
• Jackson Ader (KeyBanc Capital Markets) sought assurance on leadership continuity after the Chief Product Officer’s departure, to which Prince emphasized the strength of Cloudflare’s engineering bench and the ingrained customer-first culture.

Catalysts in Upcoming Quarters

In future quarters, our analyst team will closely monitor (1) the pace of enterprise customer additions and upsell activity in large accounts, (2) deployment and monetization progress for AI and developer platform products, and (3) execution of the partner-first sales strategy, particularly for SASE and security solutions. The ability to recruit and integrate new product leadership following CJ Desai’s departure will also be a key signpost.

Cloudflare currently trades at $228.98, up from $222.49 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members).

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