What happened. Cloudflare (NYSE: NET) reported third-quarter 2026 results after the close on Nov 5. Revenue was $782.5 million, up 39% year over year. Non-GAAP diluted EPS was $0.38; GAAP net loss was $34.1 million, or ($0.10) per share. Non-GAAP income from operations was $137.1 million, or 17.5% of revenue. Current RPO grew 37% year over year. CEO Matthew Prince called it the company's best quarter ever and said Cloudflare crossed $3 billion in annualized revenue.
The guide. For Q4, Cloudflare expects revenue of $845.0 to $846.0 million and non-GAAP EPS of $0.43. For full-year 2026 it raised revenue guidance to $2,963.0 to $2,964.0 million and non-GAAP EPS of $1.35. Free cash flow in the quarter was $82.1 million (10% of revenue).
Why this matters to an enterprise. Cloudflare is a core edge, WAF, Zero Trust and developer-platform vendor for a large share of enterprise internet traffic. A re-acceleration to nearly 40% growth with expanding non-GAAP operating margin is a tape mover for the broader cyber stack: security buyers keep paying for the connectivity layer even as AI workloads scale, and NET's after-hours jump (~14% on market coverage) is how the public market is marking that bet tonight.