What does Cloudflare do and what are its main business segments?

What guidance did Cloudflare's management provide for the next earnings period?

What factors drove the changes in Cloudflare's revenue and profit?

What is the revenue and EPS growth rate for Cloudflare year over year?

Did Cloudflare beat or miss consensus estimates last quarter?

What is Cloudflare's latest dividend and current dividend yield?

What is the market's earnings forecast for Cloudflare next quarter?

What were the key takeaways from Cloudflare's earnings call?

- **Revenue Acceleration**: Q3 2025 revenue up 30.7% YoY to $562M, with large customers contributing 73% (+42% YoY) and 119% net retention.
- **AI-Driven Wins**: Secured $22.8M, $34.3M, and $16.1M contracts leveraging AI/ML, Workers, and SASE platforms for global enterprises.
- **Financial Strength**: Free cash flow $75M, operating margin 15.3%, with 2028 $5B revenue target on track.
- **Strategic Innovations**: Launched NET Dollar for agnostic commerce, AI Gateway for media-AI partnerships, and quantum-safe security.
- **Pipeline Momentum**: 43% YoY RPO growth, 7x consecutive QoQ sales productivity gains, and 2026 $3B annualized revenue run rate.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $562 million, up 30.7% YoY, driven by large customers (73% of revenue, +42% YoY) and a 119% dollar-based net retention rate.
- **Strategic Wins**: Signed $22.8M, $34.3M, and $16.1M contracts with global media, European tech, and financial services firms, showcasing AI-driven platform adoption.
- **AI and Edge Innovation**: Launched NET Dollar for agnostic commerce, AI Gateway for media-AI partnerships, and quantum-safe security upgrades.
- **Leadership Transition**: CJ Desai departing to lead another public tech company, with Thomas Seifert highlighting CJ's legacy of customer-obsessed engineering.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income $102.6M, free cash flow $75M (13% of revenue). Gross margin 75.3%, within 75-77% target range. Operating margin 15.3%, up 50bps YoY.
- **Guidance**: Q4 2025 revenue $588.5-589.5M (+28% YoY), full-year 2025 $2.142B (+28% YoY). 2028 target: $5B annualized revenue.
- **Cost Efficiency**: Sales & marketing 36% of revenue, R&D 15%, G&A 10%, all down YoY. Network CapEx 14% of revenue, expected 13% for FY25.

**【Q&A Key Highlights】**
- **RPO Growth**: 43% YoY RPO growth driven by large customers and pool of funds contracts, with Workers AI and SASE leading expansion.
- **Sales Productivity**: 7th consecutive quarter of YoY sales productivity gains, with close rates and pipeline attainment exceeding expectations.
- **AI and Multi-Cloud**: 80% of leading AI companies use Cloudflare; NET Dollar and X402 partnerships enable frictionless agent-to-agent commerce.
- **SASE Momentum**: Partner-led SASE bookings doubling YoY, with high gross margins balancing lower-margin AI/Workers growth.
- **Capacity Utilization**: Network utilization 70-80%, GPU utilization improving; no capacity constraints despite AI/ML demand surge.

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