0001477333-26-000060
SEC filingCloudflare第三季度营收7.825亿美元、同比增长39%，创近四年最快增速，AI驱动需求与经营杠杆共同推高盈利。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $782.5 million | $562.0 million | 39% |
| Gross Margin (GAAP) | 71.2% | 74.0% | — |
| Gross Margin (Non-GAAP) | 72.4% | 75.3% | — |
| Operating Income (GAAP) | -$67.9 million | -$37.5 million | — |
| Operating Income (Non-GAAP) | $137.1 million | $85.9 million | — |
| Net Income (GAAP) | -$34.1 million | -$1.3 million | — |
| Net Income (Non-GAAP) | $143.7 million | $102.6 million | — |
| Diluted EPS (GAAP) | -$0.10 | $0.00 | — |
| Diluted EPS (Non-GAAP) | $0.38 | $0.27 | — |
| Current RPO 同比 | — | — | 37% |
| Operating Cash Flow | $215.4 million | $167.1 million | — |
| Free Cash Flow | $82.1 million | $75.0 million | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q4 FY2026 | Total revenue | $845.0 to $846.0 million | N/A |
| Q4 FY2026 | Non-GAAP income from operations | $156.0 to $157.0 million | Non-GAAP |
| Q4 FY2026 | Non-GAAP net income per share | $0.43 | Non-GAAP |
| FY2026 | Total revenue | $2,963.0 to $2,964.0 million | N/A |
| FY2026 | Non-GAAP income from operations | $462.0 to $463.0 million | Non-GAAP |
| FY2026 | Non-GAAP net income per share | $1.35 | Non-GAAP |
本季核心驱动来自营收加速：总营收$782.5 million、同比增长39%，管理层称这是近四年最快增速，年化营收突破$3 billion，Current RPO同比增长37%为后续收入提供支撑。但GAAP毛利率由74.0%降至71.2%、Non-GAAP毛利率由75.3%降至72.4%，叠加销售与研发费用扩张，GAAP经营亏损扩大至$67.9 million；Non-GAAP经营利润率则从15.3%升至17.5%，反映股权激励等非现金项被剔除后的经营杠杆仍在改善。
一次性项值得关注：本季确认restructuring and other charges $11.0 million、legal reserve and settlements $10.7 million，均加回Non-GAAP，导致GAAP与Non-GAAP净利差异显著（GAAP净亏$34.1 million vs Non-GAAP净利$143.7 million）。现金流方面，经营现金流$215.4 million、自由现金流$82.1 million（占营收10%，低于去年13%），期末现金及可售证券$5,128.7 million。指引隐含Q4营收环比继续加速至$845.0–$846.0 million、Non-GAAP经营利润$156.0–$157.0 million，全年Non-GAAP EPS $1.35；本季未披露回购或分红安排。