Cloudflare Q2 Revenue Rises 36% and Lifts FY26 Guidance
Cloudflare reported Q2 revenue up 36% YoY, citing large customer growth and strong developer adoption of its Workers platform. Management raised FY26 revenue guidance by 250 bps to 32% and expects non-GAAP operating margins of 15.5%, pointing to surging non-human internet traffic. Shares trade at about 250x FY26 P/E, implying meaningful downside if momentum fades.