Cloudflare expects $665M revenue in Q2 2026 as AI tailwinds push valuation to record highs

Cloudflare is heading into its Q2 2026 earnings release with revenue guidance of $664M to $665M, reflecting year-over-year growth of roughly 30%. The report is scheduled for August 6, 2026, and the company’s projections land almost exactly in line with where Wall Street already expected them to be. The numbers behind the guidance Cloudflare issued the Q2 guidance during its Q1 2026 earnings call on May 7, 2026. In Q1, the company reported revenue of $639.8M, a 34% year-over-year increase, with non-GAAP EPS of $0.25 on approximately 377 million shares. The Q2 outlook calls for EPS of $0.27, a modest step up from Q1. That EPS figure matches analyst consensus almost to the penny. Cloudflare’s full-year 2026 revenue guidance sits between $2.805B and $2.813B, also reflecting around 30% year-over-year growth. At roughly 48 times forward sales, Cloudflare is priced like a company the market expects to keep compounding. AI is the engine, and Cloudflare is leaning into it hard CEO Matthew Prince has called artificial intelligence the “biggest tailwind” in Cloudflare’s history. According to Cloudflare’s 2026 App Innovation Report, 74% of leading organizations plan to increase AI integration ...