Cloudflare Inc Cloudflare (NET) reported financial results for the first quarter Thursday after the bell. Here's a look at the key details from the print.

Cloudflare Tops Q1 Estimates

• Q1 Revenue: $639.76 million, versus estimates of $621.87 million
• Q1 Adjusted EPS: 25 cents, versus estimates of 23 cents

Total revenue was up 34% on a year-over-year basis. Net cash flow from operations was $158.30 million, and free cash flow came in at $84.10 million in the quarter.

Cloudflare ended the period with approximately $4.16 billion in cash, cash equivalents and available-for-sale securities.

"We had a very strong start to 2026. AI is driving a fundamental re-platforming of the Internet and a paradigm shift in how software is created and consumed; it's shaping up to be the biggest tailwind we've ever seen in Cloudflare's history," said Matthew Prince, co-founder and CEO of Cloudflare.

NET Shares Tumble After Q2 Guidance

Cloudflare expects second-quarter revenue of $664 million to $665 million versus estimates of $665.34 million. The company anticipates second-quarter adjusted earnings of 27 cents per share, which matches Wall Street estimates of 27 cents per share.

Cloudflare raised its full-year 2026 revenue guidance from a range of $2.785 billion to $2.795 billion to a new range of $2.805 billion to $2.813 billion, versus estimates of approximately $2.80 billion. The company raised its full-year earnings outlook from a range of $1.11 to $1.12 per share to a new range of $1.19 to $1.20 per share, versus estimates of $1.14 per share.

NET Price Action: Cloudflare shares were down 13.46% in after-hours, trading at $222.20 at the time of publication on Thursday, according to market data. Cloudflare investors appear to be responding negatively to the company's second-quarter guidance.