Cloudflare is scheduled to report first-quarter 2026 results on May 7, and Wall Street is looking for another quarter of steady growth as artificial intelligence reshapes how people and machines use the web. The company expects revenue of between $620 million and $621 million, while the Zacks Consensus Estimate sits at $621.9 million.
The revenue forecast points to year-over-year growth of 29.8%, a pace that would keep Cloudflare among the faster-growing names in enterprise software. On the bottom line, the company expects non-GAAP earnings of 23 cents per share, exactly matching the consensus estimate and implying growth of 43.8% from a year earlier.
That earnings bar has not moved in the past 60 days, a sign analysts have not had to reset expectations ahead of the report. Cloudflare has also built a habit of clearing that bar, beating the Zacks Consensus Estimate in each of the trailing four quarters by an average of 9.44%.
The quarter will be judged against a backdrop of rapid change in how the internet is used. The shift toward AI and the transformation of the web into an agentic ecosystem are expected to support Cloudflare, as AI agents increasingly replace human-driven browsing and internet activity expands exponentially. The company’s developer platform is built for fast deployment and scalable execution of applications, and its adoption is helping it win in AI-assisted development.
Zero-trust cybersecurity is another tailwind, along with rising use of Workers AI, AI inference, Gateway and Model Context Protocol. Cloudflare’s usage-based pricing and efficient infrastructure are also making it an alternative for enterprises moving away from traditional hyperscaler models.
Those growth drivers matter because the company enters the report with a broad customer base and a heavy international footprint. In 2025, about 50% of Cloudflare’s revenue came from outside the United States, and at the end of the fourth quarter of 2025 it had 4,298 large customers each contributing $100,000 in annual revenue. Large customers accounted for roughly 69% of revenue in 2025, and the company added 289 of those customers in the fourth quarter alone.
The tension in the quarter is that the same environment powering demand is also making large deals harder to close. Cloudflare is facing challenges in its pipeline from ongoing geopolitical and macroeconomic pressures, and customer caution in IT spending, along with vendor onboarding delays tied to recent U.S. policy measures, is affecting revenue recognition. That leaves the report vulnerable to any sign that top-line momentum is being pushed further out rather than lost outright.
Cloudflare carries a Zacks Rank of 3 and an Earnings ESP of 0.00%, a setup that offers no statistical edge heading into the release. The results due Wednesday will show whether AI demand and enterprise adoption are strong enough to keep the growth story intact, or whether cautious spending is starting to slow the pace of conversion.