Cloudflare, Inc. (NET): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama digital en rápida evolución, Cloudflare se ha convertido en una fuerza transformadora, revolucionando cómo las empresas protegen, aceleran y optimizan su infraestructura en línea. Con un 300+ City Global Network y tecnologías de ciberseguridad de vanguardia, el modelo de modelo de negocio de Cloudflare revela una estrategia sofisticada que capacita a las organizaciones desde nuevas empresas ágiles hasta empresas masivas para navegar por los complejos desafíos del rendimiento y la seguridad web. Esta profunda inmersión en el enfoque innovador de Cloudflare desentrañará los intrincados mecanismos que han posicionado a la compañía como un jugador crítico en el ecosistema digital moderno, ofreciendo ideas incomparables sobre su plan estratégico para el éxito.

Cloudflare, Inc. (NET) - Modelo de negocio: asociaciones clave

Asociaciones de infraestructura en la nube

Cloudflare mantiene asociaciones estratégicas con principales proveedores de infraestructura de la nube:

Pareja	Detalles de la asociación	Alcance de integración
Servicios web de Amazon (AWS)	Interconexión de red directa	Infraestructura de red global
Microsoft Azure	Integración de la plataforma en la nube	Soluciones de seguridad empresariales
Plataforma en la nube de Google	Conectividad múltiple	Optimización del rendimiento

Asociaciones de red de entrega de contenido (CDN)

Cloudflare colabora con los principales proveedores de CDN:

Socio de CDN	Enfoque de asociación	Cobertura geográfica
Akamai	Optimización de la red de borde global	Más de 100 países
Rápidamente	Integración informática de borde	55+ puntos globales de presencia

Asociaciones estratégicas de ciberseguridad

Las asociaciones de tecnología de ciberseguridad de Cloudflare incluyen:

• Palo Alto Networks
• ZSCALER
• Crowdstrike
• Flojo

Colaboraciones de proveedores de dominio y alojamiento

Registrador de dominio clave y asociaciones de alojamiento:

• Mierda
• Namecheap
• Digitalocean
• Automattic (WordPress)

Integraciones de software y plataforma de seguridad

Asociaciones integrales de integración con:

Plataforma	Tipo de integración
Okta	Gestión de identidad
Salesforce	Seguridad CRM
Servicenow	Seguridad de flujo de trabajo empresarial

Cloudflare, Inc. (NET) - Modelo de negocio: actividades clave

Desarrollo y mantenimiento de la red global de entrega de contenido

Cloudflare opera una infraestructura de red global con 310 ciudades en 118 países a partir de 2024. La capacidad de red alcanza 172 TBP de capacidad de red. Mantiene más de 12,000 interconexiones de red a nivel mundial.

Métrico de red	Cantidad
Total de ciudades de red	310
Países cubiertos	118
Capacidad de red	172 tbps
Interconexiones de red	12,000+

Proporcionar servicios de seguridad web y optimización de rendimiento

Cloudflare protege aproximadamente el 20% del tráfico global de Internet. Mitiga un promedio de 81 mil millones de amenazas cibernéticas diarias.

• Protección de ataque DDoS
• Firewall de aplicaciones web
• Servicios de mitigación de bot
• Cifrado SSL/TLS

Innovación continua en DNS, ciberseguridad y tecnologías de red

Invirtió $ 372.4 millones en investigación y desarrollo en 2023. Archivos 247 aplicaciones de patentes activas a partir del cuarto trimestre de 2023.

Desarrollo de soluciones informáticas de informática y sin servidor

La plataforma de trabajadores de Cloudflare procesa más de 500 mil millones de solicitudes mensualmente. La infraestructura de computación de borde abarca 310 ubicaciones globales.

Métrica de computación de borde	Cantidad
Solicitudes mensuales procesadas	500 mil millones
Ubicaciones globales	310

Investigación y desarrollo de algoritmos de optimización de redes

El gasto de I+ D representa el 37% de los ingresos totales de la compañía en 2023. Mantiene un equipo de ingeniería dedicado de más de 1,400 profesionales.

• Optimización de la red de aprendizaje automático
• Algoritmos de seguridad impulsados ​​por IA
• Protocolos de mejora del rendimiento

Cloudflare, Inc. (NET) - Modelo de negocio: recursos clave

Infraestructura de red global

Cloudflare opera un Infraestructura de red global masiva abarcando más de 300 ciudades en más de 100 países. A partir del cuarto trimestre de 2023, la compañía mantiene:

Métrico de red	Cantidad
Puntos de red de red total (POPS)	320+
Centros de datos globales	275
Cobertura de red	Más de 100 países

Recursos tecnológicos

Las capacidades tecnológicas de Cloudflare incluyen:

• Tecnologías avanzadas de protección de ciberseguridad
• Algoritmos de optimización de red patentados
• Plataforma de seguridad de fideicomiso cero
• Infraestructura informática de borde

Propiedad intelectual

Categoría de IP	Cantidad
Solicitudes de patentes totales	187
Patentes concedidas	92
Aplicaciones de patentes pendientes	95

Capital humano

La fuerza laboral de Cloudflare a partir del cuarto trimestre 2023:

Categoría de empleado	Número
Total de empleados	2,298
Equipo de ingeniería	45% de la fuerza laboral
Investigación & Personal de desarrollo	~ 350 empleados

Recursos financieros

Métricas financieras que respaldan los recursos clave:

Métrica financiera	Cantidad (2023)
Gasto de I + D	$ 412.7 millones
Gastos de capital	$ 239.1 millones
Equivalentes de efectivo y efectivo	$ 1.43 mil millones

Cloudflare, Inc. (NET) - Modelo de negocio: propuestas de valor

Rendimiento y velocidad mejorados del sitio web

A partir del cuarto trimestre de 2023, CloudFlare informó atender 66.7 millones de solicitudes HTTP por segundo a nivel mundial. La red de entrega de contenido (CDN) de la compañía reduce los tiempos de carga del sitio web en un promedio de 65% en diferentes propiedades web.

Métrico de rendimiento	Valor
Solicitudes globales de HTTP por segundo	66.7 millones
Reducción del tiempo de carga del sitio web	65%
Mejora de la velocidad de red global promedio	40%

Protección robusta de ciberseguridad y DDoS

Cloudflare mitiga un promedio de 124 mil millones de amenazas cibernéticas diarias. La red de la compañía bloquea aproximadamente 76 mil millones de solicitudes maliciosas por día.

• Amenazas cibernéticas diarias mitigadas: 124 mil millones
• Solicitudes maliciosas bloqueadas: 76 mil millones
• Tiempo promedio de mitigación de ataque DDoS: 3 segundos

Soluciones de seguridad y red rentables

El modelo de precios de Cloudflare varía desde el nivel gratuito hasta las soluciones empresariales. En 2023, el valor promedio del contrato del cliente empresarial de la compañía fue de $ 100,274, lo que representa un aumento del 21% año tras año.

Nivel de precios	Costo anual
Nivel libre	$0
Nivel profesional	$ 20/mes
Nivel de negocios	$ 200/mes
Valor de contrato promedio empresarial	$100,274

Infraestructura escalable para empresas de todos los tamaños

Cloudflare admite más de 20 millones de propiedades de Internet y atiende a más del 95% de la población mundial a través de su infraestructura de red.

• Propiedades de Internet compatibles: 20 millones+
• Cobertura de población global: 95%
• Puntos de presencia de red: más de 275 ciudades

Modelo de seguridad de confianza cero y mitigación integral de amenazas

La plataforma Zero Trust de Cloudflare obtiene más de 500,000 organizaciones a nivel mundial. La tasa de precisión de detección de amenazas de la compañía es del 99.8%.

Métrica de seguridad de fideicomiso cero	Valor
Organizaciones que usan cero confianza	500,000+
Precisión de detección de amenazas	99.8%
Tiempo de respuesta a amenazas promedio	2.7 segundos

Cloudflare, Inc. (NET) - Modelo de negocio: relaciones con los clientes

Plataforma en línea de autoservicio

CloudFlare ofrece una plataforma integral de autoservicio con las siguientes características:

Característica de la plataforma	Detalles
Registro de usuarios	Creación de cuenta gratuita con acceso inmediato
Capacidades del tablero	Configuración y gestión en tiempo real de los servicios
Configuración de dominio	Configuración de DNS instantánea y protección del sitio web

Modelos de soporte escalonados

CloudFlare proporciona múltiples niveles de soporte con distintos niveles de servicio:

Nivel	Costo mensual	Nivel de soporte
Gratis	$0	Apoyo comunitario
Pro	$20	Soporte por correo electrónico
Negocio	$200	Soporte prioritario de correo electrónico y chat
Empresa	Precios personalizados	Soporte dedicado 24/7

Foros de apoyo impulsados ​​por la comunidad

• Comunidad de desarrollador activo con 1.2 millones de miembros
• Tiempo de respuesta del foro comunitario: promedio de 4 a 6 horas
• Resolución de problemas técnicos de pares

Gestión de cuentas dedicada

Los clientes empresariales reciben soporte especializado:

• Gerentes de cuentas técnicas personalizadas
• Procesos de incorporación personalizados
• Canales de escalada directa

Actualizaciones regulares de productos

Actualización de frecuencia	Canal de comunicación
Lanzamientos semanales de productos	Blog oficial y documentación del desarrollador
Anuncios de características mensuales	Boletines por correo electrónico
Actualizaciones principales trimestrales	Seminarios web y conferencias de desarrolladores

Cloudflare, Inc. (NET) - Modelo de negocio: canales

Ventas directas en línea a través del sitio web

Cloudflare genera ventas en línea directas a través de Cloudflare.com, ofreciendo múltiples niveles de productos:

Nivel	Precio mensual	Suscriptores anuales
Gratis	$0	20 millones+
Pro	$20	Estimado 150,000
Negocio	$200	Estimado 75,000
Empresa	Precios personalizados	Más de 2,000 clientes

Marketing digital y marketing de contenidos

CloudFlare aprovecha los canales digitales para la adquisición de clientes:

• Publicaciones de blog: más de 500,000 lectores mensuales
• Documentación técnica: 2 millones de visitas mensuales
• Canal de YouTube: más de 100,000 suscriptores
• Alcance en las redes sociales: más de 500,000 seguidores en todas las plataformas

Conferencias técnicas y eventos de la industria

Cloudflare participa en eventos de tecnología clave:

Tipo de evento	Participación anual	Generación de leads
Conferencias tecnológicas globales	12-15 eventos importantes	Más de 5,000 leads empresariales potenciales
Conferencias de desarrolladores	8-10 eventos	Más de 3.000 contactos profesionales técnicos

Ecosistema de socios y programas de referencia

La red de socios de Cloudflare incluye:

• Socios de tecnología: más de 300 socios de integración
• Red de revendedor: más de 100 revendedores globales
• Ingresos del programa de referencia: $ 25 millones anuales

Tier gratis que atrae clientes empresariales potenciales

Métricas de conversión de niveles gratuitos a pagos:

Segmento de clientes	GRATIS para la conversión Pro	Conversión gratuita para la empresa
Tasa de conversión	3.5%	0.8%
Valor anual del cliente	$240	$50,000+

Cloudflare, Inc. (NET) - Modelo de negocio: segmentos de clientes

Pequeñas y medianas empresas

A partir del cuarto trimestre de 2023, Cloudflare atiende a aproximadamente 172,700 clientes que pagan en varios tamaños de negocios. Las pequeñas y medianas empresas representan un segmento significativo, con el 81% de estos clientes con menos de 250 empleados.

Características del segmento de clientes	Porcentaje
SMBS con 1-50 empleados	56%
PYME con 51-250 empleados	25%

Grandes organizaciones empresariales

En 2023, Cloudflare reportó 2,585 clientes empresariales que pagaron más de $ 100,000 anuales, lo que representa el 30% de sus ingresos totales.

• Fortune 500 Empresas que usan CloudFlare: 36%
• Global 2000 Tasa de adopción empresarial: 28%

Desarrolladores web y profesionales técnicos

La plataforma de desarrolladores de Cloudflare atiende a aproximadamente 20 millones de desarrolladores a nivel mundial en 2023.

Segmento de desarrollador	Número
Desarrolladores registrados totales	20,000,000
Desarrolladores mensuales activos	4,500,000

Plataformas de comercio electrónico

A partir de 2023, CloudFlare admite más de 1,5 millones de sitios web de comercio electrónico en todo el mundo.

• Sitios globales de comercio electrónico utilizando CloudFlare: 1,500,000
• Protección promedio de tráfico diario: 55 millones de solicitudes HTTP

Compañías de software como servicio (SaaS)

Cloudflare atiende a aproximadamente el 40% de las compañías SaaS a nivel mundial en 2023.

Métricas del cliente SaaS	Valor
Total de clientes SaaS	15,000
Tráfico mensual promedio protegido	2.3 billones de solicitudes

Cloudflare, Inc. (NET) - Modelo de negocio: Estructura de costos

Mantenimiento y expansión de la infraestructura

Los costos de infraestructura de Cloudflare para 2023 totalizaron $ 362.9 millones, lo que representa el 39.4% de los ingresos totales. La infraestructura de la red y los gastos del centro de datos incluyen:

Categoría de costos	Cantidad (2023)
Infraestructura del servidor	$ 156.7 millones
Expansión de la red global	$ 87.3 millones
Costos operativos del centro de datos	$ 118.9 millones

Inversiones de investigación y desarrollo

Los gastos de I + D para Cloudflare en 2023 alcanzaron $ 264.5 millones, lo que representa el 28.6% de los ingresos totales.

• Desarrollo de software: $ 142.3 millones
• IA e Investigación de aprendizaje automático: $ 67.8 millones
• Innovación de tecnología de seguridad: $ 54.4 millones

Adquisición y retención de talentos

Los gastos totales relacionados con el personal para 2023 fueron de $ 492.6 millones.

Categoría de costos de personal	Cantidad (2023)
Salarios y salarios	$ 378.4 millones
Compensación basada en acciones	$ 84.2 millones
Beneficios para empleados	$ 30.0 millones

Gastos de marketing y ventas

Los costos de marketing y ventas para 2023 totalizaron $ 305.7 millones, lo que representa el 33.1% de los ingresos.

• Marketing digital: $ 112.3 millones
• Compensación del equipo de ventas: $ 146.9 millones
• Marketing de conferencias y eventos: $ 46.5 millones

Actualizaciones de tecnología en curso e innovación

La tecnología actualiza las inversiones en 2023 ascendió a $ 187.6 millones.

Categoría de actualización de tecnología	Cantidad (2023)
Modernización de la infraestructura en la nube	$ 76.4 millones
Mejora de la tecnología de ciberseguridad	$ 58.2 millones
Herramientas de optimización de rendimiento	$ 53.0 millones

Cloudflare, Inc. (NET) - Modelo de negocio: flujos de ingresos

Niveles de servicio basados ​​en suscripción

CloudFlare ofrece múltiples niveles de suscripción con la siguiente estructura de precios:

Nivel	Precio mensual	Características clave
Gratis	$0	CDN y características básicas de seguridad
Pro	$20	Herramientas avanzadas de rendimiento y seguridad
Negocio	$200	Seguridad y optimización de grado empresarial
Empresa	Precios personalizados	Soluciones totalmente personalizadas

Soluciones de seguridad y rendimiento empresarial

Cloudflare generó $ 975.3 millones en ingresos para el año fiscal 2023, con soluciones empresariales que contribuyen significativamente.

• Ingresos recurrentes anuales de la plataforma de confianza cero: $ 150 millones
• Valor promedio de contrato del cliente empresarial: $ 2.5 millones anuales

Modelos de precios basados ​​en el uso

Cloudflare implementa el precio basado en el uso para:

• Los trabajadores calculan el uso
• Precios de almacenamiento R2
• Consumo de ancho de banda

Servicio	Modelo de precios	Tasa
Trabajadores	Por millón de solicitudes	$0.30
Almacenamiento R2	Por GB por mes	$0.015

Servicios adicionales y características premium

Las fuentes de ingresos adicionales incluyen:

• Complementos de seguridad DNS
• Protección avanzada de amenazas
• Certificados SSL personalizados

Servicios profesionales y consultoría

Cloudflare ofrece servicios de consultoría especializados con las siguientes características:

• Soporte de implementación personalizado
• Consultoría de arquitectura de seguridad
• Servicios de asistencia migratoria

Tipo de servicio	Ingresos anuales estimados
Servicios profesionales	$ 45 millones
Compromisos de consultoría	$ 22 millones

Cloudflare, Inc. (NET) - Canvas Business Model: Value Propositions

You're looking at the core reasons why enterprises are shifting their spend to Cloudflare, Inc. (NET) as of late 2025. It boils down to consolidating complexity and accelerating digital outcomes on a single, unified platform.

Unified platform for security, performance, and reliability (Connectivity Cloud)

The primary value proposition is the Connectivity Cloud, which is Cloudflare, Inc.'s unified platform for security, connectivity, and development. This platform is built on a massive global network that allows them to deliver services close to the user, which is key for performance and resilience. For instance, as of Q3 2025, Cloudflare, Inc. handled an average of 6 trillion daily requests globally, a 38% increase year-over-year. This scale is supported by a network spanning over 335+ cities in 125+ countries. This unified approach helps customers get better returns on their digital projects; a Forrester Total Economic Impact study found that organizations achieved a 238% ROI over three years from broad use of this platform.

Here's a quick look at the scale Cloudflare, Inc. is operating at in late 2025:

Metric	Value	Context/Date
Q3 2025 Total Revenue	$562.0 million	Reported for the third quarter ended September 30, 2025
Full Year 2025 Revenue Expectation	$2,142.0 to $2,143.0 million	Full year fiscal 2025 guidance
Network Capacity	449 Tbps	Global network capacity
Customers Spending > $1M ARR (Q3 2025)	173	Up 47% year-over-year
Non-GAAP Income from Operations (Q3 2025)	$85.9 million	15.3% of revenue

The stickiness of this platform is evident in the forward-looking metrics; RPO (Remaining Performance Obligations) grew 43% year-over-year in Q3 2025. That's real commitment.

Zero Trust security architecture (Cloudflare One) for modern workforces

Cloudflare One provides the Zero Trust security architecture, which is a common thread across the portfolio, helping technology-forward organizations simplify their tech and security stacks. This is not just theoretical; in Q1 2025, Cloudflare, Inc. secured a seven-year deal worth $12.7 million with a critical infrastructure provider, emphasizing its strength in unified security and networking. The value here is in modernizing access control and security posture, especially as remote work and cloud adoption continue.

Key aspects of the Zero Trust value proposition include:

• Launched industry's first quantum-safe ZTNA solution in March 2025.
• Aims to simplify tech and security stacks.
• Helps improve security team efficiency by 29% over three years.
• The software segment of the ZTNA market held a 68.45% share in 2025.

Serverless application development and AI inference via Workers AI

The developer platform, centered around Cloudflare Workers, is a significant value driver, especially with the integration of AI capabilities. You saw explosive growth in Q1 2025, with Workers AI inference requests surging by 4,000% year-over-year, and AI Gateway requests increasing by 1,200% year-over-year. This shows developers are rapidly adopting the platform for running AI workloads at the edge. Furthermore, Cloudflare, Inc.'s November 2025 acquisition of Replicate brings over 50,000 production-ready AI models directly into Workers AI, making it a leading platform for building and running AI applications with just one line of code. This developer momentum is translating to massive contracts; the company won its largest ever deal, a $130 million, five-year contract, driven by the platform's ability to reduce development costs.

Cost consolidation by replacing multiple legacy security and networking products

The complexity of managing disparate legacy systems is a major pain point, with McKinsey finding that 75% of cloud migrations run over budget, and BCG noting over half of tech program failures are due to complex interdependencies. Cloudflare, Inc.'s unified platform directly addresses this by consolidating services. The Forrester study indicated that organizations save millions of dollars by consolidating IT services through the platform. This consolidation is critical in a year where Gartner predicts at least 30% of generative AI projects alone will be abandoned by the end of 2025, often due to complexity or misaligned tooling. By providing a single control plane, Cloudflare, Inc. helps customers avoid this fragmentation, which is a tangible financial benefit.

Cloudflare, Inc. (NET) - Canvas Business Model: Customer Relationships

Product-Led Growth (PLG) model via the extensive free and Pro tiers.

• Cloudflare Application Services (Free) secure and accelerate personal or hobby projects, protecting against basic threats like bad bots and DDoS attacks, with threat intelligence from their global network.
• Cloudflare Application Services (Pro) provide enhanced security and performance for professional websites, stopping bad bots and blocking DDoS attacks, with advanced threat intelligence from the global network.
• Cloudflare has approximately 265,929 paying customers as of the end of June 2025.
• The company added over 13,000 paying customers sequentially in the first quarter of 2025.

Dedicated Enterprise Sales and Account Management for large contracts.

The focus on high-value enterprise relationships is clear in the growth metrics for the largest spenders.

Metric	Value / Count (Latest 2025 Data)	Context / Comparison
Customers spending $100,000+ ARR	4,009 (Q3 2025)	Up 23% year-over-year (Q3 2025)
Customers spending $100,000+ ARR	3,712 (Q2 2025)	Up 22% year-over-year (Q2 2025)
Revenue Contribution from $100k+ Customers	73% of total revenue (Q3 2025)	Up from 67% in Q3 2024
Record Additions for $1M+ Customers	48% increase in additions (Q1 2025)	Record additions for customers spending over $1 million annually
Record Additions for $5M+ Customers	54% increase in additions (Q1 2025)	Record additions for customers spending over $5 million annually

The company achieved its largest contract in history, valued at over $100 million, driven by the Workers developer platform.

Developer-centric engagement through the Workers platform and events.

• The Workers developer platform continues to deliver outsized growth.
• Active Workers developers crossed 3 million in the fourth quarter of 2024.
• The Workers AI tool embedded inside the platform experienced an explosive 4,000% year-over-year rise in inference requests as reported in the first-quarter earnings of 2025.
• In April 2025, Cloudflare, Inc. announced Workers VPC and VPC Private Link to enable developers to build secure, global cross-cloud applications on Cloudflare Workers.
• Cloudflare acquired Outerbase Inc. in April 2025 to support the aim to simplify backend development across its Workers ecosystem.

Premium support tiers and custom Service Level Agreements (SLAs) for enterprises.

Enterprise customers secure mission-critical applications with robust offerings that include dedicated service levels.

• Cloudflare Application Services (Enterprise) secure mission-critical applications with robust DDoS protection, bot mitigation, and real-time threat intelligence, ensuring maximum uptime and business continuity.
• The Enterprise plan provides enhanced, priority support environments for mission-critical operations.
• Cloudflare WAF for Enterprise offers advanced, real-time protection with customized rules and 24/7 support.
• Dollar-based net retention was 119% in the third quarter of 2025.
• The dollar-based net retention rate in the second quarter of 2025 stood at 114%.

Cloudflare, Inc. (NET) - Canvas Business Model: Channels

You're looking at how Cloudflare, Inc. gets its services into the hands of customers, which is a mix of digital self-service and high-touch sales efforts.

Online self-service portal for developers and SMBs.

This channel directly supports the high volume, lower-touch segment of the Cloudflare, Inc. customer base. The total number of paying customers reached 265,929 as of the end of the second quarter of 2025, marking a 27% year-over-year increase. This growth reflects the accessibility of the self-service model. For context on the scale, Cloudflare, Inc. had 250,819 paying customers as of March 31, 2025.

Direct Enterprise Sales Force for large accounts and strategic deals.

The direct sales force targets the largest accounts, which drive a disproportionate amount of revenue. The number of large customers, defined as those spending $100,000 or more in annualized recurring revenue, stood at 3,712 at the end of the second quarter of 2025, a 22% increase year-over-year. Management emphasized a focus on this segment, noting that nearly 80% of new sales hires were focused on the enterprise segment, reflecting an 84% year-over-year increase in enterprise account executive hiring numbers (as of late 2024/early 2025 context). Revenue from these large customers grew at 35% year-over-year in Q2 2025, contributing to 71% of revenue during that quarter.

Global Channel Partners (resellers, SIs) for market reach and services.

Channel partners are an increasingly vital part of the distribution strategy, acting as a force-multiplier, especially for complex SASE (secure access service edge) and bundled offerings. The channel-sourced Annual Recurring Revenue (ARR) is compounding faster than direct sales.

Here is the breakdown of revenue contribution by customer segment for recent periods:

Metric	Q1 2025 Value	Q2 2025 Value	Q1 2024 Value
Channel Partner Revenue Share	23%	25.5%	19%
Direct Customer Revenue Share	77%	74.5%	81%
Channel Partner Revenue (USD)	~$110 million	$130.4 million	N/A
Direct Customer Revenue (USD)	N/A	$381.9 million	N/A
Channel Partner Revenue YoY Growth	N/A	70 percent	N/A

The channel business grew 60% year-over-year in terms of ARR, moving from 15% of revenue a year prior to 23% in Q1 2025. For the second quarter of 2025, the channel-driven revenue surge was 70 percent compared to the second quarter of 2024.

Content marketing and SEO for security and performance keywords.

While direct spend data isn't itemized here, the success of the other channels is supported by the overall growth metrics. Cloudflare, Inc. is guiding for full-year 2025 total revenue between $2,113.5 million and $2,115.5 million. The third quarter of 2025 saw revenue hit $562.0 million, a 31% year-over-year increase.

• Cloudflare, Inc. reported a dollar-based net retention rate of 114% in Q2 2025.
• Dollar-based net retention improved to 119% in Q3 2025.
• The company ended Q2 2025 with $3.96 billion in cash, cash equivalents and available-for-sale on hand.

Cloudflare, Inc. (NET) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Cloudflare, Inc. as of mid-2025. It's a broad spectrum, from the smallest website owner to the largest global corporation, but the financial focus is clearly shifting upmarket.

The most valuable segment, the Large Enterprises, shows strong momentum. As of Cloudflare, Inc.'s Q2 2025 results, the company reported having 3,712 customers paying more than $100,000 in Annual Recurring Revenue (ARR). That number represented a 22% year-over-year increase. To put that into perspective, revenue contribution from these large customers grew at 35% year-over-year in that quarter, making up 71% of total revenue. This concentration shows where the big money is landing.

The foundation of the user base remains the smaller entities, which is key for product adoption and future expansion. This group includes Individual Developers and Small-to-Midsize Businesses (SMBs) primarily utilizing the freemium or Pro tiers. Cloudflare, Inc. reported approximately 265,929 paying customers in total as of the end of June 2025, marking a 27% increase year-over-year across the entire paying base. The free tier acts as a massive top-of-funnel for future upsells.

The public sector is a growing, high-profile segment. Cloudflare, Inc. is trusted by governments globally, and their Zero Trust and SASE offerings are seeing traction here. For instance, around the start of 2024, Cloudflare, Inc. announced securing a three-year contract with the U.S. Department of Commerce with a ceiling value of $33 million for SASE application performance and security solutions. Also notable is the $7.2 million project landed with the Cybersecurity and Infrastructure Security Agency (CISA) for .gov registry and DNS services. While I don't see a specific $6.2 million Zero Trust contract in the latest filings, a concrete example from late 2023 involved a large US commercial airline signing a three-year $6.6 million contract specifically for Cloudflare, Inc.'s Zero Trust suite to protect 10,000 employees and contractors.

This leads directly to the fourth segment: Security Teams seeking integrated Zero Trust and SASE solutions. This is a major strategic push, evidenced by the acquisition of BastionZero to add Zero Trust infrastructure access controls directly into the Cloudflare One SASE Network. These teams are looking for consolidation, moving away from point products. Here's a quick look at how the enterprise segment is defined and growing:

Customer Segment Detail	Metric	Value / Amount
Large Enterprise Count (>$100k ARR)	Number of Customers (Q2 2025)	3,712
Large Enterprise Growth	Year-over-Year Increase (Q2 2025)	22%
Large Enterprise Revenue Share	Percentage of Total Revenue (Q2 2025)	71%
Total Paying Customers	Count (End of June 2025)	265,929
Zero Trust Example Contract Value	US Commercial Airline Deal	$6.6 million

The focus on security teams is about selling the unified platform. You see this in the strategic moves, like integrating BastionZero technology into Cloudflare One to give IT and security teams Zero Trust controls for assets like servers and Kubernetes clusters. Cloudflare, Inc. blocks billions of threats online for its customers every day, and millions of organizations, from entrepreneurs to governments, trust them.

You can see the segmentation in their overall growth drivers:

• Large customers drove 71% of revenue in Q2 2025.
• Dollar-based net retention rate (DBNR) accelerated to 114% in Q2 2025.
• The company crossed $2 billion in annualized run rate revenue.
• The platform is seeing strong adoption across Workers developer tools and AI enablement.

Finance: draft 13-week cash view by Friday.

Cloudflare, Inc. (NET) - Canvas Business Model: Cost Structure

You're looking at where Cloudflare, Inc. puts its money to keep that global network running and growing. Honestly, the cost structure is dominated by scaling the network and aggressively pursuing the enterprise market, which means high fixed and variable costs related to infrastructure and sales.

Significant capital expenditure (CapEx) on network expansion is a huge driver here. For the full fiscal year 2025, Cloudflare, Inc. expected its network CapEx to land right in the 12% to 13% of revenue range. To be fair, the actual spend can fluctuate; for instance, in the third quarter of 2025, network CapEx represented 14% of revenue. This heavy investment is what keeps their global reach expanding and performance high.

Then you have the costs associated with getting those big customers onboard. The long-term operating model target for Sales & Marketing expense is set between 27% to 29% of revenue. Right now, though, you're seeing higher actuals; for the third quarter of 2025, Sales and Marketing as a percentage of revenue was 36%, down slightly from 37% in the prior year period. That's a lot of spend to capture market share, especially at the high end of the market.

Innovation costs, or Research and Development (R&D) expenses, show Cloudflare, Inc.'s commitment to platform evolution. In the third quarter of 2025, R&D expenses as a percentage of revenue decreased to 15%, down from 16% year-over-year. Management's long-term target for R&D is a bit higher, aiming for 18% to 20% of revenue.

For the underlying Network operating costs (colocation, bandwidth, power), you look at total Operating Expenses (OpEx). Cloudflare, Inc.'s operating expenses for the twelve months ending September 30, 2025, totaled $2.206B. A significant component of the physical footprint cost is captured in Operating Leases, which stood at $201.6 million for the second quarter of 2025.

Here's a quick look at how those key expense categories stack up based on recent figures and targets:

Cost Component	Latest Reported % of Revenue (Q3 2025)	Full Year 2025 Guidance/Target % of Revenue
Network CapEx	14%	12% to 13% (FY Expectation)
Sales & Marketing	36%	27% to 29% (Long-Term Target)
Research & Development (R&D)	15%	18% to 20% (Long-Term Target)
General & Administrative (G&A)	10% (Q2 2025)	8% to 10% (Long-Term Target)

You can see the tension between current spending and long-term efficiency goals. For example, G&A as a percentage of revenue decreased to 10% in Q2 2025, hitting the low end of the long-term target range.

The spending profile for Cloudflare, Inc. shows a few key areas consuming cash:

• Network Buildout: Continued heavy investment in physical assets, targeting 12-13% of revenue for CapEx.
• Go-to-Market Engine: Sales & Marketing spending remains elevated at 36% in Q3 2025, well above the long-term goal.
• Platform Innovation: R&D is running at 15% of revenue as of Q3 2025.
• Infrastructure Footprint: Operating Leases hit $201.6 million in Q2 2025, reflecting the physical cost of global presence.

Finance: draft 13-week cash view by Friday.

Cloudflare, Inc. (NET) - Canvas Business Model: Revenue Streams

You're looking at how Cloudflare, Inc. actually brings in the money, which is key to understanding its valuation. Honestly, the story is increasingly about landing big, long-term enterprise commitments, moving beyond just the smaller, transactional web services.

The subscription side, especially from the largest clients, is the engine now. For the first quarter of 2025, revenue from those large customers-those spending over $100,000 annually-made up a solid 69% of the total revenue. That cohort grew to 3,527 customers, marking a 23% year-over-year increase. To be fair, the company is also closing massive deals; they signed their largest contract in history in Q1 2025, a deal over $100 million, which was heavily fueled by adoption of the Workers developer platform.

Here's the quick math on the full-year 2025 expectations based on the latest guidance you should be tracking:

Metric	Projected Amount (FY 2025)
Total Revenue Range	$2,142.0 million to $2,143.0 million
Non-GAAP Income from Operations Range	$297.0 million to $298.0 million

This revenue is structured around tiered access to their platform capabilities. You see this clearly in the subscription model, which helps segment the market effectively.

• Pro subscription tier for entry-level service needs.
• Business subscription tier for growing organizations needing more features.
• Enterprise subscription tier for the largest customers with custom requirements.

Also, don't overlook the usage-based component, which is growing fast, especially with new developer tools. The adoption of the developer platform is a major revenue driver now. For instance, AI inference requests on Workers saw usage skyrocket by 1,200% year-over-year, pulling in those big enterprise commitments. This shows the platform isn't just for basic services; it's capturing spend on compute and storage like R2 storage.

Finance: draft 13-week cash view by Friday.