Cloudflare Q3 2026 Earnings Call Transcript: Awaiting Financial Details

What happened

Cloudflare held its Q3 2026 earnings call on November 5, 2026, with management and analysts participating. The provided transcript excerpt includes only opening remarks and participant introductions, without financial results or guidance commentary. The DeepValue master report had rated NET a WAIT at $273 with key thresholds for Q3: revenue growth above 30%, current RPO above 34%, and gross margin stabilization. Until the actual Q3 numbers are reviewed, the master report's scenarios remain unchanged. The next step is to obtain the full call transcript and compare reported metrics against the predefined bull, base, and bear cases.

Implication

Investors should wait for confirmation that Q3 revenue growth stayed above 30%, current RPO growth exceeded 34%, and gross margin stabilized before adjusting positions. If the Q3 results meet the bull-case criteria, the thesis would strengthen and the stock could be re-rated toward $335. Conversely, if gross margin fell below 71% or large-customer growth dropped below 20%, the bear case value of $190 becomes more likely. The absence of financial details in the available transcript prevents immediate action, so maintaining the WAIT rating is prudent.

Thesis delta

No immediate shift in thesis because the transcript excerpt lacks financial disclosures. The master report's WAIT rating and conditional checkpoints remain in force. Reassessment must await full Q3 data to determine whether the AI-first restructuring delivered the required revenue durability and margin repair.