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ANNOUNCES $250 MILLION SHARE REPURCHASE PROGRAM THIRD CONSECUTIVE QUARTER OF PROFITABILITY AS PRE-PROVISION NET REVENUES INCREASED $34 MILLION ON AN UNADJUSTED BASIS AND $21 MILLION ON AN ADJUSTED BASIS COST OF DEPOSITS DECLINED FIVE BASIS POINTS, WHILE TOTAL DEPOSITS INCREASED NEARLY $700 MILLION IN THE SECOND QUARTER AND APPROXIMATELY $1.5 BILLION YEAR-TO-DATE BALANCE SHEET GREW APPROXIMATELY $600 MILLION DRIVEN BY SOLID CORE C&I LOAN AND DEPOSIT GROWTH FROM CONTINUED EXPANSION OF THE COMMERCIAL BANKING PLATFORM C&I LOANS INCREASED $2.0 BILLION OR 12% QUARTER OVER QUARTER DRIVEN BY STRATEGIC FOCUS AREAS CONTINUED EXPENSE DISCIPLINE WITH OPERATING EXPENSES DOWN 3% COMPARED TO PRIOR QUARTER; POSITIVE OPERATING LEVERAGE OF 7% CRE PAR PAYOFFS TOTALED $1.1 BILLION, OF WHICH 39% WERE SUBSTANDARD; CRE CONCENTRATION RATIO IMPROVED TO 350% COMPARED TO 367% LAST QUARTER CET1 CAPITAL RATIO OF 13.16% Second Quarter 2026 Summary Compared to First Quarter 2026

Profitability

Capital

PPNR of $66 million, up $34 million Adjusted PPNR of $62 million, up $21 million or 51% Operating expenses of $427 million down 3% Positive operating leverage of 7% Net interest margin was relatively unchanged at 2.13% Deposit costs declined 5 basis points while overall cost of funds declined 7 basis points CET1 capital ratio of 13.16%, at or above peer group levels Excess capital of $1.6 billion, using low end of target CET1 range of 10.5% Book value per share of $18.31 Tangible book value per share of $17.51 Tangible book value per share adjusted for warrant exercise is $15.54 Balance Sheet

Asset Quality

Total C&I loans increased $2.0 billion or 12% to $18.6 billion Total loans increased $562 million to $61.0 billion, up 1% or 4% annualized Total deposits increased $689 million or 1% Core deposits grew $644 million or 1% C&I and Private Bank deposits grew $905 million, up 4% Strategic C&I loan focus areas grew $2.1 billion or 29% Total MF/CRE exposure down $1.5 billion or 4% Wholesale borrowings, mainly FHLB advances, declined $250 million or 2% Criticized/Classified loans declined $143 million or 1% Substandard loans declined $369 million or 6% Non-accrual loans rose $123 million or 5% Total ACL of $0.9 billion or 1.52% of total loans HFI Total multi-family ACL coverage of 1.63% ACL coverage of 2.87% for multi-family loans with 50% or greater rent-regulated units Total NYC multi-family loans declined $677 million or 5% Total NYC multi-family loans with 50% or greater rent-regulated
units declined $338 million or 4% NCOs to average loans was 0.66% vs. 0.52% , /PRNewswire/ -- Flagstar Bank, N.A. (the "Bank") (NYSE: FLG), today reported second quarter 2026 net income of $34 million compared to net income of $21 million for first quarter 2026 and compared to a net loss of $70 million for second quarter 2025. Second quarter 2026 net income attributable to common stockholders was $26 million, or $0.06 per diluted share, compared to net income attributable to common stockholders of $13 million, or $0.03 per diluted share in first quarter 2026 and compared to a net loss attributable to common stockholders of $78 million, or $0.19 per diluted share in second quarter 2025.

For the six months ended June 30, 2026, the Bank reported net income of $55 million compared to a net loss of $170 million for the six months ended June 30, 2025. Net income attributable to common stockholders for the six months ended June 30, 2026 was $39 million or $0.08 per diluted share compared to a net loss attributable to common stockholders of $186 million or $0.45 per diluted share for the six months ended June 30, 2025.

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS - AS ADJUSTED

On an adjusted basis, which excludes a $4 million gain on sale related to our equity investment in Figure Technology Solutions, Inc., (the "Figure Investment"), second quarter 2026 net income attributable to common stockholders was $23 million or $0.05 per diluted share compared to first quarter 2026 net income attributable to common stockholders of $20 million or $0.04 per diluted share, which excludes a $9 million fair value loss on the Figure Investment, and compared to a net loss attributable to common stockholders of $60 million or $0.14 per diluted share in second quarter 2025, which excludes $14 million of merger related expenses, $2 million of severance expenses, $7 million in lease cost acceleration related to previously disclosed branch closures, and $3 million in trailing costs related to the sale of the Bank's mortgage servicing business.

For the six months ended June 30, 2026, net income attributable to common stockholders, on an adjusted basis was $43 million or $0.09 per diluted share which excludes a $5 million loss related to the Figure Investment. This compares to a net loss attributable to common stockholders, as adjusted, for the six months ended June 30, 2025 of $153 million or $0.37 per diluted share, which excludes $22 million of merger-related expenses, $2 million of severance expenses, $12 million in lease cost acceleration, and $8 million in trailing costs related to the sale of the Bank's mortgage servicing business.

CEO COMMENTARY

Commenting on the Bank's second quarter 2026 performance, Executive Chairman and Chief Executive Officer, Joseph M. Otting stated, "Flagstar's second quarter operating performance reflects our third consecutive quarter of profitability and improved earnings and represents continued progress on our path to transforming into a top-performing regional bank. During the quarter, we made considerable strides diversifying our balance sheet, reaching an important inflection point in asset growth, as total assets increased 3% on an annualized basis compared to the first quarter, driven by overall growth in our loan portfolio.

"Total loans increased 4% annualized, driven by record C&I loan production, which more than offset the continued strategic reduction in the commercial real estate portfolio. This marks the first quarter of loan growth since the fourth quarter of 2023. C&I originations in the second quarter totaled $2.8 billion, while commitments were $4.2 billion. This drove a $2.0 billion or 12% increase in C&I loans to $18.6 billion compared to the previous quarter.

"We also generated net deposit growth of $689 million, all of which was driven by core deposits. More importantly, $706 million of this quarter's deposit growth was C&I lending-related, as we have broadened our customer relationships in that key business.

"The net interest margin was relatively consistent with the prior quarter, while we reduced our cost of deposits by five basis points and our overall cost of funds by seven basis points. Additionally, we continued to pay down our wholesale borrowings, further strengthening our funding base.

"Also contributing to our improved operating performance was our continued focus on expense management, as operating expenses declined 3%, driving positive operating leverage of 7%.

"Our credit quality trends remained relatively stable during the quarter. While we did see a modest increase in total non-accrual loans, the overall level of criticized and classified loans decreased, driven mainly by a 6% decline in substandard loans.

"Importantly, we continue to maintain a strong capital position, with a CET1 capital ratio of 13.16% at the end of the quarter. This level of capital provides meaningful financial flexibility to support balance sheet growth, invest in our franchise, and return capital to shareholders over time. On that note, this morning we also announced the adoption of a $250 million share repurchase program. This reflects the tremendous progress we have made in executing on our strategic plan, the strength of our capital position and the positive long-term outlook for the Bank. We believe that returning capital to our shareholders through a stock buyback represents a compelling and disciplined use of our excess capital at this time.

"Overall, we believe the progress we have made over the past several quarters demonstrates the effectiveness of our strategy and positions the Bank well to deliver sustainable long-term shareholder value."

BALANCE SHEET SUMMARY

(dollars in millions)

June 30, 2026

March 31, 2026

Compare

Total loans and leases held for investment

$    60,987

$      60,425

1 %

Total assets

87,714

87,129

1 %

Total deposits

67,521

66,832

1 %

Total borrowed funds

10,937

11,186

-2 %

Linked-Quarter Comparison

Total assets increased $0.6 billion or 1% to $87.7 billion driven by loan growth and an increase in securities, partially offset by a decline in cash balances. Total loans and leases held for investment ("HFI") were $61.0 billion, up $0.6 billion or 1% (up 4% annualized); driven by solid growth in the C&I portfolio, partially offset by a decline in the multi-family and CRE portfolios as a result of our continued strategy of diversifying the loan portfolio. During the second quarter, we delivered broad-based loan growth across our C&I platform, while our CRE portfolio declined as part of our ongoing strategic balance sheet de-risking efforts. Total C&I loans increased $2.0 billion or 12% to $18.6 billion driven primarily by growth within Specialized Industries and Corporate & Regional Commercial Banking. Specialized Industries Banking loans increased $1,675 million or 34%. Corporate & Regional Commercial Banking increased $375 million or 18%. The CRE portfolio continued to decline with the combined multi-family and CRE portfolios declining $1.5 billion or 4% to $35.2 billion. Total CRE par payoffs totaled $1.1 billion, unchanged compared to first quarter. CRE concentration improved to 350% compared to 367%. Total deposits were $67.5 billion, up $0.7 billion or 1%, driven by increases in interest-bearing checking and money market accounts, which increased 6%, while all other categories each declined 1%. Total borrowed funds declined $0.2 billion or 2% to $10.9 billion. Wholesale borrowings, consisting of Federal Home Loan Bank of New York ("FHLB-NY") advances accounted for all of this decline and totaled $9.9 billion, down $250 million or 2%. EARNINGS SUMMARY FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026

Net Interest Income, Net Interest Margin, and Average Balance Sheet

Net Interest Income

Second quarter 2026 net interest income totaled $440 million compared to $443 million, down $3 million or 1% compared to first quarter 2026 but rose $21 million or 5% compared to second quarter 2025.

For the first six months of 2026, net interest income increased $54 million or 7% to $0.9 billion compared to $0.8 billion for the first six months of 2025.

Linked-Quarter Comparison

Average interest-earnings assets decreased $0.3 billion or 0.3% to $83.1 billion as a result of lower average cash balances, partially offset by growth in average loans and average securities. Average interest-bearing liabilities declined $0.1 billion or 0.2% to $65.4 billion, average borrowed funds declined 10% partially offset by a 2% increase in average interest-bearing deposits. The net interest margin decreased 2 basis points to 2.13% due to a lower average cost of funds, more than offset by a lower average asset yield. Excluding the impact from the extra day in the quarter, the net interest margin would have been 2.16%. Year-Over-Year Comparison

Average interest-earning assets decreased 11% to $83.1 billion, driven by lower average cash balances due to balance sheet deleveraging. Average loans and average cash balances both declined, offset by growth in the investment securities portfolio. Average interest-bearing liabilities decreased 12% or $8.8 billion to $65.4 billion with average deposits declining 8% to $55.2 billion as the Bank significantly reduced brokered deposits throughout 2025. Average borrowings declined 27% or $3.8 billion to $10.3 billion as the Bank continued to pay down wholesale borrowings. The net interest margin increased 32 basis points driven by a lower cost of deposits and borrowings, partially offset by lower earning asset yields. Year-to-Date Comparison

Average interest-earning assets declined $11.1 billion or 12% to $83.2 billion primarily due to lower average loan balances, down 9%, as we reduced CRE loans and lower average cash balances, down 60%, due to balance sheet deleveraging, partially offset by a 20% increase in average securities balances. Average interest-bearing liabilities decreased $9.7 billion or 13% to $65.5 billion due to reduction in average borrowings, down 24%, and a 10% decrease in average deposits, as we reduced higher cost funding, including brokered CDs and wholesale borrowings. The net interest margin increased 37 basis points to 2.14% due to a 65 basis point improvement in the average cost of funds. Provision for Credit Losses

Linked-Quarter Comparison

For the second quarter 2026, we reported a provision for credit losses of $18 million compared to no provision in first quarter 2026. The increase was primarily driven by growth in the C&I portfolio, higher charge-offs and updates to assumptions related to recent New York City rent-regulated multi-family developments, partially offset by strategic reductions in the multi-family and CRE portfolios. Net charge-offs for the second quarter 2026 totaled $100 million, up $22 million or 28%. Net charge-offs on an annualized basis represented 0.66% of average loans outstanding, compared to 0.52% for first quarter 2026. Year-Over-Year Comparison

The provision for credit losses decreased $46 million or 72% primarily due to the continued decline in multi-family and CRE loan balances. Net charge-offs declined $17 million or 15%. Year-to-Date Comparison

For the first six months of 2026, the provision for credit losses totaled $18 million compared to $143 million for the first six months of 2025, down $125 million or 87%.  The decrease was primarily due to strategic reductions in the multi-family and CRE portfolios and lower net charge-offs. Net charge-offs totaled $178 million compared to $232 million. Net charge-offs represented 0.59% of average loans outstanding compared to 0.70%. Pre-Provision Net Revenue

The table below details the Bank's pre-provision net revenue ("PPNR") and PPNR, as adjusted, which are non-GAAP measures, for the periods noted:

June 30, 2026

For the Three Months Ended

compared to:

(dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

March 31, 2026

June 30, 2025

Net interest income

$        440

$          443

$        419

-1 %

5 %

Non-interest income

76

55

77

38 %

-1 %

Total revenues

$        516

$          498

$        496

4 %

4 %

Total non-interest expense

450

466

513

-3 %

-12 %

Pre - provision net revenue/(loss) (non-GAAP)

$         66

$           32

$        (17)

NM

NM

Merger-related expenses

—

—

14

NM

NM

Severance

—

—

2

NM

-100 %

Lease cost acceleration related to closing branches

—

—

7

NM

NM

Trailing mortgage sale costs with Mr. Cooper

—

—

3

NM

NM

Net (gain) loss on investment security

(4)

9

—

NM

NM

Pre - provision net revenue/(loss), as adjusted (non-GAAP)(1)

$         62

$           41

$          9

51 %

NM

(1) Amounts may not foot as a result of rounding.

For second quarter 2026, PPNR totaled $66 million compared to PPNR of $32 million for first quarter 2026 and a pre-provision net loss of $17 million for second quarter 2025.

Linked-Quarter Comparison

Second quarter PPNR was $66 million compared to $32 million, up 106%. Excluding the impact from the Figure Investment in both quarters would have resulted in a PPNR of $62 million compared to $41 million up 51%. Majority of the increase was due to a decline in non-interest expenses, down 3%. Year-Over-Year Comparison

Second quarter 2026 PPNR increased $83 million compared to a pre-provision net loss of $17 million in the year-ago quarter. Excluding the impact from the Figure Investment and several other one-time items in the year ago quarter, adjusted PPNR was $62 million compared to $9 million in the year-ago quarter. Majority of the increase was due to lower non-interest expense and higher net interest income.
For the Six Months Ended

(dollars in millions)

June 30, 2026

June 30, 2025

% Change

Net interest income

$                     883

$                 829

7 %

Non-interest income

131

157

-17 %

Total revenues

$                   1,014

$                 986

3 %

Total non-interest expense

916

1,045

-12 %

Pre - provision net revenue / (loss) (non-GAAP)

$                      98

$                 (59)

NM

Merger-related expenses

—

22

-100 %

Severance

—

2

-100 %

Lease cost acceleration related to closing branches

—

12

-100 %

Trailing mortgage sale costs with Mr. Cooper

—

8

-100 %

Net loss on investment security

5

—

NM

Pre - provision net revenue/(loss), as adjusted (non-GAAP)

$                    103

$                 (15)

NM

Year-to-Date Comparison

PPNR was $98 million compared to pre-provision net loss of $59 million. The first six months of 2026 PPNR included a $5 million loss related to the Figure Investment. As adjusted, pre-provision net revenue was $103 million for the first six months of 2026 compared to a pre-provision net loss of $15 million for the first six months of 2025, which excludes $22 million of merger-related expenses, $2 million in severance, $12 million in lease cost acceleration, and $8 million in trailing mortgage sale costs. Non-Interest Income

June 30, 2026

For the Three Months Ended

compared to:

(dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

March 31, 2026

June 30, 2025

Fee income

$26

$23

$22

13 %

18 %

Bank-owned life insurance

13

10

10

30 %

30 %

Net gain (loss) on investment securities

4

(9)

—

NM

NM

Net gain on loan sales and securitizations

4

5

6

-20 %

-33 %

Other income

28

26

39

8 %

-28 %

Total non-interest income

$76

$55

$77

38 %

-1 %

Impact of Adjustments:

Net (gain) loss on investment security

(4)

9

—

NM

NM

Adjusted noninterest income (non-GAAP)

$72

$64

$77

13 %

-6 %

Non-interest income in second quarter 2026 was $76 million, up $21 million or 38% compared to $55 million in first quarter 2026 and down $1 million or 1% compared to second quarter 2025.

Linked-Quarter Comparison

Second quarter 2026 adjusted non-interest income increased $8 million or 13%, excluding the impact from the Figure Investment. Quarter-over-quarter improvement was driven by increases in fee income, driven by increased treasury management and capital markets income, BOLI, and other income. Year-Over-Year Comparison

Second quarter 2026 adjusted non-interest income declined $5 million or 6%, excluding the impact from the Figure Investment. The year-over-year decline was a result of lower net gain on loan sales income and other income. This was due to the sale of the Bank's mortgage servicing and third-party origination business, offset by higher levels of fee income and BOLI.
For the Six Months Ended

(dollars in millions)

June 30, 2026

June 30, 2025

% Change

Fee income

$49

$44

11 %

Bank-owned life insurance

23

20

15 %

Net gain (loss) on investment securities

(5)

—

NM

Net return on mortgage servicing rights

—

—

NM

Net gain on loan sales and securitizations

9

19

-53 %

Net loan administration income

1

5

-80 %

Other income

54

69

-22 %

Total non-interest income

$131

$157

-17 %

Impact of Notable Item:

Net (gain) loss on investment security

5

—

NM

Adjusted noninterest income (non-GAAP)

$136

$157

-13 %

For the first six months of 2026, non-interest income totaled $131 million compared to $157 million for the first six months of 2025.

Year-to-Date Comparison

For the first six months of 2026, non-interest income includes the aforementioned $5 million net loss on the sale of our Figure Investment. As adjusted, non-interest income for the first six months of 2026 was $136 million compared to $157 million for the first six months of 2025, a $21 million or 13% decline. The year-over-year decline was driven by a decline in the net gain on loan sales and securitizations and a decrease in other income. This was partially offset by an increase in fee income. Non-Interest Expense

June 30, 2026

For the Three Months Ended

compared to:

(dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

March 31, 2026

June 30, 2025

Operating expenses:

Compensation and benefits

$220

$228

$237

-4 %

-7 %

Occupancy and equipment

46

50

53

-8 %

-13 %

Software expense

49

47

38

4 %

29 %

FDIC insurance

30

30

49

— %

-39 %

Professional services

19

22

23

-14 %

-17 %

General and administrative

63

64

72

-2 %

-13 %

Total operating expenses

427

441

472

-3 %

-10 %

Intangible asset amortization

23

25

27

-8 %

-15 %

Merger-related expense

—

—

14

NM

NM

Total non-interest expense

$450

$466

$513

-3 %

-12 %

Impact of Adjustments:

Total operating expenses

$427

$441

$472

-3 %

-10 %

Severance

—

—

(2)

NM

-100 %

Lease cost acceleration related to closing branches

—

—

(7)

NM

NM

Trailing mortgage sale costs with Mr. Cooper

—

—

(3)

NM

NM

Adjusted operating expenses (non-GAAP)

$427

$441

$460

-3 %

-7 %

Second quarter 2026 operating expenses were $427 million compared to $441 million in first quarter 2026, down $14 million or 3%, and they declined $45 million or 10% compared to second quarter 2025.

Linked-Quarter Comparison

Adjusted operating expenses decreased $14 million or 3%. The main drivers were decreases in compensation and benefits, occupancy and equipment, and professional fees. Year-Over-Year Comparison

Adjusted operating expenses decreased $33 million or 7%. Main drivers were decreases in FDIC insurance expense, compensation and benefits, professional services, and general and administrative expense.
For the Six Months Ended

(dollars in millions)

June 30, 2026

June 30, 2025

% Change

Operating expenses:

Compensation and benefits

$448

$481

-7 %

Occupancy and equipment

96

108

-11 %

Software expense

96

80

20 %

FDIC insurance

60

99

-39 %

Professional services

41

49

-16 %

General and administrative

127

151

-16 %

Total operating expenses

868

968

-10 %

Intangible asset amortization

48

55

-13 %

Merger-related expenses

—

22

-100 %

Total non-interest expense

$916

$1,045

-12 %

Impact of Notable Items:

Total operating expenses

$868

$968

-10 %

Severance

—

(2)

-100 %

Lease cost acceleration related to closing branches

—

(12)

-100 %

Trailing mortgage sale costs with Mr. Cooper

—

(8)

-100 %

Adjusted operating expenses (non-GAAP)

$868

$946

-8 %

For the first six months of 2026, operating expenses totaled $868 million, down $100 million or 10% compared to the first six months of 2025.

Year-to-Date Comparison

The first six months of 2025 results include a number of notable items, including $22 million in merger expenses, $2 million in severance costs, $12 million of lease cost acceleration, and $8 million in trailing mortgage sale costs. As adjusted for these items operating expenses for the first six months of 2026 were $868 million compared to $946 million for first six months of 2025, down $78 million or 8%. On an adjusted basis, the year-over-year improvement was primarily driven by decreases in compensation and benefits expense, FDIC insurance expense, general and administrative expense, and occupancy and equipment expense. Income Taxes

Linked-Quarter Comparison

For the second quarter 2026, the Bank reported income tax expense of $14 million compared to a tax expense of $11 million for the first quarter 2026. The effective tax rate for the second quarter 2026 was 28.2% compared to 34.9% for the first quarter 2026. Year-Over-Year Comparison

For the second quarter 2026, the Bank reported income tax expense of $14 million compared to a tax benefit of $11 million for the second quarter 2025. The effective tax rate for the second quarter 2026 was 28.2% compared to 12.9% for the second quarter 2025. Year-to-Date Comparison

For the first six months of 2026, the Bank reported an income tax expense of $25 million compared to an income tax benefit of $32 million for the first six months of 2025.  The effective tax rate for the first six months of 2026 was 30.9% compared to 15.9% for the first six months of 2025. CREDIT QUALITY

June 30, 2026

As of

compared to:

(dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

March 31, 2026

June 30, 2025

Total non-accrual loans held for investment

$2,800

$2,675

$3,180

5 %

-12 %

Non-accrual held for investment loans to total loans held for investment

4.59 %

4.43 %

4.96 %

4 %

-7 %

Non-accrual held for investment loans and repossessed assets ("NPAs") to total assets

3.20 %

3.08 %

3.46 %

4 %

-7 %

Allowance for credit losses on loans and leases

$869

$954

$1,106

-9 %

-21 %

Total ACL, including on unfunded commitments

$925

$1,007

$1,162

-8 %

-20 %

ACL % of total loans held for investment

1.42 %

1.58 %

1.72 %

-15 bps

-30 bps

Total ACL % of total loans held for investment

1.52 %

1.67 %

1.81 %

-15 bps

-30 bps

ACL on loans and leases % of NPLs

31 %

36 %

35 %

-13 %

-11 %

Total ACL % of NPLs

33 %

38 %

37 %

-12 %

-10 %

Non-Accrual Loans

At June 30, 2026, total non-accrual loans, including held-for-sale, were $2,805 million, up $123 million or 5% compared to $2,682 million at March 31, 2026, but down $379 million or 12% compared to June 30, 2025. Total non-accrual loans HFI to total loans HFI were 4.59% at June 30, 2026 compared to 4.43% at March 31, 2026 and 4.96% at June 30, 2025.

Linked-Quarter Comparison

Multi-family non-accrual loans increased 5%, while CRE non-accrual loans rose 7%. NPAs to total assets rose 12 basis points to 3.20%. Year-Over-Year Comparison

Multi-family non-accrual loans declined 11% and CRE non-accrual loans declined 16%, reflecting ongoing proactive workout and resolution strategies. NPAs to total assets improved 26 basis points. Total Allowance for Credit Losses

The total allowance for credit losses including the allowance for unfunded commitments was $925 million at June 30, 2026 compared to $1,007 million at March 31, 2026 and $1,162 million at June 30, 2025. The total allowance for credit losses on loans and leases at June 30, 2026 was $869 million compared to $954 million at March 31, 2026 and $1,106 million at June 30, 2025. The decrease was primarily due to charged-off loans which had specific reserves and pay offs in our multi-family and CRE portfolios, partially offset by growth in our C&I portfolio.

The total allowance for credit losses to total loans HFI at June 30, 2026 was 1.52% compared to 1.67% at March 31, 2026 and 1.81% at June 30, 2025. The total allowance for credit losses on loans and leases to total loans HFI was 1.42% at June 30, 2026 compared to 1.58% at March 31, 2026 and 1.72% at June 30, 2025.

CAPITAL POSITION

The Bank's regulatory capital ratios continue to exceed regulatory minimums to be classified as "Well Capitalized," the highest regulatory classification. The table below depicts the Bank's regulatory capital ratios at those respective periods.

June 30, 2026

March 31, 2026

December 31, 2025

REGULATORY CAPITAL RATIOS: (1)

Common equity tier 1 ratio

13.16 %

13.23 %

12.83 %

Tier 1 risk-based capital ratio

13.99 %

14.08 %

13.66 %

Total risk-based capital ratio

16.58 %

16.68 %

16.23 %

Leverage capital ratio

9.70 %

9.61 %

9.22 %

(1)

The minimum regulatory requirements for classification as a well-capitalized institution are a common equity tier 1 capital ratio of 6.5%; a tier one risk-based capital ratio of 8.00%; a total risk-based capital ratio of 10.00%; and a leverage capital ratio of 5.00%.

Flagstar Bank, N.A.

Flagstar Bank, N.A. is one of the largest regional banks in the country and is headquartered in Hicksville, New York. At June 30, 2026, the Bank had $87.7 billion of assets, $61.2 billion of loans, deposits of $67.5 billion, and total stockholders' equity of $8.1 billion. Flagstar Bank, N.A. operates approximately 340 locations across nine states, with strong footholds in the greater New York/New Jersey metropolitan region and in the upper Midwest, along with a significant presence in fast-growing markets in Florida and the West Coast.

Post-Earnings Release Conference Call

The Bank will host a conference call on July 24, 2026 at 8:00 a.m. (Eastern Time) to discuss its second quarter 2026 performance. The conference call may be accessed by dialing (888) 596-4144 (for domestic calls) or (646) 968-2525 (for international calls) and providing the following conference ID: 5857240. The live webcast will be available at ir.flagstar.com under Events.

A replay will be available approximately three hours following completion of the call through 11:59 p.m. on July 28, 2026 and may be accessed by calling (800) 770-2030 (domestic) or (609) 800-9909 (international) and providing the following conference ID: 5857240. In addition, the conference call will be webcast at ir.flagstar.com and archived through 5:00 p.m. on August 21, 2026.

Investor Contact:  Salvatore J. DiMartino  (516) 683-4286

Media Contact:  Jessica Torchia  (248) 312-6451

Cautionary Statements Regarding Forward-Looking Language

This earnings release and the associated conference call may include forward‐looking statements by us and our authorized officers pertaining to such matters as our goals, beliefs, intentions, and expectations regarding, among other things: (a) revenues, earnings, loan production, asset quality, liquidity position, capital levels, risk analysis, divestitures, acquisitions, and other material transactions, among other matters; (b) the future costs and benefits of the actions we may take; (c) our assessments of credit risk and probable losses on loans and associated allowances and reserves; (d) our assessments of interest rate and other market risks; (e) our ability to achieve profitability goals within projected timeframes and to execute on our strategic plan, including the sufficiency of our internal resources, procedures and systems; (f) our ability to execute our capital management strategies, including our ability to complete our current stock repurchase program and to implement future stock repurchase programs; (g) our ability to attract, incentivize, and retain key personnel and the roles of key personnel; (h) our ability to achieve our financial and other strategic goals, including those related to our recent holding company reorganization, which was completed in October 2025 (the "Reorganization"), our merger with Flagstar Bancorp, Inc., which was completed in December 2022, our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, which was completed in March 2023, and our ability to comply with the heightened regulatory standards with respect to governance and risk management programs to which we are subject as a national bank with assets of $50 billion or more; (i) the impact of the $1.05 billion capital raise we completed in March 2024; (j) the conversion or exchange of shares of our preferred stock; (k) the payment of dividends on shares of our capital stock, including adjustments to the amount of dividends payable on shares of our preferred stock; (l) the dilution of existing equity holders associated with future equity awards and stock issuances; (m) the effects of the reverse stock split we effected in July 2024; and (n) the impact of the 2024 sale of our mortgage servicing operations, third party mortgage loan origination business, and mortgage warehouse business.

Forward‐looking statements are typically identified by such words as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "should," "confident," and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward‐looking statements speak only as of the date they are made; we do not assume any duty, and do not undertake, to update our forward‐looking statements. Furthermore, because forward‐looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in our statements, and our future performance could differ materially from our historical results.

Our forward‐looking statements are subject to, among others, the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities, credit and financial markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of our loan or investment portfolios, including associated allowances and reserves; changes in future allowance for credit losses, including changes required under relevant accounting and regulatory requirements; the ability to pay future dividends; the ability to implement future stock repurchase programs, which are subject to the approval of the Board of Directors and other various factors, including the Bank's liquidity, capital position, and financial performance, accounting, and regulatory considerations as well as general market conditions; changes in our capital management and balance sheet strategies and our ability to successfully implement such strategies; our ability to achieve the anticipated benefits of the Reorganization; changes in our Board of Directors and our executive management team; changes in our strategic plan, including changes in our internal resources, procedures and systems, and our ability to successfully implement such plan; changes in competitive pressures among financial institutions or from non‐financial institutions; changes in legislation, regulations, and policies; changes relating to rent regulation and housing, including recent legislative action in New York City to freeze rents on certain rent-regulated properties; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the outcome of federal, state, and local elections and the resulting economic and other impact on the areas in which we conduct business; the impact of changing political conditions or federal government shutdowns; the imposition of restrictions on our operations by bank regulators; the outcome of pending or threatened litigation, or of investigations or any other matters before regulatory agencies, whether currently existing or commencing in the future; our ability to comply with heightened regulatory standards with respect to governance and risk management programs to which we are subject as a national bank with assets of $50 billion or more; the restructuring of our mortgage business; our ability to achieve anticipated cost savings and enhanced efficiencies with respect to our balance sheet and expense reduction strategies; the impact of failures or disruptions in or breaches of our operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the impact of natural disasters, extreme weather events, civil unrest, international military conflict, terrorism or other geopolitical events; and a variety of other matters which, by their nature, are subject to significant uncertainties and/or are beyond our control. Our forward-looking statements are also subject to the following principal risks and uncertainties with respect to our merger with Flagstar Bancorp, which was completed in December 2022, and our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, which was completed in March 2023: the possibility that the anticipated benefits of the transactions will not be realized when expected or at all; the possibility of increased legal and compliance costs, including with respect to any litigation or regulatory actions related to the business practices of acquired companies or the combined business; diversion of management's attention from ongoing business operations and opportunities; the possibility that we may be unable to achieve expected synergies and operating efficiencies in or as a result of the transactions within the expected timeframes or at all; and revenues following the transactions may be lower than expected.

More information regarding some of these factors is provided in the Risk Factors section of our Annual Report on Form 10‐K for the year ended December 31, 2025, and in other reports we file with the Office of the Comptroller of the Currency (the "OCC") and voluntarily file with the Securities and Exchange Commission (the "SEC"), and which are also available on our Investor Relations website. Our forward‐looking statements may also be subject to other risks and uncertainties, including those we may discuss in this news release, on our conference call, during investor presentations, or in our securities disclosure filings. All such files are accessible on our website at ir.flagstar.com, on the OCC's website at www.occ.gov, and on the SEC's website at www.sec.gov.

- Financial Statements and Highlights Follow -

FLAGSTAR BANK, N.A.

CONSOLIDATED STATEMENTS OF CONDITION

(unaudited)

June 30, 2026

compared to

(dollars in millions)

June 30, 2026

March 31, 2026

December 31, 2025

March 31, 2026

December 31, 2025

Assets

Cash and due from banks

$         416

$        401

$          553

4 %

-25 %

Interest-earning deposits and other securities with financial institutions

4,692

6,605

5,341

-29 %

-12 %

Total cash and cash equivalents

5,108

7,006

5,894

-27 %

-13 %

Securities:

Debt securities available-for-sale

16,553

14,514

15,701

14 %

5 %

Equity investments with readily determinable fair values, at fair value

14

56

65

-75 %

-78 %

Total securities

16,567

14,570

15,766

14 %

5 %

Loans held for sale

208

233

265

-11 %

-22 %

Loans and leases held for investment:

Multi-family

26,931

27,863

28,983

-3 %

-7 %

Commercial real estate

8,244

8,833

9,314

-7 %

-11 %

One-to-four family first mortgage

5,767

5,640

5,630

2 %

2 %

Commercial and industrial

18,563

16,568

15,217

12 %

22 %

Other loans

1,482

1,521

1,588

-3 %

-7 %

Total loans and leases held for investment

60,987

60,425

60,732

1 %

— %

Less: Allowance for credit losses on loans and leases

(869)

(954)

(1,030)

-9 %

-16 %

Total loans and leases held for investment, net

60,118

59,471

59,702

1 %

1 %

Premises and equipment, net

472

474

477

— %

-1 %

Core deposit and other intangibles

333

356

381

-6 %

-13 %

Other assets

4,908

5,019

5,027

-2 %

-2 %

Total assets

$      87,714

$     87,129

$       87,512

1 %

— %

Liabilities and Stockholders' Equity

Deposits:

Interest-bearing checking and money market accounts

$      20,477

$     19,310

$       18,233

6 %

12 %

Savings accounts

14,836

15,005

14,864

-1 %

— %

Certificates of deposit

20,477

20,719

20,843

-1 %

-2 %

Non-interest-bearing accounts

11,731

11,798

12,060

-1 %

-3 %

Total deposits

67,521

66,832

66,000

1 %

2 %

Borrowed funds:

Wholesale borrowings

9,901

10,151

11,151

-2 %

-11 %

Junior subordinated debentures

587

586

585

— %

— %

Subordinated notes

449

449

448

— %

— %

Total borrowed funds

10,937

11,186

12,184

-2 %

-10 %

Other liabilities

1,115

990

1,184

13 %

-6 %

Total liabilities

79,573

79,008

79,368

1 %

— %

Mezzanine equity:

Preferred stock - Series B

1

1

1

— %

— %

Stockholders' equity:

Preferred stock - Series A and D

503

503

503

— %

— %

Common stock

4

4

4

— %

— %

Paid-in capital in excess of par

9,299

9,288

9,303

— %

— %

Retained earnings

(958)

(980)

(988)

-2 %

-3 %

Treasury stock, at cost

(161)

(167)

(190)

-4 %

-15 %

Accumulated other comprehensive loss, net of tax:

(547)

(528)

(489)

4 %

12 %

Total stockholders' equity

8,140

8,120

8,143

— %

— %

Total liabilities, Mezzanine and Stockholders' Equity

$      87,714

$     87,129

$       87,512

1 %

— %

FLAGSTAR BANK, N.A.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(unaudited)

June 30, 2026

For the Three Months Ended

compared to

June 30, 2026

March 31, 2026

June 30, 2025

March 31, 2026

June 30, 2025

(dollars in millions, except per share data)

Interest Income:

Loans and leases

$         751

$        754

$         840

— %

-11 %

Securities and money market investments

225

230

303

-2 %

-26 %

Total interest income

976

984

1,143

-1 %

-15 %

Interest Expense:

Interest-bearing checking and money market accounts

126

114

162

11 %

-22 %

Savings accounts

97

101

110

-4 %

-12 %

Certificates of deposit

201

203

287

-1 %

-30 %

Borrowed funds

112

123

165

-9 %

-32 %

Total interest expense

536

541

724

-1 %

-26 %

Net interest income

440

443

419

-1 %

5 %

Provision for credit losses

18

—

64

NM

-72 %

Net interest income after provision for credit losses

422

443

355

-5 %

19 %

Non-Interest Income:

Fee income

26

23

22

13 %

18 %

Bank-owned life insurance

13

10

10

30 %

30 %

Net gain (loss) on investment securities

4

(9)

—

NM

NM

Net gain on loan sales and securitizations

4

5

6

-20 %

-33 %

Net loan administration income (loss)

1

—

1

NM

— %

Other income

28

26

38

8 %

-26 %

Total non-interest income

76

55

77

38 %

-1 %

Non-Interest Expense:

Operating expenses:

Compensation and benefits

220

228

237

-4 %

-7 %

Occupancy and equipment

46

50

53

-8 %

-13 %

Software expense

49

47

38

4 %

29 %

FDIC insurance

30

30

49

— %

-39 %

Professional services

19

22

23

-14 %

-17 %

General and administrative

63

64

72

-2 %

-13 %

Total operating expenses

427

441

472

-3 %

-10 %

Intangible asset amortization

23

25

27

-8 %

-15 %

Merger-related expenses

—

—

14

NM

-100 %

Total non-interest expense

450

466

513

-3 %

-12 %

Income (loss) before income taxes

48

32

(81)

50 %

NM

Income tax expense (benefit)

14

11

(11)

27 %

NM

Net income (loss)

34

21

(70)

62 %

NM

Preferred stock dividends

8

8

8

— %

— %

Net income (loss) attributable to common stockholders

$           26

$         13

$          (78)

100 %

NM

Basic earnings (loss) per common share

$         0.06

$       0.03

$        (0.19)

100 %

NM

Diluted earnings (loss) per common share

$         0.06

$       0.03

$        (0.19)

100 %

NM

Dividends per common share

$         0.01

$       0.01

$         0.01

— %

— %

FLAGSTAR BANK, N.A.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(unaudited)

For the Six Months Ended

June 30, 2026

June 30, 2025

Compare

(dollars in millions, except per share data)

Interest Income:

Loans and leases

$        1,505

$        1,700

-11 %

Securities and money market investments

455

607

-25 %

Total interest income

1,960

2,307

-15 %

Interest Expense:

Interest-bearing checking and money market accounts

240

329

-27 %

Savings accounts

198

221

-10 %

Certificates of deposit

404

595

-32 %

Borrowed funds

235

333

-29 %

Total interest expense

1,077

1,478

-27 %

Net interest income

883

829

7 %

Provision for credit losses

18

143

-87 %

Net interest income after provision for credit losses

865

686

26 %

Non-Interest Income:

Fee income

49

44

11 %

Bank-owned life insurance

23

20

15 %

Net loss on investment securities

(5)

—

NM

Net gain on loan sales and securitizations

9

19

-53 %

Net loan administration income

1

5

-80 %

Other income

54

69

-22 %

Total non-interest income

131

157

-17 %

Non-Interest Expense:

Operating expenses:

Compensation and benefits

448

481

-7 %

Occupancy and equipment

96

108

-11 %

Software expenses

96

80

20 %

FDIC insurance

60

99

-39 %

Professional services

41

49

-16 %

General and administrative

127

151

-16 %

Total operating expenses

868

968

-10 %

Intangible asset amortization

48

55

-13 %

Merger-related expenses

—

22

-100 %

Total non-interest expense

916

1,045

-12 %

Income (loss) before income taxes

80

(202)

NM

Income tax expense (benefit)

25

(32)

NM

Net income (loss)

55

(170)

NM

Preferred stock dividends

16

16

— %

Net income (loss) attributable to common stockholders

$           39

$        (186)

NM

Basic earnings (loss) per common share

$         0.09

$        (0.45)

NM

Diluted earnings (loss) per common share

$         0.08

$        (0.45)

NM

Dividends per common share

$         0.02

$         0.02

— %

FLAGSTAR BANK, N.A.
RECONCILIATIONS OF CERTAIN GAAP AND NON-GAAP FINANCIAL MEASURES

In addition to GAAP measures, management considers various non-GAAP measures when evaluating the performance of the business. 

We believe that non-interest income, operating expenses, pre-provision net (loss) revenue (which includes both non-interest income and non-interest expense), net income (loss), net income (loss) attributed to common stockholders, diluted earnings (loss) per share, the net interest margin, and our efficiency ratio as adjusted for items that we believe are not indicative of core operating results, such as but not limited to merger and restructuring expenses, litigation settlement expenses related to cases prior to the acquisition of Flagstar Bank, NA, fair value adjustments on non-core equity investments, as well as adjustments for severance and impairment charges and other exit costs resulting from strategic shifts in our operations provide valuable insights to investors by highlighting our underlying performance.  These non-GAAP metrics also facilitate meaningful comparisons to other financial institutions, as they are widely used and frequently referenced by investors and analysts.

We believe average tangible common stockholders' equity, tangible common stockholders' equity, average tangible assets and tangible book value per share are important measures for evaluating the performance of the business without the impact of our intangible assets.  These non-GAAP metrics also provide investors with important indications regarding our ability to grow the business, our ability to pay dividends as well as engage in capital strategies in addition to facilitating meaningful comparisons to other financial institutions, as they are widely used and frequently referenced by investors and analysts.

These non-GAAP measures should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP.  Moreover, the way we calculate these non-GAAP measures may differ from that of other companies reporting non-GAAP measures with similar names. The following tables reconcile the above the non-GAAP financial measures we use to their comparable GAAP financial measures, to the extent not reconciled earlier in this earnings release, for the stated periods:

At or for the

Three Months Ended,

Six Months Ended,

(dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Total Stockholders' Equity

$      8,140

$        8,120

$     8,095

$     8,140

$     8,095

Less: Core deposit and other intangible assets

(333)

(356)

(433)

(333)

(433)

Less: Preferred stock - Series A and D

(503)

(503)

(503)

(503)

(503)

Tangible common stockholders' equity

$      7,304

$        7,261

$     7,159

$     7,304

$     7,159

Total Stockholders' Equity

$      8,140

$        8,120

$     8,095

$     8,140

$     8,095

Less: Preferred stock

$       (503)

$         (503)

$      (503)

$     (503)

$     (503)

Common stockholders' equity

$      7,637

$        7,617

$     7,592

$     7,637

$     7,592

Total Assets

$     87,714

$       87,129

$    92,237

$   87,714

$   92,237

Less: Core deposit and other intangible assets

(333)

(356)

(433)

(333)

(433)

Tangible Assets

$     87,381

$       86,773

$    91,804

$   87,381

$   91,804

Average common stockholders' equity

$      7,670

$        7,694

$     7,486

$     7,681

$     7,592

Less: Other intangible assets

(349)

(373)

(450)

$     (361)

$     (464)

Average tangible common stockholders' equity

$      7,321

$        7,321

$     7,036

$     7,320

$     7,128

Average Assets

$     86,694

$       87,057

$    96,710

$   86,874

$   97,902

Less: Core deposit and other intangible assets

(349)

(373)

(450)

(361)

(464)

Average tangible assets

$     86,345

$       86,684

$    96,260

$   86,513

$   97,438

GAAP MEASURES:

Return (loss) on average assets (1)

0.16 %

0.10 %

(0.29) %

0.13 %

(0.35) %

Return (loss) on average common stockholders' equity (2)

1.37 %

0.66 %

(4.20) %

1.01 %

(4.92) %

Book value per common share

$      18.31

$        18.28

$     18.28

$     18.31

$     18.28

Common stockholders' equity to total assets

8.71 %

8.74 %

8.23 %

8.71 %

8.23 %

NON-GAAP MEASURES:

Return (loss) on average tangible assets (1)

0.15 %

0.13 %

(0.21) %

0.14 %

(0.28) %

Return (loss) on average tangible common stockholders' equity (2)

1.29 %

1.04 %

(3.41) %

1.16 %

(4.33) %

Tangible book value per common share

$      17.51

$        17.42

$     17.24

$     17.51

$     17.24

Tangible common stockholders' equity to tangible assets

8.36 %

8.37 %

7.80 %

8.36 %

7.80 %

(1)

To calculate return on average assets for a period, we divide net income, or non-GAAP net income, generated during that period by average assets recorded during that period. To calculate return on average tangible assets for a period, we divide net income by average tangible assets recorded during that period.

(2)

To calculate return on average common stockholders' equity for a period, we divide net income attributable to common stockholders, or non-GAAP net income attributable to common stockholders, generated during that period by average common stockholders' equity recorded during that period. To calculate return on average tangible common stockholders' equity for a period, we divide net income attributable to common stockholders generated during that period by average tangible common stockholders' equity recorded during that period.

For the Three Months Ended

For the Six Months Ended

(dollars in millions, except per share data)

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net income (loss) - GAAP

$         34

$            21

$        (70)

$         55

$       (170)

Merger-related expenses(1)

—

—

14

—

22

Severance

—

—

2

—

2

Lease cost acceleration related to closing branches

—

—

7

—

12

Trailing mortgage sale costs with Mr. Cooper

—

—

3

—

8

Net (gain) loss on investment security

(4)

9

—

5

—

Total adjustments

$         (4)

$             9

$         25

$          5

$         44

Tax effect on adjustments

1

(2)

(7)

(1)

(11)

Net income (loss), as adjusted - non-GAAP

$         31

$            28

$        (52)

$         59

$       (138)

Preferred stock dividends

8

8

8

16

16

Net income (loss) attributable to common stockholders, as adjusted - non-GAAP

$         23

$            20

$        (60)

$         43

$       (153)

(1)

Certain merger-related items are not taxable or deductible.

(2)

Amounts may not foot as a result of rounding.

For the Three Months Ended

For the Six Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Amount

Per Share

Amount

Per Share

Amount

Per Share

Amount

Per Share

Amount

Per Share

Diluted Earnings (Loss) Per Share - GAAP

$26

$0.06

$13

$0.03

$(78)

$(0.19)

$39

$0.08

$(186)

$(0.45)

Adjustments

$       (4)

(0.01)

9

0.02

25

0.06

5

0.01

44

0.11

Tax effect on adjustments

1

0.00

(2)

0.00

(7)

(0.02)

(1)

0.00

(11)

(0.03)

Diluted Earnings (Loss) Per 
Share, as adjusted - non-GAAP

$23

0.05

$20

0.04

$(60)

(0.14)

$43

0.09

$(153)

(0.37)

Total shares for diluted
earnings per common share

473,623,332

466,550,891

415,125,228

470,067,958

414,975,524

(1)

Amounts may not foot as a result of rounding.

For the Three Months Ended

For the Six Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

(dollars in millions)

Net interest income

$           440

$          443

$           419

$          883

$           829

Non-interest income

76

55

77

131

157

Total revenues

$           516

$          498

$          496

$        1,014

$          986

Total non-interest expense

450

466

513

916

1,045

Pre - provision net revenue (loss) (non-GAAP)

$            66

$           32

$           (17)

$           98

$           (59)

Merger-related expenses

—

—

14

—

22

Severance

—

—

2

—

2

Lease cost acceleration related to closing branches

—

—

7

—

12

Trailing mortgage sale costs with Mr. Cooper

—

—

3

—

8

Net (gain) loss on investment security

(4)

9

—

5

—

Pre - provision net revenue (loss) excluding merger-
related expenses, as adjusted (non-GAAP)

$            62

$           41

$             9

$          103

$           (15)

Provision for credit losses

(18)

—

(64)

(18)

(143)

Merger-related expenses

—

—

(14)

—

(22)

Severance

—

—

(2)

—

(2)

Lease cost acceleration related to closing branches

—

—

(7)

—

(12)

Trailing mortgage sale costs with Mr. Cooper

—

—

(3)

—

(8)

Net gain (loss) on investment security

4

(9)

—

(5)

—

Income (loss) before taxes

$            48

$           32

$           (81)

$           80

$          (202)

Income tax expense (benefit)

14

11

(11)

25

(32)

Net income (loss) (GAAP)

$            34

$           21

$           (70)

$           55

$         (170)

(1)

Amounts may not foot as a result of rounding.

June 30, 2026

For the Three Months Ended

Compared to:

June 30, 2026

March 31, 2026

June 30, 2025

March 31, 2026

June 30, 2025

(dollars in millions)

Net interest income

$                    440

$                   443

$                   419

Non-interest income

76

55

77

Total revenues (A)

$                    516

$                   498

$                   496

4 %

4 %

Total non-interest expense (B)

450

466

513

(3) %

(12) %

Operating leverage (A-B)

7 %

16 %

FLAGSTAR BANK, N.A.

NET INTEREST INCOME ANALYSIS

LINKED-QUARTER AND YEAR-OVER-YEAR COMPARISONS (unaudited)

For the Three Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

(dollars in millions)

Average
Balance

Interest

Average
Yield/Cost

Average
Balance

Interest

Average
Yield/Cost

Average
Balance

Interest

Average
Yield/Cost

Assets:

Interest-earning assets:

Total loans and leases (1)

$    60,971

$   751

4.91 %

$   60,840

$   754

4.97 %

$   65,824

$    840

5.12 %

Securities(2)

17,037

180

4.22

16,840

179

4.25

15,169

170

4.48

Interest-earning cash and cash equivalents

5,042

45

3.63

5,631

51

3.64

12,054

133

4.42

Total interest-earning assets

83,050

$   976

4.71

83,311

$   984

4.79

93,047

$  1,143

4.93

Non-interest-earning assets

3,644

3,746

3,663

Total assets

$    86,694

$   87,057

$   96,710

Liabilities and Stockholders' Equity:

Interest-bearing deposits:

Interest-bearing checking and money market accounts

$    19,617

$   126

2.55 %

$   18,703

$   114

2.49 %

$   20,497

$    162

3.16 %

Savings accounts

14,857

97

2.63

14,905

101

2.74

14,353

110

3.07

Certificates of deposit

20,694

201

3.90

20,565

203

4.00

25,310

287

4.55

Total interest-bearing deposits

55,168

424

3.08

54,173

418

3.13

60,160

559

3.73

Borrowed funds

10,276

112

4.37

11,401

123

4.38

14,105

165

4.70

Total interest-bearing liabilities

65,444

$   536

3.28

65,574

$   541

3.35

$   74,265

$    724

3.91

Non-interest-bearing deposits

11,970

11,955

12,731

Other liabilities

1,106

1,330

1,724

Total liabilities

78,520

78,859

88,720

Stockholders' and mezzanine equity

8,174

8,198

7,990

Total liabilities and stockholders' equity

$    86,694

$   87,057

$   96,710

Net interest income/interest rate spread

$   440

1.43 %

$   443

1.44 %

$    419

1.02 %

Net interest margin

2.13 %

2.15 %

1.81 %

Ratio of interest-earning assets to interest-bearing liabilities

 1.27 x

 1.27 x

 1.25 x

(1)

Comprised of Loans and leases held for investment, net of deferred loan fees and costs, and Loans held for sale.

(2)

Comprised of Debt securities available-for-sale at amortized cost, Equity investments with readily determinable fair values, at fair value and FHLB stock and FRB-NY stock, at cost.

(3)

Amounts may not foot as a result of rounding.

For the Six Months Ended

June 30, 2026

June 30, 2025

(dollars in millions)

Average
Balance

Interest

Average
Yield/Cost

Average
Balance

Interest

Average
Yield/Cost

Assets:

Interest-earning assets:

Total loans and leases (1)

$       60,906

$       1,505

4.94 %

$        67,011

$    1,700

5.12 %

Securities(2)

16,939

359

4.24

14,124

318

4.50

Interest-earning cash and cash equivalents

5,335

96

3.64

13,193

289

4.42

Total interest-earning assets

83,180

$       1,960

4.75

94,328

$    2,307

4.93

Non-interest-earning assets

3,694

3,574

Total assets

$       86,874

$        97,902

Liabilities and Stockholders' Equity:

Interest-bearing deposits:

Interest-bearing checking and money market accounts

$       19,162

$         240

2.52 %

$        20,758

$      329

3.20 %

Savings accounts

14,881

198

2.69

14,351

221

3.10

Certificates of deposit

20,630

404

3.95

25,830

595

4.65

Total interest-bearing deposits

54,673

842

3.10

60,939

1,145

3.79

Borrowed funds

10,835

235

4.32

14,240

333

4.71

Total interest-bearing liabilities

65,508

$       1,077

3.31

75,179

$    1,478

3.96

Non-interest-bearing deposits

11,963

12,899

Other liabilities

1,218

1,728

Total liabilities

78,689

89,806

Stockholders' and mezzanine equity

8,185

8,096

Total liabilities and stockholders' equity

$       86,874

$        97,902

Net interest income/interest rate spread

$         883

1.44 %

$      829

0.97 %

Net interest margin

2.14 %

1.77 %

Ratio of interest-earning assets to interest-bearing liabilities

 1.27 x

 1.25 x

(1)

Comprised of Loans and leases held for investment, net of deferred loan fees and costs, and Loans held for sale.

(2)

Comprised of Debt securities available-for-sale at amortized cost, Equity investments with readily determinable fair values, at fair value and FHLB stock and FRB-NY stock, at cost.

(3)

Amounts may not foot as a result of rounding.

FLAGSTAR BANK, N.A.

CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)

(dollars in millions)

For the Three Months Ended

For the Six Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

OTHER FINANCIAL MEASURES:

Efficiency ratio(1)

87.08 %

93.65 %

103.37 %

90.33 %

106.02 %

Efficiency ratio, as adjusted (2)

82.65

88.68

95.34

85.63

98.28

Operating expenses to average assets

1.97

2.03

1.96

1.00

0.99

Effective tax rate

28.2

34.9

12.9

30.9

15.9

Shares used for basic EPS per common share

416,829,060

416,149,153

415,125,228

416,490,985

414,975,524

Shares used for diluted EPS per common share

473,623,332

466,550,891

415,125,228

470,067,958

414,975,524

Common shares outstanding at the respective period-ends

417,018,972

416,777,393

415,353,394

417,018,972

415,353,394

(1)

We calculate our efficiency ratio by dividing our non-interest expense by the sum of our net interest income and non-interest income.

(2)

We calculate our efficiency ratio, as adjusted, by dividing our operating expenses by the sum of our net interest income and non-interest income.

FLAGSTAR BANK, N.A.

CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)

ASSET QUALITY SUMMARY

The following table presents the Bank's asset quality measures at the respective dates:

June 30, 2026

compared to

(dollars in millions)

June 30, 2026

March 31, 2026

June 30, 2025

March 31, 2026

June 30, 2025

Non-accrual loans held for investment:

Multi-family

$        2,132

$         2,025

$        2,388

5 %

-11 %

Commercial real estate

471

441

563

7 %

-16 %

One-to-four family first mortgage

60

59

81

2 %

-26 %

Commercial and industrial

111

122

123

-9 %

-10 %

Other non-accrual loans

26

28

25

-7 %

4 %

Total non-accrual loans held for investment

2,800

2,675

3,180

5 %

-12 %

Repossessed assets

8

8

11

-6 %

-30 %

Total non-accrual held for investment loans and repossessed assets

$        2,808

$         2,683

$        3,191

5 %

-12 %

Non-accrual loans held for sale:

One-to-four family first mortgage

5

7

4

-29 %

25 %

Total non-accrual mortgage loans held for sale

$            5

$             7

$            4

-29 %

25 %

FLAGSTAR BANK, N.A.

SUPPLEMENTAL FINANCIAL INFORMATION (unaudited)

The following table presents information regarding the delinquency status of our loans held for investment:

(dollars in millions)

Current

Loans 30-89 Days
Past Due

Loans 90 Days or More Past
Due and Still Accruing

Non-Accrual
Loans

Total Loans
Receivable

June 30, 2026

Multi-family

$    24,528

$             233

$                       38

$         2,132

$          26,931

Commercial real estate

7,730

30

13

471

8,244

One-to-four family first mortgage

5,698

9

—

60

5,767

Commercial and industrial

18,370

82

—

111

18,563

Other

1,442

14

—

26

1,482

Total

$    57,768

$             368

$                       51

$         2,800

$          60,987

March 31, 2026

Multi-family

$    25,159

$             677

$                        2

$         2,025

$          27,863

Commercial real estate

8,250

129

13

441

8,833

One-to-four family first mortgage

5,513

66

2

59

5,640

Commercial and industrial

16,371

60

15

122

16,568

Other

1,458

35

—

28

1,521

Total

$    56,751

$             967

$                       32

$         2,675

$          60,425

June 30, 2025

Multi-family

$    29,152

$             392

$                       —

$         2,388

$          31,932

Commercial real estate

9,958

115

—

563

10,636

One-to-four family first mortgage

5,334

30

—

81

5,445

Commercial and industrial

14,265

38

—

123

14,426

Other

1,628

29

—

25

1,682

Total

$    60,337

$             604

$                       —

$         3,180

$          64,121

The following table summarizes the Bank's net charge-offs (recoveries) for the respective periods:

For the Three Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

(dollars in millions)

Net Charge-offs
(Recoveries)

Average
Balance

%(1)

Net Charge-offs
(Recoveries)

Average
Balance

%(1)

Net Charge-offs
(Recoveries)

Average
Balance

%(1)

Multi-family

$           80

$  27,331

1.17 %

$           72

$  28,555

1.01 %

$           96

$  32,847

1.17 %

Commercial real estate

1

8,723

0.05

8

9,204

0.35

13

11,061

0.47

One-to-four family residential

1

5,353

0.07

1

5,284

0.08

1

4,995

0.08

Commercial and industrial

13

17,446

0.30

(8)

15,626

(0.20)

3

14,486

0.08

Other

5

1,514

1.32

5

1,558

1.28

4

1,711

0.94

Total

$          100

$  60,367

0.66 %

$           78

$  60,227

0.52 %

$          117

$  65,100

0.72 %

(1)

Three months ended presented on an annualized basis.

For the Six Months Ended

June 30, 2026

June 30, 2025

(dollars in millions)

Net Charge-offs
(Recoveries)

Average
Balance

%(1)

Net Charge-offs
(Recoveries)

Average
Balance

%(1)

Multi-family

$          152

$  27,939

1.09 %

$          176

$  33,378

1.05 %

Commercial real estate

9

8,962

0.20

15

11,251

0.27

One-to-four family residential

2

5,319

0.08

2

4,989

0.08

Commercial and industrial

5

16,541

0.06

31

14,706

0.42

Other

10

1,536

1.30

8

1,728

0.93

Total

$          178

$  60,297

0.59 %

$          232

$  66,052

0.70 %

(1)

Six months ended presented on an annualized basis.

SOURCE Flagstar Bank, N.A.

CoreWeave (NASDAQ:CRWV) shares are climbing in Wednesday morning trading, with CoreWeave stock up 6% to $84.02 after a fresh analyst endorsement. The move stands out against a soft tape for cloud infrastructure peers, with Cloudflare (NYSE:NET | NET Price Prediction) shares down 1% to $268.46, Snowflake (NYSE:SNOW) shares down 2% to $265.68, and Oracle (NYSE:ORCL) stock unchanged at $126.50.

The rally is idiosyncratic. CoreWeave stock is riding a specific analyst catalyst rather than a broader sector bid, and the divergence tells the story of the session.

Truist Upgrade Reframes the Inference Story Truist upgraded CoreWeave stock to Buy from Hold, with a price target of $126, trimmed slightly from $131. The firm’s thesis argues that the next phase of AI spending shifts from model training to inference, with open models and sovereign AI broadening compute demand beyond the largest hyperscalers.

Truist frames CoreWeave as the leading neocloud, with roughly 1 gigawatt of active power online, a large revenue backlog, and significant contracted capacity, trading at a discount to neocloud peers. The firm also flagged risks tied to Meta Platforms (NASDAQ:META) and its planned cloud initiatives, along with potential data-center policy constraints.

Separately, Baird initiated CoreWeave stock at Outperform with a $100 price target, stressing that demand far outpaces supply and that execution is key. Reinforcing the inference angle, CoreWeave announced today that Anam, a privately held interactive-AI-avatar platform, selected CoreWeave Cloud to run inference workloads on NVIDIA (NASDAQ:NVDA) RTX PRO 6000 Blackwell GPUs across the U.S. and Europe.

Divergence Across the AI Cloud Cohort CoreWeave is pulling ahead while the broader cloud group lags. Cloudflare stock and Snowflake stock are both lower, and Oracle stock is flat, even with CoreWeave rallying on its upgrade. The move is analyst-driven, not a rising tide across cloud infrastructure names.

Two peers riding the same training-to-inference theme are also higher. DigitalOcean (NYSE:DOCN) shares are up 4% to $141.97 after Stifel upgraded it to Buy from Hold and Baird initiated coverage at Outperform. Nebius stock is up 2% to $220.70 after Baird initiated coverage at Outperform, calling it a strong beneficiary of the training-to-inference shift.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Snowflake didn't make the cut. Grab the names FREE today.

The First Trust Cloud Computing ETF (NASDAQ:SKYY) tells the divergence in one number. The fund holds all four of the subject names, yet the ETF is down 2% to $133.59 because the broader cloud tape is soft. CoreWeave sits as the third-largest CRWV-adjacent position at 3% of net assets, so its rally cannot lift a single-theme, sector-concentrated basket on its own.

Context on Targets and Valuation CoreWeave stock now trades well below the average analyst target of $140.55, with the sell-side split at 24 buy-equivalent, 11 hold, and 2 sell ratings. That backdrop leaves room for further analyst catalysts if the inference thesis gains traction.

The bull case rests on CoreWeave’s contracted backlog and NVIDIA partnership. Meanwhile, the bear case is heavy capital intensity, GPU depreciation exposure, and customer concentration. Investors may want to keep their position sizes modest given the stock’s volatility profile and the 33% pullback over the past month.

What to Watch Follow-on analyst commentary could shape the tape into the close. Investors can watch for whether CoreWeave stock holds its gains, whether DigitalOcean shares and Nebius stock continue to track the same inference narrative, and whether the AI-cloud peers stabilize as the session progresses.

The key takeaway is that today’s move is a single-name, catalyst-driven rally rather than a sector-wide re-rating. Truist’s upgrade reframes CoreWeave around the inference opportunity, and the stock’s discount to neocloud peers gives the thesis room to run if follow-on analyst commentary emerges.

For investors, the setup calls for discipline. The buyers lean on backlog visibility and the NVIDIA partnership, while the sellers may be concerned about the capital intensity and customer concentration. Watching for whether today’s gains hold into the close, and whether the peers stabilize, can help traders get a clean read on where CRWV and other AI-cloud stocks may be headed.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Snowflake didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Posted by Defense World Staff on Jul 21st, 2026

Amova Asset Management Americas Inc. cut its holdings in shares of Cloudflare, Inc. (NYSE:NET – Free Report) by 7.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 419,086 shares of the company’s stock after selling 33,017 shares during the period. Cloudflare comprises about 1.2% of Amova Asset Management Americas Inc.’s portfolio, making the stock its 28th biggest position. Amova Asset Management Americas Inc. owned about 0.12% of Cloudflare worth $86,474,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in NET. Empowered Funds LLC boosted its stake in shares of Cloudflare by 34.2% in the first quarter. Empowered Funds LLC now owns 6,656 shares of the company’s stock valued at $750,000 after purchasing an additional 1,696 shares during the period. Sivia Capital Partners LLC purchased a new stake in Cloudflare during the 2nd quarter worth approximately $424,000. Cerity Partners LLC increased its stake in Cloudflare by 30.1% during the 2nd quarter. Cerity Partners LLC now owns 27,531 shares of the company’s stock worth $5,391,000 after buying an additional 6,363 shares during the period. Sei Investments Co. lifted its holdings in Cloudflare by 40.1% during the 2nd quarter. Sei Investments Co. now owns 329,036 shares of the company’s stock worth $64,432,000 after buying an additional 94,112 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Cloudflare by 14.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 16,461 shares of the company’s stock valued at $3,224,000 after buying an additional 2,093 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Trading Down 1.9% NYSE:NET opened at $272.27 on Tuesday. Cloudflare, Inc. has a 1 year low of $158.83 and a 1 year high of $291.00. The stock has a market cap of $96.24 billion, a P/E ratio of -1,089.08, a P/E/G ratio of 283.00 and a beta of 1.67. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.96 and a current ratio of 1.96. The stock has a 50-day simple moving average of $237.94 and a 200-day simple moving average of $210.52.

Cloudflare (NYSE:NET – Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.02. The business had revenue of $639.75 million for the quarter, compared to analyst estimates of $620.83 million. Cloudflare had a negative return on equity of 5.65% and a negative net margin of 3.72%.The business’s quarterly revenue was up 33.5% on a year-over-year basis. During the same quarter last year, the company earned $0.16 EPS. Cloudflare has set its FY 2026 guidance at 1.190-1.200 EPS and its Q2 2026 guidance at 0.270-0.270 EPS. As a group, analysts anticipate that Cloudflare, Inc. will post 0.02 earnings per share for the current fiscal year.

Insider Activity at Cloudflare In related news, Director Carl Ledbetter sold 5,000 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $268.11, for a total value of $1,340,550.00. Following the transaction, the director directly owned 888,073 shares of the company’s stock, valued at $238,101,252.03. This trade represents a 0.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew Prince sold 52,383 shares of Cloudflare stock in a transaction on Monday, July 6th. The stock was sold at an average price of $247.28, for a total transaction of $12,953,268.24. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 590,544 shares of company stock valued at $132,719,009 in the last quarter. Company insiders own 10.66% of the company’s stock.

Analysts Set New Price Targets NET has been the subject of several research reports. Guggenheim restated a “sell” rating and issued a $140.00 price target on shares of Cloudflare in a research note on Wednesday, June 10th. Morgan Stanley increased their price objective on Cloudflare from $305.00 to $322.00 and gave the company an “overweight” rating in a research note on Friday. The Goldman Sachs Group lowered Cloudflare from a “buy” rating to a “sell” rating in a report on Wednesday, April 15th. Susquehanna boosted their target price on Cloudflare from $190.00 to $200.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Finally, UBS Group upped their price target on Cloudflare from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, Cloudflare presently has an average rating of “Moderate Buy” and a consensus price target of $256.74.

Get Our Latest Report on NET

Cloudflare Company Profile (Free Report)

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.

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Posted by Defense World Staff on Jul 20th, 2026

California Public Employees Retirement System cut its holdings in shares of Cloudflare, Inc. (NYSE:NET – Free Report) by 26.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 391,272 shares of the company’s stock after selling 137,675 shares during the period. California Public Employees Retirement System owned 0.11% of Cloudflare worth $80,735,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NET. Vanguard Group Inc. boosted its holdings in Cloudflare by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 32,407,646 shares of the company’s stock valued at $6,389,167,000 after acquiring an additional 90,397 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Cloudflare by 4.2% in the 4th quarter. Geode Capital Management LLC now owns 6,018,175 shares of the company’s stock worth $1,184,044,000 after purchasing an additional 241,981 shares during the period. First Trust Advisors LP raised its stake in Cloudflare by 1.6% in the fourth quarter. First Trust Advisors LP now owns 4,019,157 shares of the company’s stock worth $792,377,000 after buying an additional 63,198 shares in the last quarter. Invesco Ltd. lifted its holdings in Cloudflare by 1.3% in the third quarter. Invesco Ltd. now owns 3,964,733 shares of the company’s stock worth $850,792,000 after buying an additional 49,485 shares during the period. Finally, Norges Bank bought a new stake in Cloudflare during the 4th quarter valued at approximately $718,316,000. Institutional investors own 82.68% of the company’s stock.

Cloudflare News Summary Here are the key news stories impacting Cloudflare this week:

Positive Sentiment: Morgan Stanley raised its price target on Cloudflare from $305 to $322 and reiterated an overweight rating, signaling stronger confidence in the company’s upside. This kind of analyst upgrade can help support the stock. Morgan Stanley price target increase on Cloudflare Positive Sentiment: Cloudflare launched Precursor, a new bot-management product designed to detect sophisticated automated attacks in real time. The launch reinforces the company’s cybersecurity and privacy narrative, which is a key driver of investor optimism. Cloudflare launches Precursor Positive Sentiment: Recent commentary continues to highlight Cloudflare as a beneficiary of rising demand for cybersecurity and AI infrastructure, and the stock has also been mentioned favorably in momentum-stock and “best cybersecurity stocks” roundups. Cloudflare momentum stock article Neutral Sentiment: Other recent articles emphasize Cloudflare’s strong three-year run and rising fair-value estimates, but also note that the shares already trade at a rich valuation. That may limit near-term upside if growth does not keep accelerating. Cloudflare valuation article Neutral Sentiment: The stock also got a “gains as market dips” mention, reflecting relative strength versus the broader market rather than a company-specific catalyst. Cloudflare gains as market dips article Cloudflare Price Performance Shares of NET opened at $277.84 on Monday. Cloudflare, Inc. has a fifty-two week low of $158.83 and a fifty-two week high of $291.00. The firm’s 50-day simple moving average is $236.36 and its two-hundred day simple moving average is $210.01. The stock has a market cap of $98.21 billion, a PE ratio of -1,111.37, a price-to-earnings-growth ratio of 283.00 and a beta of 1.67. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.96 and a current ratio of 1.96.

Cloudflare (NYSE:NET – Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.02. Cloudflare had a negative net margin of 3.72% and a negative return on equity of 5.65%. The firm had revenue of $639.75 million during the quarter, compared to analyst estimates of $620.83 million. During the same period last year, the business earned $0.16 earnings per share. The business’s revenue was up 33.5% on a year-over-year basis. Cloudflare has set its FY 2026 guidance at 1.190-1.200 EPS and its Q2 2026 guidance at 0.270-0.270 EPS. Analysts anticipate that Cloudflare, Inc. will post 0.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades Several brokerages have recently issued reports on NET. Guggenheim reissued a “sell” rating and issued a $140.00 target price on shares of Cloudflare in a research report on Wednesday, June 10th. Wells Fargo & Company assumed coverage on Cloudflare in a research report on Tuesday, July 7th. They set a “neutral” rating on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $290.00 price target on shares of Cloudflare in a research note on Thursday. UBS Group increased their price objective on Cloudflare from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Wednesday, June 10th. Finally, Jefferies Financial Group downgraded Cloudflare from a “buy” rating to a “hold” rating in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, eight have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $253.41.

View Our Latest Research Report on Cloudflare

Insider Buying and Selling In other Cloudflare news, CEO Matthew Prince sold 52,422 shares of Cloudflare stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $249.09, for a total transaction of $13,057,795.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michelle Zatlyn sold 35,080 shares of Cloudflare stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $213.98, for a total value of $7,506,418.40. Following the transaction, the insider owned 47,425 shares of the company’s stock, valued at $10,148,001.50. The trade was a 42.52% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 590,544 shares of company stock valued at $132,719,009. 10.66% of the stock is owned by corporate insiders.

About Cloudflare (Free Report)

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.

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Explore the exciting world of Cloudflare (NET +2.00%) with our contributing expert analysts in this Motley Fool Scoreboard episode. Check out the video below to gain valuable insights into market trends and potential investment opportunities!
*Stock prices used were the prices of May 27, 2026. The video was published on Jul. 17, 2026.

Anand Chokkavelu has no position in any of the stocks mentioned. Rick Munarriz has no position in any of the stocks mentioned. Toby Bordelon has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cloudflare. The Motley Fool has a disclosure policy.

July 17, 2026 12:22 ET  | Source: Perspective Therapeutics, Inc.

SEATTLE, July 17, 2026 (GLOBE NEWSWIRE) -- Perspective Therapeutics, Inc. (“Perspective,” the “Company,” “we,” “us,” and “our”) (NYSE AMERICAN: CATX), a radiopharmaceutical development company pioneering advanced treatments for cancers throughout the body, today announced that updated data on the Company’s [212Pb]VMT-α-NET program have been accepted for presentation as detailed below at the European Society of Medical Oncology (ESMO) Congress 2026 taking place October 23 to 27, 2026 in Madrid, Spain. ESMO plans to release further details for regular abstracts on October 19, 2026.

PresenterAbstract TitlePresentation DetailsThorvardur Halfdanarson, Mayo Clinic Comprehensive Cancer CenterCohort level safety and efficacy results for [212Pb]VMT-α-NET in advanced somatostatin receptor subtype 2 (SSTR2+)-expressing neuroendocrine tumors (NETs): Cohorts 1–3Abstract Number: 2396RO
Session Type: Rapid Oral presentation
Session Title: Rapid oral: NETs and endocrine tumours
Session Date: October 23, 2026
Session Time: 4:15 – 5:45pm CEST /
10:15 – 11:45am EDT
Presentation Time:
4:25 – 4:30pm CEST /
10:25 – 10:30am EDT About [²¹²Pb]VMT-α-NET

Perspective designed [212Pb]VMT-α-NET to target somatostatin receptor subtype 2 (SSTR2), and to deliver the alpha-emitting radioisotope lead-212, or ²¹²Pb, to tumor sites expressing SSTR2. The Company is conducting a multi-center, open-label, dose-escalation and dose-expansion study (clinicaltrials.gov identifier NCT05636618) of [212Pb]VMT-α-NET in patients with unresectable or metastatic SSTR2-positive tumors who have not received prior radiopharmaceutical therapies (RPT).

Interim clinical data from the study, with a data cut-off date of April 17, 2026, were presented at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting in May 2026. These data included efficacy results for half of the patients in Cohort 2 and both patients in Cohort 1. Initial efficacy data for the remaining patients in Cohort 2 and patients in Cohorts 3 and 4 are pending. The Company plans to submit additional data for presentation at future medical conferences in 2026 and 2027.

About Perspective Therapeutics, Inc.

Perspective Therapeutics, Inc. is a radiopharmaceutical development company pioneering advanced treatments for cancers throughout the body. The Company has proprietary technology that utilizes the alpha-generating isotope 212Pb to deliver powerful radiation specifically to cancer cells via specialized targeting moieties. The Company is also developing complementary imaging techniques that incorporate the same targeting moieties, which provides the opportunity to personalize treatment and optimize patient outcomes. This "theranostic" approach enables visualization of the specific tumor and subsequent treatment, potentially improving efficacy and minimizing toxicity.

The Company is advancing a portfolio of clinical-stage programs in the U.S., including VMT-α-NET (neuroendocrine tumors), VMT01 (melanoma), and PSV359 (solid tumors).

The Company is expanding its regional finished drug product candidate supply network, enabled by its proprietary 224Ra/212Pb generator platform used to manufacture clinical drug product candidates, to support the delivery of patient-ready drug product candidates for clinical trials and, if approved, commercial operations.

For more information, please visit the Company's website at www.perspectivetherapeutics.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Statements in this press release that are not statements of historical fact are forward-looking statements. Words such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "estimate," "believe," "predict," "potential," or "continue" or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements contain these identifying words. Forward-looking statements in this press release include statements concerning, among other things, the Company’s preclinical and clinical development plans and the expected timing for the release of additional data from its clinical programs; the Company’s beliefs that its product candidates address certain unmet medical needs; the Company’s expectations regarding regulatory pathways for its product candidates; the Company’s expectations regarding its interactions with regulatory agencies and the expected timing thereof; the Company’s regional distribution and manufacturing capabilities; and other statements that are not historical fact.

The Company may not actually achieve the plans, intentions, or expectations disclosed in the forward-looking statements, and you should not place undue reliance on the forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the Company's actual results to differ materially from the results described in or implied by the forward-looking statements. Known risk factors include that the Company’s clinical trials may be more costly or take longer to complete than anticipated, or may never be completed, or may not generate results that warrant future development of the tested product candidate; the Company may elect to change its strategy regarding its product candidates and clinical development activities; economic and market conditions may worsen; and risks related to the sufficiency of the Company’s cash resources for its future operating expenses and capital expenditures. A more complete discussion of the risks and uncertainties facing the Company appears under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), in the Company’s other filings with the SEC, and in the Company’s future reports to be filed with the SEC and available at www.sec.gov. Forward-looking statements contained in this news release are made as of this date. Unless required to do so by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Media and Investor Relations Contacts:

Perspective Therapeutics IR:
Annie J. Cheng, CFA
[email protected]

ENTENTE Network of Companies
Katie Morris, PhD
[email protected]

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Cloudflare (NET - Free Report) , a company that currently holds a Momentum Style Score of A. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Cloudflare currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for NET that show why this web security and content delivery company shows promise as a solid momentum pick.

Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.

For NET, shares are up 10.72% over the past week while the Zacks Internet - Software industry is flat over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 20.35% compares favorably with the industry's 6.64% performance as well.

While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Shares of Cloudflare have increased 31.55% over the past quarter, and have gained 43.85% in the last year. On the other hand, the S&P 500 has only moved 8.13% and 22.65%, respectively.

Investors should also pay attention to NET's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. NET is currently averaging 3,001,781 shares for the last 20 days.

Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with NET.

Over the past two months, 1 earnings estimate moved higher compared to none lower for the full year. This revision helped boost NET's consensus estimate, increasing from $1.19 to $1.20 in the past 60 days. Looking at the next fiscal year, 3 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineGiven these factors, it shouldn't be surprising that NET is a #2 (Buy) stock and boasts a Momentum Score of A. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Cloudflare on your short list.

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SAN FRANCISCO--(BUSINESS WIRE)--Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, today announced that it will report its financial results for the second quarter ended June 30, 2026 after the U.S. market closes on Thursday, August 6, 2026.

Cloudflare will host an investor conference call that day at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) to discuss the results. Interested parties can access the call by dialing +1 (646) 968-2727 or toll-free at +1 (888) 596-4244 with conference ID 3723782.

A live webcast of the conference call will be accessible from the Cloudflare investor relations website at cloudflare.NET. A replay will be available approximately two hours after the conclusion of the live event and will remain available for approximately one year.

About Cloudflare

Cloudflare, Inc. (NYSE: NET) is the leading connectivity cloud company. It empowers organizations to make their employees, applications and networks faster and more secure everywhere, while reducing complexity and cost. Cloudflare’s connectivity cloud delivers the most full-featured, unified platform of cloud-native products and developer tools, so any organization can gain the control they need to work, develop, and accelerate their business.

Powered by one of the world’s largest and most interconnected networks, Cloudflare blocks billions of threats online for its customers every day. It is trusted by millions of organizations – from the largest brands to entrepreneurs and small businesses to nonprofits, humanitarian groups, and governments across the globe.

Learn more about Cloudflare’s connectivity cloud at cloudflare.com/connectivity-cloud. Learn more about the latest Internet trends and insights at radar.cloudflare.com.

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NET Power remains a highly speculative, development-stage company best suited for small, risk-tolerant portfolio allocations—1% or less recommended. NPWR holds $314 million in cash as of Q1, with significant cash burn expected and no meaningful revenue until first operating models are online. The initial plant will be the most expensive, with subsequent plants benefiting from operational learnings and cost efficiencies, though cash sufficiency remains uncertain.

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Built on one of the world’s largest networks, Precursor is the only defense of its kind to replace disruptive checkpoints to stop evasive bots without slowing down users

SAN FRANCISCO--(BUSINESS WIRE)--Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, today announced the general availability of Precursor, a next-generation, continuous behavioral validation engine for bot management. Built directly on Cloudflare’s edge, Precursor runs seamlessly inside web browsers to monitor entire user sessions in order to detect bot automation. Unlike traditional, static CAPTCHAs, it analyzes ongoing interactions in real time to catch advanced bots, improving detection precision without interrupting legitimate users.

For the first time, automated bot traffic has eclipsed human activity on the Internet, now generating roughly 57% of all web requests. This milestone emphasizes a seismic evolution from an Internet built for human clicks to a digital landscape now dominated by AI agents. For organizations and everyday consumers, this means that legacy defenses are blind to a new breed of automated threats that drive up infrastructure costs, manipulate inventory, and compromise data. While a modern bot can easily fake a single action to pass a one-time security check, replicating an entire human journey remains a massive engineering hurdle. To protect the integrity of the global Internet, organizations must move away from static, point-in-time defenses and embrace continuous behavioral validation—analyzing telemetry across an entire session to unmask automated imposters trying to blend into the crowd.

"Traditional security checks look at a single moment in time, but modern bots have gotten smart enough to fake their way through the front door," said Dane Knecht, CTO of Cloudflare. "Instead of just checking an ID at the gate, we are looking at behavior over the entire visit. This makes life seamless for real users, while making it incredibly difficult and expensive for bad actors to fake human behavior. Cloudflare already protects users billions of times a day at critical moments like login and checkout, but until now, the space between those moments was a black box. With Precursor, we’re now eliminating that blindspot."

Now generally available, Precursor provides a session-level view of site activity by continuously collecting robust browser signals to block unwanted automated traffic through:

Privacy-Led Defense: Built to protect end user confidentiality, Precursor logs aggregate behavioral patterns rather than recording specific user inputs. For example, keyboard activity is recorded exclusively as timing rhythm and cadence—never capturing actual keystrokes. Zero-Code, One-Click Setup: Precursor is enabled with one click, automatically allowing Cloudflare to inject a compact, dynamic script passing through the network, requiring no modifications to underlying code. The script evaluates interaction trail dimensions such as mouse movement, scrolling rhythm, typing cadence, clipboard activity, and page visibility duration. A Real-Time Analysis Engine: Cloudflare's servers instantly unpack the telemetry data sent from a user's browser and scan it for signs of faked or computer-generated activity. We then validate whether interaction streams map rationally to human behavior, such as cross-referencing that pointer activity aligns with page visibility or text fields are focused during typing events. Session-Long Security Measures: Unlike traditional defense challenges that reset per every request, Precursor continuously evaluates the visitor’s user journey across a web or single page application. Automated agents cannot reset their behavioral signatures by refreshing a page, allowing defensive algorithms to adjust a session's Bot Score with compounding context. To learn more, please check out the resources below:

Blog: Introducing Precursor: detecting agentic behavior with continuous client-side signals Cloudflare Precursor About Cloudflare

Cloudflare, Inc. (NYSE: NET) is the leading connectivity cloud company. It empowers organizations to make their employees, applications and networks faster and more secure everywhere, while reducing complexity and cost. Cloudflare’s connectivity cloud delivers the most full-featured, unified platform of cloud-native products and developer tools, so any organization can gain the control they need to work, develop, and accelerate their business.

Powered by one of the world’s largest and most interconnected networks, Cloudflare blocks billions of threats online for its customers every day. It is trusted by millions of organizations – from the largest brands to entrepreneurs and small businesses to nonprofits, humanitarian groups, and governments across the globe.

Learn more about Cloudflare’s connectivity cloud at cloudflare.com/connectivity-cloud. Learn more about the latest Internet trends and insights at radar.cloudflare.com.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “explores,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these words, or other similar terms or expressions that concern Cloudflare’s expectations, strategy, plans, or intentions. However, not all forward-looking statements contain these identifying words. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding the capabilities and effectiveness of Cloudflare Precursor and Cloudflare’s other products and technology, the benefits to Cloudflare’s customers from using Cloudflare Precursor and Cloudflare’s other products and technology, the timing of when Cloudflare Precursor or any of its related features will be generally available to all current and potential Cloudflare customers, Cloudflare’s technological development, future operations, growth, initiatives, or strategies, and comments made by Cloudflare’s CTO. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Cloudflare’s filings with the Securities and Exchange Commission (SEC), including Cloudflare’s Quarterly Report on Form 10-Q filed on May 8, 2026, as well as other filings that Cloudflare may make from time to time with the SEC.

The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Cloudflare undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Cloudflare may not actually achieve the plans, intentions, or expectations disclosed in Cloudflare’s forward-looking statements, and you should not place undue reliance on Cloudflare’s forward-looking statements.

©2026 Cloudflare, Inc. All rights reserved. Cloudflare, the Cloudflare logo, and other Cloudflare marks are trademarks and/or registered trademarks of Cloudflare, Inc. in the U.S. and other jurisdictions. All other marks and names referenced herein may be trademarks of their respective owners.

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Key Takeaways AMZN, GOOGL, CSCO, NET and PLTR are highlighted for AI-driven cloud growth in 2H 2026.Cisco expects AI infrastructure orders to reach $9B in fiscal 2026 amid strong data center demand. Cloudflare and Palantir are expanding AI platforms and enterprise adoption across key industries. The artificial intelligence (AI) saga, supported by the massive growth of cloud computing and data centers, is yet to fully unfold. This space remains rock solid supported by an extremely bullish demand scenario. The demand for data center capacity has surged to manage and store the vast amount of cloud computing-based data.

In order to reap the benefits of this enormous opportunity, we recommend investors buy five cloud computing behemoths at this stage and hold them for the long term. These stocks are set to immensely benefit from an AI-induced cloud boom in the second half of 2026. 

These are: Amazon.com Inc. (AMZN - Free Report) , Alphabet Inc. (GOOGL - Free Report) , Cisco Systems Inc. (CSCO - Free Report) , Cloudflare Inc. (NET - Free Report) and Palantir Technologies Inc. (PLTR - Free Report) . Each of our picks currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 

The chart below shows the price performance of our five picks in the past three months.

Image Source: Zacks Investment Research

Amazon.com Inc.Amazon.com’s international expansion and diversification across e-commerce, AWS cloud services, advertising and streaming create multiple revenue streams while reducing concentration risk. 

AI integration throughout AMZN’s operations represents a transformative catalyst for efficiency gains and new revenue opportunities across the entire business ecosystem. AWS provides cutting-edge AI and machine learning services to enterprise customers, positioning Amazon as a leader in the rapidly expanding generative AI market. 

AMZN’s chips business exceeded a $20 billion annual revenue run rate, with Graviton, Trainium and Nitro growing triple-digit percentages year over year, and AWS secured commitments from OpenAI and Anthropic for Trainium capacity. AMZN deploys AI extensively in its e-commerce platform for personalized recommendations, inventory management, and dynamic pricing optimization that enhances profitability. 

Logistics operations benefit from AI-powered routing algorithms and warehouse automation that reduce delivery times and operational costs significantly. AMZN's substantial investments in AI infrastructure and talent development create formidable competitive barriers while unlocking innovative capabilities that drive customer engagement, operational excellence, and margin improvement across all business segments.

Amazon.com has an expected revenue and earnings growth rate of 15.3% and 23.6%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 0.1% over the last 30 days. 

Alphabet Inc.Alphabet is significantly emphasizing its AI capabilities to boost its search engine advertising business and cloud computing business. Management attributed the acceleration to strong performance across Google Cloud Platform, enterprise AI solutions, enterprise AI infrastructure and core services such as cybersecurity and data analytics. 

Alphabet continues to benefit from investments in infrastructure, security, data management and analytics and a growing global footprint of cloud regions and availability zones. The company also plans to begin delivering tensor processing units (TPUs) to select customers in their own data centers, with most related revenues expected in 2027, which expands the addressable market over time.

Google Cloud’s differentiated full-stack AI approach strengthens Alphabet’s competitive positioning. The company integrates its own infrastructure (TPUs and GPUs), proprietary AI models (Gemini), and data platforms (like BigQuery) into a unified offering. 

This vertical integration enhances performance, lowers costs and creates higher switching barriers for enterprise customers. As a result, Alphabet is winning larger deals, accelerating customer acquisition, and deepening relationships, all of which reinforce long-term growth potential.

Alphabet has an expected revenue and earnings growth rate of 723.5% and 32.5%, respectively, for the current year. The Zacks Consensus Estimate for current year’s earnings has improved 0.1% over the last 30 days. 

Cisco Systems Inc.Cisco Systems has been benefiting from strong product orders from hyperscalers, enterprises, service providers, the public sector and cloud customers. In the last reported quarter, CSCO generated record-high revenues primarily attributable to its networking portfolio, powered by Silicon One, AI-native security solutions and operating systems.

CSCO expects total AI infrastructure orders to reach $9 billion in fiscal 2026, an increase of 4.5X from fiscal 2025. Overall product orders grew by a sizable 35% year over year in the third quarter. Of this, data center switching orders grew 40% from the year-ago period, supported by massive AI-powered data center buildout. 

Cisco has decided to retrench 4,000 manpower as part of a sweeping restructuring effort. Management said that this restructuring has been guided to give more emphasis to areas such as AI networking infrastructure, network security, silicon and optics. 

Cisco Systems has an expected revenue and earnings growth rate of 7.6% and 11.6%, respectively, for the next year (ending July 2027). The Zacks Consensus Estimate for next year’s earnings has improved 2.6% over the last 60 days. 

Cloudflare Inc.Cloudflare is benefiting from the demand for integrated security, networking and developer services as enterprises modernize and AI reshapes internet traffic. NET’s AI-focused networking and cybersecurity offerings are gaining traction as more workloads shift toward edge architectures. 

NET noted that it added 1 million developers in the first quarter of 2026, and highlighted customer interest in controlling and monetizing AI bot and agent traffic. This expands the opportunity for the Workers platform and related products as customers build real-time applications closer to end users. NET also noted that AI and agents are becoming a larger share of how software is built and consumed, supporting longer-term platform demand.

Cloudflare has an expected revenue and earnings growth rate of 29.7% and 29%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 0.8% over the last 30 days. 

Palantir Technologies Inc.Palantir Technologies’ AI strategy is comprehensive, combining its proprietary Foundry and Gotham platforms with a solid plan to promote AI adoption across both government and commercial sectors. 

PLTR’s AI Platform is the backbone of these capabilities, enabling organizations to process large datasets and derive real-time insights. This is especially valuable in sectors requiring extensive data integration, such as defense, healthcare, finance and intelligence, where operational efficiency and decision-making speed are critical. 

In the government sector, Palantir is aligning its AI strategy with U.S. defense priorities. Its work in high-profile initiatives, such as the Department of Defense’s Open DAGIR project, highlights its ability to modernize military operations through AI-driven solutions where data interoperability and real-time decision-making capabilities are imperative. These capabilities solidify PLTR’s position as a key player in the defense sector. 

In the commercial space, Palantir’s AIP boot camps — providing hands-on experience to over 1,000 companies — have proven instrumental in customer acquisition. Boot camps showcase the platform’s capabilities and demonstrate its adaptability across logistics, manufacturing, and supply-chain management. PLTR’s core customer base comprises businesses seeking tailored AI/ML services, particularly large government and corporate clients willing to invest heavily in its systems. 

Palantir has an expected revenue and earnings growth rate of 71.9% and 97.3%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 0.7% over the last seven days. 

Cloudflare’s NYSE: NET ScotiaBank upgrade highlights an existential shift in its business. Once a mere content delivery service, Cloudflare has emerged as critical not only to cybersecurity but to AI at all levels of the stack, from infrastructure to applications.

Cloudflare Today

$276.69 +3.29 (+1.20%)

As of 09:44 AM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$158.83▼

$276.82Price Target$244.23

Cloudflare’s distributed network and “serverless” functionality enable low-latency, high-speed, real-time, accurate, secure connections and, most importantly, the development of edge applications.

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Edge applications are the endgame for AI, as they represent the long-awaited monetization of infrastructure and model investments and will drive revenue, cash flow, and earnings for this business long into the future. The moment of truth is when AI can function reliably at the edge in real-time.

That’s when autonomous vehicles, robotics, and physical AI will reach critical mass.

Cloudflare: Mission-Critical for Next-Gen Application DevelopmentScotiaBank analyst Patrick Colville highlighted Cloudflare’s Workers program as an underappreciated pillar of long-term growth. It is becoming the industry standard for "vibe coding," the creation of applications without physical coding—developers dictate what they want, and the AI does the work. Cloudflare makes it happen thanks to the speed enabled by its distributed network.

Cloudflare Stock Forecast Today12-Month Stock Price Forecast:
$244.23
-10.66% Downside

Moderate Buy
Based on 34 Analyst Ratings

Current Price$273.37High Forecast$305.00Average Forecast$244.23Low Forecast$136.00Cloudflare Stock Forecast Details

Cloudflare’s ScotiaBank upgrade was to Sector Outperform, with a $300 price target, well above current highs and in line with prevailing trends. Analyst trends have included increasing coverage, firming sentiment, and rising price targets, with sentiment pegged at Moderate Buy, a 65% Buy-side bias among the 34 analysts tracking the stock, and a forecast for fresh all-time highs at the high-end range.

The only bad news is that the consensus lags the market, providing potential for a price correction, but it is rising quickly due to the latest revisions. The Q1 2026 earnings report triggered a sustained series of analyst revisions, including numerous upgrades and price target increases pointing to the high-$200 to low-$300 range.

Cloudflare to Outperform in Back Half of 2026Among the highlights from the Q1 release was tepid guidance. The company’s forecasts were largely in line with consensus estimates, providing little impetus for buyers. However, the guidance forecasts 30% revenue growth and comparable earnings growth and is likely to be outperformed given the trends.

The company identified agentic automation as a business driver, resulting in an exponential increase in traffic requests. The likely outcome is that agentic demand will continue to swell and underpin results going forward, as ScotiaBank’s channel checks suggest. The checks reveal mounting strength, leading ScotiaBank to forecast 500 basis points of back-half outperformance relative to the early July forecasts.

Among the opportunities is Cloudflare’s potential to serve as the toll road for agentic traffic. New tools enable publishers to track and monetize bot traffic that crawls their original content. Bot traffic is categorized and allowed to proceed, asked to pay, or blocked entirely, depending on the site and setup. The tools are expected to drive cash flow for Cloudflare and its clients, increasing its utility and value-building capacity while helping define the future of Internet protocol.

Zero-Trust Expansion Cements Cloudflare as Enterprise Security ProviderCloudflare made a significant pivot, shifting away from legacy VPN-style security toward zero trust. Zero trust is absolutely critical in the AI space because of the lightning-fast speed at which AI works. Traditional architecture is inadequate and can not keep up.

Cloudflare One solves the problems that have kept many enterprises from adopting zero-trust security, enabling them to easily deploy it across networks for endpoint, data, and system security. In addition, Cloudflare took the lead in post-quantum security, developing the first complete secure access service edge (SASE)- compliant platform that provides quantum-proof encryption.

Institutional Buying Returns as Investors Weigh the RisksInstitutional activity reflects a shift. The group sold in late 2025 and early 2026, which led to market volatility and a price pullback, but then reverted to accumulation in Q2. The data reveals a subdued but bullish pace, with them buying approximately $3 in shares for each $1 sold, sufficient to allow price action to advance.

Assuming the group retains a bullish posture, Cloudflare’s price action will continue to drift higher as the year progresses. Critical targets include the current all time high, which is a trigger point when crossed. A likely catalyst is the upcoming Q2 earnings release, scheduled for early August.

Cloudflare’s biggest risk lies in its scale. As one of the world’s largest Internet traffic routing services, an outage or hiccup in services can have a wide-ranging impact on commerce. Likewise, it is itself a target, given its critical role in Internet traffic and cybersecurity, and it spends hundreds of millions each year on research and upgrades to stay relevant.

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SAN FRANCISCO--(BUSINESS WIRE)--Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, today announced Cloudflare and OpenAI are launching a first-of-its-kind research pilot to explore how insights from participating websites across Cloudflare's global network can help AI search engines discover and index relevant content on the open web more effectively. The pilot is specifically focused on improving the accuracy and timeliness of answers. By using Cloudflare's real-time network.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

© metamorworks / Shutterstock.com

Shares of Cloudflare (NYSE:NET | NET Price Prediction) are up 9% in midday trading to about $269 after Scotiabank upgraded the stock and raised its price target. The move puts Cloudflare shares near a fresh 52-week high of $276.81, and it’s standing out on an otherwise rough day for growth tech.

The NASDAQ 100 is down 1.3% today, so Cloudflare is bucking a clear risk-off session. Cloudflare’s AI cloud peers are split, however.

Snowflake (NYSE:SNOW) shares are up 3% to $269.67. Oracle (NYSE:ORCL) stock is down 2% to $140.43, and CoreWeave (NASDAQ:CRWV) stock is down 4% to $83.11.

The short answer to the headline is yes. Cloudflare is the clear standout today among AI cloud names, and it’s also outperforming Oracle by a wide margin year to date (YTD).

Scotiabank Upgrade Fuels the Breakout Scotiabank analyst Patrick Colville upgraded Cloudflare stock to Sector Outperform from Sector Perform and raised the price target to $300 from $225. The thesis centers on Cloudflare’s Workers platform becoming the default runtime for “vibe coded” AI applications, with OpenAI Codex Sites and Lovable cited as reference customers.

Colville argues that Cloudflare traffic trends, which historically lead revenue by about three quarters, are inflecting on agentic-AI demand. That setup, he wrote, could let Cloudflare beat and raise Street estimates by five percentage points in the second half of 2026, and Cloudflare is landing what the note called the “best of the best” AI-native customers.

The bull case aligns with what Cloudflare CEO Matthew Prince has been telling investors. On the Q1 FY2026 call, Prince stated “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.” Q1 revenue of $639.75 million grew 34% year over year (YoY), beating consensus.

The bear side concerns the company’s valuation. Cloudflare stock trades at 38x trailing sales and a forward P/E of 200x, so any stumble in the agentic-AI narrative could bring a sharp reset. Scotiabank flagged that premium multiple in its own note as the key risk to the call.

Peers Show a Mixed AI Cloud Tape Snowflake shares are holding up better than the broader tape on favorable third-party research. A new ISG Provider Lens report highlights Snowflake’s growing role as an enterprise-AI data and coordination layer. That’s positive sentiment rather than a hard catalyst like an earnings beat or a fresh customer deal, so Snowflake’s modest gain fits.

Oracle is the laggard of the group today and remains in the red for the year so far. Oracle stock is down 28% YTD, even as its cloud infrastructure business grew 93% YoY to $5.79 billion in Q4 FY2026. There’s no fresh company-specific catalyst today, and Oracle shares are drifting with the ongoing AI capex debate.

CoreWeave is the pure-play GPU cloud story, and its stock is falling as tech risk-off spreads through the AI trade. The company posted Q1 FY2026 revenue of $2.08 billion, up 112% YoY, with a revenue backlog approaching $100 billion. Even so, CoreWeave stock is off 48% over the past year as investors weigh capex intensity and rising interest expense.

What to Watch Next Cloudflare’s outperformance today is real and catalyst-driven, and it lines up with a strong 35% YTD advance. Yet, these are volatile names, and a single session doesn’t change the long-term thesis for any of them. Investors should consider keeping their Cloudflare stock position sizes modest given how quickly AI-cloud sentiment can rotate.

The next signposts for Cloudflare are the Q2 FY2026 report, where guidance calls for revenue of $664 million to $665 million, and any confirmation that Workers traffic really is presaging a second-half beat-and-raise cycle. Watch for whether Cloudflare stock can hold above the $260 level into the close.

For the wider group, Oracle’s next update and CoreWeave’s ability to convert its backlog into free cash flow are the bigger swing factors. Today’s action makes the message clear: the market is willing to pay up for Cloudflare’s agentic-AI story while it questions the economics of the GPU-heavy names.

Contact [email protected] for any questions or corrections.

Cloudflare (NET +2.65%) could become a key toll road for the internet as AI agents drive more traffic across the web. Pay Per Crawl gives the company a fascinating new revenue angle, but valuation, competition, and insider selling make the stock a much harder call.

*Stock prices used were the market prices of June 27, 2026. The video was published on July 5, 2026.

Rick Orford has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cloudflare. The Motley Fool has a disclosure policy. Rick Orford is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.

Cloudflare has just issued the AI industry a new deadline to separate the web crawlers used for traditional search purposes, like Google Search, from those used for AI agents and training. Starting on September 15, 2026, Cloudflare’s default settings will block “mixed-use” crawlers from any pages that host ads, the company announced on Wednesday.

That means that the crawlers that blend search, agent use, and training will be blocked from crawling these sites by default, unless the site owner adjusts the settings otherwise. These changes to the defaults will apply to new Cloudflare customers, new sites set up by existing customers, and all existing free customers, the company says.

The move could impact how AI model providers are able to access web content for training purposes and to help power their agentic services.

Cloudflare points out that most website owners want their content to be discoverable via search and often through AI services as well, but they want protections against having their intellectual property given away for free.

Cloudflare specifically calls out the “world’s largest search engine” (clearly a Google reference!) as having access to about “2x more information” than other AI companies because the search giant makes it difficult for customers to remain discoverable without being used for AI.

Google has pushed back against this generalization in the past, noting that it provides a bot called Google Extended that lets site owners opt out of having their content used for training and AI products and services like Gemini Apps and Vertex API. Its use doesn’t impact a site’s inclusion in Google Search. However, the tech giant’s flagship Googlebot crawls for Search, including AI features like AI Overviews and AI Mode.

“Now that the majority of traffic on the Internet is non-human, we must go further and act faster so that a sustainable ecosystem can emerge,” said Cloudflare co-founder and CEO Matthew Prince in his announcement of the news, referring to the recent milestone where bots surpassed human traffic online for the first time. That shift was not expected to occur until next year.

“Cloudflare’s new tools and partnerships give website owners increased visibility and commercial opportunities and benefit AI companies that have bots with clear and transparent intent. We hope that our proposed default changes encourage mixed-use crawlers to separate out search from agent use and training,” Prince said.

While Cloudflare offers a number of products to help users launch their own AI systems, the company has also released a range of tools to give publishers more control over their content in the AI era. In recent years, Cloudflare launched tools to combat AI bots, including a marketplace that lets websites charge AI bots for scraping, dubbed Pay Per Crawl.

The latter is now also evolving into “Pay Per Use,” the company said, which will allow publishers to charge AI companies when their content creates value, not just when it’s fetched.

The change could also help conserve publishers’ bandwidth and compute resources for AI model providers, as Cloudflare’s data suggested that over 50% of crawl traffic from AI crawlers is spent re-fetching unchanged pages.

To put this into action, Cloudflare is initially working with two partners, Ceramic.ai and You.com. When a publisher opts in, they’re paid when their content appears in Ceramic’s AI search results or when You.com accesses a piece of their premium content.

Other AI companies can customize this model for how they work, Cloudflare says.

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Sarah has worked as a reporter for TechCrunch since August 2011. She joined the company after having previously spent over three years at ReadWriteWeb. Prior to her work as a reporter, Sarah worked in I.T. across a number of industries, including banking, retail and software.

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SAN FRANCISCO--(BUSINESS WIRE)--Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, announced today new classifications, enhanced analytics, and industry-defining commercial partnerships that bring together site owners and transparent AI companies so that the agentic Internet can flourish. Cloudflare's new tools and integrations help site owners and AI companies optimize for discoverability, efficiency, and monetization. By establishing these new rails, Cloudflare is helping p.

Cloudflare (NET - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Shares of this web security and content delivery company have returned -10% over the past month versus the Zacks S&P 500 composite's -2.9% change. The Zacks Internet - Software industry, to which Cloudflare belongs, has lost 8.7% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

For the current quarter, Cloudflare is expected to post a loss of $0.03 per share, indicating a change of +79.8% from the year-ago quarter. The Zacks Consensus Estimate has changed +38.2% over the last 30 days.

For the current fiscal year, the consensus earnings estimate of $0.02 points to a change of +105.4% from the prior year. Over the last 30 days, this estimate has changed +283.3%.

For the next fiscal year, the consensus earnings estimate of $0.23 indicates a change of +914.5% from what Cloudflare is expected to report a year ago. Over the past month, the estimate has changed +43.8%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for Cloudflare.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

For Cloudflare, the consensus sales estimate for the current quarter of $665.42 million indicates a year-over-year change of +29.9%. For the current and next fiscal years, $2.81 billion and $3.59 billion estimates indicate +29.7% and +27.8% changes, respectively.

Last Reported Results and Surprise HistoryCloudflare reported revenues of $639.76 million in the last reported quarter, representing a year-over-year change of +33.5%. EPS of $0.25 for the same period compares with $0.16 a year ago.

Compared to the Zacks Consensus Estimate of $621.91 million, the reported revenues represent a surprise of +2.87%. The EPS surprise was +8.7%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Cloudflare is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Cloudflare. However, its Zacks Rank #2 does suggest that it may outperform the broader market in the near term.

For nearly 30 years, the internet has worked the same way. AI may be about to change that.

Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, today announced the launch of its Cloudflare One Design Partner Designation. This new high-priority designation focuses on the Cloudflare One suite, equipping a select group of global partners—including Arctiq, Consortium, CMT, Presidio, and The Missing Link—with the deep technical expertise needed to accelerate secure AI innovation.

Migrating away from legacy security architectures is traditionally slow and risky. Auditing existing environments, mapping out new architectures, and avoiding configuration errors during vendor transitions can create vulnerabilities. This friction can create security gaps and stall innovation. Now, businesses can confidently reduce fragmentation by turning to a trusted partner to guide them into one suite designed for secure AI.

“Cloudflare One has evolved into a partner-led engine and our new Design Partner Designation is built to propel long-term growth,” said Tom Evans, Chief Partner Officer at Cloudflare. “This new framework represents our deepest channel co-investment yet. We are equipping our elite partners with the financial runway and technical mastery they want to scale the Cloudflare One platform. By blending our unified SASE architecture with partner expertise, we are turning complex network migrations into high-margin, high-value consulting opportunities for the AI era.”

To support the launch, Cloudflare is introducing the Cloudflare One Stack. This framework provides a robust library of AI skills that security teams can use with any agent to evaluate, deploy, and manage Cloudflare One. Built directly on top of Cloudflare One, these skills provide structured knowledge, decision trees, and tool definitions that AI agents can automatically use. By giving partners access to a central repository of blueprint configurations and automated workflows, Cloudflare eliminates tedious manual provisioning. Instead, partners can focus on delivering high-margin managed services tailored for the AI era.

Cloudflare One Design Partner Testimonials

"Organizations are under increasing pressure to modernize legacy architectures, secure AI adoption, and simplify increasingly complex environments. By combining the Cloudflare One platform with Arctiq’s expertise in cybersecurity, networking, cloud, and managed services, we help clients accelerate Zero Trust and SASE initiatives while reducing complexity and improving resilience,” said Wes Brown, CTO at Arctiq. “Together, we're helping organizations build secure, connected, and AI-ready environments that can adapt to an evolving threat landscape and support the future of business.”

"This partnership represents a significant investment in our ability to serve customers navigating the AI adoption landscape, SASE shift and cloud-delivered security," said Andrew Barnett, CTO at Consortium. “Consortium’s purpose-built dedicated Centers of Excellence are proven practices that have become one of the most recognized capabilities in our firm. With our level of rigor, expertise, and customer focus to Cloudflare, the Cloudflare One Design Partner designation gives us a foundation most partners will spend years trying to reach.”

“Cloudflare's deep co-investment in elite enablement empowers CMT Info & Comm Co., Ltd. with the advanced technical mastery needed to solve our customers' most complex security headaches,” said Soojong Lee, Chief Technology Officer at CMT. “With integrated SASE protections that scale smoothly across web, cloud, and private application environments, we can seamlessly protect sensitive data while building the automated frameworks necessary for the AI era."

“As a Cloudflare One Design Partner, we can now help eliminate fragmented, legacy architectures, and enable our customers to innovate with AI quicker and more securely,” said Jim Finn, Sales VP of Cyber at Presidio. “With a foundational repository of agent-ready best practices—that remove rigidity and allow us to easily transform complex network migrations into high-value consulting services—we are thrilled to help create the future of enterprise security.”

"Organisations are increasingly looking for ways to reduce complexity by bringing networking and security together within a single, modern architecture,” said Aaron Bailey, CISO and Director of The Missing Link. “As a Cloudflare One Design Partner, The Missing Link can help customers accelerate their Zero Trust and SASE strategies while improving security, performance, and operational efficiency. Combining Cloudflare's platform with our cyber security and consulting expertise enables us to help organisations navigate transformation with greater confidence and resilience.”

To learn more, please check out the resources below:

Cloudflare OneBlog: Introducing the Cloudflare One stack: agent-powered deploymentAbout Cloudflare

Cloudflare, Inc. (NYSE: NET) is the leading connectivity cloud company. It empowers organizations to make their employees, applications and networks faster and more secure everywhere, while reducing complexity and cost. Cloudflare’s connectivity cloud delivers the most full-featured, unified platform of cloud-native products and developer tools, so any organization can gain the control they need to work, develop, and accelerate their business.

Powered by one of the world’s largest and most interconnected networks, Cloudflare blocks billions of threats online for its customers every day. It is trusted by millions of organizations – from the largest brands to entrepreneurs and small businesses to nonprofits, humanitarian groups, and governments across the globe.

Learn more about Cloudflare’s connectivity cloud at cloudflare.com/connectivity-cloud. Learn more about the latest Internet trends and insights at radar.cloudflare.com.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “explores,” “plans,” “anticipates,” “could,” “intends,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these words, or other similar terms or expressions that concern Cloudflare’s expectations, strategy, plans, or intentions. However, not all forward-looking statements contain these identifying words. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding the capabilities and effectiveness of the Cloudflare One suite of solutionsand Cloudflare’s other products and technology, the benefits to Cloudflare’s customers from using the Cloudflare One suite of solutions and Cloudflare’s other products and technology, Cloudflare’s partnerships with Cloudflare One Design Partners and the potential resulting benefits to Cloudflare customers of working with Cloudflare One Design Partners, the potential opportunity for Cloudflare to attract additional customers and to expand sales to existing customers through Cloudflare’s partnerships with Cloudflare One Design Partners, Cloudflare’s technological development, future operations, growth, initiatives, or strategies, and comments made by Cloudflare’s Chief Partner Officer and others. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Cloudflare’s filings with the Securities and Exchange Commission (SEC), including Cloudflare’s Quarterly Report on Form 10-Q filed on May 8, 2026, as well as other filings that Cloudflare may make from time to time with the SEC.

The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Cloudflare undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Cloudflare may not actually achieve the plans, intentions, or expectations disclosed in Cloudflare’s forward-looking statements, and you should not place undue reliance on Cloudflare’s forward-looking statements.

© 2026 Cloudflare, Inc. All rights reserved. Cloudflare, the Cloudflare logo, and other Cloudflare marks are trademarks and/or registered trademarks of Cloudflare, Inc. in the U.S. and other jurisdictions. All other marks and names referenced herein may be trademarks of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260617869689/en/

The price trend for Cloudflare (NET - Free Report) has been bearish lately and the stock has lost 16.6% over the past two weeks. However, the formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, as bulls might have gained significant control over the price to help it find support.

The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish case for the stock. On the fundamental side, strong agreement among Wall Street analysts in raising earnings estimates for this web security and content delivery company enhances its prospects of a trend reversal.

Understanding Hammer Chart and the Technique to Trade ItThis is one of the popular price patterns in candlestick charting. A minor difference between the opening and closing prices forms a small candle body, and a higher difference between the low of the day and the open or close forms a long lower wick (or vertical line). The length of the lower wick being at least twice the length of the real body, the candle resembles a 'hammer.'

In simple terms, during a downtrend, with bears having absolute control, a stock usually opens lower compared to the previous day's close, and again closes lower. On the day the hammer pattern is formed, maintaining the downtrend, the stock makes a new low. However, after eventually finding support at the low of the day, some amount of buying interest emerges, pushing the stock up to close the session near or slightly above its opening price.

When it occurs at the bottom of a downtrend, this pattern signals that the bears might have lost control over the price. And, the success of bulls in stopping the price from falling further indicates a potential trend reversal.

Hammer candles can occur on any timeframe -- such as one-minute, daily, weekly -- and are utilized by both short-term as well as long-term investors.

Like every technical indicator, the hammer chart pattern has its limitations. Particularly, as the strength of a hammer depends on its placement on the chart, it should always be used in conjunction with other bullish indicators.

Here's What Increases the Odds of a Turnaround for NETAn upward trend in earnings estimate revisions that NET has been witnessing lately can certainly be considered a bullish indicator on the fundamental side. That's because empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

Over the last 30 days, the consensus EPS estimate for the current year has increased 425%. What it means is that the sell-side analysts covering NET are majorly in agreement that the company will report better earnings than they predicted earlier.

If this is not enough, you should note that NET currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. And stocks carrying a Zacks Rank #1 or 2 usually outperform the market. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Moreover, a Zacks Rank of 2 for Cloudflare is a more conclusive indication of a potential trend reversal, as the Zacks Rank has proven to be an excellent timing indicator that helps investors identify precisely when a company's prospects are beginning to improve.

Cloudflare Collaborates With Leading Browsers to Develop a Privacy-First Protocol For the Global Internet Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, today announced a new initiative with major Web browsers—Mozilla Firefox, Google Chrome, and Microsoft Edge—committing to developing and submitting for standardization a privacy-preserving protocol to help humans and bots prove that their traffic is not malicious. As the Internet shifts from human-driven clicks to agent activity, website operators must now figure out how to stop aggressive automated traffic, without resorting to invasive tracking. This initiative will lay the foundation for a more frictionless, secure, and private experience for every Internet user and website owner alike.

“The way we interact with the Internet is facing a fundamental shift. Normal everyday tasks like ordering food previously required a user to personally navigate menus and payment gateways. Now, autonomous agents are starting to orchestrate these workflows on behalf of people," said Dane Knecht, CTO of Cloudflare. "As AI-powered traffic becomes widespread, existing tools to support its use are too generic and coarse. Now this collaboration lets us eliminate the friction caused by security protocols for every visitor—whether they are human or agent—without sacrificing privacy."

For decades, website operators have relied on a patchwork of imperfect defense mechanisms to manage automated abuse, but these imperfect techniques are increasingly failing to keep pace with modern threats. Now, with the explosion of Generative AI, the battlefield has shifted yet again. Malicious automation is more widespread, sophisticated, and economically damaging to site owners. As we move toward an era of agentic AI, the line between human behavior and bot activity is blurring, leaving the digital world with an unprecedented privacy problem. When websites attempt to verify that a request originates from a legitimate human or authorized bot, the traditional solutions—forced logins and invasive tracking—compromise user trust.

“In commerce, every extra challenge, delay, or false positive can turn a purchase into an abandoned cart. Merchants need effective protections against automated abuse, but buyers shouldn’t have to pay for them with unnecessary friction or invasive tracking. Shopify is proud to help develop PACT as an open, privacy-preserving standard that can help the millions of businesses on our platform distinguish legitimate shoppers and authorized agents from abusive traffic while preserving buyer privacy." – Ilya Grigorik, Distinguished Engineer at Shopify.

Private Access Control Tokens (PACT) are designed to allow sites with strong knowledge of “personhood” to issue anonymous tokens. A user's browser can then provide these tokens to other sites to prove that a human is in the loop, reducing the need for annoying and clunky captchas or invasive tracking. PACT is designed so that sites cannot leverage it to track or identify users or their browsing history.

"The health of the web depends on effective, interoperable, privacy-preserving tools that enable sites to combat abuse without unnecessary user friction. Microsoft is excited to collaborate on developing new standards and helping ensure their deployment across the open web." – Erik Anderson, Director of Engineering, Web Platform at Microsoft Edge.

"Mozilla is committed to defending openness and user privacy on the web. An avalanche of automated traffic is pushing sites to adopt blunt defenses—paywalls, identity checks, CAPTCHAs, and invasive tracking—simply to tell whether a request comes from a human. We can build a better solution that maintains strong privacy and provides a much less annoying experience for real humans using the web. This project requires collaboration across the ecosystem, and we're thrilled to work with Cloudflare and other like-minded partners to bring it to life." – Bobby Holley, CTO for Firefox at Mozilla.

PACT will further empower businesses to identify genuine visitors, ensuring they can focus their resources on the traffic that matters to them. PACT leverages trusted information from contexts that have authentic relationships with people while keeping that information private. This provides businesses with high-integrity assurances about their audiences with minimal friction. Using PACT on Cloudflare’s network raises the bar for trustworthiness and integrity online without the traditional costs.

About Cloudflare

Cloudflare, Inc. (NYSE: NET) is the leading connectivity cloud company. It empowers organizations to make their employees, applications and networks faster and more secure everywhere, while reducing complexity and cost. Cloudflare’s connectivity cloud delivers the most full-featured, unified platform of cloud-native products and developer tools, so any organization can gain the control they need to work, develop, and accelerate their business.

Powered by one of the world’s largest and most interconnected networks, Cloudflare blocks billions of threats online for its customers every day. It is trusted by millions of organizations – from the largest brands to entrepreneurs and small businesses to nonprofits, humanitarian groups, and governments across the globe.

Learn more about Cloudflare’s connectivity cloud at cloudflare.com/connectivity-cloud. Learn more about the latest Internet trends and insights at https://radar.cloudflare.com.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “explore,” “plans,” “anticipates,” “could,” “intends,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these words, or other similar terms or expressions that concern Cloudflare’s expectations, strategy, plans, or intentions. However, not all forward-looking statements contain these identifying words. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding the capabilities and effectiveness of Cloudflare’s products and technology, the benefits to Cloudflare’s customers from using Cloudflare’s products and technology, Cloudflare’s partnership with Google Chrome, Microsoft Edge, Mozilla Firefox, Shopify and the potential resulting benefits to Cloudflare customers, the potential benefits to customers of integrating Cloudflare and Google Chrome, Microsoft Edge, Mozilla Firefox, Shopify products, the potential opportunity for Cloudflare to attract additional customers and to expand sales to existing customers through Cloudflare’s partnership with Google Chrome, Microsoft Edge, Mozilla Firefox, Shopify, Cloudflare’s technological development, future operations, growth, initiatives, or strategies, and comments made by Cloudflare’s CEO and others. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Cloudflare’s filings with the Securities and Exchange Commission (SEC), including Cloudflare’s Quarterly Report on Form 10-Q filed on May 8, 2026, as well as other filings that Cloudflare may make from time to time with the SEC.

The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Cloudflare undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Cloudflare may not actually achieve the plans, intentions, or expectations disclosed in Cloudflare’s forward-looking statements, and you should not place undue reliance on Cloudflare’s forward-looking statements.

©2026 Cloudflare, Inc. All rights reserved. Cloudflare, the Cloudflare logo, and other Cloudflare marks are trademarks and/or registered trademarks of Cloudflare, Inc. in the U.S. and other jurisdictions. All other marks and names referenced herein may be trademarks of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260622906058/en/

In the latest trading session, Cloudflare (NET - Free Report) closed at $218.38, marking a -2.54% move from the previous day. The stock fell short of the S&P 500, which registered a loss of 0.37% for the day. Elsewhere, the Dow gained 0.29%, while the tech-heavy Nasdaq lost 1.33%.

Shares of the web security and content delivery company have appreciated by 3.65% over the course of the past month, underperforming the Computer and Technology sector's gain of 4.52%, and outperforming the S&P 500's gain of 2.02%.

The investment community will be paying close attention to the earnings performance of Cloudflare in its upcoming release. The company is expected to report EPS of $0.27, up 28.57% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $665.42 million, indicating a 29.88% growth compared to the corresponding quarter of the prior year.

For the full year, the Zacks Consensus Estimates project earnings of $1.2 per share and a revenue of $2.81 billion, demonstrating changes of +29.03% and +29.72%, respectively, from the preceding year.

Investors should also note any recent changes to analyst estimates for Cloudflare. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 425% higher within the past month. Currently, Cloudflare is carrying a Zacks Rank of #2 (Buy).

From a valuation perspective, Cloudflare is currently exchanging hands at a Forward P/E ratio of 186.72. This represents a premium compared to its industry average Forward P/E of 18.33.

It is also worth noting that NET currently has a PEG ratio of 4.33. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The average PEG ratio for the Internet - Software industry stood at 0.99 at the close of the market yesterday.

The Internet - Software industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 84, positioning it in the top 35% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

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New integration embeds Cloudflare’s AI Crawl Control technology into beehiiv, allowing newsletter operators to seamlessly manage bot traffic, optimize for AI search discovery and protect their content archive

SAN FRANCISCO--(BUSINESS WIRE)--Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, and beehiiv, the newsletter-first publishing platform that helps publishers and businesses own, grow, and monetize their audience, today announced a strategic partnership to redefine the creator economy and how independent creators interact with AI. By integrating Cloudflare’s advanced Crawl Control technology directly into the beehiiv platform, the partnership equips creators with clear visibility and granular control over how AI models use their work.

As AI models evolve to offer new forms of search and discovery, independent creators are looking for flexible ways to understand and manage how their content is accessed. This integration simplifies the process by letting beehiiv users manage their digital footprint through two clear choices: publishers can either opt-in to maximum discovery to allow AI search engines and agents to crawl their work freely for broader distribution, or choose content protection, blocking AI scraping to preserve their archives for future monetization and licensing opportunities.

"Cloudflare is dedicated to protecting and enabling content creators, from independent bloggers to the world’s largest publishers," said Matthew Prince, co-founder and CEO of Cloudflare. "As the Internet evolves, our commitment remains the same: ensuring creators have the tools they need to thrive. This partnership with beehiiv is the next logical step in that mission, giving newsletter operators the transparency and control to navigate the AI era on their own terms, whether they are optimizing for discovery or preserving their work for future opportunities."

"beehiiv was built to support creator independence," said Tyler Denk, co-founder and CEO of beehiiv. "As AI changes how people find and consume content, publishers need real leverage. Our partnership with Cloudflare gives creators the data and controls they need to either maximize discovery and distribution, or protect their writing and dictate their own terms."

Managing AI bots historically required complex technical engagement, like manual robots.txt updates or firewalls. This partnership removes those technical hurdles, giving publishers of all sizes – from large media outlets to individual creators – the ability to easily set automated preferences. Key features of the integration include:

Personalized Analytics: Creators get an on-platform dashboard powered by Cloudflare APIs. This shows exactly which AI crawlers are attempting to access their content, which ones are being blocked, and the referral traffic those crawlers send back to the newsletter. One-Click Toggle Permissions: The ability to block or allow specific AI models based on the creator's business goals. Future-Proof Rights Management: Automatic updates that adapt to new AI crawlers as they emerge on the web, ensuring creators have the most up-to-date control without needing to update code. AI Crawl Control will be available to all beehiiv users in beta, giving every publisher visibility into how AI services interact with their content and the traffic they generate. beehiiv Max customers will also have access to AI Crawl Control, enabling them to block AI crawlers and decide how their content is used across the AI ecosystem.

The new AI control features are rolling out today and will be available through the platform's standard dashboard settings. For more information about the partnership, please visit cloudflare.com or beehiiv.com.

About beehiiv

beehiiv is the platform creators and brands use to publish, grow, and monetize their owned audiences. More than 135,000 publishers run their newsletters, websites, and podcasts on beehiiv, keeping 100% of their subscription revenue and full ownership of their audience. The platform brings newsletter publishing, podcast hosting, a website builder, and digital product sales together in one place, with built-in monetization, deep analytics, and a suite of integrations and AI-tools. beehiiv's mission is to help the next million creators and brands to build direct relationships with their audience and turn those relationships into sustainable revenue. Learn more at beehiiv.com.

About Cloudflare

Cloudflare, Inc. (NYSE: NET) is the leading connectivity cloud company. It empowers organizations to make their employees, applications and networks faster and more secure everywhere, while reducing complexity and cost. Cloudflare’s connectivity cloud delivers the most full-featured, unified platform of cloud-native products and developer tools, so any organization can gain the control they need to work, develop, and accelerate their business.

Powered by one of the world’s largest and most interconnected networks, Cloudflare blocks billions of threats online for its customers every day. It is trusted by millions of organizations – from the largest brands to entrepreneurs and small businesses to nonprofits, humanitarian groups, and governments across the globe.

Learn more about Cloudflare’s connectivity cloud at cloudflare.com/connectivity-cloud. Learn more about the latest Internet trends and insights at radar.cloudflare.com.

Follow us: Blog | X | LinkedIn | Facebook | Instagram

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “explores,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these words, or other similar terms or expressions that concern Cloudflare’s expectations, strategy, plans, or intentions. However, not all forward-looking statements contain these identifying words. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding the capabilities and effectiveness of Cloudflare’s Crawl Control and Cloudflare’s other products and technology, the benefits to Cloudflare’s customers from using Cloudflare’s Crawl Control and Cloudflare’s other products and technology, Cloudflare’s partnership with beehiiv and the potential resulting benefits to Cloudflare customers, the potential benefits to customers of integrating Cloudflare and beehiiv’s products, the potential opportunity for Cloudflare to attract additional customers and to expand sales to existing customers through Cloudflare’s partnership and product integrations with beehiiv, Cloudflare’s technological development, future operations, growth, initiatives, or strategies, and comments made by Cloudflare’s CEO and others. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Cloudflare’s filings with the Securities and Exchange Commission (SEC), including Cloudflare’s Quarterly Report on Form 10-Q filed on May 8, 2026, as well as other filings that Cloudflare may make from time to time with the SEC.

The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Cloudflare undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Cloudflare may not actually achieve the plans, intentions, or expectations disclosed in Cloudflare’s forward-looking statements, and you should not place undue reliance on Cloudflare’s forward-looking statements.

© 2026 Cloudflare, Inc. All rights reserved. Cloudflare, the Cloudflare logo, and other Cloudflare marks are trademarks and/or registered trademarks of Cloudflare, Inc. in the U.S. and other jurisdictions. All other marks and names referenced herein may be trademarks of their respective owners.

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