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Results presented at ESMO show a promising therapeutic index for [212Pb]VMT-α-NETDurable disease control in all three cohorts and 72% PFS at 18 months across all patients who received at least one treatmentRobust activity observed at three dose levels across patient populations, with ORRs of 33% and 50% in Cohorts 2 and 3, respectively; higher responses were observed in Cohort 3 relative to Cohort 2 at early assessments [212Pb]VMT-α-NET continues to be well-tolerated, with no DLTs, and no discontinuations due to adverse events Aiming to complete Phase 3 site start-up preparations around year-end 2026, positioning us to rapidly activate clinical sites following regulatory alignmentConference call to be webcast today at 2 pm EDT / 8 pm CEST (join here) SEATTLE, Oct. 23, 2026 (GLOBE NEWSWIRE) -- Perspective Therapeutics, Inc. (“Perspective,” the “Company,” “we,” “us,” and “our”) (NYSE AMERICAN: CATX), a radiopharmaceutical development company pioneering advanced systemic treatments for cancers, today announced new interim results from its ongoing Phase 1/2a clinical trial of [212Pb]VMT-α-NET in patients with unresectable or metastatic somatostatin receptor type 2 (SSTR2) expressing neuroendocrine tumors (NETs). These data are being presented as a rapid oral presentation at the European Society for Medical Oncology (ESMO) Congress 2026 taking place October 23-27, 2026 in Madrid, Spain.

Neuroendocrine tumors are diagnosed in more than 12,000 people in the United States each year, and approximately 90% of gastroenteropancreatic (GEP) NETs express SSTR2, the target of [²¹²Pb]VMT-α-NET. In the ongoing Phase 1/2a study in patients with SSTR2-positive NETs who had not received prior radiopharmaceutical therapy, the objective response rate (ORR), including unconfirmed responses, was 33% in Cohort 2 (5.0 mCi, n=46) and 50% in Cohort 3 (6.0 mCi, n=20, as of September 10, 2026). For GEP-NETs patients with SSTR2 expression in all target lesions, responses were seen in 14 (37%) of 38 Cohort 2 patients, and in eight (47%) of 17 Cohort 3 patients. Disease control rate (DCR) was 89% and 95% in Cohorts 2 and 3, respectively, and progression-free survival (PFS) was 72% at 18 months across all cohorts. No dose-limiting toxicities (DLTs), Grade 4 or 5 treatment-emergent adverse events (TEAEs), or adverse event-related treatment discontinuations were reported. We aim to complete Phase 3 site start-up preparations around year-end 2026, positioning us to rapidly activate clinical sites following an End-of-Phase 2 meeting with the FDA, with Phase 3 initiation expected in 2027.

“These interim results reinforce the potential of VMT-α-NET to achieve a best-in-class profile, with robust tumor response, durable disease control and low incidence of high-grade adverse events,” said Thijs Spoor, Perspective’s Chief Executive Officer. “Success in radiopharmaceuticals requires a broad therapeutic window, and these data show our platform delivers: potent alpha radiation concentrated in the tumor, with tolerability that holds up across dose levels. Preparations for our first potential Phase 3 study are advancing, and we look forward to discussing the development plan with the FDA as we work toward the next stage of development.”

“These data from a substantially larger group of patients and longer follow-up provide a more comprehensive understanding of the clinical profile of VMT-α-NET,” said Markus Puhlmann, Perspective’s Chief Medical Officer. “We are very pleased with the evidence of sustained disease control alongside an encouraging safety profile observed to date, supporting VMT-α-NET’s potential in patients with SSTR2-positive neuroendocrine tumors. With regulatory engagement underway and manufacturing capacity scaling in parallel, we’re working to bring a potentially transformative new option to patients who need more choices.”

ESMO presentation based on analysis of 68 patients across three dose cohorts
The presentation provided initial cohort-level safety data in Cohorts 1, 2, and 3 of the study, as well as updated efficacy results from both patients in Cohort 1 (up to four treatments with 2.5 mCi of [²¹²Pb]VMT-α-NET), and initial results from all 46 patients in Cohort 2 (up to four treatments with 5.0 mCi) and all 20 patients in Cohort 3 (up to four treatments with 6.0 mCi). The analysis data cut-off date was September 2, 2026, approximately 20 weeks after the ASCO 2026 data cut-off date.

Efficacy: Objective responses in Cohorts 2 and 3, with disease control in at least 89% of patients in each cohort

 Cohort 1
2.5 mCi (n=2)Cohort 2
5.0 mCi (n=46)Cohort 3
6.0 mCi (n=20)Objective response rate0 of 2 (0%)15 of 46 (33%)10 of 20 (50%)*Disease control rate2 of 2 (100%)41 of 46 (89%)19 of 20 (95%)Objective response rate in GEP-NET patients whose target lesions all express SSTR20 of 2 (0%)14 of 38 (37%)8 of 17 (47%)* *Includes two additional unconfirmed partial responses reported as of September 10, 2026. Objective response rate includes confirmed and unconfirmed responses. Disease control rate includes complete response, partial response, and stable disease. Cohort size and follow-up differ across cohorts.

Durable disease control: PFS rate was 86% at six months, 74% at 12 months, and 72% at 18 months across Cohorts 1, 2, and 3.Cohort 2: Robust tumor response observed. Fifteen out of 46 (33%) patients experienced an initial response; 14 of those responses were confirmed. One patient experienced an initial response 72 weeks after their first treatment, remains on study, and is expected to receive subsequent tumor assessment. A further 13 patients with stable disease in Cohort 2 remain in study as of September 10, 2026.Cohort 3: Higher responses were observed in Cohort 3 relative to Cohort 2 at early assessments. Ten out of 20 (50%) patients in Cohort 3 experienced an initial response, with eight responses occurring as of September 2, 2026 and two more reported as of September 10, 2026. Five of those responses were confirmed as of September 2, 2026, and an additional response was confirmed as of September 10, 2026. All four patients with responses pending confirmation remain on study and are expected to receive subsequent tumor assessment. A further eight patients with stable disease in Cohort 3 remain in study as of September 10, 2026.GEP-NET patients whose target lesions all express SSTR2: Responses were seen in 14 (37%) of 38 Cohort 2 patients, and in eight (47%) of 17 Cohort 3 patients. Safety: No dose-limiting toxicities and no discontinuations due to adverse events

[212Pb]VMT-α-NET continues to be well-tolerated.There were no reports of DLTs, no treatment-related discontinuations, and no serious adverse events (SAEs) related to the study medication during the TEAE window at this point in the study.A low incidence of high-grade TEAEs (20 out of 68 patients, or 29%) was observed, all of which were Grade 3.No dysphagia and no myelodysplastic syndrome were reported.Two patients (2.9%) had Grade 3 renal events, and renal function continues to be characterized over longer follow-up. Additional data presentations at upcoming conferences
The Company will present additional data in the coming weeks: at the NANETS 2026 Multidisciplinary NET Medical Symposium, November 5, 2026, and the EORTC-NCI-AACR (ENA) Symposium, November 20, 2026.

Conference call today
Perspective will webcast a conference call today at 2 pm EDT / 8 pm CEST to discuss the data presented at the ESMO Congress 2026. Webcast details are available on the Events page of the Company's website. A question-and-answer session will follow the formal presentation.

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).

About Neuroendocrine Tumors
Neuroendocrine tumors form in cells that interact with the nervous system or in glands that produce hormones. They can originate in various parts of the body, most often in the gut or the lungs, and can be benign or malignant. Neuroendocrine tumors are typically classified as pancreatic neuroendocrine tumors or non-pancreatic neuroendocrine tumors. According to cancer.net, it is estimated that more than 12,000 people in the United States are diagnosed with a NET each year. Importantly, neuroendocrine tumors are associated with a relatively long duration of survival compared to other tumors, and as a result, there are over 250,000 people living with this diagnosis.1

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, creating an 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 bamzireotide navoxetan (VMT-α-NET, neuroendocrine tumors), lapemelanotide zapixetar (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 proprietary technology, imaging techniques and product candidates, including VMT-α-NET, PSV359, and VMT01, and related treatment opportunities in connection therewith; the Company’s understanding regarding the clinical profiles of its product candidates, including VMT-α-NET, PSV359, and VMT01; the Company’s belief that interim data reinforce the best-in-class potential of VMT-α-NET; the Company’s preclinical and clinical development plans and the expected timing for the release of additional data from its clinical programs; the anticipated clinical benefits of the Company’s product candidates relative to existing therapies; the Company’s expectations regarding regulatory engagement and pathways for its product candidates; the Company’s expectations regarding its interactions with regulatory agencies, including the FDA, 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 (without limitation) 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; regulatory authorities may not grant or may delay approval for our product candidates; the Company may elect to change its strategy regarding its product candidates and clinical development activities; economic and market conditions may worsen; the Company’s ability to successfully prepare for and initiate a registrational Phase 3 clinical trial of VMT-α-NET, including whether the FDA agrees with the Company’s proposed Phase 3 development plan; whether the Company will be able to initiate the anticipated Phase 3 trial in 2027; the Company’s ability to establish, maintain and expand its regional distribution and manufacturing capabilities; 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]

1Dasari A et al. JAMA Netw Open 2025;8:e2515798.

NET INTEREST INCOME ROSE $20 MILLION OR 5% WHILE THE NET INTEREST MARGIN INCREASED FOUR BASIS POINTS TO 2.17%
TOTAL LOANS INCREASED FOR A SECOND CONSECUTIVE QUARTER UP $958 MILLION OR 6% ANNUALIZED, DRIVEN BY CONTINUED MOMENTUM IN THE COMMERCIAL BANKING BUSINESS AS C&I LOANS INCREASED $2.0 BILLION OR 11%
COMMERCIAL BANKING DEPOSITS GREW $0.6 BILLION OR 7% REFLECTING OUR RELATIONSHIP DRIVEN GROWTH STRATEGY
TOTAL CRE PAR PAYOFFS TOTALED $1.2 BILLION, OF WHICH 35% WERE SUBSTANDARD; CRE  CONCENTRATION RATIO IMPROVED TO 346% COMPARED TO 350% LAST QUARTER
THE PROVISION FOR CREDIT LOSSES INCREASED $58 MILLION, PRIMARILY FROM THE IMPACT OF HIGHER INTEREST RATES INCLUDING ON THE NYC RENT REGULATED MULTI-FAMILY PORTFOLIO
CET1 CAPITAL RATIO OF 12.38%; COMPLETED $250 MILLION BUYBACK IN EARLY OCTOBER

Third Quarter 2026 Compared to Second Quarter 2026

Profitability

Capital

PPNR of $66 million was unchanged
Adjusted PPNR of $66 million, up $4 million or 6%
Net interest income rose $20 million or 5% to $460
million
Net interest margin increased 4 basis points to 2.17%
Deposit costs increased 1 basis point while overall cost
of funds rose 2 basis points
Operating expenses of $441 million up 3%

CET1 capital ratio of 12.38%, at or above peer group
levels
Excess capital of $1.2 billion, using low end of target
CET1 range of 10.5%
Book value per share of $17.82
Tangible book value per share of $17.05
Tangible book value per share adjusted for warrant
exercise is $15.56

Balance Sheet

Asset Quality

Total C&I loans increased $2.0 billion or 11% to $20.6
billion
Total loans increased $958 million to $61.9 billion, up 2%
or 6% annualized
Strategic C&I loan focus areas grew $1.6 billion or 18%
Commercial Bank deposits grew $575 million, up 7%
Total MF/CRE loans declined $1.1 billion or 3%

Total NYC multi-family loans declined $531 million or 4%
Total ACL of $0.9 billion, unchanged, and was 1.50% of
total loans HFI:

Total multi-family ACL coverage of 1.63%
ACL coverage of 2.97% for multi-family loans with
50% or greater rent-regulated units

Non-accrual loans were relatively stable
Substandard loans increased $248 million or 4% as overall
Criticized/Classified loans increased $670 million or 6%
NCOs to average loans was 0.49% vs. 0.66%

, /PRNewswire/ -- Flagstar Bank, N.A. (the "Bank") (NYSE: FLG), today reported third quarter 2026 net income of $12 million compared to net income of $34 million for second quarter 2026 and compared to a net loss of $36 million for third quarter 2025. Third quarter 2026 net income attributable to common stockholders was $3 million, or $0.01 per diluted share, compared to net income attributable to common stockholders of $26 million, or $0.06 per diluted share in second quarter 2026 and compared to a net loss attributable to common stockholders of $45 million, or $0.11 per diluted share in third quarter 2025.

CEO COMMENTARY 

Commenting on the Bank's third quarter 2026 performance, Executive Chairman and Chief Executive Officer, Joseph M. Otting stated, "Our third quarter results reflect the fact that the Bank's core underlying fundamentals continued to improve despite the emergence of several headwinds, including a higher interest rate environment, deposit competition, persistent inflation, as well as the continuing impact of rent regulation policies on our New York City multi-family portfolio, which pressured our credit costs. We believe we are on track toward achieving our long-term strategic objectives, however given the higher for longer interest rate environment, the full  realization of these objectives has shifted to 2028 from 2027.

"Notwithstanding these headwinds, during the third quarter, we made progress in multiple areas. Our net interest income increased 5% compared to the previous quarter, net interest margin expanded by 4 basis points, and adjusted pre-provision net revenue improved 6%, reflecting continued momentum in our operating performance.

"We also recorded another quarter of solid loan growth driven by broad-based growth across the C&I platform, along with deposit growth within that business. We continue to diversify the balance sheet through a strategic reduction in the multi-family and commercial real estate portfolios, offset by originations of new CRE loans across our footprint. The growth in C&I and the reduction in the multi-family and CRE portfolios are diversifying our loan portfolio. Additionally, the repricing and ongoing reduction of our multi-family portfolios are also positives as we work to improve our loan mix and net interest income.

"We believe these trends demonstrate ongoing progress in strengthening our core franchise and improving the quality and composition of our balance sheet. We remain focused on executing our long-term strategic plan of transforming Flagstar into a high performing regional bank. While the current interest rate environment may affect the pace at which we achieve certain objectives, our commitment to the transformation remains unchanged. We will continue to prioritize disciplined risk management, sustainable earnings growth, balance sheet strength, and the consistent execution of our strategic plan to position the Bank for long-term success."

BALANCE SHEET SUMMARY

(dollars in millions)

September 30,
2026

June 30, 2026

Compare

Total cash and cash equivalents

$         4,046

$       5,108

-21 %

Total loans and leases held for investment

61,945

60,987

2 %

Total assets

87,412

87,714

-0.3 %

Total deposits

67,820

67,521

0.4 %

Total borrowed funds

10,937

10,937

— %

Total assets were relatively unchanged, declining a modest $0.3 billion or 0.3% to $87.4 billion primarily due to growth in the loan portfolio, more than offset by a decline in total cash and cash equivalents balances of $1.1 billion or 21%
Total loans and leases held for investment ("HFI") were $61.9 billion, up $1.0 billion or 2% (6% on an annualized basis).
Loan growth was driven by another strong quarter of growth in the C&I portfolio, partially offset by a decrease in the multi-family and CRE portfolios.
Similar to last quarter, this quarter's C&I growth was broad-based across our various C&I businesses and across verticals and geographies.

Total C&I loans increased $2.0 billion or 11% to $20.6 billion driven primarily by growth within Specialized Industries and Corporate & Regional Commercial Banking.

Specialized Industries Banking loans increased $1,417 million or 21%.
Corporate & Regional Commercial Banking increased $195 million or 8%.
Public Finance increased $359 million or 18%.

The combined multi-family and CRE portfolio continued to decrease and were down $1.1 billion or 3% to $34.1 billion.

Total CRE par payoffs totaled $1.2 billion, up modestly compared to the second quarter.
CRE concentration improved to 346% compared to 350%.
During the third quarter, the Bank originated approximately $375 million of new CRE loans, which partially offset the decrease due to par payoffs and repayments.

Consistent with the Bank's overall balance sheet transformation and diversification strategy, total C&I loans improved to 24% of total assets compared to 21% last quarter and 17% at year-end 2025. At the same time, total CRE loans, including multi-family declined to 39% of total assets compared to 40% last quarter and 44% at year-end 2025.
Total deposits were $67.8 billion, up $0.3 billion or 0.4%, driven by increases in non-interest-bearing checking, up 6%,  and CDs, up 4% while interest-bearing and money market accounts decreased 6%, and savings accounts declined 1%.
Total borrowed funds, primarily wholesale borrowings consisting of FHLB-NY advances totaled $10.9 billion unchanged compared to the prior quarter.

EARNINGS SUMMARY FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026

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

Net Interest Income

Third quarter 2026 net interest income totaled $460 million compared to $440 million, up $20 million or 5% compared to second quarter 2026 and rose $35 million or 8% compared to third quarter 2025.

Linked-Quarter Comparison

Average interest-earnings assets increased $1.2 billion or 1.4% to $84.3 billion due to higher average loan balances and higher average securities, partially offset by lower average cash balances.
Average interest-bearing liabilities increased $0.9 billion or 1.4% to $66.4 billion, as average borrowed funds increased 2% and average interest-bearing deposits rose 1%.
The net interest margin increased 4 basis points to 2.17% driven by a 6 basis point increase in the average yield partially offset by a 2 basis point increase in the average cost of funds.

Year-Over-Year Comparison

Average interest-earning assets decreased 5% to $84.3 billion driven by lower average loans and lower average cash balances partially offset by higher average securities balances.
Average interest-bearing liabilities decreased 6% or $4.0 billion to $66.4 billion as both average deposits and average borrowings balances declined due to strategic actions taken by the Bank to reduce its cost of funds.
Average deposits declined 2% to $55.9 billion as the Bank significantly reduced brokered deposits throughout 2025.
Average borrowings declined 21% or $2.7 billion to $10.5 billion as the Bank continued to pay down wholesale borrowings.
The net interest margin increased 26 basis points driven by a 51 basis point decline in the average cost of funds as the average cost of borrowings decreased 33 basis points and the average cost of deposits declined 51 basis points. This was partially offset by a 17 basis points decrease in the average yield as the average yield on securities declined 42 basis points, the average yield on cash balances declined 69 basis points and the average loan yield declined 12 basis points.

Provision for Credit Losses

Linked-Quarter Comparison

For the third quarter 2026, we reported a provision for credit losses of $76 million compared to $18 million in the second quarter 2026. The $58 million increase was impacted by net charge-offs, while the allowance for credit losses was unchanged compared to the prior quarter. Increases in the allowance related to growth in our C&I portfolio and the impact from a higher interest rate environment including on the New York City rent-regulated multi-family portfolio, were offset by volume reductions in our multi-family portfolio.
Net charge-offs for the third quarter 2026 totaled $74 million, down $26 million or 26%.
Net charge-offs on an annualized basis represented 0.49% of average loans outstanding, compared to 0.66% for second quarter 2026.

Year-Over-Year Comparison

The provision for credit losses increased $38 million reflects the impact of net charge-offs during the quarter.
Net charge-offs increased $1 million or 1%.

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:

September 30, 2026

For the Three Months Ended

compared to:

(dollars in millions)

September 30,
2026

June 30,
2026

September 30,
2025

June 30,
2026

September 30,
2025

Net interest income

$         460

$       440

$           425

5 %

8 %

Non-interest income

70

76

94

-8 %

-26 %

Total revenues

$         530

$       516

$           519

3 %

2 %

Total non-interest expense

464

450

522

3 %

-11 %

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

$          66

$        66

$            (3)

— %

NM

Merger-related expenses

—

—

17

NM

NM

Severance

—

—

8

NM

NM

Litigation settlement

—

—

14

NM

NM

Net (gain) loss on investment security

—

(4)

(21)

NM

NM

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

$          66

$        62

$            15

6 %

NM

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

For third quarter 2026, PPNR totaled $66 million unchanged compared to the second quarter 2026 and compared to a pre-provision net loss of $3 million for third quarter 2025.

Linked-Quarter Comparison

Excluding the impact from the investment in Figure Technology Solutions, Inc., (the "Figure Investment") in the second quarter, our third quarter adjusted PPNR increased $4 million or 6%.
The increase was driven by a 5% increase in net interest income, partially offset by lower non-interest income and higher non-interest expenses.

Year-Over-Year Comparison

Excluding the impact from the Figure Investment and several other one-time items in the prior year, adjusted PPNR increased $51 million compared to the prior year.
The majority of the increase was driven by an 11% reduction in non-interest expenses and an 8% increase in net interest income, partially offset by an 8% decrease in non-interest income.

Non-Interest Income

September 30, 2026

For the Three Months Ended

compared to:

(dollars in millions)

September 30,
2026

June 30, 2026

September 30,
2025

June 30, 2026

September
30, 2025

Fee income

$29

$26

$23

12 %

26 %

Bank-owned life insurance

11

13

12

-15 %

-8 %

Net gain (loss) on investment securities

—

4

22

NM

NM

Net gain on loan sales and securitizations

3

4

5

-25 %

-40 %

Other income

27

29

32

-7 %

-16 %

Total non-interest income

$70

$76

$94

-8 %

-26 %

Impact of Adjustments:

Net (gain) loss on investment security

—

(4)

(21)

NM

NM

Adjusted noninterest income (non-GAAP)

$70

$72

$73

-3 %

-4 %

Non-interest income in third quarter 2026 was $70 million, down $6 million or 8% compared to $76 million in second quarter 2026 and down $24 million or 26% compared to third quarter 2025.

Linked-Quarter Comparison

Excluding the impact from the Figure Investment in the previous quarter, adjusted non-interest income decreased $2 million or 3%.
The modest decrease was driven by a $3 million or 12% increase in fee income, more than offset by declines in BOLI, mortgage banking gain on sale income, and other income.

Year-Over-Year Comparison

Excluding the impact from the Figure Investment, adjusted non-interest income declined $3 million or 4%.
This was driven by a $6 million or 26% improvement in fee income more than offset by declines in BOLI, mortgage banking gain on sale income, and other income.

Non-Interest Expense

September 30, 2026

For the Three Months Ended

compared to:

(dollars in millions)

September 30,
2026

June 30, 2026

September 30,
2025

June 30, 2026

September 30,
2025

Operating expenses:

Compensation and benefits

$228

$220

$242

4 %

-6 %

Occupancy and equipment

46

46

47

— %

-2 %

Software expense

50

49

47

2 %

6 %

FDIC insurance

29

30

37

-3 %

-22 %

Professional services

23

19

20

21 %

15 %

General and administrative

65

63

86

3 %

-24 %

Total operating expenses

441

427

479

3 %

-8 %

Intangible asset amortization

23

23

26

— %

-12 %

Merger-related expense

—

—

17

NM

NM

Total non-interest expense

$464

$450

$522

3 %

-11 %

Impact of Adjustments:

Total operating expenses

$441

$427

$479

3 %

-8 %

Severance

—

—

(8)

NM

NM

Litigation settlement

—

—

(14)

NM

NM

Adjusted operating expenses (non-GAAP)

$441

$427

$457

3 %

-4 %

Third quarter 2026 operating expenses were $441 million compared to $427 million in second quarter 2026, up $14 million or 3%, while they declined $38 million or 8% compared to third quarter 2025.

Linked-Quarter Comparison

The increase was mainly driven by an $8 million or 4% increase in compensation and benefits and a $4 million or 21% increase in Professional services.

Year-Over-Year Comparison

Excluding expenses related to severance and a litigation settlement, adjusted operating expenses decreased $16 million or 4%.
The main drivers were a $21 million or 24% decrease in G&A expense and an $8 million or 22% decrease in FDIC expense. This was partially offset by modest increases in professional services, and compensation and benefits expense.

Income Taxes

Linked-Quarter Comparison

For the third quarter 2026, the Bank reported an income tax benefit of $22 million compared to an income tax expense of $14 million for the second quarter 2026. This quarter's income tax benefit resulted from the settlement of a 2019-2021 federal tax audit that reduced our tax provision by $22 million. 

Year-Over-Year Comparison

For the third quarter 2026, the Bank reported income tax benefit of $22 million compared to an income tax benefit of $5 million for the third quarter 2025. The effective tax rate for the third quarter 2026 was 217.8% compared to 12.2% for the third quarter 2025.

CREDIT QUALITY

September 30, 2026

As of

compared to:

(dollars in millions)

September 30,
2026

June 30, 2026

September
30, 2025

June 30, 2026

September
30, 2025

Total non-accrual loans held for investment

$2,817

$2,800

$3,241

1 %

-13 %

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

4.55 %

4.59 %

5.17 %

-1 %

-12 %

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

3.23 %

3.20 %

3.56 %

1 %

-9 %

Allowance for credit losses on loans and leases

$869

$869

$1,071

— %

-19 %

Total ACL, including on unfunded commitments

$927

$925

$1,128

— %

-18 %

ACL % of total loans held for investment

1.40 %

1.42 %

1.71 %

-2 bps

-31 bps

Total ACL % of total loans held for investment

1.50 %

1.52 %

1.80 %

-2 bps

-30 bps

ACL on loans and leases % of NPLs

31 %

31 %

33 %

-1 %

-7 %

Total ACL % of NPLs

33 %

33 %

35 %

— %

-5 %

Non-Accrual Loans

At September 30, 2026, total non-accrual loans, including held-for-sale, were $2,821 million, up $16 million or 1% compared to $2,805 million at June 30, 2026, but down $451 million or 14% compared to September 30, 2025. Total non-accrual loans HFI to total loans HFI were 4.55% at September 30, 2026 compared to 4.59% at June 30, 2026 and 5.17% at September 30, 2025.

Linked-Quarter Comparison

Multi-family non-accrual loans decreased 0.3%, while CRE non-accrual loans decreased 2%.
NPAs to total assets rose 3 basis points to 3.23%.

Year-Over-Year Comparison

Multi-family non-accrual loans declined 13% and CRE non-accrual loans declined 16%, reflecting ongoing proactive workout and resolution strategies.
NPAs to total assets improved 33 basis points.

Total Allowance for Credit Losses

The total allowance for credit losses including the allowance for unfunded commitments was $927 million at September 30, 2026 compared to $925 million at June 30, 2026 and $1,128 million at September 30, 2025. The total allowance for credit losses on loans and leases at September 30, 2026 was $869 million unchanged from June 30, 2026 and a decrease from $1,071 million at September 30, 2025.

The allowance for credit losses was unchanged compared to the prior quarter. Increases in the allowance related to growth in our C&I portfolio and the impact from a higher interest rate environment including on the New York City rent-regulated multi-family portfolio, were offset by volume reductions in our multi-family portfolio

The total allowance for credit losses to total loans HFI at September 30, 2026 was 1.50% compared to 1.52% at June 30, 2026 and 1.80% at September 30, 2025. The total allowance for credit losses on loans and leases to total loans HFI was 1.40% at September 30, 2026 compared to 1.42% at June 30, 2026 and 1.71% at September 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.

September 30, 2026

June 30, 2026

December 31, 2025

REGULATORY CAPITAL RATIOS: (1)

Common equity tier 1 ratio

12.38 %

13.16 %

12.83 %

Tier 1 risk-based capital ratio

13.19 %

13.99 %

13.66 %

Total risk-based capital ratio

15.74 %

16.58 %

16.23 %

Leverage capital ratio

9.33 %

9.70 %

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. At September 30, 2026, the Bank had $87.4 billion of assets, $62.1 billion of loans, deposits of $67.8 billion, and total stockholders' equity of $7.6 billion. Flagstar Bank, N.A. operates approximately 320 retail locations and 20 Private Banking Offices 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 October 23, 2026 at 8:00 a.m. (Eastern Time) to discuss its third quarter 2026 performance.

Dial-in Numbers:

Domestic: (833) 461-5787
International: (585) 542-9983
Meeting ID: 960333298

Live Webcast: ir.flagstar.com 

Replay Information:

Call available through 11:59 p.m. on October 27, 2026
Domestic: (833) 309-1852
International: (929) 828-5978
Meeting ID: 960333298
Archived webcast: ir.flagstar.com through November 20, 2026

Investor Contact:  Salvatore J. DiMartino, (516) 683-4286, [email protected] 

Media Contact:  Jessica Torchia, (248) 312-6451, [email protected] 

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, including guidance or expectations regarding our future financial or operating results, and long-term strategic objectives 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, effective October 1, 2026, 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)

September 30, 2026

compared to

(dollars in millions)

September 30,
2026

June 30,
2026

December 31,
2025

June 30, 2026

December 31,
2025

Assets

Cash and due from banks

$         382

$        416

$          553

-8 %

-31 %

Interest-earning deposits and other securities with financial institutions

3,664

4,692

5,341

-22 %

-31 %

Total cash and cash equivalents

4,046

5,108

5,894

-21 %

-31 %

Securities:

Debt securities available-for-sale

16,395

16,553

15,701

-1 %

4 %

Equity investments with readily determinable fair values, at fair value

14

14

65

— %

-78 %

Total securities

16,409

16,567

15,766

-1 %

4 %

Loans held for sale

166

208

265

-20 %

-37 %

Loans and leases held for investment:

Multi-family

25,948

26,931

28,983

-4 %

-10 %

Commercial real estate

8,102

8,244

9,314

-2 %

-13 %

One-to-four family first mortgage

5,867

5,767

5,630

2 %

4 %

Commercial and industrial

20,579

18,563

15,217

11 %

35 %

Other loans

1,449

1,482

1,588

-2 %

-9 %

Total loans and leases held for investment

61,945

60,987

60,732

2 %

2 %

Less: Allowance for credit losses on loans and leases

(869)

(869)

(1,030)

— %

-16 %

Total loans and leases held for investment, net

61,076

60,118

59,702

2 %

2 %

Premises and equipment, net

474

472

477

— %

-1 %

Core deposit and other intangibles

310

333

381

-7 %

-19 %

Other assets

4,931

4,908

5,027

— %

-2 %

Total assets

$      87,412

$     87,714

$       87,512

— %

— %

Liabilities and Stockholders' Equity

Deposits:

Interest-bearing checking and money market accounts

$      19,330

$     20,477

$       18,233

-6 %

6 %

Savings accounts

14,741

14,836

14,864

-1 %

-1 %

Certificates of deposit

21,359

20,477

20,843

4 %

2 %

Non-interest-bearing accounts

12,390

11,731

12,060

6 %

3 %

Total deposits

67,820

67,521

66,000

— %

3 %

Borrowed funds:

Wholesale borrowings

9,900

9,901

11,151

— %

-11 %

Junior subordinated debentures

588

587

585

— %

1 %

Subordinated notes

449

449

448

— %

— %

Total borrowed funds

10,937

10,937

12,184

— %

-10 %

Other liabilities

1,010

1,115

1,184

-9 %

-15 %

Total liabilities

79,767

79,573

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

9,311

9,299

9,303

— %

— %

Retained earnings

(958)

(958)

(988)

— %

-3 %

Treasury stock, at cost

(377)

(161)

(190)

NM

98 %

Accumulated other comprehensive loss, net of tax:

(839)

(547)

(489)

53 %

72 %

Total stockholders' equity

7,644

8,140

8,143

-6 %

-6 %

Total liabilities, Mezzanine and Stockholders' Equity

$      87,412

$     87,714

$       87,512

— %

— %

FLAGSTAR BANK, N.A.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(unaudited)

September 30, 2026

For the Three Months Ended

compared to

September 30,
2026

June 30,
2026

September 30,
2025

June 30, 2026

September 30,
2025

(dollars in millions, except per share data)

Interest Income:

Loans and leases

$         780

$        751

$         819

4 %

-5 %

Securities and money market investments

232

225

282

3 %

-18 %

Total interest income

1,012

976

1,101

4 %

-8 %

Interest Expense:

Interest-bearing checking and money market accounts

140

126

151

11 %

-7 %

Savings accounts

94

97

113

-3 %

-17 %

Certificates of deposit

201

201

255

— %

-21 %

Borrowed funds

117

112

157

4 %

-25 %

Total interest expense

552

536

676

3 %

-18 %

Net interest income

460

440

425

5 %

8 %

Provision for credit losses

76

18

38

NM

100 %

Net interest income after provision for credit losses

384

422

387

-9 %

-1 %

Non-Interest Income:

Fee income

29

26

23

12 %

26 %

Bank-owned life insurance

11

13

12

-15 %

-8 %

Net gain (loss) on investment securities

—

4

22

NM

NM

Net gain on loan sales and securitizations

3

4

5

-25 %

-40 %

Net loan administration income (loss)

—

1

—

NM

NM

Other income

27

28

32

-4 %

-16 %

Total non-interest income

70

76

94

-8 %

-26 %

Non-Interest Expense:

Operating expenses:

Compensation and benefits

228

220

242

4 %

-6 %

Occupancy and equipment

46

46

47

— %

-2 %

Software expense

50

49

47

2 %

6 %

FDIC insurance

29

30

37

-3 %

-22 %

Professional services

23

19

20

21 %

15 %

General and administrative

65

63

86

3 %

-24 %

Total operating expenses

441

427

479

3 %

-8 %

Intangible asset amortization

23

23

26

— %

-12 %

Merger-related expenses

—

—

17

NM

NM

Total non-interest expense

464

450

522

3 %

-11 %

Income (loss) before income taxes

(10)

48

(41)

NM

-76 %

Income tax expense (benefit)

(22)

14

(5)

NM

NM

Net income (loss)

12

34

(36)

-65 %

NM

Preferred stock dividends

9

8

9

13 %

— %

Net income (loss) attributable to common stockholders

$            3

$         26

$          (45)

-88 %

NM

Basic earnings (loss) per common share

$         0.01

$       0.06

$        (0.11)

-83 %

NM

Diluted earnings (loss) per common share

$         0.01

$       0.06

$        (0.11)

-83 %

NM

Dividends per common share

$         0.01

$       0.01

$         0.01

— %

— %

FLAGSTAR BANK, N.A.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(unaudited)

For the Nine Months Ended

September 30,
2026

September 30,
2025

Compare

(dollars in millions, except per share data)

Interest Income:

Loans and leases

$        2,285

$        2,519

-9 %

Securities and money market investments

687

889

-23 %

Total interest income

2,972

3,408

-13 %

Interest Expense:

Interest-bearing checking and money market accounts

380

480

-21 %

Savings accounts

292

334

-13 %

Certificates of deposit

605

850

-29 %

Borrowed funds

352

490

-28 %

Total interest expense

1,629

2,154

-24 %

Net interest income

1,343

1,254

7 %

Provision for credit losses

94

181

-48 %

Net interest income after provision for credit losses

1,249

1,073

16 %

Non-Interest Income:

Fee income

78

67

16 %

Bank-owned life insurance

34

32

6 %

Net loss on investment securities

(5)

22

NM

Net gain on loan sales and securitizations

12

24

-50 %

Net loan administration income

1

5

-80 %

Other income

81

101

-20 %

Total non-interest income

201

251

-20 %

Non-Interest Expense:

Operating expenses:

Compensation and benefits

676

723

-7 %

Occupancy and equipment

142

155

-8 %

Software expenses

146

127

15 %

FDIC insurance

89

136

-35 %

Professional services

64

69

-7 %

General and administrative

192

237

-19 %

Total operating expenses

1,309

1,447

-10 %

Intangible asset amortization

71

81

-12 %

Merger-related expenses

—

39

NM

Total non-interest expense

1,380

1,567

-12 %

Income (loss) before income taxes

70

(243)

NM

Income tax expense (benefit)

3

(37)

NM

Net income (loss)

67

(206)

NM

Preferred stock dividends

25

25

— %

Net income (loss) attributable to common stockholders

$           42

$        (231)

NM

Basic earnings (loss) per common share

$         0.10

$        (0.56)

NM

Diluted earnings (loss) per common share

$         0.09

$        (0.56)

NM

Dividends per common share

$         0.03

$         0.03

— %

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,

Nine Months Ended,

(dollars in millions)

September 30, 
2026

June 30, 2026

September 30, 2025

September 
30, 2026

September 
30, 2025

Total Stockholders' Equity

$

7,644

$

8,140

$

8,108

$

7,644

$

8,108

Less: Core deposit and other intangible assets

(310)

(333)

(407)

(310)

(407)

Less: Preferred stock - Series A and D

(503)

(503)

(503)

(503)

(503)

Tangible common stockholders' equity

$

6,831

$

7,304

$

7,198

$

6,831

$

7,198

Total Stockholders' Equity

$

7,644

$

8,140

$

8,108

$

7,644

$

8,108

Less: Preferred stock - Series A and D

$

(503)

$

(503)

$

(503)

$

(503)

$

(503)

Common stockholders' equity

$

7,141

$

7,637

$

7,605

$

7,141

$

7,605

Total Assets

$

87,412

$

87,714

$

91,668

$

87,412

$

91,668

Less: Core deposit and other intangible assets

(310)

(333)

(407)

(310)

(407)

Tangible Assets

$

87,102

$

87,381

$

91,261

$

87,102

$

91,261

Average common stockholders' equity

$

7,583

$

7,670

7,628

$

7,649

$

7,604

Less: Other intangible assets

(326)

(349)

(424)

$

(349)

$

(451)

Average tangible common stockholders' equity

$

7,257

$

7,321

$

7,204

$

7,300

$

7,153

Average Assets

$

87,793

$

86,694

$

91,983

$

87,184

$

95,907

Less: Core deposit and other intangible assets

(326)

(349)

(424)

(349)

(451)

Average tangible assets

$

87,467

$

86,345

$

91,559

$

86,835

$

95,456

GAAP MEASURES:

Return (loss) on average assets (1)

0.06 %

0.16 %

(0.16) %

0.10 %

(0.29) %

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

0.21 %

1.37 %

(2.31) %

0.75 %

(4.05) %

Book value per common share

$

17.82

$

18.31

$

18.30

$

17.82

$

18.30

Common stockholders' equity to total assets

8.17 %

8.71 %

8.30 %

8.17 %

8.30 %

NON-GAAP MEASURES:

Return (loss) on average tangible assets (1)

0.06 %

0.15 %

(0.10) %

0.11 %

(0.22) %

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

0.22 %

1.29 %

(1.70) %

0.85 %

(3.45) %

Tangible book value per common share

$

17.05

$

17.51

$

17.32

$

17.05

$

17.32

Tangible common stockholders' equity to tangible assets

7.84 %

8.36 %

7.89 %

7.84 %

7.89 %

(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.

At or for the

(dollars in millions, except per share data)

Three Months Ended September 30, 2026

Tangible common stockholders' equity

$                                   6,831

Common shares outstanding as of September 30, 2026

400,635,645

Dilution Impact of Warrants

38,233,612

Common shares outstanding at the respective period-ends, incl. warrants

438,869,257

Tangible book value per common share - adjusted for warrant exercise

$                                   15.56

Weighted average dilutive potential common shares for the three months ended - GAAP

54,637,476

Weighted average dilutive impact of convertible preferred

(250,000)

Weighted average dilutive impact of options outstanding

(3,291,956)

Weighted average dilutive impact of unvested share units

(2,504,420)

Weighted average vs. ending share price adjustment on the dilutive impact of warrants outstanding

(10,357,489)

Dilution impact of warrants on tangible book value- non GAAP(1)

38,233,612

(1)

Represents the net dilutive effect of warrants outstanding calculated using the treasury stock method. The dilution impact is computed based on 104,985,000 warrants outstanding with a conversion price of $7.42 and a closing share price of $11.67 as of September 30, 2026.

For the Three Months Ended

For the Nine Months Ended

(dollars in millions, except per share data)

September
30, 2026

June 30, 2026

September
30, 2025

September
30, 2026

September
30, 2025

Net income (loss) - GAAP

$         12

$            34

$        (36)

$         67

$       (206)

Merger-related expenses(1)

—

—

17

—

39

Severance

—

—

8

—

10

Lease cost acceleration related to closing branches

—

—

—

—

12

Trailing mortgage sale costs with Mr. Cooper

—

—

—

—

8

Litigation settlement

—

—

14

—

14

Net (gain) loss on investment security

—

(4)

(21)

5

(21)

Total adjustments

$         —

$            (4)

$         18

$          5

$         62

Tax effect on adjustments

—

1

(4)

(1)

(16)

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

$         12

$            31

$        (22)

$         71

$       (160)

Preferred stock dividends

9

8

9

25

25

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

$          3

$            23

$        (31)

$         46

$       (185)

(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 Nine Months Ended

September 30, 2026

June 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

Amount

Per Share

Amount

Per Share

Amount

Per Share

Amount

Per Share

Amount

Per Share

Diluted Earnings (Loss) Per
Share - GAAP

$3

$0.01

$26

$0.06

$(45)

$(0.11)

$42

$0.09

$(231)

$(0.56)

Adjustments

—

0.00

(4)

(0.01)

18

0.04

5

0.01

62

0.15

Tax effect on adjustments

—

0.00

1

0.00

(4)

(0.01)

(1)

0.00

(16)

(0.04)

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

$3

0.01

$23

0.05

$(31)

(0.07)

$46

0.10

$(185)

(0.45)

Total shares for diluted
earnings per common share

466,030,436

473,623,332

415,563,380

468,707,328

415,173,630

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

For the Three Months Ended

For the Nine Months Ended

September 30,
2026

June 30, 2026

September 30,
2025

September 30,
2026

September 30,
2025

(dollars in millions)

Net interest income

$           460

$          440

$           425

$         1,343

$         1,254

Non-interest income

70

76

94

201

251

Total revenues

$           530

$          516

$          519

$        1,544

$         1,505

Total non-interest expense

464

450

522

1,380

1,567

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

$            66

$           66

$            (3)

$          164

$           (62)

Merger-related expenses

—

—

17

—

39

Severance

—

—

8

—

10

Lease cost acceleration related to closing branches

—

—

—

—

12

Trailing mortgage sale costs with Mr. Cooper

—

—

—

—

8

Litigation settlement

—

—

14

—

14

Net (gain) loss on investment security

—

(4)

(21)

5

(21)

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

$            66

$           62

$            15

$          169

$            —

Provision for credit losses

(76)

(18)

(38)

(94)

(181)

Merger-related expenses

—

—

(17)

—

(39)

Severance

—

—

(8)

—

(10)

Lease cost acceleration related to closing branches

—

—

—

—

(12)

Trailing mortgage sale costs with Mr. Cooper

—

—

—

—

(8)

Litigation settlement

—

—

(14)

—

(14)

Net gain (loss) on investment security

—

4

21

(5)

21

Income (loss) before taxes

$           (10)

$           48

$           (41)

$           70

$          (243)

Income tax expense (benefit)

(22)

14

(5)

3

(37)

Net income (loss) (GAAP)

$            12

$           34

$           (36)

$           67

$         (206)

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

FLAGSTAR BANK, N.A.

NET INTEREST INCOME ANALYSIS

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

For the Three Months Ended

September 30, 2026

June 30, 2026

September 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)

$    61,559

$   780

5.03 %

$   60,971

$   751

4.91 %

$   63,541

$    819

5.15 %

Securities(2)

18,002

189

4.20

17,037

180

4.22

16,610

192

4.62

Interest-earning cash and cash equivalents

4,693

43

3.67

5,042

45

3.63

8,216

90

4.36

Total interest-earning assets

84,254

$ 1,012

4.77

83,050

$   976

4.71

88,367

$  1,101

4.94

Non-interest-earning assets

3,539

3,644

3,616

Total assets

$    87,793

$   86,694

$   91,983

Liabilities and Stockholders' Equity:

Interest-bearing deposits:

Interest-bearing checking and money market accounts

$    20,453

$   140

2.73 %

$   19,617

$   126

2.55 %

$   19,562

$    151

3.05 %

Savings accounts

14,827

94

2.53

14,857

97

2.63

14,573

113

3.08

Certificates of deposit

20,631

201

3.86

20,694

201

3.90

23,052

255

4.38

Total interest-bearing deposits

55,911

435

3.09

55,168

424

3.08

57,187

519

3.60

Borrowed funds

10,477

117

4.41

10,276

112

4.37

13,191

157

4.74

Total interest-bearing liabilities

66,388

$   552

3.30

65,444

$   536

3.28

$   70,378

$    676

3.81

Non-interest-bearing deposits

12,234

11,970

12,079

Other liabilities

1,084

1,106

1,394

Total liabilities

79,706

78,520

83,851

Stockholders' and mezzanine equity

8,087

8,174

8,132

Total liabilities and stockholders' equity

$    87,793

$   86,694

$   91,983

Net interest income/interest rate spread

$   460

1.47 %

$   440

1.43 %

$    425

1.13 %

Net interest margin

2.17 %

2.13 %

1.91 %

Ratio of interest-earning assets to interest-bearing liabilities

 1.27 x

 1.27 x

 1.26 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 Nine Months Ended

September 30, 2026

September 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)

$       61,126

$       2,285

5.00 %

$        65,842

$    2,519

5.13 %

Securities(2)

17,297

548

4.22

14,962

510

4.54

Interest-earning cash and cash equivalents

5,119

139

3.65

11,515

379

4.41

Total interest-earning assets

83,542

$       2,972

4.76

92,319

$    3,408

4.94

Non-interest-earning assets

3,642

3,588

Total assets

$       87,184

$        95,907

Liabilities and Stockholders' Equity:

Interest-bearing deposits:

Interest-bearing checking and money market accounts

$       19,597

$         380

2.59 %

$        20,355

$      480

3.15 %

Savings accounts

14,863

292

2.63

14,426

334

3.10

Certificates of deposit

20,630

605

3.92

24,893

850

4.57

Total interest-bearing deposits

55,090

1,277

3.10

59,674

1,664

3.73

Borrowed funds

10,715

352

4.33

13,887

490

4.72

Total interest-bearing liabilities

65,805

$       1,629

3.31

73,561

$    2,154

3.91

Non-interest-bearing deposits

12,054

12,622

Other liabilities

1,172

1,616

Total liabilities

79,031

87,799

Stockholders' and mezzanine equity

8,153

8,108

Total liabilities and stockholders' equity

$       87,184

$        95,907

Net interest income/interest rate spread

$       1,343

1.45 %

$    1,254

1.03 %

Net interest margin

2.15 %

1.82 %

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 Nine Months Ended

September 30,
2026

June 30, 2026

September 30,
2025

September 30,
2026

September 30,
2025

OTHER FINANCIAL MEASURES:

Efficiency ratio(1)

87.56 %

87.08 %

100.46 %

89.39 %

104.11 %

Efficiency ratio, as adjusted (2)

83.24

82.65

92.12

84.82

96.16

Operating expenses to average assets(3)

2.01

1.97

2.08

1.50

1.51

Effective tax rate

217.8

28.2

12.2

3.4

15.2

Shares used for basic EPS per common share

411,392,960

416,829,060

415,563,380

414,772,969

415,173,630

Shares used for diluted EPS per common share

466,030,436

473,623,332

415,563,380

468,707,328

415,173,630

Common shares outstanding at the respective period-ends

400,635,645

417,018,972

415,608,145

400,635,645

415,608,145

(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.

(3)

Three months ended presented on annualized basis.

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:

September 30, 2026

compared to

(dollars in millions)

September 30,
2026

June 30, 2026

September 30,
2025

June 30,
2026

September 30,
2025

Non-accrual loans held for investment:

Multi-family

$        2,125

$         2,132

$        2,440

— %

-13 %

Commercial real estate

462

471

551

-2 %

-16 %

One-to-four family first mortgage

61

60

70

2 %

-13 %

Commercial and industrial

144

111

154

30 %

-6 %

Other non-accrual loans

25

26

26

-4 %

-4 %

Total non-accrual loans held for investment

2,817

2,800

3,241

1 %

-13 %

Repossessed assets

8

8

21

4 %

-62 %

Total non-accrual held for investment loans and repossessed assets

$        2,825

$         2,808

$        3,262

1 %

-13 %

Non-accrual loans held for sale:

Commercial real estate

—

—

27

NM

NM

One-to-four family first mortgage

4

5

4

-20 %

— %

Total non-accrual mortgage loans held for sale

$            4

$             5

$           31

-20 %

-87 %

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

September 30, 2026

Multi-family

$    23,381

$             392

$                       50

$         2,125

$          25,948

Commercial real estate

7,508

79

53

462

8,102

One-to-four family first mortgage

5,791

13

2

61

5,867

Commercial and industrial

20,399

34

2

144

20,579

Other

1,412

12

—

25

1,449

Total

$    58,491

$             530

$                      107

$         2,817

$          61,945

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

September 30, 2025

Multi-family

$    27,682

$             344

$                       —

$         2,440

$          30,466

Commercial real estate

9,495

117

—

551

10,163

One-to-four family first mortgage

5,424

19

—

70

5,513

Commercial and industrial

14,686

34

—

154

14,874

Other

1,598

21

—

26

1,645

Total

$    58,885

$             535

$                       —

$         3,241

$          62,661

The following table summarizes the Bank's net charge-offs (recoveries) as a percentage of average loans held for investment, excluding LGG, for the respective periods:

For the Three Months Ended

September 30, 2026

June 30, 2026

September 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

$           50

$  26,388

0.76 %

$           80

$  27,331

1.17 %

$           46

$  31,282

0.59 %

Commercial real estate

13

8,212

0.63

1

8,723

0.05

18

10,432

0.69

One-to-four family residential

1

5,467

0.07

1

5,353

0.07

1

5,099

0.08

Commercial and industrial

7

19,485

0.14

13

17,446

0.30

1

14,388

0.03

Other

3

1,466

0.82

5

1,514

1.32

7

1,661

1.69

Total

$           74

$  61,018

0.49 %

$          100

$  60,367

0.66 %

$           73

$  62,862

0.46 %

(1) Three months ended presented on an annualized basis.

For the Nine Months Ended

September 30, 2026

September 30, 2025

(dollars in millions)

Net Charge-offs
(Recoveries)

Average
Balance

%(1)

Net Charge-offs
(Recoveries)

Average
Balance

%(1)

Multi-family

$          202

$  27,416

0.98 %

$          222

$  32,672

0.91 %

Commercial real estate

22

8,710

0.34

33

10,975

0.40

One-to-four family residential

3

5,369

0.07

3

5,026

0.08

Commercial and industrial

12

17,533

0.09

32

14,599

0.29

Other

13

1,512

1.15

15

1,705

1.17

Total

$          252

$  60,540

0.56 %

$          305

$  64,977

0.63 %

(1) Nine months ended presented on an annualized basis.

SOURCE Flagstar Bank, N.A.

Citi handed Nebius a fresh credit line to fund its GPU buildout, and investors sold the news anyway. The reaction inside the neocloud group tells a story about leverage, trust, and how much runway debt-funded AI builders actually have left.

A fresh credit line from Citi is doing little to steady Nebius Group (NASDAQ:NBIS | NBIS Price Prediction), the AI cloud operator that keeps borrowing to build out capacity. Nebius stock is down 6% to $162.03 this morning, a slide that signals persistent doubt about debt-funded growth across the neocloud group.

Meanwhile, CoreWeave (NASDAQ:CRWV) stock is down 5% to $58.86, tracking Nebius stock lower as the other major neocloud name. Cloudflare (NYSE:NET) stock is up 2% to $313.35, moving against the neoclouds and showing the selling is concentrated among operators that fund growth with debt.

Two funds help measure how far the pressure reaches. The First Trust Cloud Computing ETF (NASDAQ:SKYY) is down 1%, a far smaller drop than either neocloud stock. Large-cap tech is weaker, with the Invesco QQQ Trust (NASDAQ:QQQ) down 2.3%, though both funds sit well above the neocloud declines.

Citi Credit Line Fails to Calm Neocloud Nerves
Nebius obtained a senior secured credit facility. It announced the Citi facility on October 22, maturing in just under a year, to fund data center development and purchases of graphics processing units (GPUs). Management said the facility gives it flexibility over the timing of longer-term financing, including asset-backed borrowing tied to customer contracts, making the Citi line a bridge that leaves the larger funding question open for Nebius.

A Barclays strategist said on October 22 that credit-market stress tied to AI spending has stayed largely confined to neocloud companies, the operators that rent out computing capacity on leveraged balance sheets. Under that lens, a new Citi loan for Nebius adds to the very leverage that has kept investors wary of the group, and selling into the announcement fits that pattern, since each new borrowing at Nebius stacks another claim on future cash flow.

Cloudflare Climbs While Neocloud Debt Weighs
Demand at Nebius is substantial, with remaining performance obligations of $37.5 billion from long-term capacity contracts. Capital spending at Nebius reached $8.13 billion, and the company added its first senior secured debt facility of approximately $775 million, backed by GPU infrastructure. Revenue concentration at Nebius adds another layer of risk, since three customers each accounted for a double-digit share of quarterly sales.

Such a mix helps explain the pressure on Nebius stock after news that would usually read as supportive. Bank debt funds the GPU expansion without issuing new stock, yet Nebius has also leaned on convertible notes and treasury share sales, which keeps dilution in view alongside leverage.

CoreWeave carries the same trade-off, combining AI demand with a debt-funded expansion, so CoreWeave shares offer little shelter from the funding worries weighing on Nebius. Cloudflare offers a different profile. For investors who want their cloud exposure without neocloud leverage, its gain comes while large-cap tech slips and Cloudflare shares remain exposed to any broader retreat in growth names. Both CoreWeave and Cloudflare sit among the First Trust fund’s holdings, which helps buffer the ETF as one stock falls and the other rises.

Nebius’s Long-Term Financing Plan Faces Its Test
Nebius now faces the question of whether it lands longer-term asset-backed financing on attractive terms. Citi’s facility buys time, although maturity arrives in just under a year, so the window to line up a replacement is short.

Nebius pairs contracted demand with refinancing risk, and the drop in Nebius stock shows how little patience the market has for that mix. Investors may choose to be cautious now, since the terms of that longer-term deal could reset Nebius’s risk profile.

Contact [email protected] for any questions or corrections.

AUSTIN, Texas, Oct. 21, 2026 (GLOBE NEWSWIRE) -- Commerce.com (Nasdaq: CMRC), the open commerce ecosystem built to help merchants win as AI reshapes how customers discover and buy, today announced a partnership with Cloudflare that lets AI agents in a customer’s web browser search, compare and shop directly on BigCommerce merchants’ online stores with no setup required. The new functionality is turned on by default for eligible BigCommerce merchants.

Shoppers increasingly ask AI agents to find and compare products for them, but most online stores were designed for people to read and click, which leaves agents guessing at buttons and forms. WebMCP is a standard that lets a website tell a shopper’s browser agent directly what it sells and what it can do.

For example, a shopper might ask their browser agent to “find a lightweight jacket in my size under $150.” The agent can search the store’s actual products and prices, add the best match to a cart and hand back a link to complete checkout on the merchant’s store.

For merchants, that means showing up when shoppers use AI to shop with accurate prices and stock pulled directly from the store. Merchants don’t need to write code or change their site. Checkout, the customer relationship and the brand stay with the merchant. Merchants can turn off the feature in a new settings menu, which also manages all of Commerce’s AI connections.

“Every AI assistant is about to become a shopping assistant, and most of them are still guessing their way through storefronts the way a bot would, clicking and scraping and getting prices and inventory wrong,” said Sharon Gee, senior vice president of product for AI at Commerce. “WebMCP replaces guessing with a handshake. A shopper's agent asks the store directly for what's in stock at what price in which sizes, and the store answers accurately. With this partnership, every merchant on our platform gets that handshake automatically, with no code to write and no changes to their site. Shoppers get agents that work the way they expect, and merchants stay in control of their catalog, their customers, and the sale. Commerce is ensuring our customer sites are agent-ready by default.”

“The web is being rebuilt for AI agents, and it's on platforms like BigCommerce and Cloudflare to handle that shift so merchants can focus on running their business,” said Matthew Conroy, senior director at Cloudflare. “Together, we're giving every merchant a way to tell a shopper's agent exactly what their store can do, on their own site and on their own terms. We think that's how the agent-ready web should work: built on open standards with the site owner in control.”

WebMCP builds on the existing BigCommerce MCP Toolkit, which gives agents access to functions they can use to complete real-world tasks. For eligible B2C and B2B stores, BigCommerce’s server-side Storefront MCPs expose shopping actions to agents connecting from outside the storefront, while WebMCP brings those actions to agents working directly in the shopper’s browser.

The partnership is part of Commerce’s broader work to help merchants prepare their catalogs for emerging discovery experiences, reach shoppers across new channels, and support paths to purchase.

About Commerce
Commerce (Nasdaq: CMRC) empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Dell, Harvey Nichols, King Arthur Baking Co., Mizuno, Pacsun, Perry Ellis, Skechers, SportsShoes and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit www.commerce.com or follow us on X and LinkedIn.

BigCommerce®, the Commerce logo, and other brands are the trademarks or registered trademarks of Commerce.com Pty. Ltd. Third-party trademarks and service marks are the property of their respective owner.

Media Contact:
Brad Hem
[email protected]

Cloudflare (NET - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Over the past month, shares of this web security and content delivery company have returned -15.4%, compared to the Zacks S&P 500 composite's +0.7% change. During this period, the Zacks Internet - Software industry, which Cloudflare falls in, has gained 2.2%. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Earnings Estimate RevisionsHere 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 earnings of $0.35 per share, indicating a change of +29.6% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

For the current fiscal year, the consensus earnings estimate of $1.26 points to a change of +35.5% from the prior year. Over the last 30 days, this estimate has remained unchanged.

For the next fiscal year, the consensus earnings estimate of $1.72 indicates a change of +36.2% from what Cloudflare is expected to report a year ago. Over the past month, the estimate has remained unchanged.

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 #3 (Hold) 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.

In the case of Cloudflare, the consensus sales estimate of $733.3 million for the current quarter points to a year-over-year change of +30.5%. The $2.87 billion and $3.7 billion estimates for the current and next fiscal years indicate changes of +32.5% and +28.6%, respectively.

Last Reported Results and Surprise HistoryCloudflare reported revenues of $696.06 million in the last reported quarter, representing a year-over-year change of +35.9%. EPS of $0.29 for the same period compares with $0.21 a year ago.

Compared to the Zacks Consensus Estimate of $665.42 million, the reported revenues represent a surprise of +4.6%. The EPS surprise was +7.41%.

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

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

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.

Bottom LineThe 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 #3 does suggest that it may perform in line with the broader market in the near term.

Assenagon Asset Management S.A. boosted its holdings in shares of Cloudflare, Inc. (NYSE:NET – Free Report) by 119.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 89,582 shares of the company’s stock after acquiring an additional 48,806 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Cloudflare were worth $31,110,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in NET. Formuepleje A S purchased a new position in shares of Cloudflare during the third quarter valued at $585,000. Mainsail Asset Management LLC purchased a new position in Cloudflare in the third quarter worth $229,000. Covenant Asset Management LLC purchased a new position in Cloudflare during the 3rd quarter worth $5,709,000. First Pacific Financial increased its holdings in shares of Cloudflare by 2,580.0% during the third quarter. First Pacific Financial now owns 134 shares of the company’s stock valued at $47,000 after acquiring an additional 129 shares in the last quarter. Finally, Fortitude Family Office LLC raised its stake in Cloudflare by 24.3% in the 3rd quarter. Fortitude Family Office LLC now owns 281 shares of the company’s stock worth $98,000 after acquiring an additional 55 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In Several equities analysts have recently issued reports on the company. Royal Bank Of Canada boosted their price objective on Cloudflare from $290.00 to $346.00 and gave the company an “outperform” rating in a report on Friday, August 7th. Susquehanna upped their target price on Cloudflare from $200.00 to $300.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Zacks Research cut Cloudflare from a “hold” rating to a “strong sell” rating in a report on Wednesday. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 target price on shares of Cloudflare in a research report on Monday, October 5th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Cloudflare to a “buy” rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, six have given a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $330.59.

View Our Latest Research Report on NET Insider Transactions at Cloudflare In related news, insider Michelle Zatlyn sold 33,003 shares of the business’s stock in a transaction dated Wednesday, October 7th. The stock was sold at an average price of $348.29, for a total value of $11,494,614.87. Following the transaction, the insider owned 69,775 shares in the company, valued at $24,301,934.75. The trade was a 32.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alissa Michelle Starzak sold 2,538 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $304.68, for a total value of $773,277.84. Following the completion of the transaction, the insider directly owned 112,082 shares in the company, valued at approximately $34,149,143.76. The trade was a 2.21% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 458,839 shares of company stock valued at $138,172,392 over the last ninety days. 10.66% of the stock is owned by insiders.

Cloudflare Price Performance Shares of NYSE NET opened at $295.48 on Friday. The firm has a market capitalization of $104.44 billion, a PE ratio of -509.44, a price-to-earnings-growth ratio of 235.66 and a beta of 1.65. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.82 and a current ratio of 1.82. Cloudflare, Inc. has a fifty-two week low of $158.83 and a fifty-two week high of $370.35. The stock’s 50-day simple moving average is $319.50 and its 200-day simple moving average is $264.00.

Cloudflare (NYSE:NET – Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.02. Cloudflare had a negative net margin of 8.21% and a negative return on equity of 3.88%. The business had revenue of $696.06 million during the quarter, compared to analysts’ expectations of $664.66 million. During the same quarter in the prior year, the business posted $0.21 EPS. The company’s revenue for the quarter was up 35.9% on a year-over-year basis. Cloudflare has set its Q3 2026 guidance at 0.340-0.340 EPS and its FY 2026 guidance at 1.250-1.260 EPS. As a group, equities research analysts forecast that Cloudflare, Inc. will post 0.03 EPS for the current fiscal year.

Cloudflare Company Profile (Free Report)

Cloudflare, Inc (NYSE: NET) provides cloud connectivity, security and performance services for websites, applications, corporate networks and other internet-connected resources. Its global network is designed to help organizations improve the reliability, speed and security of digital services while reducing the complexity of managing internet infrastructure.

The company’s offerings include content delivery and authoritative domain name system services, distributed denial-of-service protection, web application and application programming interface security, bot management, and network security tools.

Featured Stories Five stocks we like better than Cloudflare Rocket Lab’s Neutron Delay Leaves Wall Street Bullish But Raises the Stakes for 2027 ManpowerGroup Stock Sinks on Q3 Results, But Fundamentals Stay Solid Does the AI Selloff Put Alphabet’s Breakout in Doubt? Bank Earnings Are Mixed—These 2 ETFs Offer Very Different Paths to a Recovery Want to see what other hedge funds are holding NET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cloudflare, Inc. (NYSE:NET – Free Report).

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Cloudflare (NET - Free Report) ended the recent trading session at $316.13, demonstrating a -2.53% change from the preceding day's closing price. The stock's change was less than the S&P 500's daily gain of 0.33%. At the same time, the Dow added 1.08%, and the tech-heavy Nasdaq gained 0.08%.

The web security and content delivery company's stock has dropped by 0.1% in the past month, falling short of the Computer and Technology sector's gain of 1.62% and the S&P 500's gain of 1.41%.

Investors will be eagerly watching for the performance of Cloudflare in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 5, 2026. The company's upcoming EPS is projected at $0.35, signifying a 29.63% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $733.3 million, up 30.47% from the prior-year quarter.

For the full year, the Zacks Consensus Estimates project earnings of $1.26 per share and a revenue of $2.87 billion, demonstrating changes of +35.48% and +32.54%, respectively, from the preceding year.

Any recent changes to analyst estimates for Cloudflare should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. As of now, Cloudflare holds a Zacks Rank of #5 (Strong Sell).

In terms of valuation, Cloudflare is currently trading at a Forward P/E ratio of 256.56. Its industry sports an average Forward P/E of 20.42, so one might conclude that Cloudflare is trading at a premium comparatively.

It's also important to note that NET currently trades at a PEG ratio of 6.86. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Internet - Software was holding an average PEG ratio of 1.18 at yesterday's closing price.

The Internet - Software industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 83, positioning it in the top 34% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Krilogy Financial LLC increased its stake in shares of Cloudflare, Inc. (NYSE:NET – Free Report) by 42.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,084 shares of the company’s stock after acquiring an additional 1,810 shares during the quarter. Krilogy Financial LLC’s holdings in Cloudflare were worth $2,135,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. GK Wealth Management LLC bought a new stake in Cloudflare in the third quarter valued at $25,000. Toth Financial Advisory Corp acquired a new position in shares of Cloudflare during the third quarter valued at about $36,000. Cornerstone Financial Management LLC raised its holdings in shares of Cloudflare by 65.3% during the second quarter. Cornerstone Financial Management LLC now owns 119 shares of the company’s stock valued at $29,000 after purchasing an additional 47 shares during the period. C M Bidwell & Associates Ltd. bought a new position in shares of Cloudflare during the 2nd quarter worth about $30,000. Finally, CX Institutional boosted its position in shares of Cloudflare by 49.4% during the 2nd quarter. CX Institutional now owns 133 shares of the company’s stock worth $33,000 after purchasing an additional 44 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Stock Performance NYSE NET opened at $324.16 on Thursday. The company has a fifty day simple moving average of $318.98 and a 200 day simple moving average of $262.99. Cloudflare, Inc. has a 12-month low of $158.83 and a 12-month high of $370.35. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 1.22. The company has a market cap of $114.58 billion, a P/E ratio of -558.90, a PEG ratio of 276.54 and a beta of 1.65.

Cloudflare (NYSE:NET – Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. Cloudflare had a negative net margin of 8.21% and a negative return on equity of 3.88%. The business had revenue of $696.06 million during the quarter, compared to analyst estimates of $664.66 million. During the same quarter in the previous year, the business posted $0.21 EPS. Cloudflare’s quarterly revenue was up 35.9% on a year-over-year basis. Cloudflare has set its Q3 2026 guidance at 0.340-0.340 EPS and its FY 2026 guidance at 1.250-1.260 EPS. Sell-side analysts predict that Cloudflare, Inc. will post 0.03 earnings per share for the current fiscal year. Analyst Ratings Changes Several analysts have recently commented on NET shares. BTIG Research raised their target price on Cloudflare from $382.00 to $413.00 and gave the company a “buy” rating in a research note on Tuesday, October 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cloudflare in a research report on Friday, July 17th. Citigroup reaffirmed a “market outperform” rating on shares of Cloudflare in a research note on Monday, August 31st. Susquehanna upped their price target on Cloudflare from $200.00 to $300.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $370.00 price target on shares of Cloudflare in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $330.59.

Read Our Latest Stock Analysis on Cloudflare

Insider Activity In other news, insider Michelle Zatlyn sold 33,003 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $294.63, for a total transaction of $9,723,673.89. Following the completion of the sale, the insider directly owned 69,775 shares of the company’s stock, valued at $20,557,808.25. The trade was a 32.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Thomas Seifert sold 55,000 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $300.30, for a total transaction of $16,516,500.00. Following the sale, the chief financial officer directly owned 113,790 shares of the company’s stock, valued at approximately $34,171,137. The trade was a 32.58% decrease in their ownership of the stock. 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 sold 458,839 shares of company stock worth $138,172,392 over the last three months. 10.66% of the stock is currently owned by insiders.

About Cloudflare (Free Report)

Cloudflare, Inc is a connectivity cloud company that provides services designed to help organizations make their websites, applications and networks more secure, reliable and faster. Its global network sits between users and the services they access, supporting content delivery, domain name system services, traffic optimization and protection against distributed denial-of-service attacks and other online threats.

The company offers a range of application and network security products, including web application firewalls, bot management, application programming interface protection, zero-trust security and secure access services.

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Cloudflare (NET - Free Report) closed the most recent trading day at $350.87, moving -2.79% from the previous trading session. This change lagged the S&P 500's 0.06% loss on the day. At the same time, the Dow added 0.38%, and the tech-heavy Nasdaq lost 0.44%.

Heading into today, shares of the web security and content delivery company had gained 17.75% over the past month, outpacing the Computer and Technology sector's gain of 4.85% and the S&P 500's gain of 2.36%.

The investment community will be paying close attention to the earnings performance of Cloudflare in its upcoming release. The company's earnings per share (EPS) are projected to be $0.35, reflecting a 29.63% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $733.3 million, reflecting a 30.47% rise from the equivalent quarter last year.

For the full year, the Zacks Consensus Estimates project earnings of $1.26 per share and a revenue of $2.87 billion, demonstrating changes of +35.48% and +32.54%, respectively, from the preceding year.

Investors might also notice recent changes to analyst estimates for Cloudflare. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. At present, Cloudflare boasts a Zacks Rank of #3 (Hold).

Looking at valuation, Cloudflare is presently trading at a Forward P/E ratio of 285.51. This signifies a premium in comparison to the average Forward P/E of 20.96 for its industry.

Meanwhile, NET's PEG ratio is currently 7.64. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The average PEG ratio for the Internet - Software industry stood at 1.21 at the close of the market yesterday.

The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 94, putting it in the top 39% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Cloudflare (NET - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this web security and content delivery company have returned +9.9% over the past month versus the Zacks S&P 500 composite's +1.3% change. The Zacks Internet - Software industry, to which Cloudflare belongs, has gained 9.8% 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.

Earnings Estimate RevisionsHere 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 earnings of $0.35 per share, indicating a change of +29.6% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

The consensus earnings estimate of $1.26 for the current fiscal year indicates a year-over-year change of +35.5%. This estimate has remained unchanged over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $1.72 indicates a change of +36.2% from what Cloudflare is expected to report a year ago. Over the past month, the estimate has remained unchanged.

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 #3 (Hold) 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 $733.3 million indicates a year-over-year change of +30.5%. For the current and next fiscal years, $2.87 billion and $3.7 billion estimates indicate +32.5% and +28.6% changes, respectively.

Last Reported Results and Surprise HistoryCloudflare reported revenues of $696.06 million in the last reported quarter, representing a year-over-year change of +35.9%. EPS of $0.29 for the same period compares with $0.21 a year ago.

Compared to the Zacks Consensus Estimate of $665.42 million, the reported revenues represent a surprise of +4.6%. The EPS surprise was +7.41%.

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

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

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.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it 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.

Bottom LineThe 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 #3 does suggest that it may perform in line with the broader market in the near term.

BTIG analyst Gray Powell raised the price forecast for Cloudflare (NYSE:NET) from $382 to $413, while maintaining a Buy rating. The analyst cited stronger growth and product momentum at the company.

The analyst wrote that they spoke with several Cloudflare contacts and industry analysts, including three partners and four industry analysts. Feedback was broadly positive.

• Cloudflare stock is under selling pressure. Why are NET shares declining?

Strong YTD Growth ProjectionThe largest partner reported 40%-50% year-to-date growth, accelerating to the high 70% range in September, versus 40% previously. Another contact reported about 26% growth over the past three to four quarters and expects 28% growth by the fourth quarter.

A European distributor expanded its Cloudflare agreement and said the company is gaining market share and strengthening its enterprise presence.

Read Next

The only cautious view came from a Secure Access Service Edge (SASE) analyst, who cited challenges in moving upmarket due to Cloudflare’s historical focus on smaller customers and cloud-only model.

Street Expects Double-Digit GrowthThe Street expects fiscal third-quarter revenue of $737 million, up 31.1% year over year, while the analyst sees upside to $760 million, or 35.2% growth.

Under that scenario, the fourth quarter revenue could reach about $800 million, up 30.2%, versus the $796 million Street estimate, adds the analyst.

NET Earnings Preview and Analyst Price TargetsLooking further out, the next major catalyst for the stock arrives with the Oct. 29 (estimated) earnings report.

EPS Estimate: 34 cents (Up from 27 cents year-over-year) Revenue Estimate: $737.95 million (Up from $562.03 million YoY) Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $335.20. Recent analyst moves include:

Bernstein: Market Perform (Raises target to $181 on Sept. 17) Citizens: Market Outperform (Maintains target to $394 on Aug. 31) NET Stock Today: Cloudflare Price Action on WednesdayCloudflare shares were down 1.77% at $348.72 at the time of publication on Wednesday, according to Benzinga Pro data.

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When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?

Let's take a look at what these Wall Street heavyweights have to say about Cloudflare (NET - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

Cloudflare currently has an average brokerage recommendation (ABR) of 1.81, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 32 brokerage firms. An ABR of 1.81 approximates between Strong Buy and Buy.

Of the 32 recommendations that derive the current ABR, 20 are Strong Buy and two are Buy. Strong Buy and Buy respectively account for 62.5% and 6.3% of all recommendations.

Brokerage Recommendation Trends for NET

Check price target & stock forecast for Cloudflare here>>>

While the ABR calls for buying Cloudflare, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.

Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.

This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.

Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.

Zacks Rank Should Not Be Confused With ABRAlthough both Zacks Rank and ABR are displayed in a range of 1--5, they are different measures altogether.

The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them.

On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.

Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.

Should You Invest in NET?In terms of earnings estimate revisions for Cloudflare, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $1.26.

Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.

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 #3 (Hold) for Cloudflare. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Cloudflare.

Preliminary Nine-Month Net Revenue Reaches Approximately $36.0 Million, Up Approximately 164% Year-Over-Year

, /PRNewswire/ -- Jones Soda Co. (CSE: JSDA) (OTCQB: JSDA) ("Jones Soda" or the "Company") today announced preliminary unaudited net revenue results for the third quarter and nine months ended September 30, 2026.

The Company expects to report net revenue of approximately $13.3 million for the third quarter of 2026, representing an increase of approximately 196% compared to net revenue of $4.5 million in the third quarter of 2025.

Jones Soda Breakout Year For the nine months ended September 30, 2026, the Company expects preliminary net revenue of approximately $36.0 million, an increase of approximately 164% compared to net revenue of $13.6 million for the corresponding nine-month period in 2025.

"We are very pleased with the continued strong growth of the Jones Soda business during the third quarter," said Scott Harvey, President and Chief Executive Officer of Jones Soda. "Our results reflect particularly strong sales growth across our club and direct-to-consumer channels as we continue to broaden the reach of the Jones brand and connect with both new and existing consumers. The Company is on track to achieve its sales and EBITDA guidance for 2026."

"Our social media activity has also been extremely strong, supported by the efforts of the Jones marketing team and the enthusiasm of our consumers. Jones-related content has generated millions of impressions across social platforms, significantly expanding awareness and engagement with the Jones brand."

"As we look toward the fourth quarter, we expect continued strength in our direct-to-consumer and club channels, complemented by the launch of Jones products with additional retailers. We are also actively developing new partnerships that we expect to announce in the coming weeks and months. We believe these initiatives position Jones well as we close out 2026 and continue building the foundation for growth in 2027."

Preliminary Results

The financial results presented in this news release are preliminary and unaudited and are based on information currently available to management. The Company's normal quarter-end accounting and financial reporting processes with respect to the third quarter and nine months ended September 30, 2026 have not yet been completed. Accordingly, the preliminary results presented herein are subject to adjustment as the Company completes its quarter-end financial close and review procedures, and actual results may differ from the preliminary results presented in this news release.

About Jones Soda Co.

Jones Soda Co.® (CSE: JSDA, OTCQB: JSDA) is a leading craft soda manufacturer. The Company markets and distributes premium craft sodas under the Jones® Soda brand. Jones' mainstream soda line is sold across North America in glass bottles, cans and on fountain through traditional beverage outlets, restaurants and alternative accounts. The Company is headquartered in Seattle, Washington. For more information, visit www.jonessoda.com or www.myjones.com. 

Forward-Looking Statements

This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian and United States securities laws (collectively, "forward-looking statements"). Forward-looking statements in this news release include, but are not limited to, statements regarding the Company's expected financial results for the third quarter and nine months ended September 30, 2026; expected strength in the Company's direct-to-consumer and club channels; the anticipated launch of the Company's products with additional retailers; anticipated new partnerships and the timing of announcements relating to such partnerships; and the Company's expectations regarding continued growth and its business prospects for the remainder of 2026 and into 2027.

Forward-looking statements are based on management's current expectations, estimates, projections, assumptions and beliefs as of the date of this news release. Such statements are subject to risks, uncertainties and other factors, many of which are beyond the Company's control, that could cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

These risks and uncertainties include, among others, changes in consumer demand, the Company's ability to maintain and expand distribution, the performance of its direct-to-consumer and club channels, the timing and success of new retail launches and strategic partnerships, competitive conditions, supply chain and manufacturing risks, general economic and market conditions, and the other risks and uncertainties described in the Company's filings with applicable Canadian securities regulators and the U.S. Securities and Exchange Commission.

Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of this news release. Except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Jones Soda Co.

Cloudflare, Inc. (NYSE:NET – Get Free Report)’s share price reached a new 52-week high on Tuesday after BTIG Research raised their price target on the stock from $382.00 to $413.00. BTIG Research currently has a buy rating on the stock. Cloudflare traded as high as $370.35 and last traded at $367.0080, with a volume of 228908 shares traded. The stock had previously closed at $359.49.

Several other analysts have also weighed in on the company. Royal Bank Of Canada upped their target price on Cloudflare from $290.00 to $346.00 and gave the company an “outperform” rating in a report on Friday, August 7th. Scotiabank lifted their price target on shares of Cloudflare from $300.00 to $390.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. UBS Group lifted their target price on shares of Cloudflare from $250.00 to $350.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Wall Street Zen lowered Cloudflare from a “buy” rating to a “hold” rating in a research note on Sunday, September 6th. Finally, Wells Fargo & Company increased their target price on Cloudflare from $300.00 to $380.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, seven have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $326.33.

Get Our Latest Analysis on Cloudflare

Insider Activity In other news, Director Carl Ledbetter sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $353.15, for a total transaction of $1,765,750.00. Following the completion of the transaction, the director directly owned 873,073 shares in the company, valued at approximately $308,325,729.95. The trade was a 0.57% decrease in their ownership of the stock. The sale 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, CFO Thomas J. Seifert sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $332.46, for a total value of $3,324,600.00. Following the transaction, the chief financial officer directly owned 107,902 shares in the company, valued at $35,873,098.92. This trade represents a 8.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 392,833 shares of company stock valued at $115,040,919 over the last quarter. 10.66% of the stock is owned by company insiders. Key Cloudflare News Here are the key news stories impacting Cloudflare this week:

Positive Sentiment: BTIG raises price target and maintains a Buy rating. BTIG Research increased its price target for Cloudflare from $382 to $413, implying further upside from recent levels. The higher target reflects confidence in the company’s growth outlook. BTIG Research Issues Positive Forecast for Cloudflare Stock Price Positive Sentiment: Product momentum and network performance remain catalysts. Recent product announcements, including offerings aimed at supporting AI agents and scalable workloads, continued to attract investor attention. Cloudflare also reported that its network was the fastest provider across 74% of the top 1,000 networks, reinforcing its competitive positioning. Why Cloudflare Stock Is Trading Higher Positive Sentiment: Enterprise expansion could broaden revenue growth. Cloudflare’s partnership with Deutsche Telekom provides additional distribution channels in Europe and could support adoption of its security and connectivity products among enterprise customers. Can Cloudflare’s Deutsche Telekom Deal Drive Enterprise Growth? Positive Sentiment: Risk appetite and macroeconomic conditions favored technology stocks. A cooler-than-expected U.S. jobs report helped lift expectations for more accommodative monetary policy, supporting high-beta cloud and technology shares. Cloudflare also reached a fresh 52-week high amid strong recent momentum. Cloudflare Climbs as Risk Appetite Favors High-Beta Cloud Names Negative Sentiment: Valuation and profitability risks remain significant. Cloudflare’s substantial six-month rally has increased concerns that favorable expectations are already reflected in the stock. Analysts also point to margin pressure from AI workloads, a continuing net loss and questions about how much reported free cash flow remains after stock-based compensation and share issuance. NET Stock Surges in Six Months Institutional Inflows and Outflows Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cornerstone Financial Management LLC grew its holdings in shares of Cloudflare by 65.3% during the 2nd quarter. Cornerstone Financial Management LLC now owns 119 shares of the company’s stock valued at $29,000 after acquiring an additional 47 shares in the last quarter. C M Bidwell & Associates Ltd. bought a new position in shares of Cloudflare during the 2nd quarter worth about $30,000. CX Institutional grew its stake in shares of Cloudflare by 49.4% in the 2nd quarter. CX Institutional now owns 133 shares of the company’s stock valued at $33,000 after purchasing an additional 44 shares during the period. Cape Investment Advisory Inc. acquired a new stake in shares of Cloudflare in the 2nd quarter valued at $33,000. Finally, Ancora Advisors LLC acquired a new stake in shares of Cloudflare during the second quarter worth approximately $33,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Trading Up 0.6% The stock has a market cap of $127.86 billion, a P/E ratio of -623.66, a price-to-earnings-growth ratio of 277.63 and a beta of 1.65. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 1.22. The business’s fifty day simple moving average is $310.01 and its 200 day simple moving average is $256.66.

Cloudflare (NYSE:NET – Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. Cloudflare had a negative net margin of 8.21% and a negative return on equity of 3.88%. The company had revenue of $696.06 million for the quarter, compared to analysts’ expectations of $664.66 million. During the same period last year, the firm posted $0.21 earnings per share. The business’s quarterly revenue was up 35.9% compared to the same quarter last year. Cloudflare has set its Q3 2026 guidance at 0.340-0.340 EPS and its FY 2026 guidance at 1.250-1.260 EPS. As a group, analysts expect that Cloudflare, Inc. will post 0.03 EPS for the current year.

Cloudflare Company Profile (Get Free Report)

Cloudflare, Inc is a connectivity cloud company that provides services designed to help organizations make their websites, applications and networks more secure, reliable and faster. Its global network sits between users and the services they access, supporting content delivery, domain name system services, traffic optimization and protection against distributed denial-of-service attacks and other online threats.

The company offers a range of application and network security products, including web application firewalls, bot management, application programming interface protection, zero-trust security and secure access services.

Further Reading Five stocks we like better than Cloudflare Qualcomm’s Huawei Deal Adds Strategic Depth to Its AI Expansion 3 Sectors Where Volatility Is Creating Entry Points, Not Exit Signals D-Wave’s Gate-Model Tech Notches a Major Milestone Vistra Stock Gains as Federal Funds Fuel Nuclear Power Expansion Receive News & Ratings for Cloudflare Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cloudflare and related companies with MarketBeat.com's FREE daily email newsletter.

Risk appetite is concentrating in one corner of cloud computing, but not every AI infrastructure name is getting the call. The divergence between Cloudflare, Oracle, and CoreWeave reveals exactly which bets traders are willing to make right now.

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Money chasing the higher-volatility end of cloud computing is concentrating in shares of Cloudflare (NYSE:NET | NET Price Prediction), while shares of Oracle (NYSE:ORCL) and CoreWeave (NASDAQ:CRWV) are tracing very different paths. Cloudflare stock is at $363.80 in afternoon trading, up 4% and running well ahead of the Invesco QQQ Trust (NASDAQ:QQQ), which is up 0.7%. Additionally, as a sector gauge, the First Trust Cloud Computing ETF (NASDAQ:SKYY) is up 1% to $169.63.

Meanwhile, Oracle stock is up 0.7%, a modest gain for one of the biggest names tied to AI infrastructure demand. CoreWeave stock is down 2%, heading the opposite way as other AI infrastructure names climb.

The split matters because Cloudflare, Oracle, and CoreWeave carry the same software infrastructure label and lean on the same AI demand story. When names with that much in common go separate ways, the buying reflects conviction in Cloudflare stock specifically. This distinction shapes how much weight the advance deserves.

High-Beta Appetite Lifts Cloudflare Cloudflare stock trades on the high-beta end of the cloud group, a label for stocks that tend to swing harder than the major indexes in both directions. Even a modest lift in large-cap tech can translate into a much bigger percentage jump for shares this sensitive. That amplification shows up clearly in the gap between Cloudflare stock and the Invesco QQQ Trust.

A far larger and more established business, Oracle gives the comparison a more stable anchor. Oracle stock is up 0.7%, a measured gain that points to calm, steady interest. Such restraint suggests fresh money is preferring faster-moving names over sheer scale within the cloud group.

Buyers Are Drawing Firm Lines CoreWeave offers the sharper difference. Despite sharing the AI infrastructure exposure that’s lifting sentiment toward Cloudflare, CoreWeave stock is down 2%. That gap shows buyers are drawing firm lines between AI infrastructure names, even inside the high-beta corner of the market.

Cloudflare stock is up 33% over the past month, so the latest gain extends a climb that has been building for weeks. That stretch makes Cloudflare stock the clearest beneficiary of the shift toward volatile cloud names. Gains of that magnitude tend to attract momentum buyers, which can extend a trend but also crowd the trade.

Bullish traders are undoubtedly considering Cloudflare’s last reported quarter, the second quarter of fiscal 2026, reported August 6. Revenue was $696.06 million, up 35.9% year over year and ahead of a $666.35 million consensus. Also, Cloudflare’s non-GAAP earnings came in at $0.29 per share against $0.27 expected, a fourth straight beat. Current remaining performance obligations grew 35%, and the company reported record growth in total paying customers, large customers and developers.

Moreover, Cloudflare’s raised its guidance: full-year 2026 revenue of $2.864 billion to $2.870 billion and non-GAAP EPS of $1.25 to $1.26, with third-quarter revenue of $736 to $737 million.

What to Watch Next The central question for Cloudflare stock is whether the advance holds once large-cap tech stops cooperating. Shareholders may want to keep an eye on whether Cloudflare stock stays near the $364 level if the Invesco QQQ Trust turns lower. Holding near that level while the fund declines would signal genuine relative strength in Cloudflare stock.

Confirmation from the rest of the group would strengthen the bull case for Cloudflare stock. Traders could look for signs that Oracle and CoreWeave shares are joining the advance, which would point to broader demand across cloud infrastructure. Continued weakness in CoreWeave stock would instead reinforce the view that the buying is concentrated in one name.

Anyone sizing up their exposure should adjust their holdings carefully given the 33% climb in Cloudflare stock over the past month. Keeping your share positions moderate lets you participate if the rotation extends while limiting the damage if high-beta cloud names reverse quickly. That measured approach leaves room to respond if Oracle and CoreWeave begin confirming the Cloudflare stock advance.

Contact [email protected] for any questions or corrections.

Cloudflare's 64.8% surge in the past six months reflects strong AI security demand and large-customer growth, but margin pressure and premium valuation warrant caution.

SAN FRANCISCO--(BUSINESS WIRE)--Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, today announced Cloudflare Basin, a data platform that gives developers and enterprises a simpler, more affordable way to build applications powered by their own data. Built on Apache Iceberg and Cloudflare R2, Basin gives teams an open, serverless way to ingest, store, catalog and query analytical data across the tools they already use. Sophisticated data analytics has long required a dedicate.

Cloudflare has surged nearly 80% this year on the back of an AI security boom, but the stock now trades at a multiple that punishes any stumble. The next two earnings reports will determine whether this rally was justified or…

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Cloudflare (NYSE:NET | NET Price Prediction) is a Hold at $352.22. The stock has gained 78.66% this year, so the key question is whether demand for AI-era security can support a valuation that already assumes years of strong execution.

Cloudflare runs a global network that offers security, performance, and developer tools. It now presents itself as core infrastructure for AI agents. The rally picked up after second-quarter revenue of $696.06M rose 35.9% year over year. That result came with a fourth straight EPS beat and raised guidance. Shares were $292.47 when the results came out.

Faster Growth and an Agent-First Security Pitch Power the Bull Case Revenue growth has sped up for three straight quarters, from 30.7% to 33.5% to 35.9%. Management raised full-year non-GAAP EPS guidance to $1.25 to $1.26, up from $1.19 to $1.20. Signed revenue not yet recognized reached $2,732,000,000, up 38%. Dollar-based net retention, which tracks how much more existing customers spend, rose to 120%.

Security demand tied to AI is showing up in sales. CEO Matthew Prince said “the number one thing that’s causing our phone to ring from big companies is them saying, listen, we know we have to do AI, but we need to do it more securely.” Analysts revised full-year EPS estimates up 30 times in the past month. CrowdStrike (NASDAQ:CRWD) trades at 208x forward earnings while growing revenue 25.8%.

A 179x Forward Multiple Leaves Little Room for a Slowdown Cloudflare trades at 179x forward earnings and 50.17 times trailing sales. Zscaler (NASDAQ:ZS) trades at 44x forward earnings. Third-quarter guidance points to 31% growth, a slowdown from the second quarter.

Profitability is getting worse on a GAAP basis. The net loss grew to $170.0M from $50.4M, driven by a $150.7M restructuring charge. Stock-based compensation reached $140.6 million. Non-GAAP gross margin fell to 73.1% from 76.3%, and the company has about $3.3B in convertible debt.

Why Third-Quarter Results Should Settle This Debate Four straight quarters of beats and rising guidance make a Sell hard to defend. A multiple this high makes a Buy hard to defend too. The next test is whether third-quarter revenue beats the $736-737M guidance by the usual margin. CFO Thomas Seifert warned that consumption-based contracts make “how we move from quarter to quarter” harder to forecast. Restructuring charges of up to $165 million will weigh on GAAP results.

Shares Have Outrun Both the S&P 500 and Wall Street’s Target The average analyst target of $336.81 implies about 4.4% downside. Of 34 analysts, 24 rate the stock a Buy.

Strong Buy: 7 Buy: 17 Hold: 8 Offers: 1 Strong Sell: 1 Year to date, Cloudflare is up 78.66%, while the S&P 500 is up 12.08%. Over the past month, the stock rose 17.47%, though the index slipped 0.66%. Shares now sit just below their 52-week high of $367.43.

Cloudflare Is a Hold Until Growth Justifies the Premium At $352.22, Cloudflare is a Hold.

The AI security story is real, and the stock price reflects it. A Buy case would need third-quarter growth holding in the mid-30s despite guidance calling for 31%, or a decline toward the 50-day moving average of $301.26. A Sell case would build if growth slows to the forecast pace and gross margins keep falling.

With a beta of 1.664, any disappointment would likely hit this stock harder than the broader market. Over the next two quarterly reports, watch revenue growth, gross margin, and whether the restructuring pays off in operating leverage.

Cloudflare has earned its premium, and the next two earnings reports need to show that growth can keep pace with a valuation that already prices in the AI boost.

Contact [email protected] for any questions or corrections.

SAN FRANCISCO--(BUSINESS WIRE)--Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, today announced its intent to become a public Certificate Authority (CA), an open service that issues the digital certificates websites need to encrypt traffic and prove their identity to visitors. The new CA will support both traditional encryption and next-generation post-quantum Merkle Tree Certificates (MTCs), giving every website a path to stay protected as computing power advances—with no.

Key Takeaways Cloudflare is seeing rising Zero Trust and SASE demand as enterprises seek to secure AI agent adoption. A U.K. government agency reconsidered its Zero Trust project with NET to adopt an AI agents-first approach. More than 50% of Cloudflare's network traffic was nonhuman, while over 80% of major AI firms were customers. Cloudflare (NET - Free Report) is seeing growing interest in its Zero Trust and SASE products as enterprises look to secure the increasing use of artificial intelligence (AI) agents. During the second-quarter 2026 earnings call, management said the biggest reason large companies are reaching out is that they know they need to adopt AI but want to do so securely. As businesses deploy more AI agents, they will need security controls that can protect these agents, along with their human users. This is creating a new opportunity for Cloudflare’s security business.

Cloudflare believes its approach to securing AI agents can help its Zero Trust and SASE platforms gain market share. The company said many traditional Zero Trust vendors continue to focus mainly on human users, while Cloudflare is building its security model around the growing number of AI agents that enterprises will use. In one example, a large U.K. government agency was evaluating a first-generation Zero Trust provider but reconsidered the project after discussing its plans for AI agents with Cloudflare. The agency canceled its existing request for proposal and is now reevaluating the project with an agents-first approach.

The shift toward AI agents could also strengthen demand for Cloudflare’s broader security platform. Management said the company’s SASE and Zero Trust platforms have gained share significantly over the past six months, helped by its developer platform and its focus on AI. Cloudflare’s developer platform gives it a direct connection to companies building and deploying AI agents, creating opportunities for the company to bring security services into these workloads as they scale.

The opportunity comes as AI-driven traffic is expanding rapidly across Cloudflare’s network. More than 50% of the traffic on the network was nonhuman in the second quarter, while more than 80% of major AI companies are already Cloudflare customers. As enterprises deploy more AI agents, the need to secure their identities, access and activity could increase demand for Zero Trust and SASE solutions.

Cloudflare Faces Tough CompetitionZscaler (ZS - Free Report) and Palo Alto Networks (PANW - Free Report) are also seeing higher demand for solutions that help enterprises secure AI applications, models and autonomous agents.

Zscaler is expanding its platform to secure AI agents and enterprise AI use. Its Zero Trust Exchange for agents and Endpoint AI Security are designed to enforce AI policies and protect agent activity. The company also plans to launch Agentic SecOps, which uses AI agents to detect, investigate and respond to threats at machine speed. Zscaler ended fiscal 2026 with 950-plus Zero Trust Everywhere customers compared with more than 350 at the end of fiscal 2025.

Palo Alto Networks is taking a similar approach with Prisma AIRS, which is focused on securing AI applications and agents. Prisma AIRS crossed $100 million in ARR within four quarters of general availability and had more than 800 customers by the end of fiscal 2026. Further, agentic traffic on PANW’s SASE platform increased ninefold over the past nine months, while SASE bookings grew 40% in fiscal 2026.

NET’s Price Performance, Valuation & EstimatesShares of Cloudflare have jumped 77% in the year-to-date period compared with the Zacks Internet – Software industry’s return of 9.2%.

NET YTD Price Return Performance
Image Source: Zacks Investment Research

From a valuation standpoint, NET trades at a forward price-to-sales ratio of 35.43, significantly higher than the industry’s average of 4.44. The Zacks Value Score of F suggests that NET stock is overvalued.

NET Forward 12-Month P/S Ratio
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for NET’s 2026 earnings is pegged at $1.26 per share, unchanged over the past 30 days, indicating a 35.5% increase from the previous year.

Image Source: Zacks Investment Research

Cloudflare currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Cloudflare won an $11 million deal after a customer replaced five legacy point solutions.A $5.2 million SASE deal will replace legacy VPNs and virtual desktops with Zero Trust.Cloudflare had 4,698 $100,000-plus customers, up 27% year over year and generating 73% of revenues. Cloudflare (NET - Free Report) is using its unified platform strategy to offer security, networking and developer services through a single platform as enterprises look to reduce the number of tools they use. In the second quarter of 2026, a Global 2000 European technology company signed a three-year, $11 million contract for Cloudflare’s Application Services and Zero Trust products, including its developer platform for future AI workloads. The customer replaced five legacy point solutions and could eliminate up to seven more as part of its longer-term plan.

Another customer win highlights the value of Cloudflare’s unified platform approach. A Fortune 100 technology company signed a three-year, $5.2 million contract for Cloudflare’s full SASE portfolio. The customer is replacing legacy virtual private networks and virtual desktops and plans to move its global workforce onto a single Zero Trust platform. Cloudflare said its faster network performance and single-pane management helped it win the deal against two first-generation Zero Trust vendors.

Cloudflare is also using its developer platform to expand relationships across its product portfolio. A technology company in Asia-Pacific expanded from an $8.7 million Application Services contract to a $4 million Workers deal in just one year. The customer now uses Cloudflare for Application Security, Zero Trust and its developer platform. These customer expansions show how the company’s unified offering can lead customers from one product to another and increase usage of its platform.

The platform strategy is being supported by strong customer growth. Cloudflare ended the second quarter with 4,698 customers generating more than $100,000 in annual revenues, up 27% year over year and accounted for 73% of total revenue. As more enterprises consolidate legacy tools onto Cloudflare, the company could have more opportunities to expand within existing accounts and increase the value of its customer relationships.

The Zacks Consensus Estimate for Cloudflare’s 2026 and 2027 revenues indicates year-over-year growth of 32.5% and 28.6%, respectively.

Cloudflare Faces Tough CompetitionCompetitors like Palo Alto Networks (PANW - Free Report) and Zscaler (ZS - Free Report) are also gaining ground through platform expansion and AI innovation.

Palo Alto Networks is benefiting from stronger enterprise platform adoption. The company added about 220 net new platformizations in the fourth quarter of fiscal 2026, while platformized customers had net revenue retention above 120%. PANW also closed several large enterprise deals, including a $126 million agreement with a global telecom company, a $72 million deal with an IT service provider and a $53 million transaction with a global payments platform.

Zscaler ended fiscal 2026 with 4,182 customers generating more than $100,000 in annual recurring revenue (ARR), up 20% year over year. The company also had 785 customers with more than $1 million in ARR, up 18%. Its Z-Flex offering is helping customers expand their spending, with Z-Flex generating more than $770 million in total contract value in the fourth quarter, up more than 60% sequentially.

NET’s Price Performance, Valuation & EstimatesShares of Cloudflare have jumped 82% in the year-to-date period compared with the Zacks Internet – Software industry’s return of 9.1%.

NET YTD Price Return Performance
Image Source: Zacks Investment Research

From a valuation standpoint, NET trades at a forward price-to-sales ratio of 36.50, significantly higher than the industry’s average of 4.42. The Zacks Value Score of F suggests that NET stock is overvalued.

NET Forward 12-Month P/S Ratio
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for NET’s 2026 earnings is pegged at $1.26 per share, unchanged over the past 30 days, indicating a 35.5% increase from the previous year.

Image Source: Zacks Investment Research

Cloudflare currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the latest trading session, Cloudflare (NET - Free Report) closed at $358.99, marking a +1.89% move from the previous day. The stock exceeded the S&P 500, which registered a loss of 0.03% for the day. Meanwhile, the Dow experienced a drop of 0.31%, and the technology-dominated Nasdaq saw an increase of 0.01%.

Coming into today, shares of the web security and content delivery company had gained 23.67% in the past month. In that same time, the Computer and Technology sector gained 5.26%, while the S&P 500 gained 0.53%.

The investment community will be paying close attention to the earnings performance of Cloudflare in its upcoming release. It is anticipated that the company will report an EPS of $0.35, marking a 29.63% rise compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $733.3 million, indicating a 30.47% upward movement from the same quarter last year.

NET's full-year Zacks Consensus Estimates are calling for earnings of $1.26 per share and revenue of $2.87 billion. These results would represent year-over-year changes of +35.48% and +32.54%, respectively.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Cloudflare. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Cloudflare is currently sporting a Zacks Rank of #3 (Hold).

In terms of valuation, Cloudflare is presently being traded at a Forward P/E ratio of 278.7. This indicates a premium in contrast to its industry's Forward P/E of 19.86.

Investors should also note that NET has a PEG ratio of 7.46 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Internet - Software industry was having an average PEG ratio of 1.15.

The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 94, placing it within the top 39% of over 250 industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

Cloudflare, Inc. (NYSE:NET – Get Free Report) Director Carl Ledbetter sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $353.15, for a total transaction of $1,765,750.00. Following the completion of the transaction, the director owned 873,073 shares of the company’s stock, valued at approximately $308,325,729.95. The trade was a 0.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Carl Ledbetter also recently made the following trade(s):

On Monday, September 14th, Carl Ledbetter sold 5,000 shares of Cloudflare stock. The shares were sold at an average price of $312.22, for a total value of $1,561,100.00. On Thursday, August 6th, Carl Ledbetter sold 5,000 shares of Cloudflare stock. The shares were sold at an average price of $281.98, for a total value of $1,409,900.00. On Tuesday, July 7th, Carl Ledbetter sold 5,000 shares of Cloudflare stock. The stock was sold at an average price of $268.11, for a total value of $1,340,550.00. Cloudflare Stock Up 0.1% NET stock opened at $353.21 on Thursday. Cloudflare, Inc. has a 1-year low of $158.83 and a 1-year high of $364.23. The business has a fifty day moving average price of $296.73 and a 200-day moving average price of $248.51. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.82 and a quick ratio of 1.82. The stock has a market capitalization of $124.85 billion, a P/E ratio of -608.98, a P/E/G ratio of 280.75 and a beta of 1.66.

Cloudflare (NYSE:NET – Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.27 by $0.02. Cloudflare had a negative return on equity of 3.88% and a negative net margin of 8.21%.The company had revenue of $696.06 million for the quarter, compared to analysts’ expectations of $664.66 million. During the same period last year, the firm posted $0.21 earnings per share. Cloudflare’s revenue was up 35.9% compared to the same quarter last year. Cloudflare has set its Q3 2026 guidance at 0.340-0.340 EPS and its FY 2026 guidance at 1.250-1.260 EPS. Equities analysts forecast that Cloudflare, Inc. will post 0.03 earnings per share for the current fiscal year. Wall Street Analysts Forecast Growth Several research analysts have recently weighed in on NET shares. Citizens Jmp reissued a “market outperform” rating and set a $394.00 price objective on shares of Cloudflare in a report on Monday, August 31st. DZ Bank downgraded shares of Cloudflare from a “strong-buy” rating to a “strong sell” rating in a research report on Friday, August 7th. New Street Research reiterated a “market outperform” rating on shares of Cloudflare in a research note on Monday, June 15th. UBS Group increased their price target on Cloudflare from $250.00 to $350.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Finally, Jefferies Financial Group set a $350.00 price target on Cloudflare in a research note on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare presently has a consensus rating of “Moderate Buy” and an average target price of $321.85.

Check Out Our Latest Stock Report on NET

Key Headlines Impacting Cloudflare Here are the key news stories impacting Cloudflare this week:

Positive Sentiment: Cybersecurity stocks rallied after warnings about unpredictable AI behavior increased demand expectations for AI security tools. Cloudflare is positioned as an edge-security and internet-infrastructure provider, giving it potential exposure to this broader investment theme. 7 Cybersecurity Stocks Riding the AI Security Boom Positive Sentiment: Options traders purchased a large volume of Cloudflare call options, signaling increased speculative interest in further upside. Options activity can support near-term momentum, although it does not change the company’s fundamentals. Traders Purchase Large Volume of Call Options on Cloudflare Positive Sentiment: Cloudflare’s latest quarterly results provide a fundamental backdrop for bullish sentiment: revenue grew 35.9% year over year to $696.1 million and adjusted earnings exceeded consensus estimates. Management’s fiscal 2026 guidance also points to continued growth. Neutral Sentiment: One recent comparison article highlights investor interest in Cloudflare, while another examines the potential impact if its growth rate cools. These reports reinforce that the stock’s outlook depends heavily on sustaining strong expansion. What Happens to Cloudflare Stock If Its Growth Cools? Negative Sentiment: Director Carl Ledbetter sold 5,000 shares for approximately $1.8 million, reducing his direct position by 0.57%. The sale was made under a pre-arranged Rule 10b5-1 plan, which makes it less concerning than discretionary selling, but it adds to recent insider-selling activity. CFO Thomas Seifert previously sold 10,000 shares for about $3.3 million under a similar plan. Negative Sentiment: Valuation remains a major vulnerability. Cloudflare trades near its 52-week high at a very high growth multiple, leaving limited room for execution disappointments, slower revenue growth or weaker software-sector sentiment. Hedge Funds Weigh In On Cloudflare A number of institutional investors and hedge funds have recently made changes to their positions in NET. CX Institutional grew its stake in shares of Cloudflare by 49.4% during the 2nd quarter. CX Institutional now owns 133 shares of the company’s stock worth $33,000 after purchasing an additional 44 shares during the period. Wealth Architects LLC lifted its stake in shares of Cloudflare by 4.6% in the 2nd quarter. Wealth Architects LLC now owns 1,022 shares of the company’s stock valued at $251,000 after purchasing an additional 45 shares during the period. Cornerstone Financial Management LLC boosted its holdings in Cloudflare by 65.3% during the second quarter. Cornerstone Financial Management LLC now owns 119 shares of the company’s stock worth $29,000 after buying an additional 47 shares in the last quarter. Forum Financial Management LP boosted its holdings in Cloudflare by 3.5% during the second quarter. Forum Financial Management LP now owns 1,498 shares of the company’s stock worth $367,000 after buying an additional 50 shares in the last quarter. Finally, Quadrant Private Wealth Management LLC grew its position in Cloudflare by 3.2% during the first quarter. Quadrant Private Wealth Management LLC now owns 1,653 shares of the company’s stock valued at $341,000 after buying an additional 51 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Company Profile (Get Free Report)

Cloudflare, Inc is a technology company that provides cloud-based connectivity, security and performance services for websites, applications, networks and other internet-connected resources. Its platform is designed to help organizations deliver digital content more quickly, protect against cyber threats and manage internet traffic across a global network.

The company’s offerings include content delivery and domain name system services, distributed denial-of-service protection, web application and application programming interface security, bot management, and network security tools.

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Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?

Let's take a look at what these Wall Street heavyweights have to say about Cloudflare (NET - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

Cloudflare currently has an average brokerage recommendation (ABR) of 1.81, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 32 brokerage firms. An ABR of 1.81 approximates between Strong Buy and Buy.

Of the 32 recommendations that derive the current ABR, 20 are Strong Buy and two are Buy. Strong Buy and Buy respectively account for 62.5% and 6.3% of all recommendations.

Brokerage Recommendation Trends for NET

Check price target & stock forecast for Cloudflare here>>>

The ABR suggests buying Cloudflare, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.

Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.

This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.

Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.

ABR Should Not Be Confused With Zacks RankIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.

Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.

In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.

Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.

Should You Invest in NET?In terms of earnings estimate revisions for Cloudflare, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $1.26.

Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.

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 #3 (Hold) for Cloudflare. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Cloudflare.

Nykredit A S bought a new position in shares of Cloudflare, Inc. (NYSE:NET – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 119,162 shares of the company’s stock, valued at approximately $29,228,000.

Other hedge funds also recently made changes to their positions in the company. Cornerstone Financial Management LLC boosted its position in Cloudflare by 65.3% in the second quarter. Cornerstone Financial Management LLC now owns 119 shares of the company’s stock valued at $29,000 after buying an additional 47 shares in the last quarter. C M Bidwell & Associates Ltd. bought a new stake in Cloudflare during the 2nd quarter worth $30,000. CX Institutional grew its position in Cloudflare by 49.4% during the 2nd quarter. CX Institutional now owns 133 shares of the company’s stock worth $33,000 after acquiring an additional 44 shares during the last quarter. Cape Investment Advisory Inc. acquired a new position in Cloudflare in the 2nd quarter worth about $33,000. Finally, Ancora Advisors LLC bought a new position in Cloudflare in the second quarter valued at about $33,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Stock Performance Shares of NET opened at $323.18 on Friday. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 1.22. The firm’s fifty day simple moving average is $292.04 and its two-hundred day simple moving average is $244.53. Cloudflare, Inc. has a 12 month low of $158.83 and a 12 month high of $338.00. The stock has a market capitalization of $114.23 billion, a P/E ratio of -557.21, a price-to-earnings-growth ratio of 265.60 and a beta of 1.66.

Cloudflare (NYSE:NET – Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. Cloudflare had a negative return on equity of 3.88% and a negative net margin of 8.21%.The company had revenue of $696.06 million for the quarter, compared to the consensus estimate of $664.66 million. During the same period in the previous year, the business earned $0.21 EPS. The firm’s revenue was up 35.9% compared to the same quarter last year. Cloudflare has set its Q3 2026 guidance at 0.340-0.340 EPS and its FY 2026 guidance at 1.250-1.260 EPS. As a group, analysts predict that Cloudflare, Inc. will post 0.03 EPS for the current year. Wall Street Analysts Forecast Growth A number of brokerages have recently commented on NET. Weiss Ratings reissued a “sell (d-)” rating on shares of Cloudflare in a research note on Friday, July 17th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $394.00 price objective on shares of Cloudflare in a research note on Monday, August 31st. Jefferies Financial Group set a $350.00 target price on shares of Cloudflare in a research report on Friday, August 7th. Truist Financial upped their price target on shares of Cloudflare from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Finally, Wall Street Zen downgraded shares of Cloudflare from a “buy” rating to a “hold” rating in a research note on Sunday, September 6th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $321.85.

Read Our Latest Stock Report on Cloudflare

Insiders Place Their Bets In other news, CFO Thomas Seifert sold 55,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $300.30, for a total transaction of $16,516,500.00. Following the completion of the sale, the chief financial officer owned 113,790 shares of the company’s stock, valued at $34,171,137. This trade represents a 32.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michelle Zatlyn sold 33,003 shares of Cloudflare stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $294.63, for a total transaction of $9,723,673.89. Following the completion of the sale, the insider owned 69,775 shares of the company’s stock, valued at $20,557,808.25. This represents a 32.11% 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 three months, insiders have sold 647,442 shares of company stock worth $173,812,433. Corporate insiders own 10.66% of the company’s stock.

Cloudflare Company Profile (Free Report)

Cloudflare, Inc is a technology company that provides cloud-based connectivity, security and performance services for websites, applications, networks and other internet-connected resources. Its platform is designed to help organizations deliver digital content more quickly, protect against cyber threats and manage internet traffic across a global network.

The company’s offerings include content delivery and domain name system services, distributed denial-of-service protection, web application and application programming interface security, bot management, and network security tools.

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