| Metric | Q2 2024 | Q2 2025 | Change | vs. Expectations | | --- | --- | --- | --- | --- | | Revenue | $401.0 million | $512.3 million | +28% | Beat | | Earnings per share (adjusted) | $0.20 | $0.21 | +5% | Beat | | Large customers | 3,046 | 3,712 | +22% | n/a | | Dollar-based net retention rate | 112% | 114% | +2 pp | n/a | For the third quarter, Cloudflare expects revenue to grow by 26% to 27% and adjusted EPS to come in at $0.23. The company expects to spend between 12% and 13% of revenue on capital asse ...