Cloudflare (NET)
Market Price (8/25/2026): $280.89 | Market Cap: $99.5 BilSector: Information Technology | Industry: Systems Software
Cloudflare (NET)
Market Price (8/25/2026): $280.89Market Cap: $99.5 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 34% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% Megatrend and thematic driversMegatrends include Cybersecurity, Cloud Computing, and Artificial Intelligence. Themes include Cloud Security, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -204 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.1% Expensive valuation multiplesP/SPrice/Sales ratio is 40x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 157x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 20% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.6% Key risksNET key risks include [1] the unique vulnerability of its critical infrastructure to security breaches and service outages, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 34% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Megatrend and thematic driversMegatrends include Cybersecurity, Cloud Computing, and Artificial Intelligence. Themes include Cloud Security, Show more. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -204 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.1% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 40x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 157x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.6% |
| Key risksNET key risks include [1] the unique vulnerability of its critical infrastructure to security breaches and service outages, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/24/2026
Cloudflare (NET) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. Cloudflare reported strong financial results for fiscal Q2 2026, which ended on June 30, 2026, surpassing analyst expectations and raising its full-year guidance.
The company announced an adjusted earnings per share (EPS) of $0.29, exceeding consensus estimates of $0.27. Revenue for the quarter reached $696.1 million, a 35.9% increase year-over-year, beating analyst projections of $664.7 million. Following this performance, Cloudflare raised its full-year fiscal 2026 adjusted EPS guidance to between $1.25 and $1.26 (up from $1.19-$1.20) and its revenue forecast to $2.86 billion-$2.87 billion, signaling robust growth prospects.
2. Cloudflare strengthened its market position by strategically aligning with the "Agentic AI" Internet trend and introducing AI-focused operational changes and product enhancements.
Management emphasized AI as a significant growth tailwind, describing a "fundamental rewrite of the Internet for machine-to-machine traffic". In May 2026, Cloudflare initiated an "Operating Model Evolution" to transition to an "agentic AI-first operating model," involving a reduction of approximately 1,100 employees to streamline operations. This strategic shift was further reinforced by product launches such as the Answer Engine Optimization Visibility Dashboard in August 2026, designed to help brands manage their presence on AI assistants.
Show more
Cloudflare (NET) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. Cloudflare reported strong financial results for fiscal Q2 2026, which ended on June 30, 2026, surpassing analyst expectations and raising its full-year guidance.
The company announced an adjusted earnings per share (EPS) of $0.29, exceeding consensus estimates of $0.27. Revenue for the quarter reached $696.1 million, a 35.9% increase year-over-year, beating analyst projections of $664.7 million. Following this performance, Cloudflare raised its full-year fiscal 2026 adjusted EPS guidance to between $1.25 and $1.26 (up from $1.19-$1.20) and its revenue forecast to $2.86 billion-$2.87 billion, signaling robust growth prospects.
2. Cloudflare strengthened its market position by strategically aligning with the "Agentic AI" Internet trend and introducing AI-focused operational changes and product enhancements.
Management emphasized AI as a significant growth tailwind, describing a "fundamental rewrite of the Internet for machine-to-machine traffic". In May 2026, Cloudflare initiated an "Operating Model Evolution" to transition to an "agentic AI-first operating model," involving a reduction of approximately 1,100 employees to streamline operations. This strategic shift was further reinforced by product launches such as the Answer Engine Optimization Visibility Dashboard in August 2026, designed to help brands manage their presence on AI assistants.
Show more
Updated on 8/24/2026
Cloudflare (NET) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. Cloudflare reported strong financial results for fiscal Q2 2026, which ended on June 30, 2026, surpassing analyst expectations and raising its full-year guidance.
The company announced an adjusted earnings per share (EPS) of $0.29, exceeding consensus estimates of $0.27. Revenue for the quarter reached $696.1 million, a 35.9% increase year-over-year, beating analyst projections of $664.7 million. Following this performance, Cloudflare raised its full-year fiscal 2026 adjusted EPS guidance to between $1.25 and $1.26 (up from $1.19-$1.20) and its revenue forecast to $2.86 billion-$2.87 billion, signaling robust growth prospects.
2. Cloudflare strengthened its market position by strategically aligning with the "Agentic AI" Internet trend and introducing AI-focused operational changes and product enhancements.
Management emphasized AI as a significant growth tailwind, describing a "fundamental rewrite of the Internet for machine-to-machine traffic". In May 2026, Cloudflare initiated an "Operating Model Evolution" to transition to an "agentic AI-first operating model," involving a reduction of approximately 1,100 employees to streamline operations. This strategic shift was further reinforced by product launches such as the Answer Engine Optimization Visibility Dashboard in August 2026, designed to help brands manage their presence on AI assistants.
3. Multiple Wall Street analysts expressed increased confidence in Cloudflare's trajectory, leading to upgraded ratings and higher price targets.
Several firms revised their outlooks positively, with Scotiabank upgrading Cloudflare to "Outperform" and raising its price target to $300 in July 2026, citing upward-inflecting traffic from AI applications. Post-Q2 earnings, KeyCorp lifted its price target to $375, Barclays to $355, Piper Sandler to $333, and BTIG to $382. The overall consensus rating for Cloudflare remains a "Moderate Buy," with an average price target of $320.19, reflecting positive analyst sentiment and anticipated upside.
4. Heightened global cybersecurity threats contributed to increased demand for Cloudflare's security and network infrastructure services.
In July 2026, a joint advisory from U.S. and international security agencies warned of Russian state-sponsored cyber threats targeting critical infrastructure. This macroeconomic development underscored the growing necessity for advanced cybersecurity solutions, enhancing the perceived value and demand for Cloudflare's core offerings in protecting online services and infrastructure globally.
Show less
Cloudflare (NET) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. Cloudflare reported strong financial results for fiscal Q2 2026, which ended on June 30, 2026, surpassing analyst expectations and raising its full-year guidance.
The company announced an adjusted earnings per share (EPS) of $0.29, exceeding consensus estimates of $0.27. Revenue for the quarter reached $696.1 million, a 35.9% increase year-over-year, beating analyst projections of $664.7 million. Following this performance, Cloudflare raised its full-year fiscal 2026 adjusted EPS guidance to between $1.25 and $1.26 (up from $1.19-$1.20) and its revenue forecast to $2.86 billion-$2.87 billion, signaling robust growth prospects.
2. Cloudflare strengthened its market position by strategically aligning with the "Agentic AI" Internet trend and introducing AI-focused operational changes and product enhancements.
Management emphasized AI as a significant growth tailwind, describing a "fundamental rewrite of the Internet for machine-to-machine traffic". In May 2026, Cloudflare initiated an "Operating Model Evolution" to transition to an "agentic AI-first operating model," involving a reduction of approximately 1,100 employees to streamline operations. This strategic shift was further reinforced by product launches such as the Answer Engine Optimization Visibility Dashboard in August 2026, designed to help brands manage their presence on AI assistants.
3. Multiple Wall Street analysts expressed increased confidence in Cloudflare's trajectory, leading to upgraded ratings and higher price targets.
Several firms revised their outlooks positively, with Scotiabank upgrading Cloudflare to "Outperform" and raising its price target to $300 in July 2026, citing upward-inflecting traffic from AI applications. Post-Q2 earnings, KeyCorp lifted its price target to $375, Barclays to $355, Piper Sandler to $333, and BTIG to $382. The overall consensus rating for Cloudflare remains a "Moderate Buy," with an average price target of $320.19, reflecting positive analyst sentiment and anticipated upside.
4. Heightened global cybersecurity threats contributed to increased demand for Cloudflare's security and network infrastructure services.
In July 2026, a joint advisory from U.S. and international security agencies warned of Russian state-sponsored cyber threats targeting critical infrastructure. This macroeconomic development underscored the growing necessity for advanced cybersecurity solutions, enhancing the perceived value and demand for Cloudflare's core offerings in protecting online services and infrastructure globally.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 36.8% change in NET stock from 4/30/2026 to 8/24/2026 was primarily driven by a 19.1% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 204.97 | 280.35 | 36.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,168 | 2,512 | 15.9% |
| P/S Multiple | 33.2 | 39.5 | 19.1% |
| Shares Outstanding (Mil) | 351 | 354 | -0.9% |
| Cumulative Contribution | 36.8% |
Market Drivers
4/30/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| NET | 36.8% | |
| Market (SPY) | 6.2% | 28.3% |
| Sector (XLK) | 12.9% | 25.8% |
Fundamental Drivers
The 58.1% change in NET stock from 1/31/2026 to 8/24/2026 was primarily driven by a 28.5% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 177.35 | 280.35 | 58.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,013 | 2,512 | 24.8% |
| P/S Multiple | 30.8 | 39.5 | 28.5% |
| Shares Outstanding (Mil) | 349 | 354 | -1.4% |
| Cumulative Contribution | 58.1% |
Market Drivers
1/31/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| NET | 58.1% | |
| Market (SPY) | 10.6% | 27.5% |
| Sector (XLK) | 25.3% | 31.6% |
Fundamental Drivers
The 35.0% change in NET stock from 7/31/2025 to 8/24/2026 was primarily driven by a 33.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 207.68 | 280.35 | 35.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,881 | 2,512 | 33.5% |
| P/S Multiple | 38.4 | 39.5 | 3.1% |
| Shares Outstanding (Mil) | 347 | 354 | -1.9% |
| Cumulative Contribution | 35.0% |
Market Drivers
7/31/2025 to 8/24/2026| Return | Correlation | |
|---|---|---|
| NET | 35.0% | |
| Market (SPY) | 21.8% | 33.8% |
| Sector (XLK) | 37.6% | 37.6% |
Fundamental Drivers
The 307.7% change in NET stock from 7/31/2023 to 8/24/2026 was primarily driven by a 138.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.77 | 280.35 | 307.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,053 | 2,512 | 138.5% |
| P/S Multiple | 21.6 | 39.5 | 83.3% |
| Shares Outstanding (Mil) | 330 | 354 | -6.8% |
| Cumulative Contribution | 307.7% |
Market Drivers
7/31/2023 to 8/24/2026| Return | Correlation | |
|---|---|---|
| NET | 307.7% | |
| Market (SPY) | 72.7% | 47.5% |
| Sector (XLK) | 105.7% | 48.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NET Return | 73% | -66% | 84% | 29% | 83% | 49% | 286% |
| Peers Return | 42% | -45% | 77% | 0% | 2% | 68% | 136% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| NET Win Rate | 50% | 42% | 58% | 50% | 75% | 62% | |
| Peers Win Rate | 65% | 32% | 65% | 50% | 52% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NET Max Drawdown | -39% | -71% | -44% | -38% | -45% | -27% | |
| Peers Max Drawdown | -32% | -51% | -32% | -41% | -36% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AKAM, ZS, PANW, FTNT, FSLY. See NET Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/24/2026 (YTD)
How Low Can It Go
| Event | NET | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -39.5% | -18.8% |
| % Gain to Breakeven | 65.4% | 23.1% |
| Time to Breakeven | 53 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.1% | -9.5% |
| % Gain to Breakeven | 22.1% | 10.5% |
| Time to Breakeven | 13 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -36.8% | -6.7% |
| % Gain to Breakeven | 58.3% | 7.1% |
| Time to Breakeven | 26 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -68.5% | -24.5% |
| % Gain to Breakeven | 217.8% | 32.4% |
| Time to Breakeven | 956 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -11.6% | -33.7% |
| % Gain to Breakeven | 13.1% | 50.9% |
| Time to Breakeven | 1 days | 140 days |
In The Past
Cloudflare's stock fell -39.5% during the 2025 US Tariff Shock. Such a loss loss requires a 65.4% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | NET | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -39.5% | -18.8% |
| % Gain to Breakeven | 65.4% | 23.1% |
| Time to Breakeven | 53 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -36.8% | -6.7% |
| % Gain to Breakeven | 58.3% | 7.1% |
| Time to Breakeven | 26 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -68.5% | -24.5% |
| % Gain to Breakeven | 217.8% | 32.4% |
| Time to Breakeven | 956 days | 427 days |
In The Past
Cloudflare's stock fell -39.5% during the 2025 US Tariff Shock. Such a loss loss requires a 65.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Cloudflare (NET)
Cloudflare (NET) is a global cloud services provider that enables businesses to secure, optimize, and ensure the reliability of their online presence and internal infrastructure. The company operates a vast global network that acts as an intelligent layer between a company's internet properties—such as websites, applications, and APIs—and their users worldwide. This strategic positioning allows Cloudflare to accelerate content delivery, defend against a wide range of cyber threats, and maintain continuous availability for its clients.
The company's comprehensive product suite addresses three core pillars: security, performance, and reliability. For security, Cloudflare offers solutions including cloud firewalls, bot management, distributed denial of service (DDoS) protection, and SSL/TLS encryption. Performance is enhanced through services like content delivery networks (CDNs), intelligent routing, and content optimization. To ensure reliability, Cloudflare provides advanced DNS services, load balancing, and virtual waiting room solutions. Beyond these, the company also offers developer-focused solutions, such as serverless computing and website development tools, and internal infrastructure management solutions.
Cloudflare serves a diverse global customer base across numerous industries. Its clientele includes companies in the technology, healthcare, financial services, consumer and retail, and non-profit sectors, as well as government organizations. While primarily focused on business-to-business offerings, Cloudflare also provides some consumer-facing products, such as its public DNS Resolver and a mobile VPN service.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Cloudflare:
- Akamai for internet security, performance, and developer services.
- AWS for securing and accelerating internet applications and websites.
AI Analysis | Feedback
Cloudflare (NET) provides a wide range of cloud services, which can be categorized as follows:
- Security Services: An integrated suite offering cloud firewall, bot management, distributed denial of service (DDoS) protection, IoT security, SSL/TLS encryption, and rate limiting to secure various online assets.
- Performance Services: Solutions designed to accelerate web content delivery and optimize user experience through intelligent routing, content delivery networks (CDN), and mobile/image optimization.
- Reliability Services: Products like load balancing, Anycast network, DNS services, and virtual waiting room solutions ensure high availability and continuous uptime for websites and applications.
- Developer & Infrastructure Services: Provides serverless computing, website development tools, domain registration, and internal infrastructure solutions for connecting users and protecting data within their network.
- Consumer Services: Offers a public DNS Resolver for faster and more private internet browsing, along with a Consumer VPN to secure and accelerate mobile device traffic.
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Matthew Prince, Co-founder, Chief Executive Officer, and Co-Chair of the Board
Matthew Prince co-founded Cloudflare in 2009. He also co-founded Unspam Technologies, a software and services company focused on helping governments implement and enforce laws to control unwanted messages. Prince holds an MBA from Harvard Business School and a JD from the University of Chicago Law School, in addition to a BA in English and Computer Science from Trinity College. He previously served as an adjunct professor of law at The John Marshall Law School. Prince is recognized as a World Economic Forum Technology Pioneer and is a member of the Council on Foreign Relations.
Thomas Seifert, Chief Financial Officer
Thomas Seifert joined Cloudflare as its first Chief Financial Officer on June 1, 2017. Before joining Cloudflare, he held executive positions at several technology companies, including Executive Vice President and CFO at Symantec, where he oversaw the company's financial and strategic transformation and the acquisition of BlueCoat. Prior to Symantec, he was Executive Vice President and CFO at Brightstar Corp. Seifert also served as CFO, Chief Accounting Officer, and interim CEO for eight months at Advanced Micro Devices (AMD). He has held other executive roles at Qimonda AG, Infineon Technologies AG, and Wirelines Communications Business Group. Cloudflare was backed by venture capital firms when Seifert was appointed. He earned an MBA from Friedrich Alexander University and an MA in Economics from Wayne State University.
Michelle Zatlyn, Co-founder, President, and Chief Operating Officer
Michelle Zatlyn co-founded Cloudflare in 2009 with Matthew Prince and Lee Holloway. Before Cloudflare, she was part of the founding team of I Love Rewards (later Achievers) and had a summer internship at Google, as well as working as a product manager at Toshiba. Zatlyn holds an MBA from Harvard Business School and a Bachelor of Science degree in chemistry from McGill University. She currently serves on the board of directors for Atlassian and the World Economic Forum Young Global Leaders Foundation.
Mark Anderson, President of Revenue
Mark Anderson assumed the role of President of Revenue at Cloudflare. He previously served as President of Palo Alto Networks, where he was responsible for sales, go-to-market strategy, customer satisfaction, and business and corporate development, helping to scale the company from pre-IPO to over $2.5 billion in annualized revenue. Before Palo Alto Networks, Anderson led worldwide sales activities at F5 Networks, contributing to more than $1 billion in annual revenue, and held leadership positions at Lucent Technologies and Cisco Systems. He has also been a member of Cloudflare's Board of Directors since August 2019. Anderson holds a B.A. in Business and Economics from York University.
AI Analysis | Feedback
1. Cybersecurity Risks, Service Outages, and Third-Party Dependencies
Cloudflare, as a prominent internet infrastructure and security provider, faces a significant and inherent risk from cyberattacks targeting its own systems. Any breach of its infrastructure or services could severely damage its reputation and erode customer trust. Given its critical role in the internet's foundation, service outages at Cloudflare can trigger widespread, cascading disruptions across numerous businesses and online services, highlighting a "digital concentration risk" and resulting in substantial operational and financial impacts for its customers and the broader digital ecosystem. The company is also susceptible to supply chain attacks, where security incidents affecting its third-party vendors can expose customer data and interrupt operations, as demonstrated by past events. The rapidly evolving threat landscape, including the emergence of AI-enhanced cyberattacks, further necessitates continuous and sophisticated advancements in Cloudflare's security measures.
2. Intense Competition and Market Disruption
Cloudflare operates within a highly competitive and dynamic market for web security, performance, and edge computing solutions. The company confronts significant competition from well-established technology giants, including Amazon Web Services, Microsoft Azure, Google Cloud Platform, Akamai, Zscaler, and Palo Alto Networks, alongside numerous specialized providers. These competitors frequently offer comparable services and possess substantial resources, leading to intense pricing pressures and a continuous demand for Cloudflare to innovate and differentiate its product offerings. The ability of hyperscalers to bundle similar services with deep discounts presents a particular threat to Cloudflare's market share and overall profitability.
3. Regulatory and Geopolitical Challenges
Due to its global operations, Cloudflare must navigate a complex and constantly evolving array of international laws and regulations. These encompass various aspects such as data privacy, data protection, information security, and content moderation across diverse jurisdictions. Non-compliance with these numerous legal requirements, including regulations like GDPR or other regional data sovereignty laws, could lead to significant fines, reputational harm, and restrictions on its operational capabilities. Furthermore, geopolitical events, trade restrictions, tariffs, and differing governmental stances on internet governance can introduce considerable uncertainty and negatively affect Cloudflare's business costs and operational presence in various regions.
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The continuous and aggressive expansion of edge computing, security, and networking services by hyper-scale cloud providers such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). These providers are increasingly offering integrated solutions including content delivery networks (CDNs), web application firewalls (WAFs), distributed denial of service (DDoS) protection, DNS services, and serverless computing functions directly within their platforms. As these major cloud vendors enhance and bundle their native offerings, they can diminish the need for businesses to utilize a separate, specialized provider like Cloudflare, particularly for customers already deeply integrated into their respective cloud ecosystems.
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Cloudflare (NET) operates in several large and growing addressable markets globally.
Overall Total Addressable Market (TAM)
- Cloudflare estimates its total addressable market (TAM) to be approximately $176 billion in 2024, projected to grow to $222 billion by 2027.
Addressable Markets for Main Products and Services
- Cloud Security: The global cloud security market was valued at USD 51.11 billion in 2025 and is projected to grow to USD 224.16 billion by 2034, registering a compound annual growth rate (CAGR) of 17.80% over the forecast period.
- Zero Trust Security: The global zero trust security market size is calculated at USD 40.01 billion in 2025 and is predicted to increase to approximately USD 182.59 billion by 2035, expanding at a CAGR of 16.39% from 2026 to 2035.
- Secure Access Service Edge (SASE): The global secure access service edge market size was valued at USD 4.94 billion in 2025 and is projected to grow to USD 44.11 billion by 2034, exhibiting a CAGR of 27.54% during the forecast period.
- Content Delivery Network (CDN): The global content delivery network (CDN) market size is calculated at USD 32.70 billion in 2025 and is predicted to increase to approximately USD 164.06 billion by 2035, expanding at a CAGR of 17.50% from 2026 to 2035.
- Edge Computing: The global edge computing market size was estimated at USD 23.65 billion in 2024 and is expected to reach USD 327.79 billion by 2033, growing at a CAGR of 33.0% from 2025 to 2033.
- Serverless Computing: The global serverless computing market size is calculated at USD 28.02 billion in 2025 and is predicted to increase to approximately USD 92.22 billion by 2034, expanding at a CAGR of 14.15% from 2025 to 2034.
- Domain Name System (DNS) Services: The global DNS services market size was estimated at USD 710.23 million in 2025 and is projected to reach USD 3424.58 million by 2034, growing at a CAGR of 19.10% from 2026 to 2034.
AI Analysis | Feedback
Cloudflare (NET) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Growth in Large Enterprise Customers: Cloudflare is demonstrating strong momentum in attracting and expanding relationships with high-value enterprise customers. The company has seen record additions of customers spending over $100,000, $500,000, and $1 million annually, supported by successful enterprise sales initiatives and large contract wins. For instance, revenue from large customers (over $100,000 annual spend) increased 42% year-over-year in Q4 2025. Cloudflare also closed its largest deal ever in Q4 2025, valued at $42.5 million annually.
- AI-driven Demand and the Workers Platform: The increasing adoption of artificial intelligence, particularly AI inference workloads and the proliferation of AI agents, is a significant tailwind for Cloudflare. The company's Workers platform is a key enabler for these AI-driven applications, positioning Cloudflare as a foundational platform for the "agentic internet" and driving demand for its core performance, security, and networking services.
- Expansion of Product Offerings and Total Addressable Market (TAM): Cloudflare continues to expand and enhance its diverse portfolio of cloud services, including security solutions like its Zero Trust platform and its SASE (Secure Access Service Edge) offering. The company is also tapping into new market opportunities, with its total addressable market (TAM) expected to rise from $181 billion in 2025 to $231 billion by 2028, supported by opportunities in areas such as AI, IoT, databases, and 5G services.
- Geographic Expansion: Cloudflare is experiencing notable growth in certain geographic regions. For example, the Asia-Pacific (APAC) region saw a 50% year-over-year increase in revenue in Q4 2025, indicating successful market penetration and expansion in these areas.
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Share Issuance
- Cloudflare's shares outstanding have consistently increased over the last few years, rising from 0.334 billion in 2023 to 0.341 billion in 2024, and further to 0.348 billion in 2025.
- The company's 3-Year Share Buyback Ratio was -2.10% as of September 2025, indicating net share issuance rather than repurchases.
- Quarterly stock buybacks showed a negative value of -16.05 million for December 31, 2025, reinforcing the trend of share issuance.
Outbound Investments
- Cloudflare acquired Area 1 Security for $162 million on February 23, 2022.
- Other acquisitions made by Cloudflare in the past few years include Zaraz (December 2021), Vectrix (February 2022), Nefeli (March 2024), Baselime (April 2024), PartyKit (April 2024), BastionZero (May 2024), Kivera (October 2024), Outerbase (April 2025), Replicate (November 2025), Human Native AI (January 2026), and Astro (January 2026), though the financial terms for most were undisclosed.
- Recent acquisitions, such as Human Native AI and Astro Technology, are strategically aimed at enhancing Cloudflare's position in the AI market and bolstering its web development frameworks.
Capital Expenditures
- Cloudflare's capital expenditures have shown a fluctuating but upward trend, with reported figures of approximately $107.74 million in 2021, $163.36 million in 2022, $134.94 million in 2023, $185.04 million in 2024, and $315.62 million in 2025.
- In Q2 2023, about 11% or $34 million of operating cash flow was allocated to network CapEx, focused on investments in its global network of data centers, with an additional $10 million for facilities and capitalized software.
- For the full year 2026, Cloudflare anticipates network CapEx to be between 12% and 15% of its revenue, primarily directed towards maintaining technological innovation, including adding servers with storage capabilities and GPUs to support AI-related developer platform products.
Peer Outperformance in Systems Software
NET has outperformed 91% of its 67 Systems Software peers over 5Y. Among the peers that beat it are ZETA and CRWD. Systems Software ranks 12th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Systems Software constituents that NET has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
76%
of 85 industry peers · 42.9% return
3Y
95%
of 74 industry peers · 350.7% return
5Y
91%
of 67 industry peers · 127.5% return
Systems Software peers with revenue growth within 4pp of NET's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| NET | Cloudflare | 30.6% | -481.6x | 42.9% | 350.7% | 127.5% | — |
| ZETA | Zeta Global | 33.9% | -3,220.2x | 45.6% | 267.8% | 337.3% | +210pp |
| CRWD | CrowdStrike | 27.8% | -1,973.1x | 81.4% | 409.9% | 182.5% | +55pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is NET's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 53.0% | 197.1% | 329.4% | FLEX 695% · TTMI 660% · JBL 410% |
| Semiconductor Materials & Equipment | 27 | 128.7% | 70.7% | 114.3% | AEHR 1453% · AXTI 613% · KLAC 471% |
| Technology Distributors | 9 | 19.9% | 54.8% | 67.4% | CLMB 321% · AVT 142% · SNX 102% |
| Communications Equipment | 34 | 31.4% | 85.5% | 61.1% | AAOI 1455% · LITE 855% · ANET 705% |
| Electronic Components | 26 | 51.1% | 59.2% | 51.6% | CLS 3126% · BELFA 1277% · LPTH 507% |
| Semiconductors | 54 | 29.4% | 28.9% | 22.8% | POET 1803% · MU 1161% · NVDA 842% |
| Technology Hardware, Storage & Peripherals | 22 | 28.8% | 79.9% | 17.3% | STX 962% · SMCI 888% · DELL 828% |
| Internet Services & Infrastructure | 6 | 15.4% | 42.2% | 15.1% | DOCN 100% · VRSN 40% · GDDY 37% |
| Electronic Equipment & Instruments | 27 | -5.4% | 12.7% | -5.9% | PI 186% · ACFN 135% · SOTK 132% |
| IT Consulting & Other Services | 28 | -25.5% | -6.3% | -19.5% | CHRN 593847% · APLD 1705% · TSSI 662% |
| Application Software | 123 | -19.7% | -10.8% | -44.8% | VIDA 419900% · INLX 5323% · PLTR 622% |
| Systems Software ← | 68 | -8.0% | 13.6% | -55.9% | QNC 620% · PAYS 446% · PANW 371% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 164.03 |
| Mkt Cap | 63.8 |
| Rev LTM | 3,748 |
| Op Inc LTM | 216 |
| FCF LTM | 760 |
| FCF 3Y Avg | 717 |
| CFO LTM | 1,274 |
| CFO 3Y Avg | 1,194 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.9% |
| Rev Chg 3Y Avg | 16.3% |
| Rev Chg Q | 25.5% |
| QoQ Delta Rev Chg LTM | 5.8% |
| Op Inc Chg LTM | -2.9% |
| Op Inc Chg 3Y Avg | 19.7% |
| Op Mgn LTM | 2.5% |
| Op Mgn 3Y Avg | 2.2% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 34.1% |
| CFO/Rev 3Y Avg | 35.7% |
| FCF/Rev LTM | 21.3% |
| FCF/Rev 3Y Avg | 22.6% |
Price Behavior
Price Behavior
| Market Price | $280.35 | |
| Market Cap ($ Bil) | 98.9 | |
| First Trading Date | 09/13/2019 | |
| Distance from 52W High | -15.3% | |
| 50 Days | 200 Days | |
| DMA Price | $267.32 | $218.74 |
| DMA Trend | up | up |
| Distance from DMA | 4.9% | 28.2% |
| 3M | 1YR | |
| Volatility | 60.7% | 62.0% |
| Downside Capture | 205.40 | 216.97 |
| Upside Capture | 305.93 | 215.31 |
| Correlation (SPY) | 44.0% | 33.1% |
NET Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.15 | 1.37 | 1.13 | 1.17 | 1.47 | 1.69 |
| Up Beta | 2.39 | 1.30 | 0.31 | 0.23 | 0.57 | 1.46 |
| Down Beta | -0.84 | 1.47 | 1.30 | 1.18 | 1.09 | 1.74 |
| Up Capture | 82% | 204% | 208% | 229% | 309% | 1232% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 22 | 37 | 72 | 132 | 398 |
| Down Capture | -126% | 87% | 64% | 108% | 147% | 110% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 21 | 26 | 54 | 120 | 352 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NET | |
|---|---|---|---|---|
| NET | 45.6% | 61.8% | 0.85 | - |
| Sector ETF (XLK) | 39.8% | 26.0% | 1.25 | 37.0% |
| Equity (SPY) | 21.2% | 12.9% | 1.23 | 33.0% |
| Gold (GLD) | 39.0% | 28.8% | 1.14 | 3.4% |
| Commodities (DBC) | 40.9% | 20.2% | 1.58 | 4.2% |
| Real Estate (VNQ) | 13.9% | 13.8% | 0.70 | -1.1% |
| Bitcoin (BTCUSD) | -30.4% | 44.2% | -0.69 | 24.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NET | |
|---|---|---|---|---|
| NET | 17.5% | 68.9% | 0.53 | - |
| Sector ETF (XLK) | 19.1% | 25.9% | 0.66 | 56.0% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 54.9% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 5.5% |
| Commodities (DBC) | 10.2% | 19.6% | 0.41 | 10.0% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 35.7% |
| Bitcoin (BTCUSD) | 11.2% | 52.8% | 0.40 | 30.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NET | |
|---|---|---|---|---|
| NET | 31.1% | 67.4% | 0.87 | - |
| Sector ETF (XLK) | 23.8% | 24.9% | 0.87 | 50.4% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 44.6% |
| Gold (GLD) | 12.9% | 16.3% | 0.65 | 7.1% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 11.8% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 27.1% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 25.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 5.6% | 16.3% | |
| 5/7/2026 | -23.6% | -22.2% | -3.5% |
| 2/10/2026 | 5.2% | 6.4% | 17.9% |
| 10/30/2025 | 13.8% | 1.5% | -9.5% |
| 7/31/2025 | -3.6% | 1.3% | 0.5% |
| 5/8/2025 | 6.5% | 22.9% | 43.0% |
| 2/6/2025 | 17.8% | 24.7% | -17.6% |
| 11/7/2024 | -4.6% | -3.9% | 19.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 12 |
| # Negative | 12 | 12 | 12 |
| Median Positive | 6.9% | 10.6% | 14.1% |
| Median Negative | -7.7% | -8.1% | -16.8% |
| Max Positive | 27.1% | 28.3% | 43.0% |
| Max Negative | -23.6% | -32.1% | -30.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 5.6% | 16.3% | |
| 5/7/2026 | -23.6% | -22.2% | -3.5% |
| 2/10/2026 | 5.2% | 6.4% | 17.9% |
| 10/30/2025 | 13.8% | 1.5% | -9.5% |
| 7/31/2025 | -3.6% | 1.3% | 0.5% |
| 5/8/2025 | 6.5% | 22.9% | 43.0% |
| 2/6/2025 | 17.8% | 24.7% | -17.6% |
| 11/7/2024 | -4.6% | -3.9% | 19.0% |
| 8/1/2024 | 6.8% | 3.3% | 10.4% |
| 5/2/2024 | -16.4% | -17.6% | -24.2% |
| 2/8/2024 | 19.5% | 12.1% | 7.5% |
| 11/2/2023 | 13.9% | 9.9% | 41.1% |
| 8/3/2023 | 6.9% | -2.7% | -1.6% |
| 4/27/2023 | -21.0% | -32.1% | 2.6% |
| 2/9/2023 | 3.3% | 17.4% | -5.0% |
| 11/3/2022 | -18.4% | -6.2% | -14.1% |
| 8/4/2022 | 27.1% | 28.3% | 0.5% |
| 5/5/2022 | -15.7% | -27.1% | -30.7% |
| 2/10/2022 | -9.5% | -10.5% | -27.4% |
| 11/4/2021 | -1.9% | -2.4% | -26.6% |
| 8/5/2021 | -2.2% | 0.6% | 7.4% |
| 5/6/2021 | 3.7% | -3.5% | 24.3% |
| 2/11/2021 | -5.8% | -10.0% | -17.7% |
| 11/5/2020 | 11.2% | 10.6% | 41.3% |
| 8/6/2020 | -3.1% | -6.0% | -15.9% |
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 12 |
| # Negative | 12 | 12 | 12 |
| Median Positive | 6.9% | 10.6% | 14.1% |
| Median Negative | -7.7% | -8.1% | -16.8% |
| Max Positive | 27.1% | 28.3% | 43.0% |
| Max Negative | -23.6% | -32.1% | -30.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/10/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/04/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 736.00 Mil | 736.50 Mil | 737.00 Mil | 10.8% | Higher New | Guidance: 664.50 Mil for Q2 2026 | |
| Q3 2026 Non-GAAP income from operations | 129.00 Mil | 129.50 Mil | 130.00 Mil | 43.1% | Higher New | Guidance: 90.50 Mil for Q2 2026 | |
| Q3 2026 Non-GAAP net income per share | 0.34 | 25.9% | Higher New | Guidance: 0.27 for Q2 2026 | |||
| 2026 Revenue | 2.86 Bil | 2.87 Bil | 2.87 Bil | 2.1% | Raised | Guidance: 2.81 Bil for 2026 | |
| 2026 Non-GAAP income from operations | 443.00 Mil | 444.00 Mil | 445.00 Mil | 5.8% | Raised | Guidance: 419.50 Mil for 2026 | |
| 2026 Non-GAAP net income per share | 1.25 | 1.25 | 1.26 | 5.0% | Raised | Guidance: 1.2 for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 664.00 Mil | 664.50 Mil | 665.00 Mil | 7.1% | Higher New | Guidance: 620.50 Mil for Q1 2026 | |
| Q2 2026 Non-GAAP income from operations | 90.00 Mil | 90.50 Mil | 91.00 Mil | 28.4% | Higher New | Guidance: 70.50 Mil for Q1 2026 | |
| Q2 2026 Non-GAAP net income per share | 0.27 | 17.4% | Higher New | Guidance: 0.23 for Q1 2026 | |||
| 2026 Revenue | 2.81 Bil | 2.81 Bil | 2.81 Bil | 0.7% | Raised | Guidance: 2.79 Bil for 2026 | |
| 2026 Non-GAAP income from operations | 418.00 Mil | 419.50 Mil | 421.00 Mil | 10.4% | Raised | Guidance: 380.00 Mil for 2026 | |
| 2026 Non-GAAP net income per share | 1.19 | 1.2 | 1.2 | 7.2% | Raised | Guidance: 1.11 for 2026 | |
Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 620.00 Mil | 620.50 Mil | 621.00 Mil | ||||
| Q1 2026 Non-GAAP income from operations | 70.00 Mil | 70.50 Mil | 71.00 Mil | ||||
| Q1 2026 Non-GAAP net income per share | 0.23 | ||||||
| 2026 Revenue | 2.79 Bil | 2.79 Bil | 2.79 Bil | 30.2% | Higher New | Actual: 2.14 Bil for 2025 | |
| 2026 Non-GAAP income from operations | 378.00 Mil | 380.00 Mil | 382.00 Mil | 27.7% | Higher New | Actual: 297.50 Mil for 2025 | |
| 2026 Non-GAAP net income per share | 1.11 | 1.11 | 1.12 | 22.5% | Higher New | Actual: 0.91 for 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 588.50 Mil | 589.00 Mil | 589.50 Mil | ||||
| Q4 2025 Non-GAAP income from operations | 83.00 Mil | 83.50 Mil | 84.00 Mil | ||||
| Q4 2025 Non-GAAP net income per share | 0.27 | ||||||
| 2025 Revenue | 2.14 Bil | 2.14 Bil | 2.14 Bil | 1.3% | Raised | Guidance: 2.11 Bil for 2025 | |
| 2025 Non-GAAP income from operations | 297.00 Mil | 297.50 Mil | 298.00 Mil | 4.4% | Raised | Guidance: 285.00 Mil for 2025 | |
| 2025 Non-GAAP net income per share | 0.91 | 6.4% | Raised | Guidance: 0.85 for 2025 | |||
Insider Activity
Updated 8/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 8212026 | 277.43 | 33,003 | 9,156,123 | 19,357,892 | Form |
| 2 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 8212026 | 285.06 | 33,003 | 9,407,947 | 19,890,298 | Form |
| 3 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 8212026 | 294.63 | 33,003 | 9,723,613 | 20,557,680 | Form |
| 4 | Starzak, Alissa Michelle | Chief Legal Officer | Direct | Sell | 8192026 | 304.68 | 2,538 | 773,278 | 34,149,144 | Form |
| 5 | Riley, Janel | Chief Accounting Officer | Direct | Sell | 8192026 | 305.26 | 3,481 | 1,062,624 | 12,682,808 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 8212026 | 277.43 | 33,003 | 9,156,123 | 19,357,892 | Form |
| 2 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 8212026 | 285.06 | 33,003 | 9,407,947 | 19,890,298 | Form |
| 3 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 8212026 | 294.63 | 33,003 | 9,723,613 | 20,557,680 | Form |
| 4 | Starzak, Alissa Michelle | Chief Legal Officer | Direct | Sell | 8192026 | 304.68 | 2,538 | 773,278 | 34,149,144 | Form |
| 5 | Riley, Janel | Chief Accounting Officer | Direct | Sell | 8192026 | 305.26 | 3,481 | 1,062,624 | 12,682,808 | Form |
| 6 | Starzak, Alissa Michelle | Chief Legal Officer | Direct | Sell | 8192026 | 310.15 | 3,333 | 1,033,736 | 35,549,612 | Form |
| 7 | Riley, Janel | Chief Accounting Officer | Direct | Sell | 8192026 | 310.36 | 1,667 | 517,370 | 13,974,893 | Form |
| 8 | Seifert, Thomas J | Chief Financial Officer | Direct | Sell | 8192026 | 307.32 | 10,000 | 3,073,176 | 34,064,925 | Form |
| 9 | Graham-Cumming, John | Direct | Sell | 8112026 | 303.97 | 2,520 | 765,997 | 150,436,105 | Form | |
| 10 | Ledbetter, Carl | See footnote | Sell | 8062026 | 281.98 | 5,000 | 1,409,910 | 249,010,707 | Form | |
| 11 | Seifert, Thomas J | Chief Financial Officer | Direct | Sell | 8062026 | 300.30 | 55,000 | 16,516,285 | 34,170,692 | Form |
| 12 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 8052026 | 296.10 | 33,631 | Form | ||
| 13 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 8052026 | 296.10 | 18,752 | Form | ||
| 14 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 8052026 | 298.44 | 32,282 | Form | ||
| 15 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 8052026 | 296.89 | 20,101 | Form | ||
| 16 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 8052026 | 283.42 | 52,383 | Form | ||
| 17 | Hawkins, Mark J | Direct | Sell | 8042026 | 277.74 | 133 | 36,939 | 2,952,932 | Form | |
| 18 | Seifert, Thomas J | Chief Financial Officer | Direct | Sell | 7172026 | 276.92 | 10,000 | 2,769,195 | 31,510,667 | Form |
| 19 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 7152026 | 286.48 | 33,003 | 9,454,558 | 13,586,110 | Form |
| 20 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 7152026 | 278.09 | 33,003 | 9,177,872 | 13,188,516 | Form |
| 21 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 7152026 | 265.79 | 33,058 | 8,786,631 | 12,605,299 | Form |
| 22 | Ledbetter, Carl | See footnote | Sell | 7082026 | 268.11 | 5,000 | 1,340,547 | 238,100,719 | Form | |
| 23 | Graham-Cumming, John | Direct | Sell | 7072026 | 247.28 | 2,520 | 623,156 | 122,383,181 | Form | |
| 24 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 7062026 | 247.28 | 52,383 | Form | ||
| 25 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 7062026 | 242.24 | 33,631 | Form | ||
| 26 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 7062026 | 242.24 | 18,752 | Form | ||
| 27 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 7062026 | 249.09 | 52,422 | Form | ||
| 28 | Hawkins, Mark J | Direct | Sell | 7022026 | 249.00 | 133 | 33,117 | 2,680,485 | Form | |
| 29 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 6242026 | 224.30 | 52,384 | Form | ||
| 30 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 6242026 | 225.39 | 52,384 | Form | ||
| 31 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 6242026 | 217.91 | 52,384 | Form | ||
| 32 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 6182026 | 219.11 | 25,641 | 5,618,174 | 10,391,244 | Form |
| 33 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 6182026 | 232.66 | 25,641 | 5,965,720 | 11,034,058 | Form |
| 34 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 6182026 | 232.98 | 25,641 | 5,973,940 | 11,049,262 | Form |
| 35 | Seifert, Thomas J | Chief Financial Officer | Direct | Sell | 6172026 | 232.39 | 10,000 | 2,323,887 | 27,127,433 | Form |
| 36 | Graham-Cumming, John | Direct | Sell | 6162026 | 235.95 | 2,520 | 594,595 | 116,575,266 | Form | |
| 37 | Suder, Katrin | Direct | Sell | 6082026 | 252.92 | 293 | 74,106 | 9,466,796 | Form | |
| 38 | Hawkins, Mark J | Direct | Sell | 6022026 | 246.42 | 133 | 32,774 | 2,478,000 | Form | |
| 39 | Ledbetter, Carl | See footnote | Sell | 6022026 | 246.06 | 15,000 | 3,690,929 | 219,751,294 | Form | |
| 40 | Starzak, Alissa Michelle | Chief Legal Officer | Direct | Sell | 6012026 | 216.15 | 16,243 | 3,510,882 | 25,590,771 | Form |
| 41 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 5272026 | 210.30 | 25,641 | 5,392,410 | 9,973,676 | Form |
| 42 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 5272026 | 211.83 | 25,641 | 5,431,514 | 10,046,003 | Form |
| 43 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 5272026 | 213.98 | 35,080 | 7,506,549 | 10,148,178 | Form |
| 44 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 5212026 | 210.66 | 52,384 | 11,035,223 | 5,382,368 | Form |
| 45 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 5212026 | 207.65 | 52,384 | 10,877,323 | 5,305,353 | Form |
| 46 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 5212026 | 204.15 | 52,384 | 10,694,415 | 5,216,141 | Form |
| 47 | Riley, Janel | Chief Accounting Officer | Direct | Sell | 5192026 | 193.32 | 3,481 | 672,947 | 9,504,191 | Form |
| 48 | Seifert, Thomas J | Chief Financial Officer | Direct | Sell | 5192026 | 200.61 | 10,000 | 2,006,068 | 42,531,440 | Form |
| 49 | Riley, Janel | Chief Accounting Officer | Direct | Sell | 5192026 | 196.95 | 3,333 | 656,434 | 10,368,236 | Form |
| 50 | Hawkins, Mark J | Direct | Sell | 5042026 | 211.62 | 133 | 28,145 | 2,156,196 | Form | |
| 51 | Ledbetter, Carl | See footnote | Sell | 5042026 | 215.82 | 5,009 | 1,081,049 | 199,218,907 | Form | |
| 52 | Ledbetter, Carl | See footnote | Sell | 4302026 | 215.85 | 9,991 | 2,156,573 | 200,327,985 | Form | |
| 53 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 4222026 | 209.15 | 25,641 | 5,362,854 | 7,218,656 | Form |
| 54 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 4222026 | 206.10 | 25,641 | 5,284,562 | 7,113,270 | Form |
| 55 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 4222026 | 199.37 | 25,641 | 5,112,050 | 6,881,062 | Form |
| 56 | Seifert, Thomas J | Chief Financial Officer | Direct | Sell | 4172026 | 197.98 | 10,000 | 1,979,757 | 43,887,455 | Form |
| 57 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 4082026 | 223.62 | 659 | Form | ||
| 58 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 4082026 | 213.59 | 51,725 | 11,048,132 | 140,758 | Form |
| 59 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 4082026 | 212.24 | 52,384 | Form | ||
| 60 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 4082026 | 210.02 | 52,384 | Form | ||
| 61 | Hawkins, Mark J | Direct | Sell | 4022026 | 209.60 | 133 | 27,877 | 2,163,491 | Form | |
| 62 | Graham-Cumming, John | Direct | Sell | 3302026 | 202.31 | 3,644 | 737,203 | 99,952,754 | Form | |
| 63 | Ledbetter, Carl | See footnote | Sell | 3202026 | 227.05 | 15,000 | 3,405,750 | 212,989,475 | Form | |
| 64 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 3182026 | 227.80 | 13,618 | Form | ||
| 65 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 3182026 | 218.87 | 38,766 | 8,484,709 | 2,980,570 | Form |
| 66 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 3182026 | 212.25 | 52,384 | Form | ||
| 67 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 3182026 | 209.08 | 52,384 | Form | ||
| 68 | Seifert, Thomas J | Chief Financial Officer | Direct | Sell | 3172026 | 212.30 | 10,341 | 2,195,442 | 47,688,920 | Form |
| 69 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 3052026 | 189.50 | 25,641 | 4,859,047 | 6,540,507 | Form |
| 70 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 3052026 | 179.63 | 25,641 | 4,605,773 | 6,199,588 | Form |
| 71 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 3052026 | 174.61 | 25,641 | 4,477,150 | 6,026,457 | Form |
| 72 | Graham-Cumming, John | Direct | Sell | 3032026 | 178.24 | 2,520 | 449,154 | 88,260,778 | Form | |
| 73 | Hawkins, Mark J | Direct | Sell | 3032026 | 168.62 | 133 | 22,426 | 1,762,922 | Form | |
| 74 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 2262026 | 173.78 | 52,384 | 9,103,401 | 3,981,522 | Form |
| 75 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 2262026 | 169.09 | 52,384 | 8,857,371 | 3,873,916 | Form |
| 76 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 2262026 | 164.15 | 52,384 | 8,598,911 | 3,760,875 | Form |
| 77 | Seifert, Thomas J | Chief Financial Officer | Direct | Sell | 2242026 | 185.04 | 41,557 | 7,689,671 | 15,811,964 | Form |
| 78 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 2232026 | 172.76 | 25,641 | 4,429,768 | 5,962,678 | Form |
| 79 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 2232026 | 192.66 | 25,641 | 4,939,919 | 6,649,365 | Form |
| 80 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 2232026 | 187.39 | 35,080 | 6,573,638 | 6,467,575 | Form |
| 81 | Graham-Cumming, John | Direct | Sell | 2112026 | 173.35 | 2,520 | 436,831 | 85,839,251 | Form | |
| 82 | Kramer, Douglas James | CHIEF LEGAL OFFICER | Direct | Sell | 2032026 | 176.19 | 3,000 | 528,570 | 17,812,985 | Form |
| 83 | Hawkins, Mark J | Direct | Sell | 2032026 | 176.19 | 134 | 23,609 | 1,865,500 | Form | |
| 84 | Ledbetter, Carl | See footnote | Sell | 1282026 | 211.16 | 15,000 | 3,167,414 | 201,251,815 | Form | |
| 85 | Seifert, Thomas J | Chief Financial Officer | Direct | Sell | 1212026 | 178.37 | 10,000 | 1,783,682 | 24,523,128 | Form |
| 86 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 1152026 | 190.05 | 25,641 | 4,873,012 | 4,666,620 | Form |
| 87 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 1152026 | 187.67 | 25,641 | 4,811,997 | 4,608,190 | Form |
| 88 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 1152026 | 187.96 | 25,641 | 4,819,399 | 4,615,278 | Form |
| 89 | Ledbetter, Carl | See footnote | Sell | 1062026 | 198.26 | 6,134 | 1,216,136 | 191,931,641 | Form | |
| 90 | Graham-Cumming, John | Direct | Sell | 1062026 | 200.27 | 2,520 | 504,676 | 99,171,037 | Form | |
| 91 | Hawkins, Mark J | Direct | Sell | 1062026 | 198.90 | 134 | 26,653 | 2,132,606 | Form | |
| 92 | Kramer, Douglas James | Chief Legal Officer | Direct | Sell | 1062026 | 198.54 | 9,000 | 1,786,861 | 20,668,224 | Form |
| 93 | Ledbetter, Carl | See footnote | Sell | 12302025 | 201.25 | 192 | 38,641 | 196,061,984 | Form | |
| 94 | Ledbetter, Carl | See footnote | Sell | 12302025 | 201.46 | 8,674 | 1,747,501 | 196,306,551 | Form | |
| 95 | Suder, Katrin | Direct | Sell | 12232025 | 200.00 | 2,031 | 406,200 | 7,544,600 | Form | |
| 96 | Seifert, Thomas J | Chief Financial Officer | Direct | Sell | 12232025 | 201.69 | 10,000 | 2,016,931 | 27,729,980 | Form |
| 97 | Graham-Cumming, John | Direct | Sell | 12162025 | 199.37 | 2,520 | 502,425 | 98,728,650 | Form | |
| 98 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 12112025 | 208.61 | 25,641 | 5,349,054 | 5,122,500 | Form |
| 99 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 12112025 | 205.91 | 25,641 | 5,279,622 | 5,056,009 | Form |
| 100 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 12112025 | 205.15 | 25,641 | 5,260,255 | 5,037,462 | Form |
| 101 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 12052025 | 201.23 | 52,384 | Form | ||
| 102 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 12052025 | 203.66 | 52,384 | Form | ||
| 103 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 12052025 | 202.19 | 52,384 | Form | ||
| 104 | Hawkins, Mark J | Direct | Sell | 12022025 | 197.65 | 134 | 26,485 | 2,145,688 | Form | |
| 105 | Kramer, Douglas James | Chief Legal Officer | Direct | Sell | 12022025 | 196.84 | 3,000 | 590,509 | 22,262,373 | Form |
| 106 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 11242025 | 189.07 | 25,641 | 4,847,905 | 4,642,577 | Form |
| 107 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 11242025 | 188.13 | 25,641 | 4,823,906 | 4,619,594 | Form |
| 108 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 11242025 | 199.26 | 35,099 | 6,993,977 | 4,892,935 | Form |
| 109 | Seifert, Thomas J | Chief Financial Officer | Direct | Sell | 11212025 | 194.18 | 41,555 | 8,069,178 | 26,697,124 | Form |
| 110 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 11192025 | 195.32 | 52,384 | 10,231,827 | 4,331,299 | Form |
| 111 | Suder, Katrin | Direct | Sell | 11192025 | 196.38 | 2,031 | 398,848 | 7,806,891 | Form | |
| 112 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 11192025 | 197.56 | 52,384 | 10,348,786 | 4,380,810 | Form |
| 113 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 11192025 | 204.76 | 52,384 | 10,726,358 | 4,540,642 | Form |
| 114 | Riley, Janel | Chief Accounting Officer | Direct | Sell | 11182025 | 196.51 | 3,488 | 685,418 | 11,032,711 | Form |
| 115 | Ledbetter, Carl | See footnote | Sell | 11172025 | 207.96 | 15,000 | 3,119,400 | 204,439,882 | Form | |
| 116 | Kramer, Douglas James | Chief Legal Officer | Direct | Sell | 11052025 | 255.53 | 3,000 | 766,599 | 33,011,048 | Form |
| 117 | Graham-Cumming, John | Direct | Sell | 11032025 | 250.83 | 2,520 | 632,096 | 124,209,671 | Form | |
| 118 | Hawkins, Mark J | Direct | Sell | 11032025 | 254.15 | 1,000 | 254,150 | 2,793,108 | Form | |
| 119 | Ledbetter, Carl | See footnote | Sell | 10202025 | 210.65 | 15,000 | 3,159,809 | 210,248,011 | Form | |
| 120 | Seifert, Thomas J | Chief Financial Officer | Direct | Sell | 10202025 | 211.81 | 10,000 | 2,118,137 | 40,142,290 | Form |
| 121 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 10162025 | 220.79 | 107 | Form | ||
| 122 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 10162025 | 213.94 | 52,277 | 11,184,307 | 22,892 | Form |
| 123 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 10162025 | 221.05 | 52,384 | Form | ||
| 124 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 10162025 | 215.51 | 52,384 | Form | ||
| 125 | Graham-Cumming, John | Direct | Sell | 10152025 | 221.36 | 2,520 | 557,829 | 109,615,858 | Form | |
| 126 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 10092025 | 215.38 | 25,641 | 5,522,535 | 3,139,150 | Form |
| 127 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 10092025 | 218.45 | 25,641 | 5,601,253 | 3,183,895 | Form |
| 128 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 10092025 | 218.20 | 25,641 | 5,594,911 | 3,180,290 | Form |
| 129 | Kramer, Douglas James | Chief Legal Officer | Direct | Sell | 10012025 | 213.48 | 9,000 | 1,921,310 | 28,218,708 | Form |
| 130 | Hawkins, Mark J | Direct | Sell | 10012025 | 212.83 | 1,000 | 212,830 | 2,551,832 | Form | |
| 131 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 9252025 | 212.49 | 25,641 | 5,448,476 | 3,097,053 | Form |
| 132 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 9252025 | 221.20 | 25,641 | 5,671,760 | 3,223,973 | Form |
| 133 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 9252025 | 223.45 | 25,641 | 5,729,556 | 3,256,826 | Form |
| 134 | Ledbetter, Carl | See footnote | Sell | 9222025 | 223.91 | 15,000 | 3,358,639 | 226,836,453 | Form | |
| 135 | Seifert, Thomas J | Chief Financial Officer | Direct | Sell | 9222025 | 227.64 | 10,000 | 2,276,444 | 43,142,475 | Form |
| 136 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 9112025 | 226.46 | 52,384 | Form | ||
| 137 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 9112025 | 222.10 | 52,384 | Form | ||
| 138 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 9112025 | 217.12 | 52,384 | Form | ||
| 139 | Graham-Cumming, John | Direct | Sell | 9042025 | 206.32 | 10,215 | 2,107,518 | 102,165,852 | Form | |
| 140 | Kramer, Douglas James | Chief Legal Officer | Direct | Sell | 9042025 | 202.10 | 3,000 | 606,304 | 28,533,697 | Form |
| 141 | Hawkins, Mark J | Direct | Sell | 9042025 | 201.60 | 1,000 | 201,600 | 2,618,784 | Form | |
| 142 | Ledbetter, Carl | See footnote | Sell | 8262025 | 195.73 | 15,000 | 2,935,935 | 201,223,734 | Form | |
| 143 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 8252025 | 195.61 | 25,641 | 5,015,699 | 2,851,052 | Form |
| 144 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 8252025 | 193.23 | 25,641 | 4,954,632 | 2,816,340 | Form |
| 145 | Zatlyn, Michelle | President and Board Co-Chair | See footnote | Sell | 8252025 | 191.71 | 35,100 | 6,729,008 | 2,794,168 | Form |
| 146 | Seifert, Thomas J | Chief Financial Officer | Direct | Sell | 8212025 | 190.64 | 41,555 | 7,921,856 | 36,128,656 | Form |
| 147 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 8202025 | 194.84 | 536 | 104,432 | 3,918,339 | Form |
| 148 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 8202025 | 190.46 | 51,848 | 9,875,080 | 3,932,471 | Form |
| 149 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 8202025 | 197.16 | 52,384 | 10,327,850 | 3,965,016 | Form |
| 150 | Prince, Matthew | CEO & Board Co-Chair | See footnote | Sell | 8202025 | 200.43 | 52,384 | 10,499,533 | 4,030,928 | Form |
| 151 | Kramer, Douglas James | CHIEF LEGAL OFFICER | Direct | Sell | 8042025 | 198.22 | 3,000 | 594,663 | 31,195,433 | Form |
Investor Activity (13F)
Updated Aug 25, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Whetstone Capital Advisors, LLC | $60.5 Mil | 22.7% | 54 | Hold | 13F |
| Strategy Capital LLC | $234.9 Mil | 19.2% | 11 | ADD +9.3% | 13F |
| WIM INVESTMENT MANAGEMENT Ltd | $47.0 Mil | 13.9% | 20 | Hold | 13F |
| Broad Bay Capital Management, LP | $62.8 Mil | 6.5% | 24 | New | 13F |
| Steelhead Partners LLC | $82.2 Mil | 5.9% | 24 | TRIM -16.7% | 13F |
| Science & Technology Partners, L.P. | $22.0 Mil | 5.8% | 42 | New | 13F |
| 12 West Capital Management LP | $21.7 Mil | 3.7% | 20 | TRIM -36.4% | 13F |
| Styrax Capital, LP | $41.3 Mil | 2.9% | 17 | New | 13F |
| Oribel Capital Management, LP | $16.2 Mil | 2.5% | 41 | ADD +291.5% | 13F |
| Manchester Global Management (UK) Ltd | $14.7 Mil | 2.0% | 23 | ADD +19.8% | 13F |
| Benchstone Capital Management LP | $16.8 Mil | 2.0% | 38 | New | 13F |
| Lingotto Investment Management LLP | $61.9 Mil | 1.2% | 34 | ADD +70.8% | 13F |
| Archon Partners LLC | $10.3 Mil | 1.2% | 39 | Hold | 13F |
| Cypress Point Investment Management LP | $5.1 Mil | 1.2% | 32 | TRIM -19.8% | 13F |
| KADENSA CAPITAL Ltd | $7.6 Mil | 1.1% | 39 | New | 13F |
| Insight Holdings Group, LLC | $6.8 Mil | 0.5% | 28 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Broad Bay Capital Management, LP | $62.8 Mil | 6.5% | 24 | New | 13F |
| Styrax Capital, LP | $41.3 Mil | 2.9% | 17 | New | 13F |
| Science & Technology Partners, L.P. | $22.0 Mil | 5.8% | 42 | New | 13F |
| Benchstone Capital Management LP | $16.8 Mil | 2.0% | 38 | New | 13F |
| KADENSA CAPITAL Ltd | $7.6 Mil | 1.1% | 39 | New | 13F |
| Insight Holdings Group, LLC | $6.8 Mil | 0.5% | 28 | New | 13F |
| Oribel Capital Management, LP | $16.2 Mil | 2.5% | 41 | ADD +291.5% | 13F |
| Lingotto Investment Management LLP | $61.9 Mil | 1.2% | 34 | ADD +70.8% | 13F |
| Manchester Global Management (UK) Ltd | $14.7 Mil | 2.0% | 23 | ADD +19.8% | 13F |
| Strategy Capital LLC | $234.9 Mil | 19.2% | 11 | ADD +9.3% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| VMS Asset Management Limited | $5.7 Mil | 2.2% | 42 | Exited | Dec 31, 2025 | 13F |
| 12 West Capital Management LP | $21.7 Mil | 3.7% | 20 | TRIM -36.4% | Mar 31, 2026 | 13F |
| Cypress Point Investment Management LP | $5.1 Mil | 1.2% | 32 | TRIM -19.8% | Mar 31, 2026 | 13F |
| Steelhead Partners LLC | $82.2 Mil | 5.9% | 24 | TRIM -16.7% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Strategy Capital LLC | $234.9 Mil | 19.2% | 11 | ADD +9.3% | 13F |
| Steelhead Partners LLC | $82.2 Mil | 5.9% | 24 | TRIM -16.7% | 13F |
| Broad Bay Capital Management, LP | $62.8 Mil | 6.5% | 24 | New | 13F |
| Lingotto Investment Management LLP | $61.9 Mil | 1.2% | 34 | ADD +70.8% | 13F |
| Whetstone Capital Advisors, LLC | $60.5 Mil | 22.7% | 54 | Hold | 13F |
| WIM INVESTMENT MANAGEMENT Ltd | $47.0 Mil | 13.9% | 20 | Hold | 13F |
| Styrax Capital, LP | $41.3 Mil | 2.9% | 17 | New | 13F |
| Science & Technology Partners, L.P. | $22.0 Mil | 5.8% | 42 | New | 13F |
| 12 West Capital Management LP | $21.7 Mil | 3.7% | 20 | TRIM -36.4% | 13F |
| Benchstone Capital Management LP | $16.8 Mil | 2.0% | 38 | New | 13F |
| Oribel Capital Management, LP | $16.2 Mil | 2.5% | 41 | ADD +291.5% | 13F |
| Manchester Global Management (UK) Ltd | $14.7 Mil | 2.0% | 23 | ADD +19.8% | 13F |
| Archon Partners LLC | $10.3 Mil | 1.2% | 39 | Hold | 13F |
| KADENSA CAPITAL Ltd | $7.6 Mil | 1.1% | 39 | New | 13F |
| Insight Holdings Group, LLC | $6.8 Mil | 0.5% | 28 | New | 13F |
| Cypress Point Investment Management LP | $5.1 Mil | 1.2% | 32 | TRIM -19.8% | 13F |
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