Cloudflare (NET) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Key achievements and business momentum

• Signed largest-ever contract ($130M, 7 years) and highest ACV deal ($42.5M); RPO grew 48% and revenue growth accelerated over three quarters.

• Net revenue retention improved from 111% to 120% in 2023; paying customers increased 40% year-over-year.

• Sales transformation and platform innovation cited as main drivers of recent success, especially with large enterprise customers.

• AI-driven demand and platform flexibility expected to be significant tailwinds into 2025 and 2026.

Platform strategy and innovation

• Unified global network in 330 cities and 125 countries, interconnected with 13,000+ networks, underpins all products and services.

• Developer Platform (Workers) rapidly adopted by both human developers (4.5M+) and AI agents, with agentic activity surging.

• Recent acquisitions (Replicate, Astro) enhance developer ecosystem and marketplace, with more activity expected.

• Platform architecture (isolates, not containers) enables unique pricing and efficiency for agentic workloads.

AI and agentic web opportunities

• 80% of top 50 AI-native companies use the network; agentic AI workflows are driving new business, especially from media and publishers.

• Act 4 focuses on monetizing agentic AI workflows and microtransactions, partnering with payment providers and exploring stablecoin solutions.

• Weekly AI agent requests more than doubled in early 2026; over 50% of network traffic is now API-driven, with agent-driven traffic rising sharply.

• Network absorbs traffic spikes efficiently, with CapEx guided at 12%-15% due to supply chain pressures, not capacity needs.