Gross Retention excludes expansion - it shows pure churn / contraction loss. The gap between NRR and GRR is the expansion lift.
Peak NRR of 127% in FY2022-Q1. Latest is 120% - that's -7pp from peak.
Cloudflare is above the Security Public median by +10pp (cell median: 110%)
Cloudflare (NET) is a security company at the public stage. As of its most recent disclosure (FY2025-Q4), Cloudflare reported a Net Revenue Retention rate of 120% - a strong result for B2B SaaS at this segment.
Cloudflare's NRR peaked at 127% in FY2022-Q1, 7pp above today's level. Over the past three years, the metric has expanded by 6pp.
Within its peer set (security companies at public stage in the $25k-$100k acv band), Cloudflare's NRR is above the cell median of 110%. Compare against the full peer cell aggregate for distribution and top performers.
CS team segments: Strategic · Enterprise · Mid-Market · SMB
CSM model: account-named
Top customer exec: Mark Anderson - President of Revenue (since 2024)
Named CS initiatives across recent disclosures (newest first).
Evolving from purely product-led growth to true enterprise sales.
"Our go-to-market transformation, evolving from purely product-led growth to true enterprise sales, continues to truck along."
A vehicle that allows frictionless adoption and consumption of products for large enterprises.
"we need a vehicle that allows frictionless adoption and consumption of these products."
Building rails to power payments from AI companies to publishers and facilitate transactions between AI agents.
"What we're doing to help publishers empower agentic transactions... we've begun to refer to it internally as Act 4."
Flexible consumption-based contracts for large enterprise customers to drive expansion.
"Pool of funds deals with our largest customers represented low double digit % in the second quarter"
A specialized go-to-market motion focused on the developer platform and Workers to drive large enterprise deals.
"Mark Anderson talked about was just around the Developer Speedboat launching this year."
Expansion of partner-led deals, specifically within government and Zero Trust sectors.
"This was a partner-led deal and a great example of the progress we continue to make with our partner-first motion."
Challenges acknowledged by management. Useful peer signals - your team is probably not alone.
CJ Desai, President of Product and Engineering, is leaving to become a CEO elsewhere.
"One bit of disappointing news is that CJ Desai is going to be leaving Cloudflare."
AI answer engines are reducing referral traffic to original content publishers.
"it's nearly 10 times harder to get traffic from Google than it was just 10 years ago... AI overview... decreases clicks"
Uncertainty in the global economy and geopolitical backdrop affecting business predictability.
"the world is a more volatile place today than it was even a quarter ago."
Increased traction with pool of funds contracts impacting the shape of revenue recognition and DNR.
"DNR is stabilizing... despite continued near-term headwinds from increased traction with pool of funds contracts"
Curated quotes about customer outcomes, retention, renewals.
"Our churn rates improved in the quarter. We are seeing stabilization in our customers' businesses."
"These results reinforce our belief that DNR is stabilizing at these levels despite continued near-term headwinds."
"The continued expansion with this customer demonstrates not only the tremendous value they realize from the Cloudflare platform, but also the truly unmatched scalability."
"variable revenue coming from consumption of existing customers was a good contributor to the outperformance in the second quarter."
"I appreciate how you brought a customer-first focus to Cloudflare's already powerful innovation engine."
"The RPO growth points to primarily two drivers: the customer quality and the platform expansion."
Side-by-side NRR, customer cohorts, commercial structure, and CS motion.
Cloudflare appears on 4 of our retention leaderboards.
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| Period | NRR | GRR | Source type | Filing |
|---|---|---|---|---|
| FY2025-Q4 | 120% | - | 10-K | source ↗ |
| FY2025-Q3 | 119% | - | 10-Q-mdna | source ↗ |
| FY2025-Q2 | 114% | - | 10-Q-mdna | source ↗ |
| FY2025-Q1 | 111% | - | 10-Q-mdna | source ↗ |
| FY2024-Q4 | 111% | - | earnings-call-transcript | source ↗ |
| FY2024-Q3 | 110% | - | 10-Q-mdna | source ↗ |
| FY2024-Q2 | 112% | - | 10-Q-mdna | source ↗ |
| FY2024-Q1 | 115% | - | 10-Q-mdna | source ↗ |
| FY2022-Q1 | 127% | - | 10-Q-mdna | source ↗ |
| FY2021-Q3 | 124% | - | 10-Q-mdna | source ↗ |
| FY2021-Q2 | 124% | - | 10-Q-mdna | source ↗ |
| FY2021-Q1 | 123% | - | 10-Q-mdna | source ↗ |
| FY2020-Q3 | 116% | - | 10-Q-mdna | source ↗ |
| FY2020-Q2 | 115% | - | 10-Q-mdna | source ↗ |
| FY2020-Q1 | 117% | - | 10-Q-mdna | source ↗ |
| FY2019-Q3 | 121% | - | 10-Q-mdna | source ↗ |
| FY2019-Q2 | 122% | - | 10-Q-mdna | source ↗ |
| FY2019-Q1 | 118% | - | 10-Q-mdna | source ↗ |
| FY2025-Q2025 | 114% | - | 10-Q-mdna | source ↗ |
Generate a live retention report against Cloudflare and your full peer cell. Ungated. Downloadable as PDF.