NET vs WDAY

Cloudflare positions itself as the infrastructure platform for an "Agentic Internet," highlighting agents as a new class of web users that drive serverless workloads to Cloudflare Workers and increased demand for the company's performance, security, and networking services. Management ties a record large ACV deal (averaging $42.5M/year) and nearly 50% new ACV growth to this AI/agent-driven demand. No branded Cloudflare AI products were announced, but the company emphasizes agent-focused use cases and edge/serverless execution. Financially, Q4 2025 revenue was $614.5M (up 33.6% YoY), non-GAAP income from operations was $89.6M, non-GAAP net income was $106.8M, and Q4 free cash flow was $99.4M. Cloudflare guided Q1 2026 revenue to $620.0–$621.0M and full-year 2026 revenue to $2,785.0–$2,795.0M, with non-GAAP EPS guidance of $0.23 for Q1 and $1.11–$1.12 for FY2026.

Workday positions itself as an "enterprise AI platform" and is actively shipping and monetizing AI capabilities: Sana Core and Sana Enterprise reached GA; Paradox Conversational ATS is available through Workday for conversational recruiting; Workday acquired Pipedream to provide integration for AI agents; and Workday launched an AI-powered Deployment Agent and a Workday EU Sovereign Cloud. Management emphasizes prioritized investment in an "agentic AI roadmap," delivered 1.7 billion AI actions in fiscal 2026, and expanded AI-related partnerships (Anthropic, Google BigQuery). Financially, fiscal 2026 total revenues were $9.552B (up 13.1% YoY), non-GAAP operating income was $2.824B, net income $693M, and free cash flow $2.777B. Guidance includes Q1 FY2027 subscription revenue of $2.335B and FY2027 subscription revenue of $9.925B–$9.950B; management also guided ~30% non-GAAP operating margin for FY2027 and reaffirmed investments in its agentic AI roadmap.