Q2 2026 Earnings

Free Cash Flow Margin

8.0%

Free Cash Flow and Free Cash Flow Margin Free cash flow is a non-GAAP financial measure that we calculate as net cash provided by operating activities less cash used for purchases of property and equipment and capitalized internal-use software. Free cash flow margin is calculated as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin are useful indicators of liquidity that provide information to management and investors about the amount of cash generated from our operations that, after the investments in property and equipment and capitalized internal-use software, can be used for strategic initiatives, including investing in our business, and strengthening our financial position. We believe that historical and future trends in free cash flow and free cash flow margin, even if negative, provide useful information about the amount of cash generated by our operating activities that is available (or not available) to be used for strategic initiatives. For example, if free cash flow is negative, we may need to access cash reserves or other sources of capital to invest in strategic initiatives. One limitation of free cash flow and free cash flow margin is that they do not reflect our future contractual commitments. Additionally, free cash flow does not represent the total increase or decrease in our cash balance for a given period. 42 Table of contents Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 (dollars in thousands) | | | (dollars in thousands) Net cash provided by operating activities $ | | 117,564 | | | | $ | | 99,796 | | | | $ | | 275,894 | | | | $ | | 245,580 Less: Purchases of property and equipment (49,961) | | | | (59,897) | | | | (115,192) | | | | (145,786) Less: Capitalized internal-use software (11,219) | | | | (6,619) | | | | (20,244) | | | | (13,647) Free cash flow $ | | 56,384 | | | | $ | | 33,280 | | | | $ | | 140,458 | | | | $ | | 86,147

Paying Customers Over USD 100,000 Annualized Revenue

4.7K

Paying Customers (> $100,000 Annualized Revenue) We believe our ability to grow the number of paying customers on our network provides a key indicator of growth of our business and our future business opportunities. While we continue to grow customers across all sizes, over time, our large customers have contributed an increasing share of our revenue. We view the number of our paying customers with Annualized Revenue greater than $100,000 as indicative of our penetration within large enterprise accounts. We define a paying customer at the end of the quarter as a person or entity who has generated revenue and has an active contract with us or one of our partners during such quarter, excluding (i) customers that were not acquired through ordinary sales channels, (ii) customers using only our registrar product, and (iii) customers using our consumer applications, such as 1.1.1.1 DNS and 1.1.1.1 with WARP, which agreements and customers together represent an insignificant amount of our revenue. An entity is defined as a company, a government institution, a non-profit organization, or a distinct business unit of a large company. An active contract is defined as a customer relationship for which we have provided services during the quarter. To measure Annualized Revenue at the end of a quarter, we take the sum of revenue for each paying customer in the quarter and multiply that amount by four. For example, if we signed a new paying customer that generated $1,800 of revenue in a quarter, that customer would account for $7,200 of Annualized Revenue for that year. Our Annualized Revenue calculation excludes (i) agreements that were not entered into through ordinary sales channels, (ii) revenue generated from customers using only our registrar product, and (iii) customers using our consumer applications, such as 1.1.1.1 DNS and 1.1.1.1 with WARP, which agreements and customers together represent an insignificant amount of our revenue. Our Annualized Revenue metric also includes any usage charges 43 Table of contents by a customer during a period. As a result, Annualized Revenue may be higher than actual revenue over the course of the year. The number of paying customers with Annualized Revenue greater than $100,000 was 4,698 and 3,712 for the three months ended June 30, 2026 and June 30, 2025, respectively.

Minimum Network Cities

335

◦ International reach. Our global network, with a presence in more than 335 cities and over 125 countries worldwide, has helped to foster our strong international growth. International markets represented 49% and 51% of our revenue in the three months ended June 30, 2026 and 2025, respectively, and we intend to continue to invest in our international growth as a strategy to expand our customer base around the world.

Minimum Network Countries

125

◦ International reach. Our global network, with a presence in more than 335 cities and over 125 countries worldwide, has helped to foster our strong international growth. International markets represented 49% and 51% of our revenue in the three months ended June 30, 2026 and 2025, respectively, and we intend to continue to invest in our international growth as a strategy to expand our customer base around the world.

Non-GAAP Operating Income

$96.1M

Non-GAAP Income from Operations and Non-GAAP Operating Margin We define non-GAAP income from operations and non-GAAP operating margin as U.S. GAAP loss from operations and U.S. GAAP operating margin, respectively, excluding stock-based compensation expense and its related employer payroll taxes, amortization of acquired intangible assets, acquisition-related and other expenses, lease impairment charges, legal reserve and settlements, and restructuring and other charges. We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. We exclude employer payroll tax expenses related to stock-based compensation, which is a cash expense, from certain of our non-GAAP financial measures, because such expenses are dependent upon the price of our Class A common stock and other factors that are beyond our control and do not correlate to the operation of our business. We exclude amortization of acquired intangible assets, which is a non-cash expense, related to business combinations from certain of our non-GAAP financial measures because such expenses are related to business combinations and have no direct correlation to the operation of our business. We exclude acquisition-related and other expenses from certain of our non-GAAP financial measures because such expenses are related to business combinations and have no direct correlation to the operation of our business. Acquisition-related and other expenses can be cash or non-cash expenses, and include third-party transaction costs and compensation expense for key acquired personnel. We exclude lease impairment charges related to real estate leases, which is a non-cash expense, from certain of our non-GAAP financial measures because they are not indicative of our ongoing cost structure and core business performance. We exclude legal reserve and settlements, which can be cash or non-cash expenses, from certain of our non-GAAP financial measures because they are not indicative of our ongoing cost structure and core business performance. We exclude restructuring and other charges, which can be 41 Table of contents cash or non-cash expenses, from certain of our non-GAAP financial measures because they are not indicative of our ongoing cost structure and core business performance. Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 (dollars in thousands) | | | (dollars in thousands) Loss from operations | | $ | | (205,696) | | | | $ | | (67,264) | | | | $ | | (267,690) | | | | $ | | (120,511) Add: Stock-based compensation expense and related employer payroll taxes 140,593 | | | | 131,993 | | | | 268,050 | | | | 237,888 Amortization of acquired intangible assets | | 7,441 | | | | 3,746 | | | | 14,652 | | | | 6,987 Acquisition-related and other expenses | | 2,080 | | | | — | | | | 2,503 | | | | 112 Lease impairment charges — | | | | 3,840 | | | | — | | | | 3,840 Legal reserve and settlements | | 1,000 | | | | — | | | | 1,000 | | | | — Restructuring and other charges | | 150,693 | | | | — | | | | 150,693 | | | | — Non-GAAP income from operations $ | | 96,111 | | | | $ | | 72,315 | | | | $ | | 169,208 | | | | $ | | 128,316 Operating margin | | (30) | | % | | | (13) | | % | | | (20) | | % | | | (12) | | % Non-GAAP operating margin (non-GAAP income from operations as a percentage of revenue) 14 | | % | | | 14 | | % | | | 13 | | % | | | 13 | | %

Non-GAAP Operating Margin

14.0%

Non-GAAP Income from Operations and Non-GAAP Operating Margin We define non-GAAP income from operations and non-GAAP operating margin as U.S. GAAP loss from operations and U.S. GAAP operating margin, respectively, excluding stock-based compensation expense and its related employer payroll taxes, amortization of acquired intangible assets, acquisition-related and other expenses, lease impairment charges, legal reserve and settlements, and restructuring and other charges. We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. We exclude employer payroll tax expenses related to stock-based compensation, which is a cash expense, from certain of our non-GAAP financial measures, because such expenses are dependent upon the price of our Class A common stock and other factors that are beyond our control and do not correlate to the operation of our business. We exclude amortization of acquired intangible assets, which is a non-cash expense, related to business combinations from certain of our non-GAAP financial measures because such expenses are related to business combinations and have no direct correlation to the operation of our business. We exclude acquisition-related and other expenses from certain of our non-GAAP financial measures because such expenses are related to business combinations and have no direct correlation to the operation of our business. Acquisition-related and other expenses can be cash or non-cash expenses, and include third-party transaction costs and compensation expense for key acquired personnel. We exclude lease impairment charges related to real estate leases, which is a non-cash expense, from certain of our non-GAAP financial measures because they are not indicative of our ongoing cost structure and core business performance. We exclude legal reserve and settlements, which can be cash or non-cash expenses, from certain of our non-GAAP financial measures because they are not indicative of our ongoing cost structure and core business performance. We exclude restructuring and other charges, which can be 41 Table of contents cash or non-cash expenses, from certain of our non-GAAP financial measures because they are not indicative of our ongoing cost structure and core business performance. Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 (dollars in thousands) | | | (dollars in thousands) Loss from operations | | $ | | (205,696) | | | | $ | | (67,264) | | | | $ | | (267,690) | | | | $ | | (120,511) Add: Stock-based compensation expense and related employer payroll taxes 140,593 | | | | 131,993 | | | | 268,050 | | | | 237,888 Amortization of acquired intangible assets | | 7,441 | | | | 3,746 | | | | 14,652 | | | | 6,987 Acquisition-related and other expenses | | 2,080 | | | | — | | | | 2,503 | | | | 112 Lease impairment charges — | | | | 3,840 | | | | — | | | | 3,840 Legal reserve and settlements | | 1,000 | | | | — | | | | 1,000 | | | | — Restructuring and other charges | | 150,693 | | | | — | | | | 150,693 | | | | — Non-GAAP income from operations $ | | 96,111 | | | | $ | | 72,315 | | | | $ | | 169,208 | | | | $ | | 128,316 Operating margin | | (30) | | % | | | (13) | | % | | | (20) | | % | | | (12) | | % Non-GAAP operating margin (non-GAAP income from operations as a percentage of revenue) 14 | | % | | | 14 | | % | | | 13 | | % | | | 13 | | %

Dollar-Based Net Retention Rate

120.0%

Dollar-Based Net Retention Rate Our ability to maintain long-term revenue growth and achieve profitability is dependent on our ability to retain and grow revenue generated from our existing paying customers. We believe that we will achieve these objectives by continuing to focus on customer loyalty and adding additional products and functionality to our network. Our dollar-based net retention rate is a key way we measure our performance in these areas. Dollar-based net retention rate measures our ability to retain and expand recurring revenue from existing customers. To calculate dollar-based net retention rate for a quarter, we compare the Annualized Revenue from paying customers four quarters prior to the Annualized Revenue from the same set of customers in the most recent quarter. Our dollar-based net retention rate includes expansion and is net of contraction and attrition, but excludes Annualized Revenue from new customers in the current period. Our dollar-based net retention rate excludes professional services and the benefit of free customers that upgrade to a paid subscription between the prior and current periods, even though this is an important source of incremental growth. We believe this provides a more meaningful representation of our ability to add incremental business from existing paying customers as they renew and expand their contracts. Our dollar-based net retention rates were 120% and 114% for the three months ended June 30, 2026 and June 30, 2025, respectively.

General and Administrative Headcount Change

-13

General and administrative $ | | 118,912 | | | | $ | | 96,987 | | | | $ | | 21,925 | | | | 23 | | % | | | $ | | 213,931 | | | | $ | | 184,645 | | | | $ | | 29,286 | | | | 16 | | % General and administrative expenses increased by $21.9 million, or 23% , for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The increase was primarily due to an increase of $14.5 million in professional fees for third-party accounting, consulting, and legal services and an increase of $4.5 million in amortization expense of capitalized internal-use software. These increases were partially offset by a $3.8 million decrease in lease impairment charges. General and administrative expenses increased by $29.3 million, or 16% , for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The increase was primarily due to an increase of $18.7 million in professional fees for third-party accounting, consulting, and legal services, an increase of $4.4 million in amortization expense of capitalized internal-use software and an increase of $2.4 million in acquisitions-related costs. These increases were partially offset by a $5.9 million decrease in employee-related costs due to a 13% decrease in headcount in our general and administrative organization.

Research and Development Headcount Change

5

Research and development $ | | 159,486 | | | | $ | | 134,557 | | | | $ | | 24,929 | | | | 19 | | % | | | $ | | 310,458 | | | | $ | | 249,646 | | | | $ | | 60,812 | | | | 24 | | % Research and development expenses increased by $24.9 million, or 19%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily driven by $19.6 million in increased employee-related costs due to a 5% increase in headcount in our research and development organization, including an increase of $5.9 million in stock-based compensation expense, partially offset by increased capitalized internal-use software development costs of $4.5 million. Research and development expenses increased by $60.8 million, or 24%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily driven by $55.0 million in increased employee-related costs due to a 5% increase in headcount in our research and development organization, including an increase of $16.9 million in stock-based compensation expense. The remainder of the increase was primarily due to an increase of $13.7 million of subscription expenses, partially offset by increased capitalized internal-use software development costs of $6.4 million.

Sales and Marketing Headcount Change

4

Sales and marketing | | $ | | 276,122 | | | | $ | | 219,359 | | | | $ | | 56,763 | | | | 26 | | % | | | $ | | 547,722 | | | | $ | | 433,370 | | | | $ | | 114,352 | | | | 26 | | % Sales and marketing expenses increased by $56.8 million, or 26%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily driven by $40.6 million in increased employee-related costs due to a 4% increase in headcount in our sales and marketing organization, including an increase of $3.4 million in stock-based compensation expense. The remainder of the increase was primarily due to an increase of $7.5 million in expenses for marketing programs, investments in brand awareness advertising, third-party industry events, and digital performance marketing, an increase of $6.9 million in subscription expenses and an increase of $6.7 million in depreciation expense. These increases were partially offset by a $9.4 million decrease in co-location and bandwidth expenses for free customers. Sales and marketing expenses increased by $114.4 million, or 26%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily driven by $92.1 million in increased employee-related costs due to a 4% increase in headcount in our sales and marketing organization, including an increase of $14.3 million in stock-based compensation expense. The remainder of the increase was primarily due to an increase of $14.7 million in expenses for marketing programs, investments in brand awareness advertising, third-party industry events, and digital performance marketing, an increase of $13.0 million in depreciation expense and an increase of $10.4 million in subscription expenses. These increases were partially offset by a $19.8 million decrease in co-location and bandwidth expenses for free customers.