Cloudflare (NET) EBIT Margin (2018 - 2026)
Cloudflare's EBIT Margin was -29.55% in Q2 2026, down 16.42 percentage points from -13.13% a year earlier and down 19.86 percentage points from the prior quarter.
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Analysis
Cloudflare (NET) EBIT Margin (2018 - 2026) Analysis & Trends
On a trailing twelve-month basis, Cloudflare's EBIT Margin was -14.11% through Jun 30, 2026, down 4.22 percentage points year-over-year; for FY2025, it came in at -9.56%, down 0.29 percentage points from FY2024.
- EBIT Margin shows a five-year change of +15.21 percentage points (FY2020 to FY2025).
- In earlier years, EBIT Margin was -9.27% in FY2024 (+5.03 pp), -14.30% in FY2023 (+6.33 pp), -20.63% in FY2022 (-1.18 pp) and -19.45% in FY2021 (+5.32 pp).
- The Q2 2026 figure marks the lowest quarterly EBIT Margin since Q1 2020.
- Compared with a year earlier, EBIT Margin was higher in five of the last eight quarters, with an average year-over-year change of -0.92 percentage points.
- The best year-over-year quarter for EBIT Margin over five years was Q2 2024 (a gain of 9.56 percentage points); the worst was Q2 2026 (a drop of 16.42 percentage points).
- Per Business Quant data, NET's EBIT Margin in the three quarters before Q2 2026 was -9.69% (Q1 2026), -8.01% (Q4 2025) and -6.67% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBIT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,932.24 Bn | 3,855.40 Bn | 60.48 Bn | 45.11% |
| 2 | International Business Machines | 219.04 Bn | 169.85 Bn | 9.91 Bn | 15.24% |
| 3 | Cloudflare | 104.70 Bn | 88.23 Bn | 499.52 Mn | -29.55% |
| 4 | Equinix | 97.19 Bn | 85.75 Bn | 1.40 Bn | 25.33% |
| 5 | Nebius | 40.23 Bn | 13.66 Bn | 448.70 Mn | -30.21% |
| 6 | CoreWeave | 33.76 Bn | 20.85 Bn | 1.70 Bn | -1.90% |
| 7 | Verisign | 27.46 Bn | 24.67 Bn | 384.60 Mn | 68.18% |
| 8 | Nutanix | 17.98 Bn | 9.67 Bn | 651.35 Mn | 9.24% |
| 9 | GoDaddy | 13.83 Bn | 9.41 Bn | 828.20 Mn | 26.39% |
| 10 | Akamai Technologies | 12.69 Bn | 6.10 Bn | 613.75 Mn | 7.30% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -29.55% |
| Mar 31, 2026 | -9.69% |
| Dec 31, 2025 | -8.01% |
| Sep 30, 2025 | -6.67% |
| Jun 30, 2025 | -13.13% |
| Mar 31, 2025 | -11.11% |
| Dec 31, 2024 | -7.55% |
| Sep 30, 2024 | -7.16% |
| Jun 30, 2024 | -8.65% |
| Mar 31, 2024 | -14.41% |
| Dec 31, 2023 | -11.82% |
| Sep 30, 2023 | -11.68% |
| Jun 30, 2023 | -18.21% |
| Mar 31, 2023 | -16.29% |
| Dec 31, 2022 | -18.45% |
| Sep 30, 2022 | -18.10% |
| Jun 30, 2022 | -27.52% |
| Mar 31, 2022 | -18.86% |
| Dec 31, 2021 | -21.21% |
| Sep 30, 2021 | -15.37% |
API Access
Cloudflare EBIT Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=ebit-margin&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebit-margin", "ticker": "NET", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=ebit-margin&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();