Cloudflare (NET) EBITDA Margin (2018 - 2026)
Cloudflare's (NET) quarterly EBITDA Margin came in at 9.69% in Q1 2026, up 142.0% year-on-year from 4.0% in Q1 2025, and down 20.95% quarter-over-quarter from 8.01% in Q4 2025.
Cloudflare (NET) EBITDA Margin (2018 - 2026) Analysis & Trends
Cloudflare has disclosed EBITDA Margin across 9 years of filings, most recently posting 9.69% for Q1 2026.
- EBITDA Margin for Q1 2026 came in at 9.69%, up 142.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 9.27% (down 60.0% YoY), and the FY2025 annual result was 9.56%, down 29.0% from the prior year.
- EBITDA Margin came in at 9.69% for Q1 2026 at Cloudflare, down from 8.01% in the prior quarter.
- In the past five years, EBITDA Margin ranged from a high of 6.67% in Q3 2025 to a low of 27.52% in Q2 2022.
- The 5-year median for EBITDA Margin is 11.82% (2023), against an average of 13.37%.
- Across the five-year window, EBITDA Margin tumbled 858 bps in 2022 and soared 956 bps in 2024, its largest moves.
- Cloudflare's EBITDA Margin stood at 18.45% in 2022, then surged by 36 bps to 11.82% in 2023, then jumped by 36 bps to 7.55% in 2024, then fell by 6 bps to 8.01% in 2025, then fell by 21 bps to 9.69% in 2026.
- The last three EBITDA Margin figures came in at 9.69% (Q1 2026), 8.01% (Q4 2025), and 6.67% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,064.95 Bn | 2,986.68 Bn | 56.06 Bn | 46.33% |
| 2 | Alarum Technologies | 1,117.04 Bn | 1,102.89 Bn | 7.23 Mn | 3.18% |
| 3 | Oracle | 608.54 Bn | 569.96 Bn | 15.14 Bn | 31.79% |
| 4 | Palantir Technologies | 326.97 Bn | 319.05 Bn | 1.42 Bn | 46.18% |
| 5 | Palo Alto Networks | 185.10 Bn | 180.56 Bn | 1.91 Bn | 15.30% |
| 6 | CrowdStrike Holdings | 165.31 Bn | 162.25 Bn | 993.68 Mn | 1.06% |
| 7 | Fortinet | 105.66 Bn | 102.37 Bn | 1.49 Bn | 31.36% |
| 8 | Synopsys | 89.71 Bn | 89.60 Bn | 1.77 Bn | 8.43% |
| 9 | Cloudflare | 87.54 Bn | 86.60 Bn | 455.60 Mn | -9.69% |
| 10 | CoreWeave | 53.90 Bn | 51.63 Bn | 2.01 Bn | -35.37% |
Historic Data
Download Data| Date | Value |
|---|---|
| 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% |
| Jun 30, 2021 | -18.94% |