Cloudflare (NET) EBITDA Margin (2018 - 2026)
Cloudflare's (NET) quarterly EBITDA Margin came in at 29.55% in Q2 2026, down 1642.0% year-over-year from 1.92% in Q2 2025, and down 204.96% quarter-over-quarter from 9.69% in Q1 2026.
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Analysis
Cloudflare (NET) EBITDA Margin (2018 - 2026) Analysis & Trends
Cloudflare has disclosed EBITDA Margin across 9 years of filings, most recently posting 29.55% for Q2 2026.
- In Q2 2026, EBITDA Margin fell 1642.0% year-over-year to 29.55%; the TTM figure through Jun 2026 stood at 14.11% (down 422.0% YoY), while the FY2025 annual figure was 9.56%, down 29.0% from the prior year.
- EBITDA Margin came in at 29.55% for Q2 2026 at Cloudflare, down from 9.69% 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 29.55% in Q2 2026.
- Average EBITDA Margin over 5 years is 14.27%, with a median of 12.47% recorded in 2023.
- Year-over-year, EBITDA Margin jumped 956 bps in 2024 and plunged 1642 bps in 2026.
- Over 5 years, 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 plunged by 269 bps to 29.55% in 2026.
- Per Business Quant data, the three most recent EBITDA Margin figures were 29.55% in Q2 2026, 9.69% in Q1 2026, and 8.01% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,717.88 Bn | 3,585.13 Bn | 60.48 Bn | 45.11% |
| 2 | International Business Machines | 219.37 Bn | 208.10 Bn | 9.91 Bn | 15.24% |
| 3 | Cloudflare | 113.46 Bn | 109.29 Bn | 499.52 Mn | -29.55% |
| 4 | Equinix | 102.39 Bn | 100.19 Bn | 1.40 Bn | 25.33% |
| 5 | Nebius | 57.34 Bn | 49.30 Bn | 448.70 Mn | -30.21% |
| 6 | CoreWeave | 47.88 Bn | 42.34 Bn | 1.70 Bn | -1.90% |
| 7 | Verisign | 26.51 Bn | 25.48 Bn | 384.60 Mn | 68.18% |
| 8 | Nutanix | 18.85 Bn | 16.49 Bn | 651.35 Mn | 9.24% |
| 9 | Akamai Technologies | 17.01 Bn | 13.65 Bn | 613.75 Mn | 7.30% |
| 10 | DigitalOcean Holdings | 14.83 Bn | 14.06 Bn | 154.66 Mn | 10.45% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -15.49% |
| Mar 31, 2026 | 4.19% |
| Dec 31, 2025 | 5.09% |
| Sep 30, 2025 | 6.83% |
| Jun 30, 2025 | 0.46% |
| Mar 31, 2025 | 2.52% |
| Dec 31, 2024 | 4.92% |
| Sep 30, 2024 | 4.80% |
| Jun 30, 2024 | 3.45% |
| Mar 31, 2024 | -1.67% |
| Dec 31, 2023 | 2.75% |
| Sep 30, 2023 | 3.28% |
| Jun 30, 2023 | -2.46% |
| Mar 31, 2023 | -0.57% |
| Dec 31, 2022 | -2.90% |
| Sep 30, 2022 | -2.68% |
| Jun 30, 2022 | -12.22% |
| Mar 31, 2022 | -4.88% |
| Dec 31, 2021 | -11.13% |
| Sep 30, 2021 | -0.98% |
API Access
Cloudflare EBITDA 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=ebitda-margin&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebitda-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=ebitda-margin&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();