Cloudflare (NET) EBITDA Margin (2018 - 2026)
Cloudflare (NET) recorded EBITDA Margin of -15.49% in Q2 2026, down 15.96 percentage points from 0.46% a year earlier and down 19.68 percentage points from the prior quarter.
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Analysis
Cloudflare (NET) EBITDA Margin (2018 - 2026) Analysis & Trends
On a TTM basis, Cloudflare's EBITDA Margin came in at -0.45% as of Jun 30, 2026, down 3.52 percentage points year-over-year; for FY2025, it came in at 3.88%, up 0.84 percentage points from FY2024.
- Annual EBITDA Margin has increased for three straight years, with a five-year change of +13.17 percentage points (FY2020 to FY2025).
- Across earlier years, EBITDA Margin came in at 3.04% in FY2024 (+2.14 pp), 0.90% in FY2023 (+6.41 pp), -5.51% in FY2022 (-0.67 pp) and -4.85% in FY2021 (+4.45 pp).
- The Q2 2026 figure is the lowest quarterly EBITDA Margin since Q1 2020.
- On a year-over-year basis, EBITDA Margin rose in six of the last eight quarters, with an average year-over-year change of -0.90 percentage points.
- Peak year-over-year performance for EBITDA Margin in the last five years was a gain of 9.75 percentage points in Q2 2023, against a drop of 15.96 percentage points in Q2 2026 at the low end.
- Per Business Quant, the preceding three quarters came in at 4.19% (Q1 2026), 5.09% (Q4 2025) and 6.83% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,978.22 Bn | 3,913.71 Bn | 62.56 Bn | 62.48% |
| 2 | International Business Machines | 234.30 Bn | 188.91 Bn | 9.71 Bn | 23.94% |
| 3 | Equinix | 98.75 Bn | 86.64 Bn | 1.31 Bn | 44.65% |
| 4 | Cloudflare | 87.20 Bn | 70.73 Bn | 499.52 Mn | -15.49% |
| 5 | Nebius | 29.33 Bn | 2.76 Bn | 448.70 Mn | 14.39% |
| 6 | Verisign | 28.15 Bn | 25.50 Bn | 393.20 Mn | 68.47% |
| 7 | CoreWeave | 24.27 Bn | 11.36 Bn | 1.70 Bn | 53.94% |
| 8 | Nutanix | 15.78 Bn | 7.47 Bn | 651.35 Mn | 11.68% |
| 9 | GoDaddy | 15.07 Bn | 10.45 Bn | 843.00 Mn | 27.96% |
| 10 | Akamai Technologies | 11.38 Bn | 4.78 Bn | 613.75 Mn | 24.45% |
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 | -3.64% |
| 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();