Cloudflare (NET) EBITDA Margin (2018 - 2026)

Cloudflare (NET) posted EBITDA Margin of 9.69% for Q1 2026, down 20.95% sequentially from 8.01% in Q4 2025, and up 142.0% YoY from 4.0% in Q1 2025.

Cloudflare (NET) EBITDA Margin (2018 - 2026) Analysis & Trends

Cloudflare has reported EBITDA Margin for 9 years, with the latest figure at 9.69% in Q1 2026.

Quarterly EBITDA Margin rose 142.0% year-over-year to 9.69% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 9.27% (down 60.0% YoY) and the FY2025 annual result came in at 9.56%, down 29.0% from the prior year.
EBITDA Margin retreated to 9.69% in Q1 2026 per NET's latest filing, from 8.01% in the prior quarter.
Over five years, EBITDA Margin peaked at 6.67% in Q3 2025 and troughed at 27.52% in Q2 2022.
A 5-year average of 13.37% and a median of 11.82% in 2023 frame the typical range for EBITDA Margin.
The sharpest annual moves came in 2022 and 2024: EBITDA Margin tumbled 858 bps in 2022, then surged 956 bps in 2024.
Over 5 years, EBITDA Margin stood at 18.45% in 2022, then jumped by 36 bps to 11.82% in 2023, then soared by 36 bps to 7.55% in 2024, then decreased by 6 bps to 8.01% in 2025, then decreased by 21 bps to 9.69% in 2026.
According to Business Quant data, EBITDA Margin over the past three periods registered 9.69%, 8.01%, and 6.67% for Q1 2026, Q4 2025, and Q3 2025 respectively.

#	Company	Market Cap	Enterprise Value	Gross Profit (Qtr)	EBITDA Margin (Qtr)
1	Microsoft	3,679.34 Bn	3,546.58 Bn	60.48 Bn	45.11%
2	Oracle	433.50 Bn	402.15 Bn	-	31.97%
3	Palantir Technologies	418.20 Bn	408.90 Bn	1.64 Bn	47.12%
4	Palo Alto Networks	312.41 Bn	309.30 Bn	2.03 Bn	-6.10%
5	Fortinet	117.38 Bn	113.31 Bn	1.64 Bn	33.66%
6	Cloudflare	101.74 Bn	97.57 Bn	499.52 Mn	-29.55%
7	Synopsys	80.70 Bn	78.49 Bn	1.77 Bn	8.43%
8	CoreWeave	58.00 Bn	52.46 Bn	1.70 Bn	-1.90%
9	Block	49.79 Bn	43.33 Bn	3.17 Bn	6.75%
10	NetApp	40.59 Bn	37.00 Bn	1.37 Bn	27.31%

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