Cloudflare (NET) EBT Margin (2018 - 2026)
Cloudflare (NET) recorded EBT Margin of -24.13% in Q2 2026, down 14.90 percentage points from -9.23% a year earlier and down 20.78 percentage points from the prior quarter.
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Analysis
Cloudflare (NET) EBT Margin (2018 - 2026) Analysis & Trends
On a TTM basis, Cloudflare's EBT Margin came in at -7.88% as of Jun 30, 2026, down 2.16 percentage points year-over-year; for FY2025, it was -4.28%, down 0.03 percentage points from FY2024.
- Annual EBT Margin has a five-year change of +24.72 percentage points (FY2020 to FY2025).
- Across earlier years, EBT Margin came in at -4.24% in FY2024 (+9.47 pp), -13.72% in FY2023 (+5.84 pp), -19.56% in FY2022 (+18.22 pp) and -37.78% in FY2021 (-8.78 pp).
- The Q2 2026 figure is the lowest quarterly EBT Margin since Q2 2023.
- On a year-over-year basis, EBT Margin rose in six of the last eight quarters, with an average year-over-year change of -0.35 percentage points.
- Peak year-over-year performance for EBT Margin in the last five years was a gain of 47.85 percentage points in Q3 2022, against a drop of 37.82 percentage points in Q3 2021 at the low end.
- Per Business Quant, the preceding three quarters came in at -3.35% (Q1 2026), -1.71% (Q4 2025) and 0.33% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,932.24 Bn | 3,855.40 Bn | 60.48 Bn | 48.94% |
| 2 | International Business Machines | 219.04 Bn | 169.85 Bn | 9.91 Bn | 14.44% |
| 3 | Cloudflare | 104.70 Bn | 88.23 Bn | 499.52 Mn | -24.13% |
| 4 | Equinix | 97.19 Bn | 85.75 Bn | 1.40 Bn | 19.92% |
| 5 | Nebius | 40.23 Bn | 13.66 Bn | 448.70 Mn | -30.35% |
| 6 | CoreWeave | 33.76 Bn | 20.85 Bn | 1.70 Bn | -21.90% |
| 7 | Verisign | 27.46 Bn | 24.67 Bn | 384.60 Mn | 64.80% |
| 8 | Nutanix | 17.98 Bn | 9.67 Bn | 651.35 Mn | 10.93% |
| 9 | GoDaddy | 13.83 Bn | 9.41 Bn | 828.20 Mn | 24.42% |
| 10 | Akamai Technologies | 12.69 Bn | 6.10 Bn | 613.75 Mn | 9.10% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -24.13% |
| Mar 31, 2026 | -3.35% |
| Dec 31, 2025 | -1.71% |
| Sep 30, 2025 | 0.33% |
| Jun 30, 2025 | -9.23% |
| Mar 31, 2025 | -7.67% |
| Dec 31, 2024 | -2.36% |
| Sep 30, 2024 | -2.98% |
| Jun 30, 2024 | -3.47% |
| Mar 31, 2024 | -8.79% |
| Dec 31, 2023 | -7.12% |
| Sep 30, 2023 | -6.64% |
| Jun 30, 2023 | -30.15% |
| Mar 31, 2023 | -12.67% |
| Dec 31, 2022 | -16.33% |
| Sep 30, 2022 | -16.22% |
| Jun 30, 2022 | -27.17% |
| Mar 31, 2022 | -19.33% |
| Dec 31, 2021 | -29.41% |
| Sep 30, 2021 | -64.07% |
API Access
Cloudflare EBT 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=ebt-margin&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebt-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=ebt-margin&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();