Cloudflare (NET) FCF Margin (2018 - 2026)
Cloudflare's FCF Margin came in at 9.71% for Q2 2026, up 1.92 percentage points from 7.79% a year earlier but down 4.84 percentage points from the prior quarter.
Powered by 
Analysis
Cloudflare (NET) FCF Margin (2018 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Cloudflare reported FCF Margin of 13.87%, up 2.79 percentage points year-over-year; for FY2025, it was 13.26%, up 1.56 percentage points from FY2024.
- FCF Margin has increased in each of the last seven years, with a five-year change of +30.31 percentage points (FY2020 to FY2025).
- Going back by year, FCF Margin was 11.70% in FY2024 (+0.91 pp), 10.80% in FY2023 (+12.85 pp), -2.05% in FY2022 (+2.27 pp) and -4.32% in FY2021 (+12.73 pp).
- The five-year range for quarterly FCF Margin is -28.26% (Q1 2022) to 17.12% (Q4 2025).
- Year-over-year, FCF Margin has increased for four consecutive quarters, with an average year-over-year change of +0.82 percentage points over the last eight quarters.
- The fastest year-over-year change in FCF Margin over five years came in Q1 2023 (a gain of 34.76 percentage points), and the weakest in Q1 2022 (a drop of 29.14 percentage points).
- Business Quant data shows NET's FCF Margin at 14.55% (Q1 2026), 17.12% (Q4 2025) and 14.68% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,833.59 Bn | 3,756.75 Bn | 60.48 Bn | 21.82% |
| 2 | International Business Machines | 212.47 Bn | 163.37 Bn | 9.91 Bn | 13.80% |
| 3 | Cloudflare | 112.40 Bn | 95.93 Bn | 499.52 Mn | 9.71% |
| 4 | Equinix | 99.47 Bn | 88.02 Bn | 1.40 Bn | -19.47% |
| 5 | Nebius | 60.05 Bn | 33.48 Bn | 448.70 Mn | 1,357.29% |
| 6 | CoreWeave | 48.26 Bn | 35.35 Bn | 1.70 Bn | -223.03% |
| 7 | Verisign | 25.97 Bn | 23.18 Bn | 384.60 Mn | 48.96% |
| 8 | Nutanix | 18.41 Bn | 10.09 Bn | 651.35 Mn | 36.66% |
| 9 | Akamai Technologies | 16.36 Bn | 9.77 Bn | 613.75 Mn | 16.49% |
| 10 | DigitalOcean Holdings | 14.67 Bn | 12.67 Bn | 154.66 Mn | 24.32% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 9.71% |
| Mar 31, 2026 | 14.55% |
| Dec 31, 2025 | 17.12% |
| Sep 30, 2025 | 14.68% |
| Jun 30, 2025 | 7.79% |
| Mar 31, 2025 | 12.50% |
| Dec 31, 2024 | 11.77% |
| Sep 30, 2024 | 12.68% |
| Jun 30, 2024 | 11.27% |
| Mar 31, 2024 | 10.97% |
| Dec 31, 2023 | 15.07% |
| Sep 30, 2023 | 12.16% |
| Jun 30, 2023 | 8.33% |
| Mar 31, 2023 | 6.50% |
| Dec 31, 2022 | 13.83% |
| Sep 30, 2022 | 0.31% |
| Jun 30, 2022 | 0.50% |
| Mar 31, 2022 | -28.26% |
| Dec 31, 2021 | 6.34% |
| Sep 30, 2021 | -20.73% |
API Access
Cloudflare FCF 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=fcf-margin&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-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=fcf-margin&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();