Cloudflare (NET) FCF Margin (2018 - 2026)
Quarterly results put FCF Margin at 14.55% for Q1 2026, up 205.0% from a year ago — trailing twelve months through Mar 2026 was 26.19% (up 690.0% YoY), and the annual figure for FY2025 was 26.6%, up 725.0%.
Cloudflare has reported FCF Margin over the past 9 years, most recently at 14.55% for Q1 2026.
- FCF Margin reached 14.55% in Q1 2026 per NET's latest filing, down from 64.2% in the prior quarter.
- Across five years, FCF Margin topped out at 64.2% in Q4 2025 and bottomed at 24.69% in Q1 2022.
- Median FCF Margin over the past 5 years was 14.55% (2026), compared with a mean of 14.67%.
- The largest annual shift saw FCF Margin tumbled -3867bps in 2022 before it skyrocketed 4105bps in 2025.
- Over 5 years, FCF Margin stood at 13.49% in 2022, then surged by 259bps to 21.47% in 2023, then grew by 8bps to 23.15% in 2024, then soared by 177bps to 64.2% in 2025, then crashed by -77bps to 14.55% in 2026.
- Business Quant data shows FCF Margin for NET at 14.55% in Q1 2026, 64.2% in Q4 2025, and 2.17% in Q3 2025.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,115.84 Bn | 3,037.57 Bn | 56.06 Bn | 19.07% |
| 2 | Oracle | 544.25 Bn | 505.67 Bn | 15.14 Bn | 55.23% |
| 3 | Palantir Technologies | 328.85 Bn | 320.93 Bn | 1.42 Bn | 54.62% |
| 4 | Palo Alto Networks | 175.67 Bn | 171.13 Bn | 1.91 Bn | 14.80% |
| 5 | CrowdStrike Holdings | 162.44 Bn | 159.38 Bn | 993.68 Mn | 30.29% |
| 6 | Fortinet | 95.68 Bn | 92.39 Bn | 1.49 Bn | 55.21% |
| 7 | Synopsys | 95.66 Bn | 95.54 Bn | 1.77 Bn | 34.10% |
| 8 | Cloudflare | 74.88 Bn | 73.94 Bn | 455.60 Mn | 14.55% |
| 9 | CoreWeave | 56.29 Bn | 54.02 Bn | 2.01 Bn | -226.71% |
| 10 | Block | 40.97 Bn | 34.07 Bn | 2.91 Bn | 15.44% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 14.55% |
| Dec 31, 2025 | 64.20% |
| Sep 30, 2025 | -2.17% |
| Jun 30, 2025 | 26.27% |
| Mar 31, 2025 | 12.50% |
| Dec 31, 2024 | 23.15% |
| Sep 30, 2024 | 19.20% |
| Jun 30, 2024 | 23.10% |
| Mar 31, 2024 | 10.97% |
| Dec 31, 2023 | 21.47% |
| Sep 30, 2023 | 31.46% |
| Jun 30, 2023 | 8.33% |
| Mar 31, 2023 | 6.50% |
| Dec 31, 2022 | -13.49% |
| Sep 30, 2022 | 19.49% |
| Jun 30, 2022 | 8.51% |
| Mar 31, 2022 | -24.69% |
| Dec 31, 2021 | 25.18% |
| Sep 30, 2021 | -5.37% |
| Jun 30, 2021 | 6.81% |
| Mar 31, 2021 | 0.89% |
| Dec 31, 2020 | -48.53% |
| Sep 30, 2020 | 24.97% |
| Jun 30, 2020 | -22.16% |
| Mar 31, 2020 | -20.60% |
| Dec 31, 2019 | -60.25% |
| Sep 30, 2019 | -22.79% |
| Jun 30, 2019 | 5.84% |
| Mar 31, 2019 | -30.34% |
| Dec 31, 2018 | -9.95% |