Cloudflare (NET) FCF Margin (2018 - 2026)
Cloudflare (NET) reported FCF Margin of 25.75% for Q1 2026, down 575.0% on a YoY basis from 5.42% in Q1 2025, and down 33.74% sequentially from 38.86% in Q4 2025.
Cloudflare (NET) FCF Margin (2018 - 2026) Analysis & Trends
Cloudflare (NET) has 9 years of FCF Margin data on file, last reported at 25.75% in Q1 2026.
- For the quarter ending Q1 2026, FCF Margin fell 575.0% year-over-year to 25.75%; the trailing twelve-month figure through Mar 2026 stood at 26.79% (up 85.0% YoY), and the FY2025 full-year result was 28.13%, up 522.0% from the prior year.
- FCF Margin slipped to 25.75% in Q1 2026, from 38.86% in the prior quarter.
- In the past five years, FCF Margin ranged from a high of 52.48% in Q4 2024 to a low of 16.76% in Q1 2022.
- A 5-year average of 19.45% and a median of 25.75% in 2026 frame the typical range for FCF Margin.
- Peak annual rise in FCF Margin reached 5605 bps in 2022, while the deepest fall reached 3173 bps in 2022.
- Tracing NET's FCF Margin over 5 years: stood at 28.24% in 2022, then advanced by 3 bps to 29.04% in 2023, then soared by 81 bps to 52.48% in 2024, then retreated by 26 bps to 38.86% in 2025, then sank by 34 bps to 25.75% in 2026.
- Business Quant data shows NET's FCF Margin at 25.75% in Q1 2026, 38.86% in Q4 2025, and 31.42% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 2,921.46 Bn | 2,797.02 Bn | 56.06 Bn | 55.19% |
| 2 | PagSeguro Digital | 2,686.70 Bn | 2,686.70 Bn | 358.92 Mn | 23.47% |
| 3 | Oracle | 344.13 Bn | 312.24 Bn | - | -9.76% |
| 4 | Repay Holdings | 342.29 Bn | 342.15 Bn | - | - |
| 5 | Palantir Technologies | 294.57 Bn | 286.54 Bn | 1.42 Bn | 54.62% |
| 6 | Palo Alto Networks | 224.46 Bn | 219.93 Bn | 1.91 Bn | 14.80% |
| 7 | CrowdStrike Holdings | 182.52 Bn | 179.42 Bn | 993.68 Mn | 48.17% |
| 8 | Fortinet | 111.29 Bn | 107.99 Bn | 1.49 Bn | 55.21% |
| 9 | Cloudflare | 93.63 Bn | 92.68 Bn | 455.60 Mn | 25.75% |
| 10 | Synopsys | 72.71 Bn | 70.50 Bn | 1.77 Bn | 32.19% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 25.75% |
| Dec 31, 2025 | 38.86% |
| Sep 30, 2025 | 31.42% |
| Jun 30, 2025 | 8.51% |
| Mar 31, 2025 | 31.50% |
| Dec 31, 2024 | 52.48% |
| Sep 30, 2024 | 12.68% |
| Jun 30, 2024 | 3.09% |
| Mar 31, 2024 | 19.64% |
| Dec 31, 2023 | 29.04% |
| Sep 30, 2023 | 31.46% |
| Jun 30, 2023 | 8.33% |
| Mar 31, 2023 | 6.50% |
| Dec 31, 2022 | 28.24% |
| Sep 30, 2022 | 29.87% |
| Jun 30, 2022 | -9.91% |
| Mar 31, 2022 | -16.76% |
| Dec 31, 2021 | -27.81% |
| Sep 30, 2021 | 8.06% |
| Jun 30, 2021 | -5.94% |