Cloudflare (NET) FCF Margin (2018 - 2026)

Cloudflare (NET) posted FCF Margin of 25.75% for Q1 2026, down 33.74% sequentially from 38.86% in Q4 2025, and down 575.0% YoY from 5.42% in Q1 2025.

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

Cloudflare has reported FCF Margin for 9 years, with the latest figure at 25.75% in Q1 2026.

Quarterly FCF Margin fell 575.0% year-over-year to 25.75% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 26.79% (up 85.0% YoY) and the FY2025 annual result came in at 28.13%, up 522.0% from the prior year.
FCF Margin slipped to 25.75% in Q1 2026 per NET's latest filing, from 38.86% in the prior quarter.
Over five years, FCF Margin peaked at 52.48% in Q4 2024 and troughed at 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.
The widest YoY moves for FCF Margin: up 5605 bps in 2022, down 3173 bps in 2022.
Over 5 years, FCF Margin stood at 28.24% in 2022, then increased by 3 bps to 29.04% in 2023, then soared by 81 bps to 52.48% in 2024, then dropped by 26 bps to 38.86% in 2025, then plunged by 34 bps to 25.75% in 2026.
According to Business Quant data, FCF Margin over the past three periods registered 25.75%, 38.86%, and 31.42% for Q1 2026, Q4 2025, and Q3 2025 respectively.

#	Company	Market Cap	Enterprise Value	Gross Profit (Qtr)	FCF Margin (Qtr)
1	Microsoft	3,576.39 Bn	3,443.64 Bn	60.48 Bn	21.82%
2	Palantir Technologies	412.58 Bn	403.17 Bn	1.64 Bn	62.08%
3	Oracle	407.66 Bn	375.77 Bn	-	-9.76%
4	Palo Alto Networks	299.27 Bn	296.16 Bn	2.03 Bn	26.25%
5	Fortinet	115.83 Bn	111.76 Bn	1.64 Bn	47.15%
6	Cloudflare	106.65 Bn	102.48 Bn	499.52 Mn	9.71%
7	Synopsys	76.61 Bn	74.41 Bn	1.77 Bn	32.19%
8	CoreWeave	51.53 Bn	45.99 Bn	1.70 Bn	-223.03%
9	Block	47.55 Bn	41.12 Bn	3.17 Bn	-114.17%
10	NetApp	40.73 Bn	37.15 Bn	1.37 Bn	46.20%

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