Cloudflare (NET) Gross Margin (2018 - 2026)
Cloudflare (NET) posted Gross Margin of 71.76% for Q2 2026, down 3.12 percentage points from 74.88% a year earlier but up 0.55 percentage points from the prior quarter.
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Analysis
Cloudflare (NET) Gross Margin (2018 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Gross Margin at Cloudflare was 72.58%, down 3.56 percentage points year-over-year; for FY2025, it came in at 74.51%, down 2.80 percentage points from FY2024.
- Annual Gross Margin shows a five-year change of -2.04 percentage points (FY2020 to FY2025).
- In prior years, Cloudflare's Gross Margin was 77.32% in FY2024 (+0.99 pp), 76.32% in FY2023 (+0.18 pp), 76.15% in FY2022 (-1.44 pp) and 77.59% in FY2021 (+1.03 pp).
- Quarterly Gross Margin has run from a low of 71.21% in Q1 2026 to a high of 78.23% in Q3 2021 over five years.
- On a year-over-year basis, Gross Margin has declined in each of the last seven quarters, with an average year-over-year change of -2.31 percentage points over the last eight quarters.
- The strongest year-over-year quarter for Gross Margin in the past five years was Q2 2024, with a gain of 2.19 percentage points; the weakest was Q1 2026, with a drop of 4.66 percentage points.
- According to Business Quant data, Gross Margin for the three prior quarters was 71.21% (Q1 2026), 73.64% (Q4 2025) and 73.97% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,932.24 Bn | 3,855.40 Bn | 60.48 Bn | 67.20% |
| 2 | International Business Machines | 219.04 Bn | 169.85 Bn | 9.91 Bn | 57.73% |
| 3 | Cloudflare | 104.70 Bn | 88.23 Bn | 499.52 Mn | 71.76% |
| 4 | Equinix | 97.19 Bn | 85.75 Bn | 1.40 Bn | 53.14% |
| 5 | Nebius | 40.23 Bn | 13.66 Bn | 448.70 Mn | 77.06% |
| 6 | CoreWeave | 33.76 Bn | 20.85 Bn | 1.70 Bn | 65.86% |
| 7 | Verisign | 27.46 Bn | 24.67 Bn | 384.60 Mn | 88.50% |
| 8 | Nutanix | 17.98 Bn | 9.67 Bn | 651.35 Mn | 86.03% |
| 9 | GoDaddy | 13.83 Bn | 9.41 Bn | 828.20 Mn | 63.81% |
| 10 | Akamai Technologies | 12.69 Bn | 6.10 Bn | 613.75 Mn | 55.81% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 71.76% |
| Mar 31, 2026 | 71.21% |
| Dec 31, 2025 | 73.64% |
| Sep 30, 2025 | 73.97% |
| Jun 30, 2025 | 74.88% |
| Mar 31, 2025 | 75.88% |
| Dec 31, 2024 | 76.37% |
| Sep 30, 2024 | 77.69% |
| Jun 30, 2024 | 77.80% |
| Mar 31, 2024 | 77.54% |
| Dec 31, 2023 | 77.02% |
| Sep 30, 2023 | 76.74% |
| Jun 30, 2023 | 75.62% |
| Mar 31, 2023 | 75.73% |
| Dec 31, 2022 | 75.32% |
| Sep 30, 2022 | 75.59% |
| Jun 30, 2022 | 76.20% |
| Mar 31, 2022 | 77.82% |
| Dec 31, 2021 | 78.05% |
| Sep 30, 2021 | 78.23% |
API Access
Cloudflare Gross 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=gross-margin&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-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=gross-margin&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();