Cloudflare (NET) Gross Margin (2018 - 2026)
Cloudflare's (NET) quarterly Gross Margin came in at 71.76% in Q2 2026, down 312.0% year-over-year from 33.85% in Q2 2025, and up 0.77% quarter-over-quarter from 71.21% in Q1 2026.
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Analysis
Cloudflare (NET) Gross Margin (2018 - 2026) Analysis & Trends
Cloudflare has disclosed Gross Margin across 9 years of filings, most recently posting 71.76% for Q2 2026.
- In Q2 2026, Gross Margin fell 312.0% year-over-year to 71.76%; the TTM figure through Jun 2026 stood at 72.58% (down 356.0% YoY), while the FY2025 annual figure was 74.51%, down 280.0% from the prior year.
- Gross Margin came in at 71.76% for Q2 2026 at Cloudflare, up from 71.21% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 77.82% in Q1 2022 to a low of 71.21% in Q1 2026.
- Average Gross Margin over 5 years is 75.6%, with a median of 75.8% recorded in 2023.
- Year-over-year, Gross Margin soared 219 bps in 2024 and tumbled 466 bps in 2026.
- Over 5 years, Gross Margin stood at 75.32% in 2022, then climbed by 2 bps to 77.02% in 2023, then dropped by 1 bps to 76.37% in 2024, then decreased by 4 bps to 73.64% in 2025, then declined by 3 bps to 71.76% in 2026.
- Per Business Quant data, the three most recent Gross Margin figures were 71.76% in Q2 2026, 71.21% in Q1 2026, and 73.64% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,717.88 Bn | 3,585.13 Bn | 60.48 Bn | 67.20% |
| 2 | International Business Machines | 219.37 Bn | 208.10 Bn | 9.91 Bn | 57.73% |
| 3 | Cloudflare | 113.46 Bn | 109.29 Bn | 499.52 Mn | 71.76% |
| 4 | Equinix | 102.39 Bn | 100.19 Bn | 1.40 Bn | 53.14% |
| 5 | Nebius | 57.34 Bn | 49.30 Bn | 448.70 Mn | 77.06% |
| 6 | CoreWeave | 47.88 Bn | 42.34 Bn | 1.70 Bn | 65.86% |
| 7 | Verisign | 26.51 Bn | 25.48 Bn | 384.60 Mn | 88.50% |
| 8 | Nutanix | 18.85 Bn | 16.49 Bn | 651.35 Mn | 86.03% |
| 9 | Akamai Technologies | 17.01 Bn | 13.65 Bn | 613.75 Mn | 55.81% |
| 10 | DigitalOcean Holdings | 14.83 Bn | 14.06 Bn | 154.66 Mn | 55.00% |
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();