Cloudflare (NET) Net Margin (2018 - 2026)
Cloudflare's (NET) quarterly Net Margin came in at 24.42% in Q2 2026, down 1457.0% year-over-year from 1.8% in Q2 2025, and down 581.43% quarter-over-quarter from 3.58% in Q1 2026.
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Analysis
Cloudflare (NET) Net Margin (2018 - 2026) Analysis & Trends
Cloudflare has disclosed Net Margin across 9 years of filings, most recently posting 24.42% for Q2 2026.
- In Q2 2026, Net Margin fell 1457.0% year-over-year to 24.42%; the TTM figure through Jun 2026 stood at 8.21% (down 198.0% YoY), while the FY2025 annual figure was 4.72%, changed 0.0% from the prior year.
- Net Margin came in at 24.42% for Q2 2026 at Cloudflare, down from 3.58% in the prior quarter.
- In the past five years, Net Margin ranged from a high of 0.23% in Q3 2025 to a low of 30.63% in Q2 2023.
- Average Net Margin over 5 years is 11.45%, with a median of 8.71% recorded in 2024.
- Year-over-year, Net Margin surged 4550 bps in 2022 and slumped 1457 bps in 2026.
- Over 5 years, Net Margin stood at 16.71% in 2022, then soared by 54 bps to 7.69% in 2023, then jumped by 64 bps to 2.79% in 2024, then grew by 30 bps to 1.96% in 2025, then sank by 1143 bps to 24.42% in 2026.
- Per Business Quant data, the three most recent Net Margin figures were 24.42% in Q2 2026, 3.58% in Q1 2026, and 1.96% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,717.88 Bn | 3,585.13 Bn | 60.48 Bn | 36.78% |
| 2 | International Business Machines | 219.37 Bn | 208.10 Bn | 9.91 Bn | 12.62% |
| 3 | Cloudflare | 113.46 Bn | 109.29 Bn | 499.52 Mn | -24.42% |
| 4 | Equinix | 102.39 Bn | 100.19 Bn | 1.40 Bn | 18.17% |
| 5 | Nebius | 57.34 Bn | 49.30 Bn | 448.70 Mn | -2.47% |
| 6 | CoreWeave | 47.88 Bn | 42.34 Bn | 1.70 Bn | -24.31% |
| 7 | Verisign | 26.51 Bn | 25.48 Bn | 384.60 Mn | 49.82% |
| 8 | Nutanix | 18.85 Bn | 16.49 Bn | 651.35 Mn | 167.70% |
| 9 | Akamai Technologies | 17.01 Bn | 13.65 Bn | 613.75 Mn | 7.22% |
| 10 | DigitalOcean Holdings | 14.83 Bn | 14.06 Bn | 154.66 Mn | 12.60% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -24.42% |
| Mar 31, 2026 | -3.58% |
| Dec 31, 2025 | -1.96% |
| Sep 30, 2025 | -0.23% |
| Jun 30, 2025 | -9.86% |
| Mar 31, 2025 | -8.03% |
| Dec 31, 2024 | -2.79% |
| Sep 30, 2024 | -3.56% |
| Jun 30, 2024 | -3.76% |
| Mar 31, 2024 | -9.40% |
| Dec 31, 2023 | -7.69% |
| Sep 30, 2023 | -7.03% |
| Jun 30, 2023 | -30.63% |
| Mar 31, 2023 | -13.12% |
| Dec 31, 2022 | -16.71% |
| Sep 30, 2022 | -16.77% |
| Jun 30, 2022 | -27.08% |
| Mar 31, 2022 | -19.52% |
| Dec 31, 2021 | -40.03% |
| Sep 30, 2021 | -62.28% |
API Access
Cloudflare Net 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=net-margin&ticker=NET&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-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=net-margin&ticker=NET&period=max&api_key=YOUR_API_KEY");
const data = await res.json();