Cloudflare (NET) Net Margin (2018 - 2026)
Cloudflare's (NET) quarterly Net Margin came in at 3.58% in Q1 2026, up 445.0% year-on-year from 0.66% in Q1 2025, and down 82.26% quarter-over-quarter from 1.96% in Q4 2025.
Cloudflare (NET) Net Margin (2018 - 2026) Analysis & Trends
Cloudflare has disclosed Net Margin across 9 years of filings, most recently posting 3.58% for Q1 2026.
- Net Margin for Q1 2026 came in at 3.58%, up 445.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 3.73% (up 89.0% YoY), and the FY2025 annual result was 4.72%, changed 0.0% from the prior year.
- Net Margin came in at 3.58% for Q1 2026 at Cloudflare, down from 1.96% 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.
- The 5-year median for Net Margin is 8.03% (2025), against an average of 10.69%.
- Across the five-year window, Net Margin soared 4552 bps in 2022 and plunged 611 bps in 2025, its largest moves.
- Cloudflare's Net Margin stood at 16.71% in 2022, then soared by 54 bps to 7.69% in 2023, then surged by 64 bps to 2.8% in 2024, then grew by 30 bps to 1.96% in 2025, then plunged by 82 bps to 3.58% in 2026.
- The last three Net Margin figures came in at 3.58% (Q1 2026), 1.96% (Q4 2025), and 0.23% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,064.95 Bn | 2,986.68 Bn | 56.06 Bn | 38.34% |
| 2 | Alarum Technologies | 1,117.04 Bn | 1,102.89 Bn | 7.23 Mn | 5.06% |
| 3 | Oracle | 608.54 Bn | 569.96 Bn | 15.14 Bn | 21.52% |
| 4 | Palantir Technologies | 326.97 Bn | 319.05 Bn | 1.42 Bn | 53.68% |
| 5 | Palo Alto Networks | 185.10 Bn | 180.56 Bn | 1.91 Bn | 16.65% |
| 6 | CrowdStrike Holdings | 165.31 Bn | 162.25 Bn | 993.68 Mn | 4.71% |
| 7 | Fortinet | 105.66 Bn | 102.37 Bn | 1.49 Bn | 28.90% |
| 8 | Synopsys | 89.71 Bn | 89.60 Bn | 1.77 Bn | 2.69% |
| 9 | Cloudflare | 87.54 Bn | 86.60 Bn | 455.60 Mn | -3.58% |
| 10 | CoreWeave | 53.90 Bn | 51.63 Bn | 2.01 Bn | -35.61% |
Historic Data
Download Data| Date | Value |
|---|---|
| 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 | -2.80% |
| Sep 30, 2024 | -3.56% |
| Jun 30, 2024 | -3.75% |
| Mar 31, 2024 | -9.39% |
| Dec 31, 2023 | -7.69% |
| Sep 30, 2023 | -7.01% |
| Jun 30, 2023 | -30.63% |
| Mar 31, 2023 | -13.12% |
| Dec 31, 2022 | -16.71% |
| Sep 30, 2022 | -16.76% |
| Jun 30, 2022 | -27.09% |
| Mar 31, 2022 | -19.52% |
| Dec 31, 2021 | -40.01% |
| Sep 30, 2021 | -62.28% |
| Jun 30, 2021 | -23.30% |