Cloudflare (NET) Net Margin (2018 - 2026)
Cloudflare (NET) posted Net Margin of 3.58% for Q1 2026, down 82.14% sequentially from 1.97% in Q4 2025, and up 445.0% YoY from 0.66% in Q1 2025.
Powered by 
Analysis
Cloudflare (NET) Net Margin (2018 - 2026) Analysis & Trends
Cloudflare has reported Net Margin for 9 years, with the latest figure at 3.58% in Q1 2026.
- Quarterly Net Margin rose 445.0% year-over-year to 3.58% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 3.72% (up 89.0% YoY) and the FY2025 annual result came in at 4.72%, changed 0.0% from the prior year.
- Net Margin declined to 3.58% in Q1 2026 per NET's latest filing, from 1.97% in the prior quarter.
- Over five years, Net Margin peaked at 0.23% in Q3 2025 and troughed at 30.63% in Q2 2023.
- A 5-year average of 10.69% and a median of 8.03% in 2025 frame the typical range for Net Margin.
- The sharpest annual moves came in 2022 and 2025: Net Margin surged 4552 bps in 2022, then sank 609 bps in 2025.
- Over 5 years, Net Margin stood at 16.72% in 2022, then surged by 54 bps to 7.7% in 2023, then surged by 64 bps to 2.8% in 2024, then advanced by 30 bps to 1.97% in 2025, then tumbled by 82 bps to 3.58% in 2026.
- According to Business Quant data, Net Margin over the past three periods registered 3.58%, 1.97%, and 0.23% for Q1 2026, Q4 2025, and Q3 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,718.29 Bn | 3,585.54 Bn | 60.48 Bn | 36.78% |
| 2 | Oracle | 452.14 Bn | 420.24 Bn | - | 13.89% |
| 3 | Palantir Technologies | 418.25 Bn | 408.84 Bn | 1.64 Bn | 55.08% |
| 4 | Palo Alto Networks | 265.90 Bn | 262.79 Bn | 2.03 Bn | -5.90% |
| 5 | CrowdStrike Holdings | 217.15 Bn | 212.14 Bn | 1.10 Bn | 0.36% |
| 6 | Fortinet | 114.54 Bn | 110.47 Bn | 1.64 Bn | 29.55% |
| 7 | Cloudflare | 98.54 Bn | 94.37 Bn | 499.52 Mn | -24.42% |
| 8 | Synopsys | 75.44 Bn | 71.83 Bn | 1.80 Bn | 22.03% |
| 9 | Block | 49.56 Bn | 43.13 Bn | 3.17 Bn | 1.32% |
| 10 | CoreWeave | 49.23 Bn | 43.69 Bn | 1.70 Bn | -24.31% |
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% |