Cloudflare (NET) Net Margin (2018 - 2026)
Cloudflare's Net Margin was -24.42% in Q2 2026, down 14.57 percentage points from -9.85% a year earlier and down 20.84 percentage points from the prior quarter.
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Analysis
Cloudflare (NET) Net Margin (2018 - 2026) Analysis & Trends
On a trailing twelve-month basis, Cloudflare's Net Margin was -8.21% through Jun 30, 2026, down 1.99 percentage points year-over-year; for FY2025, it was -4.72%, unchanged from FY2024.
- Net Margin shows a five-year change of +22.98 percentage points (FY2020 to FY2025).
- In earlier years, Net Margin was -4.72% in FY2024 (+9.47 pp), -14.19% in FY2023 (+5.64 pp), -19.83% in FY2022 (+19.83 pp) and -39.66% in FY2021 (-11.96 pp).
- The Q2 2026 figure marks the lowest quarterly Net Margin since Q2 2023.
- Compared with a year earlier, Net Margin was higher in six of the last eight quarters, with an average year-over-year change of -0.29 percentage points.
- The best year-over-year quarter for Net Margin over five years was Q3 2022 (a gain of 45.52 percentage points); the worst was Q3 2021 (a drop of 39.09 percentage points).
- Per Business Quant data, NET's Net Margin in the three quarters before Q2 2026 was -3.58% (Q1 2026), -1.97% (Q4 2025) and -0.23% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,833.59 Bn | 3,756.75 Bn | 60.48 Bn | 39.74% |
| 2 | International Business Machines | 212.47 Bn | 163.37 Bn | 9.91 Bn | 12.62% |
| 3 | Cloudflare | 112.40 Bn | 95.93 Bn | 499.52 Mn | -24.42% |
| 4 | Equinix | 99.47 Bn | 88.02 Bn | 1.40 Bn | 18.25% |
| 5 | Nebius | 60.05 Bn | 33.48 Bn | 448.70 Mn | -32.70% |
| 6 | CoreWeave | 48.26 Bn | 35.35 Bn | 1.70 Bn | -24.31% |
| 7 | Verisign | 25.97 Bn | 23.18 Bn | 384.60 Mn | 49.82% |
| 8 | Nutanix | 18.41 Bn | 10.09 Bn | 651.35 Mn | 167.85% |
| 9 | Akamai Technologies | 16.36 Bn | 9.77 Bn | 613.75 Mn | 7.22% |
| 10 | DigitalOcean Holdings | 14.67 Bn | 12.67 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 | -1.97% |
| Sep 30, 2025 | -0.23% |
| Jun 30, 2025 | -9.85% |
| Mar 31, 2025 | -8.03% |
| Dec 31, 2024 | -2.79% |
| Sep 30, 2024 | -3.56% |
| Jun 30, 2024 | -3.76% |
| Mar 31, 2024 | -9.39% |
| Dec 31, 2023 | -7.69% |
| Sep 30, 2023 | -7.01% |
| Jun 30, 2023 | -30.62% |
| Mar 31, 2023 | -13.12% |
| Dec 31, 2022 | -16.72% |
| Sep 30, 2022 | -16.76% |
| Jun 30, 2022 | -27.09% |
| Mar 31, 2022 | -19.50% |
| 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();