Cloudflare (NET) Operating Margin (2018 - 2026)

Cloudflare (NET) has 9 years of Operating Margin data on file, last reported at 9.69% in Q1 2026.

• For the quarter ending Q1 2026, Operating Margin rose 142.0% year-over-year to 9.69%; the trailing twelve-month figure through Mar 2026 stood at 9.27% (down 60.0% YoY), and the FY2025 full-year result was 9.56%, down 29.0% from the prior year.
• Operating Margin retreated to 9.69% in Q1 2026, from 8.01% in the prior quarter.
• In the past five years, Operating Margin ranged from a high of 6.67% in Q3 2025 to a low of 27.52% in Q2 2022.
• A 5-year average of 13.37% and a median of 11.82% in 2023 frame the typical range for Operating Margin.
• Across the five-year window, Operating Margin sank 858 bps in 2022 and soared 956 bps in 2024, its largest moves.
• Tracing NET's Operating Margin over 5 years: stood at 18.45% in 2022, then jumped by 36 bps to 11.82% in 2023, then soared by 36 bps to 7.55% in 2024, then declined by 6 bps to 8.01% in 2025, then declined by 21 bps to 9.69% in 2026.
• Business Quant data shows NET's Operating Margin at 9.69% in Q1 2026, 8.01% in Q4 2025, and 6.67% in Q3 2025.