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Asset Utilization RatioAssets AverageDebt RatioDebt to EquityEBIT MarginEBITDA MarginEBT MarginEnterprise ValueEquity AverageEquity RatioFCF MarginGross MarginInterest Coverage RatioInvested CapitalNet MarginOperating MarginReturn on AssetsReturn on Capital EmployedReturn on EquityReturn on Invested CapitalReturn on SalesTimes Interest Earned

Cloudflare (NET) Operating Margin (2018 - 2025)

Cloudflare's Operating Margin history spans 8 years, with the latest figure at 8.01% for Q4 2025.

  • For Q4 2025, Operating Margin fell 46.0% year-over-year to 8.01%; the TTM value through Dec 2025 reached 9.56%, down 29.0%, while the annual FY2025 figure was 9.56%, 29.0% down from the prior year.
  • Operating Margin for Q4 2025 was 8.01% at Cloudflare, down from 6.67% in the prior quarter.
  • Across five years, Operating Margin topped out at 6.67% in Q3 2025 and bottomed at 27.52% in Q2 2022.
  • The 5-year median for Operating Margin is 14.89% (2021), against an average of 14.79%.
  • The largest annual shift saw Operating Margin surged 1689bps in 2021 before it plummeted -858bps in 2022.
  • A 5-year view of Operating Margin shows it stood at 21.21% in 2021, then grew by 13bps to 18.45% in 2022, then soared by 36bps to 11.82% in 2023, then surged by 36bps to 7.55% in 2024, then dropped by -6bps to 8.01% in 2025.
  • Per Business Quant, the three most recent readings for NET's Operating Margin are 8.01% (Q4 2025), 6.67% (Q3 2025), and 13.13% (Q2 2025).