Cloudflare (NET) Operating Margin (2018 - 2026)

Cloudflare has disclosed Operating Margin across 9 years of filings, most recently posting 9.69% for Q1 2026.

• Operating Margin for Q1 2026 came in at 9.69%, up 142.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 9.27% (down 60.0% YoY), and the FY2025 annual result was 9.56%, down 29.0% from the prior year.
• Operating Margin came in at 9.69% for Q1 2026 at Cloudflare, down 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.
• The 5-year median for Operating Margin is 11.82% (2023), against an average of 13.37%.
• Across the five-year window, Operating Margin tumbled 858 bps in 2022 and soared 956 bps in 2024, its largest moves.
• Cloudflare's Operating Margin stood at 18.45% in 2022, then surged by 36 bps to 11.82% in 2023, then jumped by 36 bps to 7.55% in 2024, then fell by 6 bps to 8.01% in 2025, then fell by 21 bps to 9.69% in 2026.
• The last three Operating Margin figures came in at 9.69% (Q1 2026), 8.01% (Q4 2025), and 6.67% (Q3 2025), per Business Quant data.