SuperworthCloudflare profit margin NET
Gross, operating and net profit as a share of revenue over the last twelve months, from 2019.
- Net margin, 12 months
- −8.2%
- Operating margin, 12 months
- −14.1%
- Net margin on a year earlier
- −2.0 pts
- Peer median
- 6.2%
Over the twelve months to Jun 30, 2026, Cloudflare kept −8.2% of its revenue as net profit, with an operating margin of −14.1% and a gross margin of 72.6%.
Five years earlier its net margin was −25.6%.
The median for 10 infrastructure software stocks of a similar size is 6.2%.
Profit margin over time
Fiscal year by fiscal year
| Fiscal year | Net margin | Operating margin | Gross margin |
|---|---|---|---|
| FY2025 | −4.7% | −9.6% | 74.5% |
| FY2024 | −4.7% | −9.3% | 77.3% |
| FY2023 | −14.2% | −14.3% | 76.3% |
| FY2022 | −19.8% | −20.6% | 76.1% |
| FY2021 | −39.7% | −19.5% | 77.6% |
| FY2020 | −27.7% | −24.8% | 76.6% |
| FY2019 | −36.9% | −37.6% | 77.9% |
| FY2018 | n/a | n/a | n/a |
Quarter by quarter
| Quarter | Ended | Net margin, 12 months | Change on a year | Operating margin |
|---|---|---|---|---|
| Q2 FY26 | −8.2% | −2.0 pts | −14.1% | |
| Q1 FY26 | −3.7% | +0.9 pts | −9.3% | |
| Q4 FY25 | −4.7% | +0.0 pts | −9.6% | |
| Q3 FY25 | −5.1% | +0.8 pts | −9.6% | |
| Q2 FY25 | −6.2% | +0.7 pts | −9.9% | |
| Q1 FY25 | −4.6% | +8.5 pts | −8.7% | |
| Q4 FY24 | −4.7% | +9.5 pts | −9.3% | |
| Q3 FY24 | −6.0% | +10.7 pts | −10.4% | |
| Q2 FY24 | −6.9% | +12.7 pts | −11.6% | |
| Q1 FY24 | −13.1% | +5.0 pts | −13.9% | |
| Q4 FY23 | −14.2% | +5.6 pts | −14.3% | |
| Q3 FY23 | −16.7% | +8.5 pts | −16.0% |
Against its peers
Companies in Software - Infrastructure nearest Cloudflare's size, closest first, today.
| Company | Profit margin |
|---|---|
| NETCloudflare | −8.2% |
| FTNTFortinet | 28.2% |
| SNPSSynopsys | 11.4% |
| CRWDCrowdStrike | 0.8% |
| XYZBlock | 1.4% |
| PANWPalo Alto Networks | 2.7% |
| ZSZscaler | −1.9% |
| TWLOTwilio | 20.6% |
| OKTAOkta | 9.6% |
| ORCLOracle | 26.4% |
| MDBMongoDB | 2.1% |
| Peer median | 6.2% |
What the profit margin tells you
Profit as a share of revenue at three levels: gross (after making the product), operating (after running the business) and net (after everything, including tax and interest).
Compare within an industry. 10% is superb for a retailer and poor for a software company.
More on Cloudflare
Valuation data, not investment advice. Prices as of . Reported figures come from the company's filings with the SEC.