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Cloudflare, Inc. NET Operating margin

Operating margin at other companies

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46.8%+1.2pp
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12.1%+0.7pp
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24.5%-0.3pp
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Akamai TechnologiesAKAM
12.3%-0.6pp

Other financials

Income statement

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Revenue$639.8M+33.5%
Gross profit$455.6M+25.3%
Operating income-$62.0M-16.4%
Net income-$22.9M+40.4%
EPS (diluted)-$0.07+36.4%

Balance sheet

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Cash & equivalents$944.4M+347%
Total debt$256.7M+36.9%
Total equity$1.5B+7.1%
Total assets$6.2B+65.6%

Cash flow

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Operating cash flow$158.3M+8.6%
CapEx$65.2M-24.1%
Free cash flow$93.1M+55.4%

Valuation

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Market cap$99.02B+36.1%
Enterprise value$98.33B+37.6%
P/S42.5×+3.8×

Profitability

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Gross margin73.3%-3.6pp
Net margin-3.7%-0.6pp
FCF margin13.8%+1.7pp

Returns & leverage

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Return on equity-5.9%-1.0pp
Debt / equity0.2×0.0×
Current ratio-1.2×

Where this comes from

Calculated from Cloudflare, Inc.’s reported figures.

Based on trailing twelve months.

The source filing: Cloudflare, Inc.’s 10-Q, filed May 8, 2026. Open the filing →

Filed
May 8, 2026, 6:02 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001477333-26-000038

FAQ

What is Cloudflare, Inc.'s operating margin?
Cloudflare, Inc. (NET) reported operating margin of -9.3% in Q1 2026.
How has Cloudflare, Inc.'s operating margin changed year-over-year?
Cloudflare, Inc.'s operating margin decreased by 7.0% year-over-year, from -8.7% to -9.3%.
What is the long-term trend for Cloudflare, Inc.'s operating margin?
Over 5 years (2020 to 2025), Cloudflare, Inc.'s operating margin has grown at a -17.3% compound annual growth rate (CAGR), from -24.8% to -9.6%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

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