What are Cloudflare, Inc.'s profit margins?

Cloudflare, Inc. (NET) runs a 73.3% gross margin and a -9.3% operating margin, with a -3.7% net margin.

Where do Cloudflare, Inc.'s ratios come from?

Every ratio is computed from Cloudflare, Inc.'s SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Cloudflare, Inc. NET Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Gross margin	73.3%-1.2pp	74.5%-0.7pp	75.2%-0.9pp	76.1%-0.7pp	76.9%-0.4pp
Operating margin	-9.3%+0.3pp	-9.6%0.0pp	-9.6%+0.3pp	-9.9%-1.2pp	-8.7%+0.6pp
Net margin	-3.7%+1.0pp	-4.7%+0.4pp	-5.1%+1.1pp	-6.2%-1.6pp	-4.6%+0.1pp
EBITDA margin	-0.5%+0.4pp	-0.8%+0.2pp	-1%+0.7pp	-1.6%-0.8pp	-0.8%+0.8pp
Free cash flow margin	13.8%+0.5pp	13.3%+1.5pp	11.7%+0.7pp	11.1%-1.0pp	12.1%+0.4pp
Returns
Return on equity	-5.9%+2.3pp	-8.2%+0.7pp	-8.9%+2.2pp	-11%-3.7pp	-7.4%+1.4pp
Return on assets	-1.8%+0.4pp	-2.2%+0.1pp	-2.3%+0.4pp	-2.8%-0.3pp	-2.5%+0.1pp
Return on invested capital	-19.3%+3.4pp	-22.7%+3.4pp	-26.1%—	——	-14.7%+1.7pp
Efficiency
Asset turnover	0.5×0.0×	0.5×0.0×	0.5×0.0×	0.4×-0.1×	0.5×0.0×
Liquidity
Current ratio	2×0.0×	2×-0.1×	2×-3.1×	5.1×+1.9×	3.2×+0.3×
Quick ratio	2×0.0×	2×-0.1×	2×-3.1×	5.1×+1.9×	3.2×+0.3×
Cash ratio	0.4×0.0×	0.4×-0.1×	0.5×-1.3×	1.8×+1.5×	0.3×+0.1×
Leverage
Debt-to-equity	0.2×0.0×	0.2×0.0×	0.2×0.0×	0.2×0.0×	0.1×0.0×
Debt-to-assets	0×0.0×	0×0.0×	0×0.0×	0×0.0×	0.1×0.0×
Interest coverage	-21.8×+1.8×	-23.6×+2.7×	-26.3×+5.5×	-31.8×-4.1×	-27.7×+2.1×
Per Share
Book value per share	$4.33+3.4%	$4.19+8.6%	$3.86+8.1%	$3.57-13.5%	$4.12+34.6%
Valuation
Market capitalization	$72.63B+5.2%	$69.06B-7.7%	$74.78B+15.7%	$64.62B+66.2%	$38.89B+5.2%
Enterprise value	$71.94B+5.2%	$68.36B-7.6%	$73.96B+16.9%	$63.29B+62.9%	$38.86B+5.1%
Price / sales	31.2×-0.7×	31.9×-5.3×	37.1×+2.8×	34.3×+12.4×	22×-0.2×
Price / book	47.6×+0.2×	47.3×-8.2×	55.5×+3.4×	52.1×+24.9×	27.3×-8.1×
EV / sales	30.9×-0.6×	31.5×-5.2×	36.7×+3.1×	33.6×+11.7×	22×-0.2×
Free cash flow yield	0.4%0.0pp	0.4%+0.1pp	0.3%0.0pp	0.3%-0.2pp	0.5%0.0pp
Earnings yield	-0.1%0.0pp	-0.1%0.0pp	-0.1%0.0pp	-0.2%0.0pp	-0.2%0.0pp

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Questions, answered.

What are Cloudflare, Inc.'s profit margins?: Cloudflare, Inc. (NET) runs a 73.3% gross margin and a -9.3% operating margin, with a -3.7% net margin.
Where do Cloudflare, Inc.'s ratios come from?: Every ratio is computed from Cloudflare, Inc.'s SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.