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

	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25	TTM Q2 '25	TTM Q1 '25
Profitability
Gross margin	299.2%-3.6pp	302.7%-2.8pp	305.5%-2.3pp	307.9%-1.2pp	309%+0.1pp
Operating margin	-38.3%-0.6pp	-37.7%-0.3pp	-37.4%+0.8pp	-38.2%+1.7pp	-39.9%+5.2pp
Net margin	-19.8%+0.9pp	-20.7%0.0pp	-20.7%+0.8pp	-21.5%+0.7pp	-22.2%+8.5pp
EBITDA margin	-3.8%+0.3pp	-4.1%+0.8pp	-5%+1.3pp	-6.2%+1.2pp	-7.4%+3.4pp
Free cash flow margin	49.9%+1.7pp	48.2%+1.6pp	46.6%-0.7pp	47.3%-1.2pp	48.6%+0.3pp
Returns
Return on equity	-34%+1.5pp	-35.4%+0.5pp	-36%+2.3pp	-38.3%+2.4pp	-40.7%+17.7pp
Return on assets	-9%+0.8pp	-9.8%+0.4pp	-10.2%+1.0pp	-11.2%+1.0pp	-12.2%+4.1pp
Efficiency
Asset turnover	1.8×-0.1×	1.9×-0.1×	2×-0.1×	2.1×-0.1×	2.2×0.0×
Liquidity
Current ratio	11.1×-1.2×	12.4×-0.9×	13.2×-1.3×	14.6×+1.6×	12.9×-0.3×
Quick ratio	11.1×-1.2×	12.4×-0.9×	13.2×-1.3×	14.6×+1.6×	12.9×-0.3×
Cash ratio	3.1×+0.1×	2.9×+0.2×	2.7×+0.2×	2.5×+1.5×	1×-0.2×
Leverage
Debt-to-equity	0.7×0.0×	0.6×0.0×	0.6×0.0×	0.6×0.0×	0.6×-0.1×
Debt-to-assets	0.2×0.0×	0.2×0.0×	0.2×0.0×	0.2×0.0×	0.2×0.0×
Interest coverage	-103.6×+5.9×	-109.5×+6.1×	-115.6×+7.5×	-123.1×+6.0×	-129.1×+12.1×
Per Share
Book value per share	$15.94+1.3%	$15.74+7.7%	$14.61+7.5%	$13.60+7.8%	$12.62+16.3%
Valuation
Market capitalization	$281.08B+13.6%	$247.34B+14.9%	$215.24B+28.1%	$168.02B+27.8%	$131.44B+4.9%
Enterprise value	$277.55B+13.5%	$244.47B+14.7%	$213.09B+27.9%	$166.67B+26.8%	$131.41B+4.9%
Price / sales	134.5×+9.2×	125.3×+9.7×	115.6×+19.6×	96×+15.4×	80.6×-1.7×
Price / book	202.5×+20.3×	182.2×+12.0×	170.2×+27.2×	143×+20.3×	122.7×-13.9×
EV / sales	132.8×+8.9×	123.9×+9.4×	114.5×+19.2×	95.3×+14.7×	80.6×-1.6×
Free cash flow yield	1.5%-0.1pp	1.6%-0.1pp	1.7%-0.4pp	2.1%-0.3pp	2.4%+0.1pp
Earnings yield	-0.6%+0.1pp	-0.7%+0.1pp	-0.7%+0.2pp	-0.9%+0.2pp	-1.1%+0.3pp

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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.