Cloudflare, Inc. (NET) stock
NETNYSEServices-Prepackaged SoftwareFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 5, 2026Score 9/30294% above fair value
$305.81−12.69 (-3.98%)
Close on Nov 13, 2026Market cap $108.89BP/E –Yield –
Cloudflare operating margin
Operating margin is operating income as a percentage of revenue.
Cloudflare's operating margin for the twelve months ending Sep 30, 2026 was -14.1%. For fiscal 2025 it was -9.6%, against -9.3% the year before. The highest annual figure on record is -7.2% in fiscal 2017.
Annual operating margin
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | -9.6% | −0.3 |
| FY2024 | Dec 31, 2024 | -9.3% | +5.0 |
| FY2023 | Dec 31, 2023 | -14.3% | +6.3 |
| FY2022 | Dec 31, 2022 | -20.6% | −1.2 |
| FY2021 | Dec 31, 2021 | -19.5% | +5.3 |
| FY2020 | Dec 31, 2020 | -24.8% | +12.8 |
| FY2019 | Dec 31, 2019 | -37.6% | +6.5 |
| FY2018 | Dec 31, 2018 | -44.1% | −36.9 |
| FY2017 | Dec 31, 2017 | -7.2% | – |
Quarterly operating margin
Change is against the same quarter a year earlier.
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | -8.7% | −2.0 |
| Q2 FY2026 | Jun 30, 2026 | -29.6% | −16.4 |
| Q1 FY2026 | Mar 31, 2026 | -9.7% | +1.4 |
| Q4 FY2025 | Dec 31, 2025 | -8.0% | −0.5 |
| Q3 FY2025 | Sep 30, 2025 | -6.7% | +0.5 |
| Q2 FY2025 | Jun 30, 2025 | -13.1% | −4.5 |
| Q1 FY2025 | Mar 31, 2025 | -11.1% | +3.3 |
| Q4 FY2024 | Dec 31, 2024 | -7.5% | +4.3 |
| Q3 FY2024 | Sep 30, 2024 | -7.2% | +4.5 |
| Q2 FY2024 | Jun 30, 2024 | -8.7% | +9.6 |
| Q1 FY2024 | Mar 31, 2024 | -14.4% | +1.9 |
| Q4 FY2023 | Dec 31, 2023 | -11.8% | +6.6 |
| Q3 FY2023 | Sep 30, 2023 | -11.7% | +6.4 |
| Q2 FY2023 | Jun 30, 2023 | -18.2% | +9.3 |
| Q1 FY2023 | Mar 31, 2023 | -16.3% | +2.6 |
| Q4 FY2022 | Dec 31, 2022 | -18.5% | +2.8 |
| Q3 FY2022 | Sep 30, 2022 | -18.1% | −2.7 |
| Q2 FY2022 | Jun 30, 2022 | -27.5% | −8.6 |
| Q1 FY2022 | Mar 31, 2022 | -18.9% | +3.8 |
| Q4 FY2021 | Dec 31, 2021 | -21.2% | −1.6 |
| Q3 FY2021 | Sep 30, 2021 | -15.4% | +3.2 |
| Q2 FY2021 | Jun 30, 2021 | -18.9% | +5.8 |
| Q1 FY2021 | Mar 31, 2021 | -22.6% | +16.9 |
| Q4 FY2020 | Dec 31, 2020 | -19.6% | +16.0 |
| Q3 FY2020 | Sep 30, 2020 | -18.6% | +37.0 |
| Q2 FY2020 | Jun 30, 2020 | -24.8% | +4.6 |
| Q1 FY2020 | Mar 31, 2020 | -39.5% | −11.8 |
| Q4 FY2019 | Dec 31, 2019 | -35.7% | −4.9 |
| Q3 FY2019 | Sep 30, 2019 | -55.6% | +17.3 |
| Q2 FY2019 | Jun 30, 2019 | -29.3% | – |
| Q1 FY2019 | Mar 31, 2019 | -27.8% | – |
| Q4 FY2018 | Dec 31, 2018 | -30.8% | – |
| Q3 FY2018 | Sep 30, 2018 | -72.8% | – |
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