Cloudflare annual operating margin
2017
2018
2019
2020
2021
2022
2023
2024
2025
Cloudflare Operating Margin Growth & History (NET)
Cloudflare's operating margin was −9.56% for fiscal 2025.
View full Cloudflare company overviewCloudflare annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | −9.56% | −0.29 pp |
| 2024 | 2024-12-31 | −9.27% | +5.03 pp |
| 2023 | 2023-12-31 | −14.30% | +6.33 pp |
| 2022 | 2022-12-31 | −20.63% | −1.18 pp |
| 2021 | 2021-12-31 | −19.45% | +5.32 pp |
| 2020 | 2020-12-31 | −24.77% | +12.84 pp |
| 2019 | 2019-12-31 | −37.61% | +6.45 pp |
| 2018 | 2018-12-31 | −44.06% | −36.85 pp |
| 2017 | 2017-12-31 | −7.21% | — |
Cloudflare quarterly operating margin
Q3.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | −29.55% | −16.42 pp |
| Q1 2026 | 2026-03-31 | −9.69% | +1.42 pp |
| Q4 2025 | 2025-12-31 | −8.01% | −0.46 pp |
| Q3 2025 | 2025-09-30 | −6.67% | +0.49 pp |
| Q2 2025 | 2025-06-30 | −13.13% | −4.48 pp |
| Q1 2025 | 2025-03-31 | −11.11% | +3.29 pp |
| Q4 2024 | 2024-12-31 | −7.55% | +4.27 pp |
| Q3 2024 | 2024-09-30 | −7.16% | +4.52 pp |
| Q2 2024 | 2024-06-30 | −8.65% | +9.56 pp |
| Q1 2024 | 2024-03-31 | −14.41% | +1.88 pp |
| Q4 2023 | 2023-12-31 | −11.82% | +6.64 pp |
| Q3 2023 | 2023-09-30 | −11.68% | +6.42 pp |
| Q2 2023 | 2023-06-30 | −18.21% | +9.31 pp |
| Q1 2023 | 2023-03-31 | −16.29% | +2.57 pp |
| Q4 2022 | 2022-12-31 | −18.45% | +2.76 pp |
| Q3 2022 | 2022-09-30 | −18.10% | −2.73 pp |
| Q2 2022 | 2022-06-30 | −27.52% | −8.58 pp |
| Q1 2022 | 2022-03-31 | −18.86% | +3.77 pp |
| Q4 2021 | 2021-12-31 | −21.21% | −1.56 pp |
| Q3 2021 | 2021-09-30 | −15.37% | +3.24 pp |
| Q2 2021 | 2021-06-30 | −18.94% | +5.83 pp |
| Q1 2021 | 2021-03-31 | −22.64% | +16.89 pp |
| Q4 2020 | 2020-12-31 | −19.65% | +16.03 pp |
| Q3 2020 | 2020-09-30 | −18.62% | +36.95 pp |
| Q2 2020 | 2020-06-30 | −24.77% | +4.55 pp |
| Q1 2020 | 2020-03-31 | −39.53% | −11.75 pp |
| Q4 2019 | 2019-12-31 | −35.67% | +37.16 pp |
| Q3 2019 | 2019-09-30 | −55.57% | — |
| Q2 2019 | 2019-06-30 | −29.32% | — |
| Q1 2019 | 2019-03-31 | −27.78% | — |
| Q3 2018 | 2018-09-30 | −72.83% | — |
Cloudflare operating margin trends
Over the last five reported fiscal years, Cloudflare's operating margin increased from −24.77% to −9.56%, a change of +15.21 percentage points. The latest reported quarter, Q2 2026, shows −29.55%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Cloudflare filings at SEC.gov ↗