TTM
15.3%
YoY change
+3.26pp
Trough year (2018)
-40.5%
Peak year (2025)
15.0%
Latest annual
15.0%
FCF Margin history chart for Cloudflare (NET) from 2016 to 2025
Latest: 15.0%
FCF Margin change chart for Cloudflare (NET) from 2016 to 2025
Latest: +3.26pp
FCF Margin history table for Cloudflare (NET) from 2016 to 2025
| 2025 | 15.0% | +3.26pp | ||
| 2024 | 11.7% | +2.49pp | ||
| 2023 | 9.2% | +13.29pp | ||
| 2022 | -4.1% | +2.49pp | ||
| 2021 | -6.6% | +14.80pp | ||
| 2020 | -21.4% | +12.15pp | ||
| 2019 | -33.5% | +7.03pp | ||
| 2018 | -40.5% | -25.86pp | ||
| 2017 | -14.7% | +22.91pp | ||
| 2016 | -37.6% | — |
- 202515.0%+3.26pp
- 202411.7%+2.49pp
- 20239.2%+13.29pp
- 2022-4.1%+2.49pp
- 2021-6.6%+14.80pp
- 2020-21.4%+12.15pp
- 2019-33.5%+7.03pp
- 2018-40.5%-25.86pp
- 2017-14.7%+22.91pp
- 2016-37.6%—
FCF Margin values are taken from Cloudflare's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About FCF Margin at Cloudflare (NET)
According to Cloudflare's latest reported financial statements, the company's latest reported free cash flow margin is 15.3%. Free cash flow margin is free cash flow divided by revenue — the share of each sales dollar that converts into cash after capital expenditures. Because free cash flow cannot be inflated by non-cash accounting, FCF margin is a clean read on how efficiently a business turns revenue into deployable cash.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
As of the 2025 fiscal year, Cloudflare (NET) reported free cash flow margin of 14.96% – expanded 3.3 percentage points year-over-year.
The highest annual free cash flow margin of 14.96% was reported in 2025. The lowest in the available history was -40.55% in 2018.
Cloudflare FCF Margin by Year
Cloudflare FCF Margin 2025: 15.0%
Cloudflare free cash flow margin in 2025 was 14.96%, expanded 3.3 percentage points from 2024. This figure represents the highest annual value in the available history.
Cloudflare FCF Margin 2024: 11.7%
2024's free cash flow margin for Cloudflare came in at 11.70%, expanded 2.5 percentage points from 2023.
Cloudflare FCF Margin 2023: 9.2%
Cloudflare posted free cash flow margin of 9.21% in 2023, expanded 13.3 percentage points from 2022.
Cloudflare FCF Margin 2022: -4.1%
In 2022, Cloudflare reported free cash flow margin of -4.08%, expanded 2.5 percentage points from 2021.
Cloudflare FCF Margin 2021: -6.6%
Cloudflare free cash flow margin in 2021 was -6.56%.
See more financial history for Cloudflare (NET).
Sector peers by FCF Margin
Technology peers of Cloudflare (NET), ranked by their latest free cash flow margin
| 47.0% | |
| 43.4% | |
| 28.6% | |
| 26.6% | |
| 25.5% | |
| 22.9% | |
| 22.9% | |
| 17.7% |
- 47.0%
- 43.4%
- 28.6%
- 26.6%
- 25.5%
- 22.9%
- 22.9%
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