Netflix (NFLX) Cost of Revenue (2009 - 2026)
Netflix (NFLX) recorded Cost of Revenue of $6.04 billion in Q2 2026, up 13.4% from $5.33 billion a year earlier and up 2.5% from the prior quarter.
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Analysis
Netflix (NFLX) Cost of Revenue (2009 - 2026) Analysis & Trends
On a TTM basis, Netflix's Cost of Revenue came in at $24.61 billion as of Jun 30, 2026, up 14.6% year-over-year; for FY2025, it was $23.28 billion, up 10.6% from FY2024.
- Annual Cost of Revenue has increased for 16 straight years, with a five-year compound annual growth rate of 8.8% (FY2020 to FY2025).
- Across earlier years, Cost of Revenue came in at $21.04 billion in FY2024 (+6.7%), $19.72 billion in FY2023 (+2.9%), $19.17 billion in FY2022 (+10.6%) and $17.33 billion in FY2021 (+13.5%).
- Quarterly Cost of Revenue has ranged from $4.21 billion in Q3 2021 to $6.52 billion in Q4 2025 over the past five years.
- On a year-over-year basis, Cost of Revenue has increased for ten consecutive quarters, with growth averaging 10.0% over the last eight quarters.
- Peak year-over-year performance for Cost of Revenue in the last five years was growth of 25.8% in Q4 2021, against a decline of 1.8% in Q4 2023 at the low end.
- Per Business Quant, the preceding three quarters came in at $5.89 billion (Q1 2026), $6.52 billion (Q4 2025) and $6.16 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,164.76 Bn | 3,922.28 Bn | 73.85 Bn | 45.94 Bn |
| 2 | Meta Platforms | 1,823.40 Bn | 1,525.92 Bn | 49.47 Bn | 11.33 Bn |
| 3 | Netflix | 288.27 Bn | 248.47 Bn | 6.52 Bn | 6.04 Bn |
| 4 | Alibaba Group Holding | 252.72 Bn | 70.58 Bn | 15.11 Bn | 24.48 Bn |
| 5 | Shopify | 186.52 Bn | 163.71 Bn | 1.71 Bn | 1.88 Bn |
| 6 | Uber Technologies | 139.11 Bn | 111.09 Bn | 6.38 Bn | 7.82 Bn |
| 7 | Booking Holdings | 123.13 Bn | 56.18 Bn | - | - |
| 8 | PDD Holdings | 111.72 Bn | -140.21 Bn | 9.45 Bn | 7.08 Bn |
| 9 | AppLovin | 103.35 Bn | 93.38 Bn | 1.70 Bn | 225.80 Mn |
| 10 | Spotify Technology | 102.35 Bn | 59.59 Bn | 1.86 Bn | 3.70 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 6.04 Bn |
| Mar 31, 2026 | 5.89 Bn |
| Dec 31, 2025 | 6.52 Bn |
| Sep 30, 2025 | 6.16 Bn |
| Jun 30, 2025 | 5.33 Bn |
| Mar 31, 2025 | 5.26 Bn |
| Dec 31, 2024 | 5.77 Bn |
| Sep 30, 2024 | 5.12 Bn |
| Jun 30, 2024 | 5.17 Bn |
| Mar 31, 2024 | 4.98 Bn |
| Dec 31, 2023 | 5.31 Bn |
| Sep 30, 2023 | 4.93 Bn |
| Jun 30, 2023 | 4.67 Bn |
| Mar 31, 2023 | 4.80 Bn |
| Dec 31, 2022 | 5.40 Bn |
| Sep 30, 2022 | 4.79 Bn |
| Jun 30, 2022 | 4.69 Bn |
| Mar 31, 2022 | 4.28 Bn |
| Dec 31, 2021 | 5.24 Bn |
| Sep 30, 2021 | 4.21 Bn |
API Access
Netflix Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=NFLX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "NFLX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=NFLX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();