Netflix (NFLX) Cost of Revenue (2009 - 2026)

Netflix's Cost of Revenue history runs 18 years deep, the most recent figure standing at $842.2 million for Q1 2026.

• In Q1 2026, Cost of Revenue rose 22.35% year-over-year to $842.2 million; the TTM figure through Mar 2026 stood at -$6.5 billion (down 138.79% YoY), while the FY2025 annual figure was $3.3 billion, down 84.31% from the prior year.
• Cost of Revenue was $842.2 million for Q1 2026 at Netflix, up from -$13.5 billion in the prior quarter.
• In the past five years, Cost of Revenue ranged from a high of $5.8 billion in Q4 2024 to a low of -$13.5 billion in Q4 2025.
• Historically, Cost of Revenue has averaged $1.2 billion across 5 years, with a median of $842.2 million in 2026.
• The sharpest annual moves came in 2023 and 2025: Cost of Revenue surged 764.0% in 2023, then slumped 333.23% in 2025.
• A 5-year view of Cost of Revenue shows it stood at $5.4 billion in 2022, then plunged by 317.43% to -$11.8 billion in 2023, then soared by 149.08% to $5.8 billion in 2024, then tumbled by 333.23% to -$13.5 billion in 2025, then jumped by 106.26% to $842.2 million in 2026.
• The last three Cost of Revenue figures came in at $842.2 million (Q1 2026), -$13.5 billion (Q4 2025), and $786.3 million (Q3 2025), per Business Quant data.