Netflix (NFLX) EBITDA Margin (2009 - 2026)
Netflix's EBITDA Margin came in at 68.36% for Q3 2026, up 4.61 percentage points from 63.75% a year earlier but down 0.14 percentage points from the prior quarter.
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Analysis
Netflix (NFLX) EBITDA Margin (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Netflix reported EBITDA Margin of 67.33%, up 0.96 percentage points year-over-year; for FY2025, it was 66.58%, down 0.21 percentage points from FY2024.
- EBITDA Margin carries a five-year change of +4.54 percentage points (FY2020 to FY2025).
- Going back by year, EBITDA Margin was 66.79% in FY2024 (+3.01 pp), 63.78% in FY2023 (+0.53 pp), 63.25% in FY2022 (+0.50 pp) and 62.74% in FY2021 (+0.70 pp).
- The five-year range for quarterly EBITDA Margin is 57.55% (Q4 2021) to 69.38% (Q2 2025).
- Year-over-year, EBITDA Margin increased in five of the last eight quarters, with an average year-over-year change of +0.62 percentage points.
- The fastest year-over-year change in EBITDA Margin over five years came in Q3 2026 (a gain of 4.61 percentage points), and the weakest in Q3 2025 (a drop of 4.34 percentage points).
- Business Quant data shows NFLX's EBITDA Margin at 68.51% (Q2 2026), 67.54% (Q1 2026) and 64.78% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn | 38.37% |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn | 31.18% |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn | 68.36% |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn | - |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn | 15.37% |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn | 11.28% |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn | 79.79% |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn | 14.77% |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - | 40.49% |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 68.36% |
| Jun 30, 2026 | 68.51% |
| Mar 31, 2026 | 67.54% |
| Dec 31, 2025 | 64.78% |
| Sep 30, 2025 | 63.75% |
| Jun 30, 2025 | 69.38% |
| Mar 31, 2025 | 68.77% |
| Dec 31, 2024 | 63.57% |
| Sep 30, 2024 | 68.09% |
| Jun 30, 2024 | 67.51% |
| Mar 31, 2024 | 68.20% |
| Dec 31, 2023 | 60.42% |
| Sep 30, 2023 | 65.33% |
| Jun 30, 2023 | 65.06% |
| Mar 31, 2023 | 64.51% |
| Dec 31, 2022 | 58.43% |
| Sep 30, 2022 | 66.52% |
| Jun 30, 2022 | 61.77% |
| Mar 31, 2022 | 66.25% |
| Dec 31, 2021 | 57.55% |
API Access
Netflix EBITDA Margin 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=ebitda-margin&ticker=NFLX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebitda-margin", "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=ebitda-margin&ticker=NFLX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();