Netflix (NFLX) EBITDA Margin (2009 - 2026)
Netflix's EBITDA Margin came in at 34.18% for Q2 2026, down 0.61 percentage points from 34.79% a year earlier but up 1.07 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 Jun 30, 2026, Netflix reported EBITDA Margin of 30.45%, up 0.17 percentage points year-over-year; for FY2025, it was 30.23%, up 2.68 percentage points from FY2024.
- EBITDA Margin has increased in each of the last three years, with a five-year change of +11.43 percentage points (FY2020 to FY2025).
- Going back by year, EBITDA Margin was 27.55% in FY2024 (+5.88 pp), 21.68% in FY2023 (+2.80 pp), 18.88% in FY2022 (-2.68 pp) and 21.56% in FY2021 (+2.75 pp).
- The five-year range for quarterly EBITDA Margin is 8.19% (Q4 2022) to 34.79% (Q2 2025).
- Year-over-year, EBITDA Margin increased in six of the last eight quarters, with an average year-over-year change of +2.87 percentage points.
- The fastest year-over-year change in EBITDA Margin over five years came in Q4 2023 (a gain of 9.73 percentage points), and the weakest in Q4 2021 (a drop of 5.82 percentage points).
- Business Quant data shows NFLX's EBITDA Margin at 33.11% (Q1 2026), 25.25% (Q4 2025) and 28.98% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,164.76 Bn | 3,922.28 Bn | 73.85 Bn | 39.96% |
| 2 | Meta Platforms | 1,823.40 Bn | 1,525.92 Bn | 49.47 Bn | 41.33% |
| 3 | Netflix | 288.27 Bn | 248.47 Bn | 6.52 Bn | 34.18% |
| 4 | Alibaba Group Holding | 252.72 Bn | 70.58 Bn | 15.11 Bn | - |
| 5 | Shopify | 186.52 Bn | 163.71 Bn | 1.71 Bn | 13.82% |
| 6 | Uber Technologies | 139.11 Bn | 111.09 Bn | 6.38 Bn | 14.69% |
| 7 | Booking Holdings | 123.13 Bn | 56.18 Bn | - | 35.76% |
| 8 | PDD Holdings | 111.72 Bn | -140.21 Bn | 9.45 Bn | - |
| 9 | AppLovin | 103.35 Bn | 93.38 Bn | 1.70 Bn | 79.37% |
| 10 | Spotify Technology | 102.35 Bn | 59.59 Bn | 1.86 Bn | 6.28% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 34.18% |
| Mar 31, 2026 | 33.11% |
| Dec 31, 2025 | 25.25% |
| Sep 30, 2025 | 28.98% |
| Jun 30, 2025 | 34.79% |
| Mar 31, 2025 | 32.51% |
| Dec 31, 2024 | 22.96% |
| Sep 30, 2024 | 30.44% |
| Jun 30, 2024 | 28.08% |
| Mar 31, 2024 | 29.02% |
| Dec 31, 2023 | 17.92% |
| Sep 30, 2023 | 23.50% |
| Jun 30, 2023 | 23.41% |
| Mar 31, 2023 | 22.11% |
| Dec 31, 2022 | 8.19% |
| Sep 30, 2022 | 20.42% |
| Jun 30, 2022 | 20.85% |
| Mar 31, 2022 | 26.01% |
| Dec 31, 2021 | 9.02% |
| Sep 30, 2021 | 24.39% |
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();