Netflix (NFLX) EBITDA Margin (2009 - 2026)
Netflix (NFLX) recorded quarterly EBITDA Margin of 32.3% in Q1 2026, up 31.66% quarter-over-quarter from 24.54% in Q4 2025, and up 56.0% on a YoY basis from 20.71% in Q1 2025.
Netflix (NFLX) EBITDA Margin (2009 - 2026) Analysis & Trends
Netflix's EBITDA Margin history runs 18 years deep, the most recent figure standing at 32.3% for Q1 2026.
- In Q1 2026, EBITDA Margin rose 56.0% year-over-year to 32.3%; the TTM figure through Mar 2026 stood at 29.72% (up 201.0% YoY), while the FY2025 annual figure was 29.49%, up 278.0% from the prior year.
- EBITDA Margin was 32.3% for Q1 2026 at Netflix, up from 24.54% in the prior quarter.
- In the past five years, EBITDA Margin ranged from a high of 34.07% in Q2 2025 to a low of 7.0% in Q4 2022.
- Historically, EBITDA Margin has averaged 24.23% across 5 years, with a median of 24.54% in 2025.
- The sharpest annual moves came in 2022 and 2023: EBITDA Margin plunged 536 bps in 2022, then jumped 993 bps in 2023.
- A 5-year view of EBITDA Margin shows it stood at 7.0% in 2022, then jumped by 142 bps to 16.94% in 2023, then jumped by 31 bps to 22.18% in 2024, then rose by 11 bps to 24.54% in 2025, then surged by 32 bps to 32.3% in 2026.
- The last three EBITDA Margin figures came in at 32.3% (Q1 2026), 24.54% (Q4 2025), and 28.22% (Q3 2025), per Business Quant data.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Netflix | 327.69 Bn | 315.40 Bn | 11.41 Bn | 32.30% |
| 2 | Walt Disney | 184.70 Bn | 191.31 Bn | 23.68 Bn | 9.16% |
| 3 | Warner Bros. Discovery | 65.23 Bn | 63.09 Bn | 4.25 Bn | -27.76% |
| 4 | Brera Holdings | 53.07 Bn | 53.07 Bn | - | - |
| 5 | Live Nation Entertainment | 39.71 Bn | 31.25 Bn | 1.31 Bn | -7.14% |
| 6 | Liberty Media | 21.13 Bn | 21.80 Bn | 298.00 Mn | 9.00% |
| 7 | Fox | 20.41 Bn | 16.92 Bn | - | 5.91% |
| 8 | Roku | 20.39 Bn | 18.01 Bn | 564.94 Mn | 4.15% |
| 9 | News | 15.92 Bn | 14.45 Bn | - | 8.65% |
| 10 | TKO Group Holdings | 15.40 Bn | 13.70 Bn | 862.52 Mn | 22.62% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 32.30% |
| Dec 31, 2025 | 24.54% |
| Sep 30, 2025 | 28.22% |
| Jun 30, 2025 | 34.07% |
| Mar 31, 2025 | 31.75% |
| Dec 31, 2024 | 22.18% |
| Sep 30, 2024 | 29.61% |
| Jun 30, 2024 | 27.23% |
| Mar 31, 2024 | 28.09% |
| Dec 31, 2023 | 16.94% |
| Sep 30, 2023 | 22.44% |
| Jun 30, 2023 | 22.32% |
| Mar 31, 2023 | 21.00% |
| Dec 31, 2022 | 7.00% |
| Sep 30, 2022 | 19.34% |
| Jun 30, 2022 | 19.80% |
| Mar 31, 2022 | 25.06% |
| Dec 31, 2021 | 8.19% |
| Sep 30, 2021 | 23.46% |
| Jun 30, 2021 | 25.17% |