Netflix (NFLX) EBT Margin (2009 - 2026)
Netflix's EBT Margin was 32.39% in Q2 2026, down 0.39 percentage points from 32.78% a year earlier and down 21.05 percentage points from the prior quarter.
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Analysis
Netflix (NFLX) EBT Margin (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Netflix's EBT Margin was 34.10% through Jun 30, 2026, up 6.08 percentage points year-over-year; for FY2025, it came in at 28.16%, up 2.61 percentage points from FY2024.
- EBT Margin has now increased for three consecutive years, with a five-year change of +15.36 percentage points (FY2020 to FY2025).
- In earlier years, EBT Margin was 25.55% in FY2024 (+7.15 pp), 18.40% in FY2023 (+1.75 pp), 16.65% in FY2022 (-3.02 pp) and 19.67% in FY2021 (+6.87 pp).
- Quarterly EBT Margin has moved between 0.50% (Q4 2022) and 53.45% (Q1 2026) over five years.
- Compared with a year earlier, EBT Margin was higher in six of the last eight quarters, with an average year-over-year change of +5.78 percentage points.
- The best year-over-year quarter for EBT Margin over five years was Q1 2026 (a gain of 22.96 percentage points); the worst was Q1 2023 (a drop of 7.16 percentage points).
- Per Business Quant data, NFLX's EBT Margin in the three quarters before Q2 2026 was 53.45% (Q1 2026), 22.97% (Q4 2025) and 27.01% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,030.73 Bn | 3,788.26 Bn | 73.85 Bn | 115.82% |
| 2 | Meta Platforms | 1,797.57 Bn | 1,500.09 Bn | 49.47 Bn | 30.85% |
| 3 | Netflix | 272.54 Bn | 232.73 Bn | 6.52 Bn | 32.39% |
| 4 | Alibaba Group Holding | 240.97 Bn | 54.74 Bn | 15.11 Bn | 8.29% |
| 5 | Shopify | 229.08 Bn | 206.26 Bn | 1.71 Bn | 49.54% |
| 6 | Uber Technologies | 139.31 Bn | 111.11 Bn | 6.38 Bn | 23.09% |
| 7 | Booking Holdings | 120.82 Bn | 53.87 Bn | - | 34.82% |
| 8 | PDD Holdings | 109.27 Bn | -134.51 Bn | 9.45 Bn | 36.60% |
| 9 | Spotify Technology | 106.89 Bn | 64.39 Bn | 1.86 Bn | 15.07% |
| 10 | Airbnb | 103.95 Bn | 57.18 Bn | 2.98 Bn | 24.86% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 32.39% |
| Mar 31, 2026 | 53.45% |
| Dec 31, 2025 | 22.97% |
| Sep 30, 2025 | 27.01% |
| Jun 30, 2025 | 32.78% |
| Mar 31, 2025 | 30.48% |
| Dec 31, 2024 | 20.83% |
| Sep 30, 2024 | 27.51% |
| Jun 30, 2024 | 26.30% |
| Mar 31, 2024 | 27.90% |
| Dec 31, 2023 | 13.00% |
| Sep 30, 2023 | 22.35% |
| Jun 30, 2023 | 20.51% |
| Mar 31, 2023 | 18.00% |
| Dec 31, 2022 | 0.50% |
| Sep 30, 2022 | 20.46% |
| Jun 30, 2022 | 20.36% |
| Mar 31, 2022 | 25.16% |
| Dec 31, 2021 | 7.15% |
| Sep 30, 2021 | 22.20% |
API Access
Netflix EBT 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=ebt-margin&ticker=NFLX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebt-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=ebt-margin&ticker=NFLX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();