Netflix (NFLX) FCF Margin (2009 - 2026)
Netflix (NFLX) recorded quarterly FCF Margin of 41.59% in Q1 2026, up 167.65% quarter-over-quarter from 15.54% in Q4 2025, and up 1635.0% on a YoY basis from 2.4% in Q1 2025.
Netflix (NFLX) FCF Margin (2009 - 2026) Analysis & Trends
Netflix's FCF Margin history runs 18 years deep, the most recent figure standing at 41.59% for Q1 2026.
- In Q1 2026, FCF Margin rose 1635.0% year-over-year to 41.59%; the TTM figure through Mar 2026 stood at 25.37% (up 683.0% YoY), while the FY2025 annual figure was 20.94%, up 319.0% from the prior year.
- FCF Margin was 41.59% for Q1 2026 at Netflix, up from 15.54% in the prior quarter.
- In the past five years, FCF Margin ranged from a high of 41.59% in Q1 2026 to a low of 0.16% in Q2 2022.
- Historically, FCF Margin has averaged 17.65% across 5 years, with a median of 17.9% in 2023.
- The sharpest annual moves came in 2024 and 2026: FCF Margin slumped 445 bps in 2024, then soared 1635 bps in 2026.
- A 5-year view of FCF Margin shows it stood at 4.23% in 2022, then soared by 323 bps to 17.9% in 2023, then retreated by 25 bps to 13.45% in 2024, then gained by 16 bps to 15.54% in 2025, then jumped by 168 bps to 41.59% in 2026.
- The last three FCF Margin figures came in at 41.59% (Q1 2026), 15.54% (Q4 2025), and 23.11% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Netflix | 327.69 Bn | 315.40 Bn | 11.41 Bn | 41.59% |
| 2 | Walt Disney | 184.70 Bn | 191.31 Bn | 23.68 Bn | 19.63% |
| 3 | Warner Bros. Discovery | 65.23 Bn | 63.09 Bn | 4.25 Bn | -5.35% |
| 4 | Brera Holdings | 53.07 Bn | 53.07 Bn | - | - |
| 5 | Live Nation Entertainment | 39.71 Bn | 31.25 Bn | 1.31 Bn | 53.52% |
| 6 | Liberty Media | 21.13 Bn | 21.80 Bn | 298.00 Mn | 47.40% |
| 7 | Fox | 20.41 Bn | 16.92 Bn | - | 44.24% |
| 8 | Roku | 20.39 Bn | 18.01 Bn | 564.94 Mn | 15.91% |
| 9 | News | 15.92 Bn | 14.45 Bn | - | 18.26% |
| 10 | TKO Group Holdings | 15.40 Bn | 13.70 Bn | 862.52 Mn | 42.24% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 41.59% |
| Dec 31, 2025 | 15.54% |
| Sep 30, 2025 | 23.11% |
| Jun 30, 2025 | 20.47% |
| Mar 31, 2025 | 25.24% |
| Dec 31, 2024 | 13.45% |
| Sep 30, 2024 | 22.33% |
| Jun 30, 2024 | 12.68% |
| Mar 31, 2024 | 22.80% |
| Dec 31, 2023 | 17.90% |
| Sep 30, 2023 | 22.11% |
| Jun 30, 2023 | 16.36% |
| Mar 31, 2023 | 25.94% |
| Dec 31, 2022 | 4.23% |
| Sep 30, 2022 | 5.95% |
| Jun 30, 2022 | 0.16% |
| Mar 31, 2022 | 10.19% |
| Dec 31, 2021 | -7.38% |
| Sep 30, 2021 | -1.14% |
| Jun 30, 2021 | -2.37% |