Netflix (NFLX) FCF Margin (2009 - 2026)
Netflix (NFLX) posted FCF Margin of 12.14% for Q2 2026, down 8.32 percentage points from 20.47% a year earlier and down 29.44 percentage points from the prior quarter.
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Analysis
Netflix (NFLX) FCF Margin (2009 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, FCF Margin at Netflix was 23.06%, up 2.67 percentage points year-over-year; for FY2025, it came in at 20.94%, up 3.19 percentage points from FY2024.
- Annual FCF Margin shows a five-year change of +13.22 percentage points (FY2020 to FY2025).
- In prior years, Netflix's FCF Margin was 17.75% in FY2024 (-2.79 pp), 20.54% in FY2023 (+15.42 pp), 5.12% in FY2022 (+5.56 pp) and -0.44% in FY2021 (-8.16 pp).
- The Q2 2026 figure stands as the lowest quarterly FCF Margin since Q4 2022.
- On a year-over-year basis, FCF Margin increased in six of the last eight quarters, with an average year-over-year change of +2.11 percentage points.
- The strongest year-over-year quarter for FCF Margin in the past five years was Q1 2026, with a gain of 16.35 percentage points; the weakest was Q3 2021, with a drop of 19.07 percentage points.
- According to Business Quant data, FCF Margin for the three prior quarters was 41.59% (Q1 2026), 15.54% (Q4 2025) and 23.11% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,185.47 Bn | 3,943.00 Bn | 73.85 Bn | -4.89% |
| 2 | Meta Platforms | 1,794.56 Bn | 1,497.08 Bn | 49.47 Bn | 2.87% |
| 3 | Netflix | 292.71 Bn | 252.90 Bn | 6.52 Bn | 12.14% |
| 4 | Alibaba Group Holding | 251.74 Bn | 65.51 Bn | 15.11 Bn | 33.57% |
| 5 | Shopify | 221.57 Bn | 198.76 Bn | 1.71 Bn | 18.25% |
| 6 | Uber Technologies | 142.45 Bn | 114.25 Bn | 6.38 Bn | 19.67% |
| 7 | Booking Holdings | 124.83 Bn | 57.88 Bn | - | 49.55% |
| 8 | PDD Holdings | 113.76 Bn | -130.01 Bn | 9.45 Bn | 22.77% |
| 9 | Spotify Technology | 106.73 Bn | 64.23 Bn | 1.86 Bn | 17.50% |
| 10 | Airbnb | 103.86 Bn | 57.09 Bn | 2.98 Bn | 35.20% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 12.14% |
| 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% |
API Access
Netflix FCF 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=fcf-margin&ticker=NFLX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-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=fcf-margin&ticker=NFLX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();