Netflix (NFLX) FCF Margin (2009 - 2026)
Netflix (NFLX) posted FCF Margin of 22.40% for Q3 2026, down 0.72 percentage points from 23.11% a year earlier but up 10.25 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 Sep 30, 2026, FCF Margin at Netflix was 22.87%, up 2.20 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).
- Quarterly FCF Margin has run from a low of -7.38% in Q4 2021 to a high of 41.59% in Q1 2026 over five years.
- On a year-over-year basis, FCF Margin increased in five of the last eight quarters, with an average year-over-year change of +1.99 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 Q2 2026, with a drop of 8.32 percentage points.
- According to Business Quant data, FCF Margin for the three prior quarters was 12.14% (Q2 2026), 41.59% (Q1 2026) and 15.54% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn | -7.11% |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn | -1.79% |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn | 22.40% |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn | 33.69% |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn | 21.81% |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn | 17.17% |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn | 65.40% |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn | 15.01% |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - | 12.02% |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn | 22.77% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 22.40% |
| 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% |
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();