Netflix (NFLX) FCF Margin (2009 - 2026)
Netflix (NFLX) posted FCF Margin of 12.14% for Q2 2026, down 70.8% on a QoQ basis from 41.59% in Q1 2026, and down 832.0% year-over-year from 1.66% in Q2 2025.
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Netflix (NFLX) FCF Margin (2009 - 2026) Analysis & Trends
Netflix has reported FCF Margin for 18 years, with the latest figure at 12.14% in Q2 2026.
- On a quarterly basis, FCF Margin fell 832.0% year-over-year to 12.14% in Q2 2026; TTM through Jun 2026 was 23.06%, a 267.0% increase from a year earlier, with the FY2025 full-year figure at 20.94%, up 319.0% from the prior year.
- FCF Margin was 12.14% for Q2 2026 at Netflix, down from 41.59% in the prior quarter.
- The five-year high for FCF Margin was 41.59% in Q1 2026, with the low at 0.16% in Q2 2022.
- Average FCF Margin over 5 years is 17.34%, with a median of 17.13% recorded in 2023.
- The largest YoY upside for FCF Margin was 1635 bps in 2026 against a maximum downside of 832 bps in 2026.
- Over 5 years, FCF Margin stood at 4.23% in 2022, then jumped by 323 bps to 17.9% in 2023, then decreased by 25 bps to 13.45% in 2024, then advanced by 16 bps to 15.54% in 2025, then slipped by 22 bps to 12.14% in 2026.
- The last three FCF Margin figures came in at 12.14% (Q2 2026), 41.59% (Q1 2026), and 15.54% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Netflix | 321.15 Bn | 312.02 Bn | 6.52 Bn | 12.14% |
| 2 | Spotify Technology | 108.56 Bn | 97.65 Bn | 1.86 Bn | 17.50% |
| 3 | Tencent Music Entertainment | 12.38 Bn | 8.87 Bn | 582.00 Mn | - |
| 4 | Huya | 485.14 Mn | 124.88 Mn | 37.58 Mn | - |
| 5 | iQIYI | 427.67 Mn | -43.23 Mn | 152.37 Mn | 5.72% |
| 6 | FuboTV | 324.08 Mn | -128.33 Mn | 399.10 Mn | -83.86% |
| 7 | Kaltura | 221.37 Mn | 190.08 Mn | 34.54 Mn | -5.45% |
| 8 | CuriosityStream | 157.45 Mn | 109.05 Mn | 16.93 Mn | - |
| 9 | Cineverse | 47.34 Mn | 43.02 Mn | 10.66 Mn | -4.16% |
| 10 | LiveOne | 46.60 Mn | 37.94 Mn | 3.94 Mn | -15.24% |
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% |