Netflix (NFLX) Gross Margin (2009 - 2026)
Netflix's quarterly Gross Margin came in at 93.12% in Q1 2026, down 35.0% year-on-year from 143.27% in Q1 2025, and down 56.0% quarter-over-quarter from 211.62% in Q4 2025.
Netflix has reported Gross Margin for 18 years, with the latest figure at 93.12% in Q1 2026.
- For the quarter ending Q1 2026, Gross Margin fell 35.0% year-over-year to 93.12%; the trailing twelve-month figure through Mar 2026 stood at 113.86% (up 5555.0% YoY), and the FY2025 full-year result was 92.69%, up 4664.0% from the prior year.
- Gross Margin for Q1 2026 stood at 93.12%, down from 211.62% in the prior quarter.
- The five-year high for Gross Margin was 233.03% in Q4 2023, with the low at 31.18% in Q4 2022.
- Average Gross Margin over 5 years is 84.65%, with a median of 92.34% recorded in 2023.
- Year-over-year, Gross Margin soared 20185 bps in 2023 and sank 18931 bps in 2024.
- Tracing NFLX's Gross Margin over 5 years: stood at 31.18% in 2022, then soared by 647 bps to 233.03% in 2023, then tumbled by 81 bps to 43.71% in 2024, then jumped by 384 bps to 211.62% in 2025, then plunged by 56 bps to 93.12% in 2026.
- The last three Gross Margin figures came in at 93.12% (Q1 2026), 211.62% (Q4 2025), and 93.17% (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Netflix | 362.63 Bn | 350.34 Bn | 11.41 Bn | 93.12% |
| 2 | Walt Disney | 181.67 Bn | 188.27 Bn | 23.68 Bn | 94.10% |
| 3 | Warner Bros. Discovery | 67.91 Bn | 65.77 Bn | 4.25 Bn | 47.79% |
| 4 | Live Nation Entertainment | 39.56 Bn | 31.10 Bn | 1.31 Bn | 34.66% |
| 5 | Fox | 26.01 Bn | 22.51 Bn | - | - |
| 6 | Liberty Media | 21.20 Bn | 21.87 Bn | 298.00 Mn | 41.91% |
| 7 | Roku | 19.03 Bn | 16.65 Bn | 564.94 Mn | 45.24% |
| 8 | News | 16.98 Bn | 15.50 Bn | - | - |
| 9 | TKO Group Holdings | 16.11 Bn | 14.42 Bn | 862.52 Mn | 54.01% |
| 10 | Paramount Skydance | 12.11 Bn | 10.03 Bn | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 93.12% |
| Dec 31, 2025 | 211.62% |
| Sep 30, 2025 | 93.17% |
| Jun 30, 2025 | 51.93% |
| Mar 31, 2025 | 93.47% |
| Dec 31, 2024 | 43.71% |
| Sep 30, 2024 | 47.89% |
| Jun 30, 2024 | 45.87% |
| Mar 31, 2024 | 93.02% |
| Dec 31, 2023 | 233.03% |
| Sep 30, 2023 | 42.27% |
| Jun 30, 2023 | 92.34% |
| Mar 31, 2023 | 41.14% |
| Dec 31, 2022 | 31.18% |
| Sep 30, 2022 | 39.58% |
| Jun 30, 2022 | 92.79% |
| Mar 31, 2022 | 92.93% |
| Dec 31, 2021 | 89.72% |
| Sep 30, 2021 | 43.79% |
| Jun 30, 2021 | 91.77% |
| Mar 31, 2021 | 92.85% |
| Dec 31, 2020 | -107.85% |
| Sep 30, 2020 | 39.90% |
| Jun 30, 2020 | 40.74% |
| Mar 31, 2020 | 37.59% |
| Dec 31, 2019 | 215.63% |
| Sep 30, 2019 | 40.93% |
| Jun 30, 2019 | 87.75% |
| Mar 31, 2019 | 86.36% |
| Dec 31, 2018 | 82.56% |
| Sep 30, 2018 | 87.24% |
| Jun 30, 2018 | 38.51% |
| Mar 31, 2018 | 37.84% |
| Dec 31, 2017 | 32.61% |
| Sep 30, 2017 | 88.19% |
| Jun 30, 2017 | 88.83% |
| Mar 31, 2017 | 88.39% |
| Dec 31, 2016 | 87.31% |
| Sep 30, 2016 | 86.42% |
| Jun 30, 2016 | 27.54% |
| Mar 31, 2016 | 27.54% |
| Dec 31, 2015 | -118.92% |
| Sep 30, 2015 | 88.03% |
| Jun 30, 2015 | 31.80% |
| Mar 31, 2015 | 87.62% |
| Dec 31, 2014 | 31.68% |
| Sep 30, 2014 | 32.29% |
| Jun 30, 2014 | 90.99% |
| Mar 31, 2014 | 89.21% |
| Dec 31, 2013 | 89.11% |
| Sep 30, 2013 | 27.77% |
| Jun 30, 2013 | 28.87% |
| Mar 31, 2013 | 88.37% |
| Dec 31, 2012 | -143.29% |
| Sep 30, 2012 | 26.79% |
| Jun 30, 2012 | 27.64% |
| Mar 31, 2012 | 28.27% |
| Dec 31, 2011 | 34.31% |
| Sep 30, 2011 | 34.71% |
| Jun 30, 2011 | 37.87% |
| Mar 31, 2011 | 39.02% |
| Dec 31, 2010 | 34.42% |
| Sep 30, 2010 | 37.73% |
| Jun 30, 2010 | 39.41% |
| Mar 31, 2010 | 37.78% |
| Dec 31, 2009 | 38.03% |
| Sep 30, 2009 | 34.94% |
| Jun 30, 2009 | 34.09% |
| Mar 31, 2009 | 34.21% |