Netflix (NFLX) Gross Margin (2009 - 2026)
Netflix (NFLX) posted quarterly Gross Margin of 51.93% for Q2 2026, little changed year-over-year from 51.93% in Q2 2025, and little changed quarter-over-quarter from 51.93% in Q1 2026.
Netflix (NFLX) Gross Margin (2009 - 2026) Analysis & Trends
Netflix's Gross Margin history runs 18 years deep, the most recent figure standing at 51.93% for Q2 2026.
- In Q2 2026, Gross Margin changed 0.0% year-over-year to 51.93%; the TTM figure through Jun 2026 stood at 49.12% (up 63.0% YoY), while the FY2025 annual figure was 48.49%, up 243.0% from the prior year.
- Gross Margin for Q2 2026 stood at 51.93%, roughly flat from 51.93% in the prior quarter.
- The five-year high for Gross Margin was 93.46% in Q3 2023, with the low at 31.18% in Q4 2022.
- The 5-year median for Gross Margin is 46.67% (2024), against an average of 53.14%.
- The sharpest annual moves came in 2022 and 2023: Gross Margin tumbled 5192 bps in 2022, then soared 5388 bps in 2023.
- Netflix's Gross Margin stood at 31.18% in 2022, then gained by 28 bps to 39.91% in 2023, then climbed by 10 bps to 43.71% in 2024, then advanced by 5 bps to 45.87% in 2025, then advanced by 13 bps to 51.93% in 2026.
- Business Quant data shows NFLX's Gross Margin at 51.93% in Q2 2026, 51.93% in Q1 2026, and 45.87% in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Netflix | 325.80 Bn | 316.67 Bn | 6.52 Bn | 51.93% |
| 2 | Walt Disney | 180.88 Bn | 175.70 Bn | 11.57 Bn | 45.84% |
| 3 | Warner Bros. Discovery | 71.60 Bn | 68.23 Bn | 4.10 Bn | 46.99% |
| 4 | Live Nation Entertainment | 41.97 Bn | 32.90 Bn | 1.94 Bn | 25.34% |
| 5 | Fox | 26.42 Bn | 22.22 Bn | - | - |
| 6 | Liberty Media | 23.42 Bn | 21.96 Bn | 329.00 Mn | 35.22% |
| 7 | Roku | 23.35 Bn | 20.80 Bn | 673.70 Mn | 49.73% |
| 8 | News | 18.65 Bn | 16.55 Bn | - | - |
| 9 | TKO Group Holdings | 14.38 Bn | 12.83 Bn | 990.96 Mn | 64.05% |
| 10 | Paramount Skydance | 11.45 Bn | 8.18 Bn | -2.08 Bn | 35.21% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 51.93% |
| Mar 31, 2026 | 51.93% |
| Dec 31, 2025 | 45.87% |
| Sep 30, 2025 | 46.45% |
| Jun 30, 2025 | 51.93% |
| Mar 31, 2025 | 50.08% |
| Dec 31, 2024 | 43.71% |
| Sep 30, 2024 | 47.89% |
| Jun 30, 2024 | 45.87% |
| Mar 31, 2024 | 46.89% |
| Dec 31, 2023 | 39.91% |
| Sep 30, 2023 | 93.46% |
| Jun 30, 2023 | 42.92% |
| 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 | 32.04% |
| Sep 30, 2021 | 91.50% |