Netflix (NFLX) Gross Margin (2009 - 2026)

Netflix's Gross Margin history runs 18 years deep, the most recent figure standing at 93.12% for Q1 2026.

• In Q1 2026, Gross Margin fell 35.0% year-over-year to 93.12%; the TTM figure through Mar 2026 stood at 113.86% (up 5555.0% YoY), while the FY2025 annual figure was 92.69%, up 4664.0% from the prior year.
• Gross Margin was 93.12% for Q1 2026 at Netflix, down from 211.62% in the prior quarter.
• In the past five years, Gross Margin ranged from a high of 233.03% in Q4 2023 to a low of 31.18% in Q4 2022.
• Historically, Gross Margin has averaged 84.65% across 5 years, with a median of 92.34% in 2023.
• The sharpest annual moves came in 2023 and 2024: Gross Margin jumped 20185 bps in 2023, then sank 18931 bps in 2024.
• A 5-year view of Gross Margin shows it stood at 31.18% in 2022, then surged by 647 bps to 233.03% in 2023, then plunged by 81 bps to 43.71% in 2024, then soared by 384 bps to 211.62% in 2025, then sank 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.