Netflix (NFLX) Gross Margin (2009 - 2026)

Netflix (NFLX) has reported Gross Margin for 18 consecutive years, with 93.12% the latest figure, recorded in 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 came in at 93.12% for Q1 2026 at Netflix, 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.
• Across the five-year window, Gross Margin jumped 20185 bps in 2023 and slumped 18931 bps in 2024, its largest moves.
• Year by year, Gross Margin stood at 31.18% in 2022, then surged by 647 bps to 233.03% in 2023, then sank by 81 bps to 43.71% in 2024, then soared by 384 bps to 211.62% in 2025, then slumped by 56 bps to 93.12% in 2026.
• According to Business Quant data, Gross Margin over the past three periods registered 93.12%, 211.62%, and 93.17% for Q1 2026, Q4 2025, and Q3 2025 respectively.