Netflix (NFLX) Gross Margin (2009 - 2026)
Netflix (NFLX) recorded Gross Margin of 52.78% in Q3 2026, up 6.34 percentage points from 46.45% a year earlier and up 0.85 percentage points from the prior quarter.
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Analysis
Netflix (NFLX) Gross Margin (2009 - 2026) Analysis & Trends
On a TTM basis, Netflix's Gross Margin came in at 50.68% as of Sep 30, 2026, up 2.60 percentage points year-over-year; for FY2025, it was 48.49%, up 2.43 percentage points from FY2024.
- Annual Gross Margin has increased for three straight years, with a five-year change of +9.60 percentage points (FY2020 to FY2025).
- Across earlier years, Gross Margin came in at 46.06% in FY2024 (+4.52 pp), 41.54% in FY2023 (+2.17 pp), 39.37% in FY2022 (-2.27 pp) and 41.64% in FY2021 (+2.75 pp).
- The Q3 2026 figure is the highest quarterly Gross Margin in data going back to Q1 2009.
- On a year-over-year basis, Gross Margin rose in six of the last eight quarters, with an average year-over-year change of +2.75 percentage points.
- Peak year-over-year performance for Gross Margin in the last five years was a gain of 8.74 percentage points in Q4 2023, against a drop of 5.28 percentage points in Q4 2021 at the low end.
- Per Business Quant, the preceding three quarters came in at 51.93% (Q2 2026), 51.93% (Q1 2026) and 45.87% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn | 59.70% |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn | 79.31% |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn | 52.78% |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn | 38.24% |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn | 47.59% |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn | 43.46% |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn | 88.98% |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn | 32.98% |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - | - |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn | 57.26% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 52.78% |
| 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 | 42.27% |
| Jun 30, 2023 | 42.92% |
| Mar 31, 2023 | 41.14% |
| Dec 31, 2022 | 31.18% |
| Sep 30, 2022 | 39.58% |
| Jun 30, 2022 | 41.15% |
| Mar 31, 2022 | 45.54% |
| Dec 31, 2021 | 32.04% |
API Access
Netflix Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=NFLX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "NFLX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=NFLX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();