Netflix (NFLX) Net Margin (2009 - 2026)
Netflix (NFLX) reported Net Margin of 28.46% for Q3 2026, up 6.33 percentage points from 22.13% a year earlier and up 1.38 percentage points from the prior quarter.
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Analysis
Netflix (NFLX) Net Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Netflix's Net Margin came in at 29.69%, up 5.64 percentage points year-over-year; for FY2025, it came in at 24.30%, up 1.97 percentage points from FY2024.
- Net Margin has increased for three consecutive years, with a five-year change of +13.26 percentage points (FY2020 to FY2025).
- By year, Net Margin came in at 22.34% in FY2024 (+6.30 pp), 16.04% in FY2023 (+1.83 pp), 14.21% in FY2022 (-3.02 pp) and 17.23% in FY2021 (+6.18 pp).
- Five-year quarterly Net Margin spans a low of 0.70% in Q4 2022 and a high of 43.13% in Q1 2026.
- Year over year, Net Margin gained in six of the last eight quarters, with an average year-over-year change of +4.59 percentage points.
- The high point for year-over-year Net Margin in five years was Q1 2026 (a gain of 15.71 percentage points); the low point was Q4 2022 (a drop of 7.18 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at 27.08% (Q2 2026), 43.13% (Q1 2026) and 20.07% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn | 20.51% |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn | 15.26% |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn | 28.46% |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn | 3.92% |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn | 12.35% |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn | 3.47% |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn | 65.86% |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn | 10.42% |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - | 30.55% |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn | 25.36% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 28.46% |
| Jun 30, 2026 | 27.08% |
| Mar 31, 2026 | 43.13% |
| Dec 31, 2025 | 20.07% |
| Sep 30, 2025 | 22.13% |
| Jun 30, 2025 | 28.21% |
| Mar 31, 2025 | 27.42% |
| Dec 31, 2024 | 18.24% |
| Sep 30, 2024 | 24.06% |
| Jun 30, 2024 | 22.46% |
| Mar 31, 2024 | 24.89% |
| Dec 31, 2023 | 10.62% |
| Sep 30, 2023 | 19.64% |
| Jun 30, 2023 | 18.17% |
| Mar 31, 2023 | 15.99% |
| Dec 31, 2022 | 0.70% |
| Sep 30, 2022 | 17.64% |
| Jun 30, 2022 | 18.08% |
| Mar 31, 2022 | 20.30% |
| Dec 31, 2021 | 7.88% |
API Access
Netflix Net 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=net-margin&ticker=NFLX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-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=net-margin&ticker=NFLX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();