Netflix (NFLX) Operating Margin (2009 - 2026)

Netflix (NFLX) has reported Operating Margin for 18 consecutive years, with 32.3% the latest figure, recorded in Q1 2026.

• In Q1 2026, Operating Margin rose 56.0% year-over-year to 32.3%; the TTM figure through Mar 2026 stood at 29.72% (up 201.0% YoY), while the FY2025 annual figure was 29.49%, up 278.0% from the prior year.
• Operating Margin came in at 32.3% for Q1 2026 at Netflix, up from 24.54% in the prior quarter.
• The five-year high for Operating Margin was 34.07% in Q2 2025, with the low at 7.0% in Q4 2022.
• Average Operating Margin over 5 years is 24.23%, with a median of 24.54% recorded in 2025.
• Across the five-year window, Operating Margin sank 536 bps in 2022 and jumped 993 bps in 2023, its largest moves.
• Year by year, Operating Margin stood at 7.0% in 2022, then jumped by 142 bps to 16.94% in 2023, then jumped by 31 bps to 22.18% in 2024, then climbed by 11 bps to 24.54% in 2025, then surged by 32 bps to 32.3% in 2026.
• According to Business Quant data, Operating Margin over the past three periods registered 32.3%, 24.54%, and 28.22% for Q1 2026, Q4 2025, and Q3 2025 respectively.