Netflix (NFLX) Operating Margin (2009 - 2026)

Netflix's Operating Margin history runs 18 years deep, the most recent figure standing at 32.3% for 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 was 32.3% for Q1 2026 at Netflix, up from 24.54% in the prior quarter.
• In the past five years, Operating Margin ranged from a high of 34.07% in Q2 2025 to a low of 7.0% in Q4 2022.
• Historically, Operating Margin has averaged 24.23% across 5 years, with a median of 24.54% in 2025.
• The sharpest annual moves came in 2022 and 2023: Operating Margin plunged 536 bps in 2022, then jumped 993 bps in 2023.
• A 5-year view of Operating Margin shows it 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 rose by 11 bps to 24.54% in 2025, then surged by 32 bps to 32.3% in 2026.
• The last three Operating Margin figures came in at 32.3% (Q1 2026), 24.54% (Q4 2025), and 28.22% (Q3 2025), per Business Quant data.