Netflix (NFLX) Operating Margin (2009 - 2026)

Netflix has reported Operating Margin for 18 years, with the latest figure at 33.38% in Q2 2026.

• On a quarterly basis, Operating Margin fell 69.0% year-over-year to 33.38% in Q2 2026; TTM through Jun 2026 was 29.68%, a 17.0% increase from a year earlier, with the FY2025 full-year figure at 29.49%, up 278.0% from the prior year.
• Operating Margin was 33.38% for Q2 2026 at Netflix, up from 32.3% 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 24.74%, with a median of 24.8% recorded in 2022.
• The sharpest annual moves came in 2022 and 2023: Operating Margin tumbled 536 bps in 2022, then surged 993 bps in 2023.
• Over 5 years, Operating Margin stood at 7.0% in 2022, then surged by 142 bps to 16.94% in 2023, then surged by 31 bps to 22.18% in 2024, then gained by 11 bps to 24.54% in 2025, then jumped by 36 bps to 33.38% in 2026.
• The last three Operating Margin figures came in at 33.38% (Q2 2026), 32.3% (Q1 2026), and 24.54% (Q4 2025), per Business Quant data.