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Asset Utilization RatioAssets AverageDebt RatioDebt to EquityEBIT MarginEBITDA MarginEBT MarginEnterprise ValueEquity AverageEquity RatioFCF MarginGross MarginInterest Coverage RatioInvested CapitalNet MarginOperating MarginReturn on AssetsReturn on Capital EmployedReturn on EquityReturn on Invested CapitalReturn on SalesTimes Interest Earned

Netflix (NFLX) Operating Margin (2016 - 2025)

Netflix has reported Operating Margin over the past 17 years, most recently at 24.54% for Q4 2025.

  • Quarterly results put Operating Margin at 24.54% for Q4 2025, up 235.0% from a year ago — trailing twelve months through Dec 2025 was 29.49% (up 278.0% YoY), and the annual figure for FY2025 was 29.49%, up 278.0%.
  • Operating Margin for Q4 2025 was 24.54% at Netflix, down from 28.22% in the prior quarter.
  • Over the last five years, Operating Margin for NFLX hit a ceiling of 34.07% in Q2 2025 and a floor of 7.0% in Q4 2022.
  • Median Operating Margin over the past 5 years was 24.0% (2021), compared with a mean of 23.19%.
  • Peak annual rise in Operating Margin hit 1075bps in 2021, while the deepest fall reached -617bps in 2021.
  • Netflix's Operating Margin stood at 8.19% in 2021, then decreased by -15bps to 7.0% in 2022, then surged by 142bps to 16.94% in 2023, then surged by 31bps to 22.18% in 2024, then grew by 11bps to 24.54% in 2025.
  • The last three reported values for Operating Margin were 24.54% (Q4 2025), 28.22% (Q3 2025), and 34.07% (Q2 2025) per Business Quant data.