Netflix (NFLX) Operating Margin (2009 - 2026)
Netflix (NFLX) recorded Operating Margin of 33.38% in Q2 2026, down 0.69 percentage points from 34.07% a year earlier but up 1.08 percentage points from the prior quarter.
Powered by 
Analysis
Netflix (NFLX) Operating Margin (2009 - 2026) Analysis & Trends
On a TTM basis, Netflix's Operating Margin came in at 29.68% as of Jun 30, 2026, up 0.17 percentage points year-over-year; for FY2025, it came in at 29.49%, up 2.78 percentage points from FY2024.
- Annual Operating Margin has increased for three straight years, with a five-year change of +11.15 percentage points (FY2020 to FY2025).
- Across earlier years, Operating Margin came in at 26.71% in FY2024 (+6.09 pp), 20.62% in FY2023 (+2.80 pp), 17.82% in FY2022 (-3.04 pp) and 20.86% in FY2021 (+2.51 pp).
- Quarterly Operating Margin has ranged from 7.00% in Q4 2022 to 34.07% in Q2 2025 over the past five years.
- On a year-over-year basis, Operating Margin rose in six of the last eight quarters, with an average year-over-year change of +2.97 percentage points.
- Peak year-over-year performance for Operating Margin in the last five years was a gain of 9.93 percentage points in Q4 2023, against a drop of 6.17 percentage points in Q4 2021 at the low end.
- Per Business Quant, the preceding three quarters came in at 32.30% (Q1 2026), 24.54% (Q4 2025) and 28.22% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,164.76 Bn | 3,922.28 Bn | 73.85 Bn | 34.03% |
| 2 | Meta Platforms | 1,823.40 Bn | 1,525.92 Bn | 49.47 Bn | 30.88% |
| 3 | Netflix | 288.27 Bn | 248.47 Bn | 6.52 Bn | 33.38% |
| 4 | Alibaba Group Holding | 252.72 Bn | 70.58 Bn | 15.11 Bn | 5.64% |
| 5 | Shopify | 186.52 Bn | 163.71 Bn | 1.71 Bn | 13.62% |
| 6 | Uber Technologies | 139.11 Bn | 111.09 Bn | 6.38 Bn | 13.32% |
| 7 | Booking Holdings | 123.13 Bn | 56.18 Bn | - | 34.00% |
| 8 | PDD Holdings | 111.72 Bn | -140.21 Bn | 9.45 Bn | 24.71% |
| 9 | AppLovin | 103.35 Bn | 93.38 Bn | 1.70 Bn | 77.68% |
| 10 | Spotify Technology | 102.35 Bn | 59.59 Bn | 1.86 Bn | 13.71% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 33.38% |
| Mar 31, 2026 | 32.30% |
| Dec 31, 2025 | 24.54% |
| Sep 30, 2025 | 28.22% |
| Jun 30, 2025 | 34.07% |
| Mar 31, 2025 | 31.75% |
| Dec 31, 2024 | 22.18% |
| Sep 30, 2024 | 29.61% |
| Jun 30, 2024 | 27.23% |
| Mar 31, 2024 | 28.09% |
| Dec 31, 2023 | 16.94% |
| Sep 30, 2023 | 22.44% |
| Jun 30, 2023 | 22.32% |
| Mar 31, 2023 | 21.00% |
| Dec 31, 2022 | 7.00% |
| Sep 30, 2022 | 19.34% |
| Jun 30, 2022 | 19.80% |
| Mar 31, 2022 | 25.06% |
| Dec 31, 2021 | 8.19% |
| Sep 30, 2021 | 23.46% |
API Access
Netflix Operating 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=operating-margin&ticker=NFLX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=NFLX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();