Netflix (NFLX) Return on Invested Capital [ROIC] (2009 - 2026)
Netflix's Return on Invested Capital [ROIC] was 26.42% in Q2 2026, down 1.10 percentage points from 27.52% a year earlier and down 0.40 percentage points from the prior quarter.
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Analysis
Netflix (NFLX) Return on Invested Capital [ROIC] (2009 - 2026) Analysis & Trends
For FY2025, Return on Invested Capital [ROIC] at Netflix came in at 28.26%, up 4.12 percentage points from FY2024.
- Return on Invested Capital [ROIC] has now increased for three consecutive years, with a five-year change of +12.34 percentage points (FY2020 to FY2025).
- In earlier years, Return on Invested Capital [ROIC] was 24.14% in FY2024 (+6.89 pp), 17.25% in FY2023 (+2.77 pp), 14.48% in FY2022 (-4.03 pp) and 18.52% in FY2021 (+2.59 pp).
- The Q2 2026 figure marks the lowest quarterly Return on Invested Capital [ROIC] since Q1 2025.
- Compared with a year earlier, Return on Invested Capital [ROIC] was higher in seven of the last eight quarters, with an average year-over-year change of +4.61 percentage points.
- The best year-over-year quarter for Return on Invested Capital [ROIC] over five years was Q3 2024 (a gain of 7.86 percentage points); the worst was Q3 2022 (a drop of 4.10 percentage points).
- Per Business Quant data, NFLX's Return on Invested Capital [ROIC] in the three quarters before Q2 2026 was 26.82% (Q1 2026), 28.23% (Q4 2025) and 27.33% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,173.87 Bn | 3,931.39 Bn | 73.85 Bn | 18.61% |
| 2 | Meta Platforms | 1,849.67 Bn | 1,552.19 Bn | 49.47 Bn | 20.90% |
| 3 | Netflix | 279.23 Bn | 239.43 Bn | 6.52 Bn | 26.42% |
| 4 | Alibaba Group Holding | 245.86 Bn | 63.73 Bn | 15.11 Bn | 2.33% |
| 5 | Shopify | 196.08 Bn | 173.27 Bn | 1.71 Bn | - |
| 6 | Uber Technologies | 138.90 Bn | 110.88 Bn | 6.38 Bn | 17.38% |
| 7 | Booking Holdings | 119.48 Bn | 52.53 Bn | - | 75.49% |
| 8 | PDD Holdings | 107.30 Bn | -144.64 Bn | 9.45 Bn | - |
| 9 | Spotify Technology | 97.33 Bn | 54.56 Bn | 1.86 Bn | - |
| 10 | Airbnb | 95.83 Bn | 49.06 Bn | 2.98 Bn | 21.49% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 26.42% |
| Mar 31, 2026 | 26.82% |
| Dec 31, 2025 | 28.23% |
| Sep 30, 2025 | 27.33% |
| Jun 30, 2025 | 27.52% |
| Mar 31, 2025 | 24.61% |
| Dec 31, 2024 | 23.05% |
| Sep 30, 2024 | 22.34% |
| Jun 30, 2024 | 20.97% |
| Mar 31, 2024 | 19.55% |
| Dec 31, 2023 | 16.94% |
| Sep 30, 2023 | 14.47% |
| Jun 30, 2023 | 13.50% |
| Mar 31, 2023 | 13.30% |
| Dec 31, 2022 | 13.82% |
| Sep 30, 2022 | 14.74% |
| Jun 30, 2022 | 15.91% |
| Mar 31, 2022 | 16.97% |
| Dec 31, 2021 | 17.49% |
| Sep 30, 2021 | 18.84% |
API Access
Netflix Return on Invested Capital [ROIC] 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=return-on-invested-capital-%5Broic%5D&ticker=NFLX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "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=return-on-invested-capital-%5Broic%5D&ticker=NFLX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();