Netflix (NFLX) Return on Invested Capital [ROIC] (2009 - 2026)
Netflix's Return on Invested Capital [ROIC] was 29.22% in Q3 2026, up 1.89 percentage points from 27.33% a year earlier and up 2.80 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 Q3 2026 figure marks the highest quarterly Return on Invested Capital [ROIC] since Q4 2011.
- 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 +3.86 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 Q3 2026 was 26.42% (Q2 2026), 26.82% (Q1 2026) and 28.23% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn | 16.69% |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn | 21.70% |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn | 29.22% |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn | 2.39% |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn | - |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn | 12.36% |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn | 74.11% |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn | - |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - | 75.14% |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 29.22% |
| 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% |
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();