Netflix annual debt-to-ebitda ratio
2008
2009
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Netflix Debt-to-EBITDA Ratio Growth & History (NFLX)
Netflix's debt-to-ebitda ratio was 1.24 for fiscal 2025.
View full Netflix company overviewNetflix annual debt-to-ebitda ratio history
| Fiscal year | Period ended | Debt-to-EBITDA ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 1.24 | −0.43 | −25.78% |
| 2024 | 2024-12-31 | 1.67 | −0.65 | −27.87% |
| 2023 | 2023-12-31 | 2.32 | −0.51 | −18.15% |
| 2022 | 2022-12-31 | 2.84 | 0.01 | +0.24% |
| 2021 | 2021-12-31 | 2.83 | −1.11 | −28.14% |
| 2020 | 2020-12-31 | 3.94 | −2.11 | −34.88% |
| 2019 | 2019-12-31 | 6.05 | −0.09 | −1.46% |
| 2018 | 2018-12-31 | 6.14 | −1.00 | −14.03% |
| 2017 | 2017-12-31 | 7.14 | −0.56 | −7.22% |
| 2016 | 2016-12-31 | 7.69 | 1.25 | +19.42% |
| 2015 | 2015-12-31 | 6.44 | 4.50 | +232.10% |
| 2014 | 2014-12-31 | 1.94 | 0.13 | +7.36% |
| 2013 | 2013-12-31 | 1.81 | −0.29 | −13.76% |
| 2012 | 2012-12-31 | 2.10 | — | — |
| 2009 | 2009-12-31 | 0.87 | 0.87 | — |
| 2008 | 2008-12-31 | 0.00 | — | — |
Netflix quarterly debt-to-ebitda ratio
Q4.09
Q1.10
Q4.12
Q2.13
Q3.13
Q4.13
Q1.14
Q2.14
Q3.14
Q4.14
Q1.15
Q2.15
Q3.15
Q4.15
Q1.16
Q2.16
Q3.16
Q4.16
Q1.17
Q2.17
Q3.17
Q4.17
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Debt-to-EBITDA ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 1.13 | −0.21 | −15.77% |
| Q1 2026 | 2026-03-31 | 1.17 | −0.35 | −22.97% |
| Q4 2025 | 2025-12-31 | 1.24 | −0.43 | −25.78% |
| Q3 2025 | 2025-09-30 | 1.32 | −0.54 | −29.00% |
| Q2 2025 | 2025-06-30 | 1.34 | −0.50 | −26.99% |
| Q1 2025 | 2025-03-31 | 1.52 | −0.49 | −24.21% |
| Q4 2024 | 2024-12-31 | 1.67 | −0.65 | −27.87% |
| Q3 2024 | 2024-09-30 | 1.86 | −0.78 | −29.49% |
| Q2 2024 | 2024-06-30 | 1.84 | −1.00 | −35.32% |
| Q1 2024 | 2024-03-31 | 2.01 | −0.95 | −32.19% |
| Q4 2023 | 2023-12-31 | 2.32 | −0.51 | −18.15% |
| Q3 2023 | 2023-09-30 | 2.63 | −0.10 | −3.58% |
| Q2 2023 | 2023-06-30 | 2.84 | 0.13 | +4.64% |
| Q1 2023 | 2023-03-31 | 2.96 | 0.28 | +10.43% |
| Q4 2022 | 2022-12-31 | 2.84 | 0.01 | +0.24% |
| Q3 2022 | 2022-09-30 | 2.73 | 0.04 | +1.43% |
| Q2 2022 | 2022-06-30 | 2.71 | −0.17 | −6.03% |
| Q1 2022 | 2022-03-31 | 2.68 | −0.43 | −13.72% |
| Q4 2021 | 2021-12-31 | 2.83 | −1.11 | −28.14% |
| Q3 2021 | 2021-09-30 | 2.69 | −1.63 | −37.69% |
| Q2 2021 | 2021-06-30 | 2.89 | −1.69 | −36.95% |
| Q1 2021 | 2021-03-31 | 3.11 | −1.96 | −38.65% |
| Q4 2020 | 2020-12-31 | 3.94 | −2.11 | −34.88% |
| Q3 2020 | 2020-09-30 | 4.32 | −1.19 | −21.54% |
| Q2 2020 | 2020-06-30 | 4.58 | −2.41 | −34.50% |
| Q1 2020 | 2020-03-31 | 5.06 | −1.50 | −22.84% |
| Q4 2019 | 2019-12-31 | 6.05 | −0.09 | −1.46% |
| Q3 2019 | 2019-09-30 | 5.50 | 0.64 | +13.12% |
| Q2 2019 | 2019-06-30 | 7.00 | 1.20 | +20.73% |
| Q1 2019 | 2019-03-31 | 6.56 | 0.64 | +10.77% |
| Q4 2018 | 2018-12-31 | 6.14 | −1.00 | −14.03% |
| Q3 2018 | 2018-09-30 | 4.86 | −1.14 | −18.97% |
| Q2 2018 | 2018-06-30 | 5.79 | −1.05 | −15.32% |
| Q1 2018 | 2018-03-31 | 5.92 | 0.71 | +13.56% |
| Q4 2017 | 2017-12-31 | 7.14 | −0.56 | −7.22% |
| Q3 2017 | 2017-09-30 | 6.00 | −0.89 | −12.86% |
| Q2 2017 | 2017-06-30 | 6.84 | −0.72 | −9.52% |
| Q1 2017 | 2017-03-31 | 5.22 | −2.20 | −29.68% |
| Q4 2016 | 2016-12-31 | 7.69 | 1.25 | +19.42% |
| Q3 2016 | 2016-09-30 | 6.89 | 0.44 | +6.81% |
| Q2 2016 | 2016-06-30 | 7.56 | 1.67 | +28.29% |
| Q1 2016 | 2016-03-31 | 7.42 | 2.19 | +41.99% |
| Q4 2015 | 2015-12-31 | 6.44 | 4.50 | +232.10% |
| Q3 2015 | 2015-09-30 | 6.45 | 4.55 | +238.60% |
| Q2 2015 | 2015-06-30 | 5.89 | 3.73 | +172.63% |
| Q1 2015 | 2015-03-31 | 5.23 | 2.60 | +99.03% |
| Q4 2014 | 2014-12-31 | 1.94 | 0.13 | +7.36% |
| Q3 2014 | 2014-09-30 | 1.90 | −0.44 | −18.78% |
| Q2 2014 | 2014-06-30 | 2.16 | −0.75 | −25.68% |
| Q1 2014 | 2014-03-31 | 2.63 | — | — |
| Q4 2013 | 2013-12-31 | 1.81 | −0.29 | −13.76% |
| Q3 2013 | 2013-09-30 | 2.35 | — | — |
| Q2 2013 | 2013-06-30 | 2.91 | — | — |
| Q4 2012 | 2012-12-31 | 2.10 | — | — |
| Q1 2010 | 2010-03-31 | 0.79 | — | — |
| Q4 2009 | 2009-12-31 | 0.87 | — | — |
Netflix debt-to-ebitda ratio trends
Over the last five fiscal years, Netflix's debt-to-ebitda ratio decreased from 3.94 to 1.24, a change of −2.69. The latest reported quarter, Q2 2026, shows 1.13.
About the metric
What the debt-to-EBITDA ratio means
Debt-to-EBITDA compares interest-bearing debt with operating earnings before interest, taxes, depreciation, and amortization. It is commonly used to assess leverage, but it is generally unsuitable for banks and other financial companies.
Calculation and source
How debt-to-EBITDA is calculated
TickerStat divides period-end total debt by annual EBITDA. Quarterly observations use trailing-12-month EBITDA. Periods with zero or negative EBITDA are excluded because the leverage multiple would not be meaningful. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Netflix source filings ↗Community posts
Netflix grows profit faster than sales but flags expense-timing benefits
Netflix ($NFLX) reported quarterly revenue of $12.874 billion, an increase of 11.8%, and operating income of $4.459 billion, up 37%. Operating margin reached 34.6%, compared with 28.2% a year earlier. Net income rose 44% to $3.664 billion, ...
