Netflix annual ebitda margin
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Netflix EBITDA Margin Growth & History (NFLX)
Netflix's ebitda margin was 30.23% for fiscal 2025.
View full Netflix company overviewNetflix annual ebitda margin history
| Fiscal year | Period ended | EBITDA margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 30.23% | +2.68 pp |
| 2024 | 2024-12-31 | 27.55% | +5.88 pp |
| 2023 | 2023-12-31 | 21.68% | +2.80 pp |
| 2022 | 2022-12-31 | 18.88% | −2.68 pp |
| 2021 | 2021-12-31 | 21.56% | +2.75 pp |
| 2020 | 2020-12-31 | 18.81% | +5.37 pp |
| 2019 | 2019-12-31 | 13.43% | +2.74 pp |
| 2018 | 2018-12-31 | 10.69% | +2.90 pp |
| 2017 | 2017-12-31 | 7.79% | +2.84 pp |
| 2016 | 2016-12-31 | 4.95% | −0.48 pp |
| 2015 | 2015-12-31 | 5.43% | −2.87 pp |
| 2014 | 2014-12-31 | 8.30% | +1.97 pp |
| 2013 | 2013-12-31 | 6.33% | +3.68 pp |
| 2012 | 2012-12-31 | 2.64% | −10.46 pp |
| 2011 | 2011-12-31 | 13.10% | −1.78 pp |
| 2010 | 2010-12-31 | 14.88% | +1.11 pp |
| 2009 | 2009-12-31 | 13.77% | +2.49 pp |
| 2008 | 2008-12-31 | 11.28% | +1.82 pp |
| 2007 | 2007-12-31 | 9.46% | — |
Netflix quarterly ebitda margin
Q2.08
Q3.08
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q2.10
Q3.10
Q4.10
Q1.11
Q2.11
Q3.11
Q4.11
Q1.12
Q2.12
Q3.12
Q4.12
Q1.13
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 | EBITDA margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 34.18% | −0.61 pp |
| Q1 2026 | 2026-03-31 | 33.11% | +0.60 pp |
| Q4 2025 | 2025-12-31 | 25.25% | +2.29 pp |
| Q3 2025 | 2025-09-30 | 28.98% | −1.46 pp |
| Q2 2025 | 2025-06-30 | 34.79% | +6.71 pp |
| Q1 2025 | 2025-03-31 | 32.51% | +3.48 pp |
| Q4 2024 | 2024-12-31 | 22.96% | +5.04 pp |
| Q3 2024 | 2024-09-30 | 30.44% | +6.94 pp |
| Q2 2024 | 2024-06-30 | 28.08% | +4.67 pp |
| Q1 2024 | 2024-03-31 | 29.02% | +6.91 pp |
| Q4 2023 | 2023-12-31 | 17.92% | +9.73 pp |
| Q3 2023 | 2023-09-30 | 23.50% | +3.08 pp |
| Q2 2023 | 2023-06-30 | 23.41% | +2.56 pp |
| Q1 2023 | 2023-03-31 | 22.11% | −3.90 pp |
| Q4 2022 | 2022-12-31 | 8.19% | −0.83 pp |
| Q3 2022 | 2022-09-30 | 20.42% | −3.98 pp |
| Q2 2022 | 2022-06-30 | 20.85% | −4.84 pp |
| Q1 2022 | 2022-03-31 | 26.01% | −1.85 pp |
| Q4 2021 | 2021-12-31 | 9.02% | −5.82 pp |
| Q3 2021 | 2021-09-30 | 24.39% | +3.52 pp |
| Q2 2021 | 2021-06-30 | 25.69% | +3.17 pp |
| Q1 2021 | 2021-03-31 | 27.86% | +10.75 pp |
| Q4 2020 | 2020-12-31 | 14.84% | +5.95 pp |
| Q3 2020 | 2020-09-30 | 20.88% | +1.68 pp |
| Q2 2020 | 2020-06-30 | 22.52% | +7.65 pp |
| Q1 2020 | 2020-03-31 | 17.11% | +6.43 pp |
| Q4 2019 | 2019-12-31 | 8.90% | +3.19 pp |
| Q3 2019 | 2019-09-30 | 19.20% | +6.65 pp |
| Q2 2019 | 2019-06-30 | 14.87% | +2.53 pp |
| Q1 2019 | 2019-03-31 | 10.68% | −1.91 pp |
| Q4 2018 | 2018-12-31 | 5.71% | −2.34 pp |
| Q3 2018 | 2018-09-30 | 12.55% | +4.91 pp |
| Q2 2018 | 2018-06-30 | 12.33% | +7.08 pp |
| Q1 2018 | 2018-03-31 | 12.58% | +2.27 pp |
| Q4 2017 | 2017-12-31 | 8.05% | +1.26 pp |
| Q3 2017 | 2017-09-30 | 7.63% | +2.37 pp |
| Q2 2017 | 2017-06-30 | 5.25% | +1.24 pp |
| Q1 2017 | 2017-03-31 | 10.32% | +7.03 pp |
| Q4 2016 | 2016-12-31 | 6.79% | +2.65 pp |
| Q3 2016 | 2016-09-30 | 5.26% | +0.10 pp |
| Q2 2016 | 2016-06-30 | 4.01% | −1.48 pp |
| Q1 2016 | 2016-03-31 | 3.28% | −3.88 pp |
| Q4 2015 | 2015-12-31 | 4.13% | −1.21 pp |
| Q3 2015 | 2015-09-30 | 5.16% | −3.69 pp |
| Q2 2015 | 2015-06-30 | 5.50% | −5.14 pp |
| Q1 2015 | 2015-03-31 | 7.16% | −1.50 pp |
| Q4 2014 | 2014-12-31 | 5.34% | −2.75 pp |
| Q3 2014 | 2014-09-30 | 8.85% | +2.65 pp |
| Q2 2014 | 2014-06-30 | 10.64% | +4.17 pp |
| Q1 2014 | 2014-03-31 | 8.66% | +4.37 pp |
| Q4 2013 | 2013-12-31 | 8.09% | +4.75 pp |
| Q3 2013 | 2013-09-30 | 6.20% | +3.19 pp |
| Q2 2013 | 2013-06-30 | 6.47% | +3.41 pp |
| Q1 2013 | 2013-03-31 | 4.28% | +3.20 pp |
| Q4 2012 | 2012-12-31 | 3.34% | −5.07 pp |
| Q3 2012 | 2012-09-30 | 3.01% | −10.22 pp |
| Q2 2012 | 2012-06-30 | 3.06% | −12.83 pp |
| Q1 2012 | 2012-03-31 | 1.08% | −14.52 pp |
| Q4 2011 | 2011-12-31 | 8.42% | −6.30 pp |
| Q3 2011 | 2011-09-30 | 13.23% | −0.90 pp |
| Q2 2011 | 2011-06-30 | 15.89% | −0.78 pp |
| Q1 2011 | 2011-03-31 | 15.60% | +1.58 pp |
| Q4 2010 | 2010-12-31 | 14.72% | +0.41 pp |
| Q3 2010 | 2010-09-30 | 14.13% | +0.20 pp |
| Q2 2010 | 2010-06-30 | 16.67% | +1.54 pp |
| Q1 2010 | 2010-03-31 | 14.02% | +2.44 pp |
| Q4 2009 | 2009-12-31 | 14.30% | — |
| Q3 2009 | 2009-09-30 | 13.93% | +1.42 pp |
| Q2 2009 | 2009-06-30 | 15.13% | +2.57 pp |
| Q1 2009 | 2009-03-31 | 11.58% | — |
| Q3 2008 | 2008-09-30 | 12.52% | — |
| Q2 2008 | 2008-06-30 | 12.56% | — |
Netflix ebitda margin trends
Over the last five fiscal years, Netflix's ebitda margin increased from 18.81% to 30.23%, a change of +11.43 percentage points. The latest reported quarter, Q2 2026, shows 34.18%.
About the metric
What EBITDA margin means
EBITDA margin measures EBITDA as a percentage of revenue. It can help compare operating profitability over time, but it excludes capital intensity, financing costs, taxes, and other items and is generally unsuitable for financial companies.
Calculation and source
How EBITDA margin is calculated
TickerStat calculates EBITDA margin as EBITDA divided by positive reported revenue for the same fiscal period. Changes are shown in percentage points. 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, ...
