Netflix annual gross margin
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2025
Netflix Gross Margin Growth & History (NFLX)
Netflix's gross margin was 48.49% for fiscal 2025.
View full Netflix company overviewNetflix annual gross margin history
| Fiscal year | Period ended | Gross margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 48.49% | +2.43 pp |
| 2024 | 2024-12-31 | 46.06% | +4.52 pp |
| 2023 | 2023-12-31 | 41.54% | +2.17 pp |
| 2022 | 2022-12-31 | 39.37% | −2.27 pp |
| 2021 | 2021-12-31 | 41.64% | +2.75 pp |
| 2020 | 2020-12-31 | 38.89% | +0.60 pp |
| 2019 | 2019-12-31 | 38.28% | +1.39 pp |
| 2018 | 2018-12-31 | 36.89% | +5.59 pp |
| 2017 | 2017-12-31 | 31.30% | +2.16 pp |
| 2016 | 2016-12-31 | 29.14% | −3.13 pp |
| 2015 | 2015-12-31 | 32.27% | +0.45 pp |
| 2014 | 2014-12-31 | 31.83% | +3.08 pp |
| 2013 | 2013-12-31 | 28.74% | +2.22 pp |
| 2012 | 2012-12-31 | 26.52% | −9.82 pp |
| 2011 | 2011-12-31 | 36.34% | −0.89 pp |
| 2010 | 2010-12-31 | 37.24% | +1.85 pp |
| 2009 | 2009-12-31 | 35.38% | +2.08 pp |
| 2008 | 2008-12-31 | 33.30% | −1.48 pp |
| 2007 | 2007-12-31 | 34.78% | — |
Netflix quarterly gross margin
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| Fiscal quarter | Period ended | Gross margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 51.93% | +0.00 pp |
| Q1 2026 | 2026-03-31 | 51.93% | +1.85 pp |
| Q4 2025 | 2025-12-31 | 45.87% | +2.16 pp |
| Q3 2025 | 2025-09-30 | 46.45% | −1.44 pp |
| Q2 2025 | 2025-06-30 | 51.93% | +6.06 pp |
| Q1 2025 | 2025-03-31 | 50.08% | +3.19 pp |
| Q4 2024 | 2024-12-31 | 43.71% | +3.80 pp |
| Q3 2024 | 2024-09-30 | 47.89% | +5.61 pp |
| Q2 2024 | 2024-06-30 | 45.87% | +2.96 pp |
| Q1 2024 | 2024-03-31 | 46.89% | +5.74 pp |
| Q4 2023 | 2023-12-31 | 39.91% | +8.74 pp |
| Q3 2023 | 2023-09-30 | 42.27% | +2.69 pp |
| Q2 2023 | 2023-06-30 | 42.92% | +1.77 pp |
| Q1 2023 | 2023-03-31 | 41.14% | −4.40 pp |
| Q4 2022 | 2022-12-31 | 31.18% | −0.86 pp |
| Q3 2022 | 2022-09-30 | 39.58% | −4.21 pp |
| Q2 2022 | 2022-06-30 | 41.15% | −4.13 pp |
| Q1 2022 | 2022-03-31 | 45.54% | −0.45 pp |
| Q4 2021 | 2021-12-31 | 32.04% | −5.28 pp |
| Q3 2021 | 2021-09-30 | 43.79% | +3.89 pp |
| Q2 2021 | 2021-06-30 | 45.27% | +4.54 pp |
| Q1 2021 | 2021-03-31 | 46.00% | +8.41 pp |
| Q4 2020 | 2020-12-31 | 37.31% | +0.71 pp |
| Q3 2020 | 2020-09-30 | 39.90% | −1.03 pp |
| Q2 2020 | 2020-06-30 | 40.74% | +1.79 pp |
| Q1 2020 | 2020-03-31 | 37.59% | +1.08 pp |
| Q4 2019 | 2019-12-31 | 36.61% | +1.89 pp |
| Q3 2019 | 2019-09-30 | 40.93% | +4.22 pp |
| Q2 2019 | 2019-06-30 | 38.95% | +0.43 pp |
| Q1 2019 | 2019-03-31 | 36.50% | −1.33 pp |
| Q4 2018 | 2018-12-31 | 34.71% | +2.11 pp |
| Q3 2018 | 2018-09-30 | 36.71% | +6.61 pp |
| Q2 2018 | 2018-06-30 | 38.51% | +10.02 pp |
| Q1 2018 | 2018-03-31 | 37.84% | +3.86 pp |
| Q4 2017 | 2017-12-31 | 32.61% | −0.62 pp |
| Q3 2017 | 2017-09-30 | 30.11% | −2.96 pp |
| Q2 2017 | 2017-06-30 | 28.50% | −1.53 pp |
| Q1 2017 | 2017-03-31 | 33.98% | +3.93 pp |
| Q4 2016 | 2016-12-31 | 33.22% | +1.74 pp |
| Q3 2016 | 2016-09-30 | 33.07% | +0.60 pp |
| Q2 2016 | 2016-06-30 | 30.03% | −1.77 pp |
| Q1 2016 | 2016-03-31 | 30.04% | −3.44 pp |
| Q4 2015 | 2015-12-31 | 31.48% | −0.20 pp |
| Q3 2015 | 2015-09-30 | 32.47% | +0.18 pp |
| Q2 2015 | 2015-06-30 | 31.80% | +0.05 pp |
| Q1 2015 | 2015-03-31 | 33.48% | +1.92 pp |
| Q4 2014 | 2014-12-31 | 31.68% | +1.51 pp |
| Q3 2014 | 2014-09-30 | 32.29% | +4.52 pp |
| Q2 2014 | 2014-06-30 | 31.75% | +2.88 pp |
| Q1 2014 | 2014-03-31 | 31.56% | +3.54 pp |
| Q4 2013 | 2013-12-31 | 30.17% | +3.79 pp |
| Q3 2013 | 2013-09-30 | 27.77% | +0.98 pp |
| Q2 2013 | 2013-06-30 | 28.87% | +1.23 pp |
| Q1 2013 | 2013-03-31 | 28.03% | −0.24 pp |
| Q4 2012 | 2012-12-31 | 26.38% | −7.93 pp |
| Q3 2012 | 2012-09-30 | 26.79% | −7.92 pp |
| Q2 2012 | 2012-06-30 | 27.64% | −10.23 pp |
| Q1 2012 | 2012-03-31 | 28.27% | −10.76 pp |
| Q4 2011 | 2011-12-31 | 34.31% | −0.11 pp |
| Q3 2011 | 2011-09-30 | 34.71% | −3.03 pp |
| Q2 2011 | 2011-06-30 | 37.87% | −1.55 pp |
| Q1 2011 | 2011-03-31 | 39.02% | +1.24 pp |
| Q4 2010 | 2010-12-31 | 34.42% | −3.61 pp |
| Q3 2010 | 2010-09-30 | 37.73% | +2.79 pp |
| Q2 2010 | 2010-06-30 | 39.41% | +5.32 pp |
| Q1 2010 | 2010-03-31 | 37.78% | +3.57 pp |
| Q4 2009 | 2009-12-31 | 38.03% | — |
| Q3 2009 | 2009-09-30 | 34.94% | +0.72 pp |
| Q2 2009 | 2009-06-30 | 34.09% | +2.24 pp |
| Q1 2009 | 2009-03-31 | 34.21% | — |
| Q3 2008 | 2008-09-30 | 34.22% | — |
| Q2 2008 | 2008-06-30 | 31.85% | — |
Netflix gross margin trends
Over the last five fiscal years, Netflix's gross margin increased from 38.89% to 48.49%, a change of +9.60 percentage points. The latest reported quarter, Q2 2026, shows 51.93%.
About the metric
What gross margin means
Gross margin measures the percentage of revenue remaining after the direct costs of producing goods or services. It helps show how efficiently a company turns sales into gross profit before operating expenses.
Calculation and source
How gross margin is calculated
TickerStat calculates gross margin as SEC-reported gross profit divided by SEC-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.
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