Netflix annual operating margin
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Netflix Operating Margin Growth & History (NFLX)
Netflix's operating margin was 29.49% for fiscal 2025.
View full Netflix company overviewNetflix annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 29.49% | +2.78 pp |
| 2024 | 2024-12-31 | 26.71% | +6.09 pp |
| 2023 | 2023-12-31 | 20.62% | +2.80 pp |
| 2022 | 2022-12-31 | 17.82% | −3.04 pp |
| 2021 | 2021-12-31 | 20.86% | +2.51 pp |
| 2020 | 2020-12-31 | 18.34% | +5.42 pp |
| 2019 | 2019-12-31 | 12.92% | +2.76 pp |
| 2018 | 2018-12-31 | 10.16% | +2.99 pp |
| 2017 | 2017-12-31 | 7.17% | +2.87 pp |
| 2016 | 2016-12-31 | 4.30% | −0.21 pp |
| 2015 | 2015-12-31 | 4.51% | −2.80 pp |
| 2014 | 2014-12-31 | 7.31% | +2.09 pp |
| 2013 | 2013-12-31 | 5.22% | +3.83 pp |
| 2012 | 2012-12-31 | 1.39% | −10.35 pp |
| 2011 | 2011-12-31 | 11.74% | −1.38 pp |
| 2010 | 2010-12-31 | 13.12% | +1.62 pp |
| 2009 | 2009-12-31 | 11.49% | +2.59 pp |
| 2008 | 2008-12-31 | 8.90% | +1.29 pp |
| 2007 | 2007-12-31 | 7.61% | — |
Netflix quarterly operating margin
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| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 33.38% | −0.69 pp |
| Q1 2026 | 2026-03-31 | 32.30% | +0.56 pp |
| Q4 2025 | 2025-12-31 | 24.54% | +2.35 pp |
| Q3 2025 | 2025-09-30 | 28.22% | −1.39 pp |
| Q2 2025 | 2025-06-30 | 34.07% | +6.84 pp |
| Q1 2025 | 2025-03-31 | 31.75% | +3.65 pp |
| Q4 2024 | 2024-12-31 | 22.18% | +5.24 pp |
| Q3 2024 | 2024-09-30 | 29.61% | +7.18 pp |
| Q2 2024 | 2024-06-30 | 27.23% | +4.91 pp |
| Q1 2024 | 2024-03-31 | 28.09% | +7.09 pp |
| Q4 2023 | 2023-12-31 | 16.94% | +9.93 pp |
| Q3 2023 | 2023-09-30 | 22.44% | +3.09 pp |
| Q2 2023 | 2023-06-30 | 22.32% | +2.51 pp |
| Q1 2023 | 2023-03-31 | 21.00% | −4.05 pp |
| Q4 2022 | 2022-12-31 | 7.00% | −1.19 pp |
| Q3 2022 | 2022-09-30 | 19.34% | −4.11 pp |
| Q2 2022 | 2022-06-30 | 19.80% | −5.36 pp |
| Q1 2022 | 2022-03-31 | 25.06% | −2.30 pp |
| Q4 2021 | 2021-12-31 | 8.19% | −6.17 pp |
| Q3 2021 | 2021-09-30 | 23.46% | +3.02 pp |
| Q2 2021 | 2021-06-30 | 25.17% | +3.08 pp |
| Q1 2021 | 2021-03-31 | 27.36% | +10.75 pp |
| Q4 2020 | 2020-12-31 | 14.36% | +5.98 pp |
| Q3 2020 | 2020-09-30 | 20.43% | +1.74 pp |
| Q2 2020 | 2020-06-30 | 22.09% | +7.74 pp |
| Q1 2020 | 2020-03-31 | 16.61% | +6.46 pp |
| Q4 2019 | 2019-12-31 | 8.39% | +3.23 pp |
| Q3 2019 | 2019-09-30 | 18.69% | +6.67 pp |
| Q2 2019 | 2019-06-30 | 14.35% | +2.52 pp |
| Q1 2019 | 2019-03-31 | 10.15% | −1.91 pp |
| Q4 2018 | 2018-12-31 | 5.15% | −2.31 pp |
| Q3 2018 | 2018-09-30 | 12.02% | +5.03 pp |
| Q2 2018 | 2018-06-30 | 11.83% | +7.24 pp |
| Q1 2018 | 2018-03-31 | 12.07% | +2.32 pp |
| Q4 2017 | 2017-12-31 | 7.47% | +1.25 pp |
| Q3 2017 | 2017-09-30 | 6.99% | +2.36 pp |
| Q2 2017 | 2017-06-30 | 4.59% | +1.25 pp |
| Q1 2017 | 2017-03-31 | 9.75% | +7.22 pp |
| Q4 2016 | 2016-12-31 | 6.21% | +2.93 pp |
| Q3 2016 | 2016-09-30 | 4.63% | +0.39 pp |
| Q2 2016 | 2016-06-30 | 3.34% | −1.21 pp |
| Q1 2016 | 2016-03-31 | 2.53% | −3.67 pp |
| Q4 2015 | 2015-12-31 | 3.28% | −1.10 pp |
| Q3 2015 | 2015-09-30 | 4.24% | −3.60 pp |
| Q2 2015 | 2015-06-30 | 4.55% | −5.12 pp |
| Q1 2015 | 2015-03-31 | 6.20% | −1.49 pp |
| Q4 2014 | 2014-12-31 | 4.38% | −2.62 pp |
| Q3 2014 | 2014-09-30 | 7.83% | +2.67 pp |
| Q2 2014 | 2014-06-30 | 9.67% | +4.33 pp |
| Q1 2014 | 2014-03-31 | 7.68% | +4.58 pp |
| Q4 2013 | 2013-12-31 | 7.00% | +4.92 pp |
| Q3 2013 | 2013-09-30 | 5.16% | +3.38 pp |
| Q2 2013 | 2013-06-30 | 5.34% | +3.52 pp |
| Q1 2013 | 2013-03-31 | 3.11% | +3.33 pp |
| Q4 2012 | 2012-12-31 | 2.08% | −4.99 pp |
| Q3 2012 | 2012-09-30 | 1.78% | −10.00 pp |
| Q2 2012 | 2012-06-30 | 1.82% | −12.78 pp |
| Q1 2012 | 2012-03-31 | −0.22% | −14.45 pp |
| Q4 2011 | 2011-12-31 | 7.07% | −6.10 pp |
| Q3 2011 | 2011-09-30 | 11.78% | −0.78 pp |
| Q2 2011 | 2011-06-30 | 14.60% | −0.28 pp |
| Q1 2011 | 2011-03-31 | 14.23% | +2.41 pp |
| Q4 2010 | 2010-12-31 | 13.16% | +1.16 pp |
| Q3 2010 | 2010-09-30 | 12.56% | +0.90 pp |
| Q2 2010 | 2010-06-30 | 14.88% | +1.96 pp |
| Q1 2010 | 2010-03-31 | 11.82% | +2.56 pp |
| Q4 2009 | 2009-12-31 | 12.00% | +2.02 pp |
| Q3 2009 | 2009-09-30 | 11.66% | +1.53 pp |
| Q2 2009 | 2009-06-30 | 12.92% | — |
| Q1 2009 | 2009-03-31 | 9.25% | — |
| Q3 2008 | 2008-09-30 | 9.98% | — |
| Q2 2008 | 2008-06-30 | 10.13% | — |
Netflix operating margin trends
Over the last five reported fiscal years, Netflix's operating margin increased from 18.34% to 29.49%, a change of +11.15 percentage points. The latest reported quarter, Q2 2026, shows 33.38%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income 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.
Review Netflix filings at SEC.gov ↗