NFLX Netflix margins

Relative Growth: Rel. Growth: 94

Relative Strength: Rel. Strength: 16

Relative Valuation: Rel. Valuation: 61

Relative Profitability: Rel. Profitability: 94

Gross margin

49.1%

Operating margin

29.7%

EBITDA margin

72.4%

Net margin

28.2%

Using the latest TTM figures, Netflix shows a gross margin of 49.1%, an operating margin of 29.7%, an EBITDA margin of 72.4%, and a net margin of 28.2%. The company's available margins all increased, with EBITDA margin recording the strongest expansion of 4.6 percentage points.

NFLX margin history

Gross, operating, EBITDA and net margin trends

Looking back over the last 3 years, Netflix recorded average margins of 45.78% gross, 26.06% operating, 67.13% EBITDA, and 21.95% net. Compared with their three-year averages, all four current margins are higher.

NFLX margin expansion

Year-over-year margin changes in percentage points

The biggest expansion was in EBITDA margin, which rose by 4.6 percentage points. The other available margins also improved.

Gross margin expansion

0.6pp

Operating margin expansion

0.2pp

EBITDA margin expansion

4.6pp

Net margin expansion

3.6pp

NFLX Gross margin

The average gross margin for Netflix was 45.78% in the last 3 years. The current gross margin of 49.1% is 3.3 percentage points above its three-year average. The gross margin for Netflix moved between 39.5% in Sep 2023 and 49.1% in Jun 2026.

NFLX Operating margin

Over the last 3 years, Netflix recorded an average operating margin of 26.06%. Right now, Netflix's current operating margin is 29.7%, which is 3.6 percentage points above its three-year average. The highest operating margin for Netflix was 29.7% in Jun 2026, while the lowest was 18.3% in Sep 2023.

NFLX EBITDA margin

Netflix's EBITDA margin averaged 67.13% in the last 3 years. Compared with its three-year average, Netflix's current EBITDA margin is 72.4% and is 5.3 percentage points above its three-year average. Over the last 3 years, Netflix's EBITDA margin peaked at 72.7% in Mar 2026 and reached a low of 62.7% in Sep 2023.

NFLX Net margin

Netflix's net margin averaged 21.95% across the past 3 years. Compared with its three-year average, Netflix's current net margin is 28.2% and is 6.3 percentage points above its three-year average. Over the last 3 years, Netflix's net margin peaked at 28.5% in Mar 2026 and reached a low of 13.8% in Sep 2023.

NFLX margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 49.1%, NFLX is above the industry and its peers average.

NFLX margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Netflix's gross margin?

For the period ending Jun 30, 2026, NFLX recorded a gross margin of 49.1%.

What is Netflix's operating margin?

As of Jun 30, 2026, NFLX has an operating margin of 29.7%.

What is Netflix's EBITDA margin?

As of Jun 30, 2026, NFLX has an EBITDA margin of 72.4%.

What is Netflix's net margin?

As of Jun 30, 2026, NFLX has a net margin of 28.2%.

What are the average margins of NFLX?

Over the past 3 years, NFLX reported average margins of 45.8% gross, 26.1% operating, 67.1% EBITDA, and 22.0% net.

What are the highest historical margins of NFLX?

Across the 5-year period, NFLX posted its highest margins at 49.1% gross in Jun 2026, 29.7% operating in Jun 2026, 72.7% EBITDA in Mar 2026, and 28.5% net in Mar 2026.

What are the lowest historical margins of NFLX?

Over the last 5 years, Netflix's lowest margins were 38.3% gross in Mar 2023, 16.8% operating in Mar 2023, 62.7% EBITDA in Sep 2023, and 13.2% net in Mar 2023.