What are Netflix's profit margins?

Netflix (NFLX) runs a 49.0% gross margin and a 29.7% operating margin, with a 28.5% net margin.

Where do Netflix's ratios come from?

Every ratio is computed from Netflix's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Netflix NFLX Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Gross margin	49%+2.1pp	48.5%+2.4pp	48.1%+2.8pp	48.5%+4.7pp	46.9%+3.9pp
Operating margin	29.7%+2.0pp	29.5%+2.8pp	29.1%+3.5pp	29.5%+5.7pp	27.7%+5.2pp
Net margin	28.5%+5.4pp	24.3%+2.0pp	24%+3.3pp	24.6%+5.0pp	23.1%+4.7pp
Returns
Return on equity	48.5%+7.7pp	42.8%+4.3pp	42.9%+8.1pp	43.5%+12.0pp	40.8%+11.0pp
Return on invested capital	33.2%+3.2pp	33.1%+5.2pp	32.3%+6.7pp	32.8%+9.5pp	30%+8.1pp
Efficiency
Asset turnover	0.8×0.0×	0.8×+0.1×	0.8×+0.1×	0.8×+0.1×	0.8×+0.1×
Liquidity
Current ratio	1.4×+0.2×	1.2×0.0×	1.3×+0.2×	1.3×+0.4×	1.2×+0.1×
Leverage
Debt-to-equity	0.5×-0.2×	0.6×-0.1×	0.7×-0.2×	0.7×-0.1×	0.7×0.0×
Net debt / EBITDA	0.3×-0.6×	0.6×-0.4×	0.6×-0.5×	0.7×-0.4×	0.9×-0.3×
Per Share
Book value per share	$7.24+31.7%	$6.13+8.8%	$59.80+15.2%	$57.38+14.1%	$5.50-88.6%
Valuation
Market capitalization	$405.96B+1.8%	$397.72B+4.4%	$509.45B+67.0%	$544.35B+87.6%	$398.9B+52.0%
Price / earnings	30.4×-12.7×	36.2×-7.5×	48.8×+9.6×	53.1×+12.2×	43×+2.3×
Price / sales	8.7×-1.3×	8.8×-1.0×	11.7×+3.6×	13.1×+5.1×	9.9×+2.4×
Price / book	13×-3.6×	14.9×-0.5×	19.6×+6.2×	21.8×+8.7×	16.6×+4.3×
EV / EBITDA	28.7×-7.0×	29.7×-6.7×	39.9×+8.2×	43.8×+10.4×	35.7×+2.7×

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Questions, answered.

What are Netflix's profit margins?: Netflix (NFLX) runs a 49.0% gross margin and a 29.7% operating margin, with a 28.5% net margin.
Where do Netflix's ratios come from?: Every ratio is computed from Netflix's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.