NETFLIX INC (NFLX) closed fiscal year 2025 with a gross margin of 48.5 % and a net margin of 24.3 %.
NETFLIX INC (NFLX) closed fiscal year 2025 with a gross margin of 48.5 % and a net margin of 24.3 %. The same year shows an EBITDA margin of 30.2 % and an EBIT margin of 29.5 %. The free cash flow margin was 20.9 %. Against the previous year the gross margin moved +2.4 pp and the net margin +2.0 pp. Across the period the gross margin ranges between 26.5 % in 2012 and 48.5 % in 2025. The series covers 19 fiscal years, from 2007 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 34.78 % | 33.30 % | 35.38 % | 37.24 % | 36.34 % | 26.52 % | 28.74 % | 31.83 % | 32.27 % | 29.14 % | 31.30 % | 36.89 % | 38.28 % | 38.89 % | 41.64 % | 39.37 % | 41.54 % | 46.06 % | 48.49 % |
| EBITDA margin (%) | 9.46 % | 11.28 % | 13.77 % | 14.88 % | 13.10 % | 2.64 % | 6.33 % | 8.30 % | 5.43 % | 4.95 % | 7.79 % | 10.69 % | 13.43 % | 18.81 % | 21.56 % | 18.88 % | 21.68 % | 27.55 % | 30.23 % |
| EBIT margin (%) | 7.61 % | 8.90 % | 11.49 % | 13.12 % | 11.74 % | 1.39 % | 5.22 % | 7.31 % | 4.51 % | 4.30 % | 7.17 % | 10.16 % | 12.92 % | 18.34 % | 20.86 % | 17.82 % | 20.62 % | 26.71 % | 29.49 % |
| Net margin (%) | 5.53 % | 6.08 % | 6.94 % | 7.44 % | 7.06 % | 0.48 % | 2.57 % | 4.85 % | 1.81 % | 2.11 % | 4.78 % | 7.67 % | 9.26 % | 11.05 % | 17.23 % | 14.21 % | 16.04 % | 22.34 % | 24.30 % |
| FCF margin (%) | 19.34 % | 17.60 % | 16.71 % | 11.22 % | 8.36 % | -0.52 % | 1.00 % | -0.97 % | -12.40 % | -17.91 % | -16.76 % | -18.07 % | -15.58 % | 7.72 % | -0.44 % | 5.12 % | 20.54 % | 17.75 % | 20.94 % |
