Netflix (NFLX) Margins & Profitability 2020-2026

Gross, EBITDA, operating, and net margin trends

Margins

Profit margins across the income statement

Gross Margin: 51.9%
EBITDA Margin: 34.2%
Op. Margin: 33.4%
Net Margin: 27.1%

Op. margin of 33.4% is down 0.7% YoY — costs are rising relative to revenue. Net margin at 27.1% and gross margin of 51.9% show how much of each revenue dollar survives to profit.

Gross Margin (%)

Revenue left after direct cost of goods sold

EBITDA Margin (%)

Operating profitability independent of capital structure

Operating & Net Margins (%)

How much of each dollar becomes profit