Netflix, Inc. (NFLX): gross margin, 10 filed years
Gross margin at Netflix, Inc. was 48.5% in FY2025, the newest filed year. Across the 10 computed years from FY2016 it ranged from 29.1% (FY2016) to 48.5% (FY2025), with a median of 39.1%.
Tonight's figure on the company page: 48.5%, recomputed 2026-10-15. The table is each filed year on its own terms, with the formula below; the current figure may use trailing twelve months or, where the explainer says so, a different denominator.
Year by year
| Fiscal year | Gross margin | Read from |
|---|---|---|
| FY2016 | 29.1% | 10-K, filed 2017-01-27 |
| FY2017 | 31.3% | 10-K, filed 2018-01-29 |
| FY2018 | 36.9% | 10-K, filed 2019-01-29 |
| FY2019 | 38.3% | 10-K, filed 2020-01-29 |
| FY2020 | 38.9% | 10-K, filed 2021-01-28 |
| FY2021 | 41.6% | 10-K, filed 2022-01-27 |
| FY2022 | 39.4% | 10-K, filed 2023-01-26 |
| FY2023 | 41.5% | 10-K, filed 2024-01-26 |
| FY2024 | 46.1% | 10-K, filed 2025-01-27 |
| FY2025 | 48.5% | 10-K, filed 2026-01-23 |
How each year is computed
Gross profit / revenue x 100
Each year is a ratio of lines in that year's filed annual report, with the nightly recompute's own rules for what counts as a filed line. Nothing is estimated, smoothed or filled in: a year that cannot be computed says why.
Read further
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.