TTM
25.4%
YoY change
+3.19pp
Trough year (2016)
-18.8%
Peak year (2004)
26.2%
Latest annual
20.9%
FCF Margin history chart for Netflix (NFLX) from 2001 to 2025
Latest: 20.9%
FCF Margin change chart for Netflix (NFLX) from 2001 to 2025
Latest: +3.19pp
FCF Margin history table for Netflix (NFLX) from 2001 to 2025
| 2025 | 20.9% | +3.19pp | ||
| 2024 | 17.7% | -2.79pp | ||
| 2023 | 20.5% | +15.42pp | ||
| 2022 | 5.1% | +5.56pp | ||
| 2021 | -0.4% | -8.16pp | ||
| 2020 | 7.7% | +23.30pp | ||
| 2019 | -15.6% | +2.74pp | ||
| 2018 | -18.3% | -1.10pp | ||
| 2017 | -17.2% | +1.57pp | ||
| 2016 | -18.8% | -5.23pp | ||
| 2015 | -13.6% | -11.22pp | ||
| 2014 | -2.3% | -1.82pp | ||
| 2013 | -0.5% | +1.35pp | ||
| 2012 | -1.9% | -7.56pp | ||
| 2011 | 5.7% | -5.49pp | ||
| 2010 | 11.2% | +6.05pp | ||
| 2009 | 5.1% | -0.45pp | ||
| 2008 | 5.6% | -14.90pp | ||
| 2007 | 20.5% | +15.44pp | ||
| 2006 | 5.1% | -14.34pp | ||
| 2005 | 19.4% | -6.79pp | ||
| 2004 | 26.2% | +16.90pp | ||
| 2003 | 9.3% | +0.59pp | ||
| 2002 | 8.7% | +18.23pp | ||
| 2001 | -9.5% | — |
- 202520.9%+3.19pp
- 202417.7%-2.79pp
- 202320.5%+15.42pp
- 20225.1%+5.56pp
- 2021-0.4%-8.16pp
- 20207.7%+23.30pp
- 2019-15.6%+2.74pp
- 2018-18.3%-1.10pp
- 2017-17.2%+1.57pp
- 2016-18.8%-5.23pp
- 2015-13.6%-11.22pp
- 2014-2.3%-1.82pp
- 2013-0.5%+1.35pp
- 2012-1.9%-7.56pp
- 20115.7%-5.49pp
- 201011.2%+6.05pp
- 20095.1%-0.45pp
- 20085.6%-14.90pp
- 200720.5%+15.44pp
- 20065.1%-14.34pp
- 200519.4%-6.79pp
- 200426.2%+16.90pp
- 20039.3%+0.59pp
- 20028.7%+18.23pp
- 2001-9.5%—
FCF Margin values are taken from Netflix's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About FCF Margin at Netflix (NFLX)
According to Netflix's latest reported financial statements, the company's latest reported free cash flow margin is 25.4%. Free cash flow margin is free cash flow divided by revenue — the share of each sales dollar that converts into cash after capital expenditures. Because free cash flow cannot be inflated by non-cash accounting, FCF margin is a clean read on how efficiently a business turns revenue into deployable cash.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
In 2025, Netflix (NFLX) free cash flow margin totalled 20.94% – expanded 3.2 percentage points year-over-year.
Across the available history, free cash flow margin reached its high of 26.20% in 2004 and its low of -18.78% in 2016.
Netflix FCF Margin by Year
Netflix FCF Margin 2025: 20.9%
In 2025, Netflix reported free cash flow margin of 20.94%, expanded 3.2 percentage points from 2024.
Netflix FCF Margin 2024: 17.7%
Netflix free cash flow margin in 2024 was 17.75%, contracted 2.8 percentage points from 2023.
Netflix FCF Margin 2023: 20.5%
2023's free cash flow margin for Netflix came in at 20.54%, expanded 15.4 percentage points from 2022.
Netflix FCF Margin 2022: 5.1%
Netflix posted free cash flow margin of 5.12% in 2022, expanded 5.6 percentage points from 2021.
Netflix FCF Margin 2021: -0.4%
Netflix free cash flow margin in 2021 was -0.44%.
See more financial history for Netflix (NFLX).
Sector peers by FCF Margin
Communication Services peers of Netflix (NFLX), ranked by their latest free cash flow margin
| 22.4% | |
| 20.1% | |
| 18.2% | |
| 16.3% | |
| 15.2% | |
| 14.4% | |
| 13.7% | |
| 7.3% |
- 22.4%
- 20.1%
- 18.2%
- 16.3%
- 15.2%
- 14.4%
- 13.7%
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