Filing Flows › Netflix (NFLX) › Q3 2026 › vs Q3 2025
Netflix (NFLX) Q3 2026 vs Q3 2025 (year over year)
Netflix's revenue rose $1.4B (+12%) from $11.5B in Q3 2025 to $12.9B in Q3 2026. Operating margin 34.6% against 28.2% (+6.4 pts).
Netflix, Q3 2026: revenue $12.9B (+12% year over year), operating margin 34.6%, net earnings $3.7B, operating cash flow $3.2B. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 34.6% | 28.2% | +6.4 pts |
| Net margin | 28.5% | 22.1% | +6.3 pts |
| Free cash flow margin | 22.4% | 23.1% | -0.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $12.9B | $11.5B | $1.4B | +12% |
| Operating profit | $4.5B | $3.2B | $1.2B | +37% |
| Costs & expenses | $8.4B | $8.3B | $154M | +2% |
| Pre-tax earnings | $4.3B | $3.1B | $1.2B | +39% |
| Other expense, net | $142M | $139M | $2.9M | +2% |
| Cost of revenue | $6.1B | $6.2B | −$85.2M | -1% |
| Research & development | $1.0B | $854M | $180M | +21% |
| Sales & marketing | $837M | $786M | $50.8M | +6% |
| General & admin | $466M | $458M | $8.4M | +2% |
| Net earnings | $3.7B | $2.5B | $1.1B | +44% |
| Income tax | $653M | $562M | $90.5M | +16% |
| Depreciation & amortization | $107M | $87.3M | $19.8M | +23% |
| Share-based compensation | $134M | $81.0M | $52.7M | +65% |
| Working capital & other | $742M | −$110M | $852M | — |
| Operating cash flow | $3.2B | $2.8B | $337M | +12% |
| Free cash flow (company-reported) | $2.9B | $2.7B | $223M | +8% |
| Purchases of property and equipment | $279M | $165M | $114M | +69% |
Questions
How much did Netflix's revenue grow year over year in Q3 2026?
Netflix's revenue rose $1.4B (+12%) from $11.5B in Q3 2025 to $12.9B in Q3 2026. Operating margin 34.6% against 28.2% (+6.4 pts).