Netflix
Netflix returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | — | 31.73% | — | 49.54% | 24.47% | — |
| FY 2026 Q1 | Mar 31, 2026 | — | 30.54% | — | 48.5% | 23.65% | — |
| FY 2025 Q4 | Dec 31, 2025 | — | 30.46% | — | 42.76% | 20.11% | — |
| FY 2025 Q3 | Sep 30, 2025 | — | 29.14% | — | 42.86% | 19.46% | — |
| FY 2025 Q2 | Jun 30, 2025 | — | 29.61% | — | 43.55% | 20.05% | — |
| FY 2025 Q1 | Mar 31, 2025 | — | 27.18% | — | 40.84% | 18.37% | — |
| FY 2024 Q4 | Dec 31, 2024 | — | 25.18% | — | 38.43% | 17.02% | — |
| FY 2024 Q3 | Sep 30, 2024 | — | 23.3% | — | 34.71% | 15.29% | — |
| FY 2024 Q2 | Jun 30, 2024 | — | 21.33% | — | 31.57% | 14.2% | — |
| FY 2024 Q1 | Mar 31, 2024 | — | 19.51% | — | 29.8% | 13.09% | — |
| FY 2023 Q4 | Dec 31, 2023 | — | 17.27% | — | 26.15% | 11.11% | — |
| FY 2023 Q3 | Sep 30, 2023 | — | 14.84% | — | 21.23% | 9.32% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | 13.89% | — | 20.26% | 8.74% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | 13.65% | — | 21.33% | 8.86% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | 14.68% | — | 24.53% | 9.64% | — |
| FY 2022 Q3 | Sep 30, 2022 | — | 15.34% | — | 28.15% | 11.17% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | 16.49% | — | 30.93% | 11.67% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | 17.8% | — | 32.91% | 11.72% | — |
| FY 2021 Q4 | Dec 31, 2021 | — | 18.34% | — | 38.02% | 12.2% | — |
| FY 2021 Q3 | Sep 30, 2021 | 21.29% | 19.94% | 34.94% | 39.39% | 12.42% | 13.6 pp |
| FY 2021 Q2 | Jun 30, 2021 | 20.64% | 19.39% | 60.83% | 37.86% | 11.24% | 12.9 pp |
| FY 2021 Q1 | Mar 31, 2021 | 18.73% | 18.82% | 104.28% | 35.31% | 10% | 11 pp |
| FY 2020 Q4 | Dec 31, 2020 | 16.32% | 15.65% | 82.92% | 29.62% | 7.54% | 8.6 pp |
| FY 2020 Q3 | Sep 30, 2020 | 18.19% | 15.04% | 56.35% | 32.64% | 8.07% | 10.5 pp |
| FY 2020 Q2 | Jun 30, 2020 | 15.55% | 14.23% | 34.9% | 34.73% | 7.96% | 7.8 pp |
| FY 2020 Q1 | Mar 31, 2020 | 13.59% | 13.05% | 17.65% | 31.63% | 7.17% | 5.9 pp |
| FY 2019 Q4 | Dec 31, 2019 | 11.91% | 11.18% | 11.08% | 29.12% | 6.23% | 4.2 pp |
| FY 2019 Q3 | Sep 30, 2019 | 9.71% | 11.59% | 2.41% | 23.82% | 5.21% | 2 pp |
| FY 2019 Q2 | Jun 30, 2019 | 9.73% | 9.35% | 5.18% | 21.72% | 4.36% | 2 pp |
| FY 2019 Q1 | Mar 31, 2019 | 11.17% | 9.38% | 8.43% | 26.02% | 5.34% | 3.5 pp |
| FY 2018 Q4 | Dec 31, 2018 | 12.14% | 9.72% | — | 27.46% | 5.38% | 4.4 pp |
| FY 2018 Q3 | Sep 30, 2018 | — | 11.39% | — | 30.29% | 6.26% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 9.74% | — | 26.01% | 5.05% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 8.72% | — | 19.18% | 3.89% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | 7.44% | — | 17.85% | 3.43% | — |
| FY 2017 Q3 | Sep 30, 2017 | — | 7.63% | — | 15.03% | 3% | — |
| FY 2017 Q2 | Jun 30, 2017 | — | 6.81% | — | 13.1% | 2.58% | — |
| FY 2017 Q1 | Mar 31, 2017 | — | 7% | — | 12.75% | 2.63% | — |
| FY 2016 Q4 | Dec 31, 2016 | — | 4.85% | — | 7.61% | 1.57% | — |
| FY 2016 Q3 | Sep 30, 2016 | — | 3.94% | — | 6.95% | 1.47% | — |
| FY 2016 Q2 | Jun 30, 2016 | — | 3.63% | — | 6.34% | 1.33% | — |
| FY 2016 Q1 | Mar 31, 2016 | — | 3.8% | — | 5.99% | 1.23% | — |
| FY 2015 Q4 | Dec 31, 2015 | — | 5.53% | — | 6.01% | 1.42% | — |
| FY 2015 Q3 | Sep 30, 2015 | — | 5.76% | — | 8.37% | 1.95% | — |
| FY 2015 Q2 | Jun 30, 2015 | — | 6.67% | — | 10.58% | 2.41% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | 8.04% | — | 14.01% | 3.11% | — |
| FY 2014 Q4 | Dec 31, 2014 | — | 10.52% | — | 16.72% | 4.28% | — |
| FY 2014 Q3 | Sep 30, 2014 | — | 11.67% | — | 15.83% | 3.97% | — |
| FY 2014 Q2 | Jun 30, 2014 | — | 10.78% | — | 15.05% | 3.78% | — |
| FY 2014 Q1 | Mar 31, 2014 | — | 9.11% | — | 14.21% | 3.13% | — |
| FY 2013 Q4 | Dec 31, 2013 | — | 8.23% | — | 10.82% | 2.4% | — |
| FY 2013 Q3 | Sep 30, 2013 | — | 6.4% | — | 7.48% | 1.65% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | 5.21% | — | 5.32% | 1.2% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | 3.56% | — | 3.31% | 0.62% | — |
| FY 2012 Q4 | Dec 31, 2012 | — | 2.42% | — | 2.47% | 0.49% | — |
| FY 2012 Q3 | Sep 30, 2012 | — | 5.76% | — | 8.05% | 1.54% | — |
| FY 2012 Q2 | Jun 30, 2012 | — | 12.25% | — | 19.42% | 3.93% | — |
| FY 2012 Q1 | Mar 31, 2012 | — | 20.65% | — | 34.35% | 7.06% | — |
| FY 2011 Q4 | Dec 31, 2011 | — | 30.86% | — | 48.47% | 11.16% | — |
| FY 2011 Q3 | Sep 30, 2011 | — | 54.09% | — | 82.02% | 17.42% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | 57.09% | — | 83.62% | 18.86% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | 65.2% | — | 89.39% | 21.72% | — |
| FY 2010 Q4 | Dec 31, 2010 | — | 54.19% | — | 65.75% | 19.36% | — |
| FY 2010 Q3 | Sep 30, 2010 | — | 69.24% | — | 68.21% | 22.92% | — |
| FY 2010 Q2 | Jun 30, 2010 | — | 58.38% | — | 54.63% | 21.28% | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · NFLX, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.