NFLX

Company financials

Netflix

Communication Services Movies & Entertainment Los Gatos, California Last filing Jan 23, 2026 · FY2025

                    Revenue
                    FY2025
                
$45.2B
                    3y CAGR +12.6%
                    
                    P79
                    
                    +15.9%
                    
                    Net income
                    FY2025
                
$11.0B
                    Net margin +24.3%
                    
                    P89
                    
                    +26.1%
                    
                    Total assets
                    FY2025
                
$55.6B
                    ROA +19.8%
                    
                    P95
                    
                    +3.7%
                    
                    Operating cash flow
                    FY2025
                
$10.1B
                    FCF margin +20.9%
                    
                    P76
                    
                    +37.9%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

28 accounts · 5 years

Total assets $55.6B

Total liabilities $29.0B

Shareholders equity $26.6B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$9.0B 15.7%	$7.8B 9.7%	$7.1B 38.3%	$5.1B -14.6%	$6.0B
Short Term Investments	$28.7M -98.4%	$1.8B 8382.4%	$21.0M -97.7%	$911.3M	—
Accounts Receivable	$1.4B -18.4%	$1.7B 61.3%	$1.1B -40.6%	$1.8B 99.8%	$913.9M
Prepaid Expenses	$498.1M 15.3%	$431.9M 5.6%	$408.9M 4.1%	$392.7M 21.3%	$323.8M
Other Current Assets	$4.0B 12.5%	$3.5B 26.5%	$2.8B -13.3%	$3.2B 57.1%	$2.0B
Total Current Assets	$13.0B -0.6%	$13.1B 32.1%	$9.9B 7.0%	$9.3B 14.8%	$8.1B
Property,Plant and Equipment	$2.0B 25.8%	$1.6B 6.9%	$1.5B 6.7%	$1.4B 5.7%	$1.3B
Operating Lease Assets	$2.2B 5.0%	$2.1B 1.2%	$2.1B -6.7%	$2.2B -9.0%	$2.4B
Long Term Investments	$28.7M -98.4%	$1.8B 8382.4%	$21.0M -97.7%	$911.3M	—
Other Noncurrent Assets	$7.8B 20.2%	$6.5B 14.5%	$5.7B 9.1%	$5.2B 21.6%	$4.3B
Total Assets	$55.6B 3.7%	$53.6B 10.1%	$48.7B 0.3%	$48.6B 9.0%	$44.6B
Liabilities
Accounts Payable	$900.6M 0.1%	$899.9M 20.4%	$747.4M 11.3%	$671.5M -19.8%	$837.5M
Accrued Liabilities	$3.2B 49.4%	$2.2B 19.5%	$1.8B 19.1%	$1.5B 4.5%	$1.4B
Deferred Revenue	$1.8B 16.8%	$1.5B 5.4%	$1.4B 14.1%	$1.3B 4.6%	$1.2B
Current Portion of Long Term Debt	$998.9M -44.0%	$1.8B 346.3%	$399.8M	$0 -100.0%	$699.8M
Operating Lease Liabilities	$460.5M 7.5%	$428.5M 11.8%	$383.3M 7.7%	$356.0M 12.9%	$315.2M
Other Current Liabilities	$3.0B 15.9%	$2.6B -0.4%	$2.6B 4.5%	$2.5B -0.3%	$2.5B
Total Current Liabilities	$11.0B 2.1%	$10.8B 21.4%	$8.9B 11.7%	$7.9B -6.6%	$8.5B
Long Term Debt	$13.5B -2.4%	$13.8B -2.4%	$14.1B -1.5%	$14.4B -2.3%	$14.7B
Operating Lease Liabilities Noncurrent	$2.1B 3.5%	$2.0B -3.1%	$2.0B -7.9%	$2.2B -7.7%	$2.4B
Other Noncurrent Liabilities	$3.0B 15.9%	$2.6B -0.4%	$2.6B 4.5%	$2.5B -0.3%	$2.5B
Total Liabilities	$29.0B 0.3%	$28.9B 2.6%	$28.1B 1.2%	$27.8B -3.2%	$28.7B
Equity
Common Stock	$7.3B 16.5%	$6.3B 21.5%	$5.1B 10.9%	$4.6B 15.2%	$4.0B
Retained Earnings	$42.3B 35.1%	$31.3B 38.6%	$22.6B 31.5%	$17.2B 35.4%	$12.7B
Treasury Stock	$9.2B 46.7%	$6.2B 2.3%	$6.1B 639.9%	$824.2M 0.0%	$824.2M
Accumulated Other Comprehensive Income	$-580.4M -260.3%	$362.2M 261.7%	$-223.9M -3.1%	$-217.3M -436.6%	$-40.5M
Total Stockholders Equity	$26.6B 7.6%	$24.7B 20.2%	$20.6B -0.9%	$20.8B 31.1%	$15.8B
Total Liabilitiesand Equity	$55.6B 3.7%	$53.6B 10.1%	$48.7B 0.3%	$48.6B 9.0%	$44.6B

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $45.2B

Operating income $13.3B

Net income $11.0B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$45.2B 15.9%	$39.0B 15.6%	$33.7B 6.7%	$31.6B 6.5%	$29.7B
Expenses Cost of Revenue	$23.3B 10.6%	$21.0B 6.7%	$19.7B 2.9%	$19.2B 10.6%	$17.3B
Expenses Research and Development	$3.4B 15.9%	$2.9B 9.3%	$2.7B -1.3%	$2.7B 19.2%	$2.3B
Expenses Selling,General and Administrative	$1.9B 10.9%	$1.7B -1.1%	$1.7B 9.4%	$1.6B 16.4%	$1.4B
Expenses Depreciation and Amortization	$333.4M 1.4%	$328.9M -7.9%	$356.9M 6.0%	$336.7M 61.5%	$208.4M
Expenses Share Based Compensation	$368.4M 35.2%	$272.6M -19.7%	$339.4M -41.0%	$575.5M 42.7%	$403.2M
Other Income Expense Operating Income	$13.3B 27.9%	$10.4B 49.8%	$7.0B 23.5%	$5.6B -9.1%	$6.2B
Other Income Expense Income Before Tax	$12.7B 27.7%	$10.0B 60.6%	$6.2B 17.9%	$5.3B -9.9%	$5.8B
Income Tax Income Tax Expense	$1.7B 38.9%	$1.3B 57.3%	$797.4M 3.3%	$772.0M 6.6%	$723.9M
net Income net Income	$11.0B 26.1%	$8.7B 61.1%	$5.4B 20.4%	$4.5B -12.2%	$5.1B
net Income Comprehensive Income	$10.0B 8.0%	$9.3B 72.1%	$5.4B 25.2%	$4.3B -14.2%	$5.0B
Earnings Per Share Basic Eps	$3 27.1%	$2 66.4%	$1 -87.9%	$10 -12.6%	$12
Earnings Per Share Diluted Eps	$3 27.8%	$2 65.0%	$1 -87.9%	$10 -11.5%	$11
Earnings Per Share Weighted Average Shares Basic	$4.2B -1.1%	$4.3B -2.7%	$4.4B 893.0%	$444.7M 0.3%	$443.2M
Earnings Per Share Weighted Average Shares Diluted	$4.3B -1.1%	$4.4B -2.3%	$4.5B 896.0%	$451.3M -0.9%	$455.4M

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 5 years

Operating cash flow $10.1B

Investing cash flow $1.0B

Financing cash flow $-10.3B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$11.0B 26.1%	$8.7B 61.1%	$5.4B 20.4%	$4.5B -12.2%	$5.1B
Operating Activities Depreciation and Amortization	$333.4M 1.4%	$328.9M -7.9%	$356.9M 6.0%	$336.7M 61.5%	$208.4M
Operating Activities Stock Based Compensation	$368.4M 35.2%	$272.6M -19.7%	$339.4M -41.0%	$575.5M 42.7%	$403.2M
Operating Activities Deferred Income Taxes	$-449.1M 24.1%	$-591.4M -8.9%	$-543.0M -303.6%	$-134.5M -167.4%	$199.5M
Operating Activities Changes In Operating Assets and Liabilities	$1.1B 188.4%	$391.1M 4.1%	$375.8M 301.3%	$-186.7M -144.8%	$416.8M
Operating Activities net Cash From Operating Activities	$10.1B 37.9%	$7.4B 1.2%	$7.3B 259.0%	$2.0B 416.1%	$392.6M
Investing Activities Capital Expenditures	$688.2M 56.6%	$439.5M 26.1%	$348.6M -14.5%	$407.7M -22.3%	$524.6M
Investing Activities Business Acquisitions	$17.2M	$0	$0 -100.0%	$757.4M -3.9%	$788.3M
Investing Activities Purchases of Investments	$170.0M -90.2%	$1.7B 245.1%	$504.9M -44.6%	$911.3M	—
Investing Activities net Cash From Investing Activities	$1.0B 147.7%	$-2.2B -502.7%	$541.8M 126.1%	$-2.1B -55.0%	$-1.3B
Financing Activities Repayment of Debt	$1.8B 358.4%	$400.0M	$0 -100.0%	$700.0M 40.0%	$500.0M
Financing Activities Repurchase of Common Stock	$9.1B 45.7%	$6.3B 3.6%	$6.0B	$0 -100.0%	$600.0M
Financing Activities Proceeds From Stock Issuance	$667.0M -19.9%	$832.9M 390.0%	$170.0M 375.5%	$35.7M -79.5%	$174.4M
Financing Activities Tax Withholding On Stock Based Compensation	$46.2M 457.2%	$8.3M	$0	$0 -100.0%	$224.2M
Financing Activities Other Financing Activities	$-5.8M 80.5%	$-29.7M 60.6%	$-75.4M	$0	$0
Financing Activities net Cash From Financing Activities	$-10.3B -153.9%	$-4.1B 31.5%	$-6.0B -795.9%	$-664.3M 42.2%	$-1.1B
Cash Reconciliation Effect of Exchange Rate On Cash	$386.5M 192.8%	$-416.3M -603.5%	$82.7M 148.6%	$-170.1M -96.1%	$-86.7M
Cash Reconciliation net Change In Cash	$1.2B 78.8%	$688.8M -64.6%	$1.9B 320.2%	$-884.5M 59.5%	$-2.2B
Cash Reconciliation Cash At Beginning of Period	$9.0B 15.8%	$7.8B 9.7%	$7.1B 37.7%	$5.2B -14.6%	$6.1B
Cash Reconciliation Cash At End of Period	$9.0B 15.8%	$7.8B 9.7%	$7.1B 37.7%	$5.2B -14.6%	$6.1B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+48.5%	+46.1%	+41.5%	+39.4%	+41.6%
Operating margin	+29.5%	+26.7%	+20.6%	+17.8%	+20.9%
Net margin	+24.3%	+22.3%	+16.0%	+14.2%	+17.2%
FCF margin	+20.9%	+17.7%	+20.5%	+5.1%	-0.4%
Growth
Revenue CAGR (3y)	+12.6%	+9.5%	+10.5%	+16.2%	+23.4%
Returns
ROE	+41.3%	+35.2%	+26.3%	+21.6%	+32.3%
ROA	+19.8%	+16.2%	+11.1%	+9.2%	+11.5%
ROIC	+35.9%	+28.0%	+21.6%	+16.0%	+21.5%
Liquidity
Current ratio	1.19x	1.22x	1.12x	1.17x	0.95x
Quick ratio	0.95x	0.89x	0.93x	0.88x	0.82x
Leverage
D/E	1.09x	1.17x	1.37x	1.34x	1.81x
Interest coverage	—	—	9.94x	7.98x	8.09x
Efficiency
Asset turnover	0.81x	0.73x	0.69x	0.65x	0.67x
Cash conversion cycle	—	—	—	—	—

Valuation

Price against fundamentals

NFLX $1.2K · 2025-09-29 · 351d old · FY2025

Market cap $5.2T

P/E 477.22x

P/S 115.98x

P/B 196.90x

EV $5.2T

EV/EBITDA 384.03x

FCF yield +0.2%

Dividend yield —

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