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%
                    
                    P76
                    
                    +15.9%
                    
                    Net income
                    FY2025
                
$11.0B
                    Net margin +24.3%
                    
                    P86
                    
                    +26.1%
                    
                    Total assets
                    FY2025
                
$55.6B
                    ROA +19.8%
                    
                    P90
                    
                    +3.7%
                    
                    Operating cash flow
                    FY2025
                
$10.1B
                    FCF margin +20.9%
                    
                    P75
                    
                    +37.9%

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

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

24 accounts · 10 years

Total assets $55.6B

Total liabilities $29.0B

Shareholders equity $26.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	20.0%	20.0%	21.1%	16.3%	20.3%	32.8%	24.9%	24.0%	24.1%	—
Short Term Investments	0.1%	4.6%	0.1%	2.9%	0.0%	—	—	—	—	—
Other Current Assets	8.8%	9.0%	8.2%	10.1%	6.9%	6.2%	5.8%	37.4%	41.5%	—
Total Current Assets	28.8%	33.6%	29.4%	29.3%	27.2%	39.1%	30.7%	61.4%	65.6%	—
Property,Plant and Equipment	4.4%	4.1%	4.4%	4.4%	4.5%	3.8%	2.8%	2.6%	2.7%	—
Other Noncurrent Assets	89.8%	99.8%	110.7%	120.0%	118.5%	114.3%	135.1%	100.4%	94.3%	—
Total Assets	123.0%	137.5%	144.5%	153.7%	150.1%	157.1%	168.6%	164.5%	162.6%	—
Liabilities
Accounts Payable	2.0%	2.3%	2.2%	2.1%	2.8%	2.6%	3.3%	3.6%	3.1%	—
Accrued Liabilities	7.1%	5.5%	5.3%	4.8%	4.9%	4.4%	4.2%	3.1%	2.7%	—
Deferred Revenue	3.9%	3.9%	4.3%	4.0%	4.1%	4.5%	4.6%	4.8%	5.3%	—
Current Portion of Long Term Debt	2.2%	4.6%	1.2%	0.0%	2.4%	2.0%	0.0%	—	—	—
Other Current Liabilities	9.0%	11.3%	13.2%	14.2%	14.5%	17.7%	21.9%	29.6%	35.7%	—
Total Current Liabilities	24.3%	27.6%	26.3%	25.1%	28.6%	31.2%	34.0%	41.1%	46.7%	—
Long Term Debt	29.8%	35.4%	41.9%	45.4%	49.5%	63.2%	73.2%	65.6%	55.6%	—
Deferred Revenue Noncurrent	3.5%	4.6%	7.6%	9.7%	10.4%	10.5%	16.5%	23.8%	28.5%	—
Other Noncurrent Liabilities	6.5%	6.5%	7.6%	7.8%	8.3%	7.9%	7.2%	0.8%	1.2%	—
Total Liabilities	64.1%	74.1%	83.5%	88.0%	96.8%	112.9%	130.9%	131.3%	132.0%	—
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—
Common Stock	16.1%	16.0%	15.3%	14.7%	13.6%	13.8%	13.9%	14.7%	16.0%	—
Retained Earnings	93.6%	80.3%	67.0%	54.3%	42.7%	30.3%	23.9%	18.6%	14.8%	—
Treasury Stock	49.5%	33.8%	20.5%	2.6%	2.8%	0.0%	—	—	—	—
Accumulated Other Comprehensive Income	-1.3%	0.9%	-0.7%	-0.7%	-0.1%	0.2%	-0.1%	-0.1%	-0.2%	—
Total Stockholders Equity	58.9%	63.4%	61.1%	65.7%	53.4%	44.3%	37.6%	33.2%	30.6%	—
Total Liabilitiesand Equity	123.0%	137.5%	144.5%	153.7%	150.1%	157.1%	168.6%	164.5%	162.6%	—

Income Statement

Revenue, expense, and profitability

14 accounts · 10 years

Revenue $45.2B

Operating income $13.3B

Net income $11.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	—
Expenses Cost of Revenue	51.5%	53.9%	58.5%	60.6%	58.4%	61.1%	61.7%	63.1%	68.7%	—
Expenses Research and Development	7.5%	7.5%	7.9%	8.6%	7.7%	7.3%	7.7%	7.7%	8.2%	—
Expenses Selling,General and Administrative	11.5%	11.8%	13.0%	13.0%	13.1%	13.2%	17.7%	19.0%	16.0%	—
Other Income Expense Operating Income	29.5%	26.7%	20.6%	17.8%	20.9%	18.3%	12.9%	10.2%	7.2%	—
Other Income Expense Interest Expense	1.7%	1.8%	2.1%	2.2%	2.6%	3.1%	3.1%	2.7%	2.0%	—
Other Income Expense Other Income/expense	0.4%	0.7%	-0.1%	1.1%	1.4%	-2.5%	0.4%	0.3%	-1.0%	—
Other Income Expense Income Before Tax	28.2%	25.6%	18.4%	16.6%	19.7%	12.8%	10.2%	7.8%	4.2%	—
Income Tax Income Tax Expense	3.9%	3.2%	2.4%	2.4%	2.4%	1.8%	1.0%	0.1%	-0.6%	—
net Income net Income	24.3%	22.3%	16.0%	14.2%	17.2%	11.0%	9.3%	7.7%	4.8%	—
net Income Comprehensive Income	22.2%	23.8%	16.0%	13.6%	16.9%	11.3%	9.2%	7.7%	5.0%	—
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—
Earnings Per Share Weighted Average Shares Diluted	9.6%	11.3%	13.3%	1.4%	1.5%	1.8%	2.2%	2.9%	3.8%	—

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $10.1B

Investing cash flow $1.0B

Financing cash flow $-10.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	24.3%	22.3%	16.0%	14.2%	17.2%	11.0%	9.3%	7.7%	4.8%	—
Operating Activities Depreciation and Amortization	37.1%	40.1%	43.2%	45.4%	41.9%	43.7%	46.2%	48.2%	53.6%	—
Operating Activities Stock Based Compensation	0.8%	0.7%	1.0%	1.8%	1.4%	1.7%	2.0%	2.0%	1.6%	—
Operating Activities Deferred Income Taxes	-1.0%	-1.5%	-1.4%	-0.5%	0.7%	0.3%	-0.5%	-0.5%	-1.8%	—
Operating Activities Changes In Operating Assets and Liabilities	-2.4%	-2.1%	-2.1%	-1.8%	-0.0%	-3.2%	-3.2%	8.2%	8.2%	—
Operating Activities Other Non Cash Items	-36.4%	-40.6%	-35.2%	-52.7%	-59.8%	-43.8%	-68.1%	-82.5%	-81.7%	—
Operating Activities net Cash From Operating Activities	22.5%	18.9%	21.6%	6.4%	1.3%	9.7%	-14.3%	-17.0%	-15.3%	—
Investing Activities Capital Expenditures	-1.5%	-1.1%	-1.0%	-1.3%	-1.8%	-2.0%	-1.3%	-1.1%	-1.5%	—
Investing Activities Business Acquisitions	-0.0%	0.0%	0.0%	-2.4%	-2.7%	0.0%	0.0%	—	—	—
Investing Activities Purchases of Investments	-0.4%	-4.5%	-1.5%	-2.9%	0.0%	0.0%	—	—	-0.6%	—
Investing Activities Proceeds From Sale of Investments	4.2%	0.0%	4.1%	0.0%	—	—	—	—	2.9%	—
Investing Activities net Cash From Investing Activities	2.3%	-5.6%	1.6%	-6.6%	-4.5%	-2.0%	-1.9%	-2.1%	0.3%	—
Financing Activities Proceeds From Debt	0.0%	4.6%	0.0%	0.0%	—	4.0%	22.2%	25.1%	25.8%	—
Financing Activities Repayment of Debt	-4.1%	-1.0%	0.0%	-2.2%	-1.7%	0.0%	0.0%	—	—	—
Financing Activities Repurchase of Common Stock	-20.2%	-16.1%	-17.9%	0.0%	-2.0%	0.0%	0.0%	—	—	—
Financing Activities Proceeds From Stock Issuance	1.5%	2.1%	0.5%	0.1%	0.6%	0.9%	0.4%	0.8%	0.8%	—
Financing Activities Tax Withholding On Stock Based Compensation	-0.1%	-0.0%	0.0%	0.0%	-0.8%	—	—	—	—	—
Financing Activities Other Financing Activities	-0.0%	-0.1%	-0.2%	0.0%	0.0%	-0.0%	-0.2%	-0.2%	-0.3%	—
Financing Activities net Cash From Financing Activities	-22.9%	-10.4%	-17.6%	-2.1%	-3.9%	5.0%	22.4%	25.6%	26.3%	—
Cash Reconciliation Effect of Exchange Rate On Cash	0.9%	-1.1%	0.2%	-0.5%	-0.3%	0.1%	0.0%	-0.3%	0.3%	—
Cash Reconciliation net Change In Cash	2.7%	1.8%	5.8%	-2.8%	-7.4%	12.8%	6.1%	6.3%	11.6%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+48.5%	+46.1%	+41.5%	+39.4%	+41.6%	+38.9%	+38.3%	+36.9%	+31.3%	+29.1%
Operating margin	+29.5%	+26.7%	+20.6%	+17.8%	+20.9%	+18.3%	+12.9%	+10.2%	+7.2%	+4.3%
Net margin	+24.3%	+22.3%	+16.0%	+14.2%	+17.2%	+11.0%	+9.3%	+7.7%	+4.8%	+2.1%
FCF margin	+20.9%	+17.7%	+20.5%	+5.1%	-0.4%	+7.7%	-15.6%	-18.1%	-16.8%	-17.9%
Growth
Revenue CAGR (3y)	+12.6%	+9.5%	+10.5%	+16.2%	+23.4%	+28.8%	+31.7%	+32.6%	+28.5%	+26.4%
Returns
ROE	+41.3%	+35.2%	+26.3%	+21.6%	+32.3%	+25.0%	+24.6%	+23.1%	+15.6%	—
ROA	+19.8%	+16.2%	+11.1%	+9.2%	+11.5%	+7.0%	+5.5%	+4.7%	+2.9%	—
ROIC	+35.9%	+28.0%	+21.6%	+16.0%	+21.5%	+20.6%	+13.6%	+13.4%	+11.6%	—
Liquidity
Current ratio	1.19x	1.22x	1.12x	1.17x	0.95x	1.25x	0.90x	1.49x	1.40x	—
Quick ratio	—	—	—	—	—	—	—	—	—	—
Leverage
D/E	1.09x	1.17x	1.37x	1.34x	1.81x	2.55x	3.48x	3.96x	4.31x	—
Interest coverage	17.16x	14.49x	9.94x	7.98x	8.09x	5.97x	4.16x	3.82x	3.52x	2.53x
Efficiency
Asset turnover	0.81x	0.73x	0.69x	0.65x	0.67x	0.64x	0.59x	0.61x	0.61x	—
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

Valuation

Price against fundamentals

NFLX $1.2K · 2025-09-29 · 397d old · FY2025

Market cap $5.2T

P/E 477.22x

P/S 115.98x

P/B 196.90x

EV $5.2T

EV/EBITDA —

FCF yield +0.2%

Dividend yield —

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