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

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

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	20.0%	20.0%	21.1%	16.3%	20.3%
Short Term Investments	0.1%	4.6%	0.1%	2.9%	—
Accounts Receivable	3.2%	4.5%	3.2%	5.8%	3.1%
Prepaid Expenses	1.1%	1.1%	1.2%	1.2%	1.1%
Other Current Assets	8.8%	9.0%	8.2%	10.1%	6.9%
Total Current Assets	28.8%	33.6%	29.4%	29.3%	27.2%
Property,Plant and Equipment	4.4%	4.1%	4.4%	4.4%	4.5%
Operating Lease Assets	4.9%	5.4%	6.2%	7.0%	8.2%
Long Term Investments	0.1%	4.6%	0.1%	2.9%	—
Other Noncurrent Assets	17.2%	16.6%	16.8%	16.4%	14.4%
Total Assets	123.0%	137.5%	144.5%	153.7%	150.1%
Liabilities
Accounts Payable	2.0%	2.3%	2.2%	2.1%	2.8%
Accrued Liabilities	7.1%	5.5%	5.3%	4.8%	4.9%
Deferred Revenue	3.9%	3.9%	4.3%	4.0%	4.1%
Current Portion of Long Term Debt	2.2%	4.6%	1.2%	0.0%	2.4%
Operating Lease Liabilities	1.0%	1.1%	1.1%	1.1%	1.1%
Other Current Liabilities	6.5%	6.5%	7.6%	7.8%	8.3%
Total Current Liabilities	24.3%	27.6%	26.3%	25.1%	28.6%
Long Term Debt	29.8%	35.4%	41.9%	45.4%	49.5%
Operating Lease Liabilities Noncurrent	4.5%	5.1%	6.1%	7.0%	8.1%
Other Noncurrent Liabilities	6.5%	6.5%	7.6%	7.8%	8.3%
Total Liabilities	64.1%	74.1%	83.5%	88.0%	96.8%
Equity
Common Stock	16.1%	16.0%	15.3%	14.7%	13.6%
Retained Earnings	93.6%	80.3%	67.0%	54.3%	42.7%
Treasury Stock	20.3%	16.0%	18.1%	2.6%	2.8%
Accumulated Other Comprehensive Income	-1.3%	0.9%	-0.7%	-0.7%	-0.1%
Total Stockholders Equity	58.9%	63.4%	61.1%	65.7%	53.4%
Total Liabilitiesand Equity	123.0%	137.5%	144.5%	153.7%	150.1%

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	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	51.5%	53.9%	58.5%	60.6%	58.4%
Expenses Research and Development	7.5%	7.5%	7.9%	8.6%	7.7%
Expenses Selling,General and Administrative	4.2%	4.4%	5.1%	5.0%	4.6%
Expenses Depreciation and Amortization	0.7%	0.8%	1.1%	1.1%	0.7%
Expenses Share Based Compensation	0.8%	0.7%	1.0%	1.8%	1.4%
Other Income Expense Operating Income	29.5%	26.7%	20.6%	17.8%	20.9%
Other Income Expense Income Before Tax	28.2%	25.6%	18.4%	16.6%	19.7%
Income Tax Income Tax Expense	3.9%	3.2%	2.4%	2.4%	2.4%
net Income net Income	24.3%	22.3%	16.0%	14.2%	17.2%
net Income Comprehensive Income	22.2%	23.8%	16.0%	13.6%	16.9%
Earnings Per Share Basic Eps	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%
Earnings Per Share Weighted Average Shares Basic	9.4%	11.0%	13.1%	1.4%	1.5%
Earnings Per Share Weighted Average Shares Diluted	9.6%	11.3%	13.3%	1.4%	1.5%

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	24.3%	22.3%	16.0%	14.2%	17.2%
Operating Activities Depreciation and Amortization	0.7%	0.8%	1.1%	1.1%	0.7%
Operating Activities Stock Based Compensation	0.8%	0.7%	1.0%	1.8%	1.4%
Operating Activities Deferred Income Taxes	-1.0%	-1.5%	-1.6%	-0.4%	0.7%
Operating Activities Changes In Operating Assets and Liabilities	2.5%	1.0%	1.1%	-0.6%	1.4%
Operating Activities net Cash From Operating Activities	22.5%	18.9%	21.6%	6.4%	1.3%
Investing Activities Capital Expenditures	1.5%	1.1%	1.0%	1.3%	1.8%
Investing Activities Business Acquisitions	0.0%	0.0%	0.0%	2.4%	2.7%
Investing Activities Purchases of Investments	0.4%	4.5%	1.5%	2.9%	—
Investing Activities net Cash From Investing Activities	2.3%	-5.6%	1.6%	-6.6%	-4.5%
Financing Activities Repayment of Debt	4.1%	1.0%	0.0%	2.2%	1.7%
Financing Activities Repurchase of Common Stock	20.2%	16.1%	17.9%	0.0%	2.0%
Financing Activities Proceeds From Stock Issuance	1.5%	2.1%	0.5%	0.1%	0.6%
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%
Financing Activities net Cash From Financing Activities	-22.9%	-10.4%	-17.6%	-2.1%	-3.9%
Cash Reconciliation Effect of Exchange Rate On Cash	0.9%	-1.1%	0.2%	-0.5%	-0.3%
Cash Reconciliation net Change In Cash	2.7%	1.8%	5.8%	-2.8%	-7.4%
Cash Reconciliation Cash At Beginning of Period	20.0%	20.0%	21.1%	16.4%	20.4%
Cash Reconciliation Cash At End of Period	20.0%	20.0%	21.1%	16.4%	20.4%

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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