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

Year-over-year change per cell; first column has no prior.

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	+15.7%	+9.7%	+38.3%	-14.6%	—
Short Term Investments	-98.4%	+8382.4%	-97.7%	—	—
Accounts Receivable	-18.4%	+61.3%	-40.6%	+99.8%	—
Prepaid Expenses	+15.3%	+5.6%	+4.1%	+21.3%	—
Other Current Assets	+12.5%	+26.5%	-13.3%	+57.1%	—
Total Current Assets	-0.6%	+32.1%	+7.0%	+14.8%	—
Property,Plant and Equipment	+25.8%	+6.9%	+6.7%	+5.7%	—
Operating Lease Assets	+5.0%	+1.2%	-6.7%	-9.0%	—
Long Term Investments	-98.4%	+8382.4%	-97.7%	—	—
Other Noncurrent Assets	+20.2%	+14.5%	+9.1%	+21.6%	—
Total Assets	+3.7%	+10.1%	+0.3%	+9.0%	—
Liabilities
Accounts Payable	+0.1%	+20.4%	+11.3%	-19.8%	—
Accrued Liabilities	+49.4%	+19.5%	+19.1%	+4.5%	—
Deferred Revenue	+16.8%	+5.4%	+14.1%	+4.6%	—
Current Portion of Long Term Debt	-44.0%	+346.3%	—	-100.0%	—
Operating Lease Liabilities	+7.5%	+11.8%	+7.7%	+12.9%	—
Other Current Liabilities	+15.9%	-0.4%	+4.5%	-0.3%	—
Total Current Liabilities	+2.1%	+21.4%	+11.7%	-6.6%	—
Long Term Debt	-2.4%	-2.4%	-1.5%	-2.3%	—
Operating Lease Liabilities Noncurrent	+3.5%	-3.1%	-7.9%	-7.7%	—
Other Noncurrent Liabilities	+15.9%	-0.4%	+4.5%	-0.3%	—
Total Liabilities	+0.3%	+2.6%	+1.2%	-3.2%	—
Equity
Common Stock	+16.5%	+21.5%	+10.9%	+15.2%	—
Retained Earnings	+35.1%	+38.6%	+31.5%	+35.4%	—
Treasury Stock	+46.7%	+2.3%	+639.9%	+0.0%	—
Accumulated Other Comprehensive Income	-260.3%	+261.7%	-3.1%	-436.6%	—
Total Stockholders Equity	+7.6%	+20.2%	-0.9%	+31.1%	—
Total Liabilitiesand Equity	+3.7%	+10.1%	+0.3%	+9.0%	—

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	+15.9%	+15.6%	+6.7%	+6.5%	—
Expenses Cost of Revenue	+10.6%	+6.7%	+2.9%	+10.6%	—
Expenses Research and Development	+15.9%	+9.3%	-1.3%	+19.2%	—
Expenses Selling,General and Administrative	+10.9%	-1.1%	+9.4%	+16.4%	—
Expenses Depreciation and Amortization	+1.4%	-7.9%	+6.0%	+61.5%	—
Expenses Share Based Compensation	+35.2%	-19.7%	-41.0%	+42.7%	—
Other Income Expense Operating Income	+27.9%	+49.8%	+23.5%	-9.1%	—
Other Income Expense Income Before Tax	+27.7%	+60.6%	+17.9%	-9.9%	—
Income Tax Income Tax Expense	+38.9%	+57.3%	+3.3%	+6.6%	—
net Income net Income	+26.1%	+61.1%	+20.4%	-12.2%	—
net Income Comprehensive Income	+8.0%	+72.1%	+25.2%	-14.2%	—
Earnings Per Share Basic Eps	+27.1%	+66.4%	-87.9%	-12.6%	—
Earnings Per Share Diluted Eps	+27.8%	+65.0%	-87.9%	-11.5%	—
Earnings Per Share Weighted Average Shares Basic	-1.1%	-2.7%	+893.0%	+0.3%	—
Earnings Per Share Weighted Average Shares Diluted	-1.1%	-2.3%	+896.0%	-0.9%	—

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	+26.1%	+61.1%	+20.4%	-12.2%	—
Operating Activities Depreciation and Amortization	+1.4%	-7.9%	+6.0%	+61.5%	—
Operating Activities Stock Based Compensation	+35.2%	-19.7%	-41.0%	+42.7%	—
Operating Activities Deferred Income Taxes	+24.1%	-8.9%	-303.6%	-167.4%	—
Operating Activities Changes In Operating Assets and Liabilities	+188.4%	+4.1%	+301.3%	-144.8%	—
Operating Activities net Cash From Operating Activities	+37.9%	+1.2%	+259.0%	+416.1%	—
Investing Activities Capital Expenditures	+56.6%	+26.1%	-14.5%	-22.3%	—
Investing Activities Business Acquisitions	—	—	-100.0%	-3.9%	—
Investing Activities Purchases of Investments	-90.2%	+245.1%	-44.6%	—	—
Investing Activities net Cash From Investing Activities	+147.7%	-502.7%	+126.1%	-55.0%	—
Financing Activities Repayment of Debt	+358.4%	—	-100.0%	+40.0%	—
Financing Activities Repurchase of Common Stock	+45.7%	+3.6%	—	-100.0%	—
Financing Activities Proceeds From Stock Issuance	-19.9%	+390.0%	+375.5%	-79.5%	—
Financing Activities Tax Withholding On Stock Based Compensation	+457.2%	—	—	-100.0%	—
Financing Activities Other Financing Activities	+80.5%	+60.6%	—	—	—
Financing Activities net Cash From Financing Activities	-153.9%	+31.5%	-795.9%	+42.2%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+192.8%	-603.5%	+148.6%	-96.1%	—
Cash Reconciliation net Change In Cash	+78.8%	-64.6%	+320.2%	+59.5%	—
Cash Reconciliation Cash At Beginning of Period	+15.8%	+9.7%	+37.7%	-14.6%	—
Cash Reconciliation Cash At End of Period	+15.8%	+9.7%	+37.7%	-14.6%	—

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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