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

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	$9.0B 15.7%	$7.8B 9.7%	$7.1B 38.3%	$5.1B -14.6%	$6.0B -26.5%	$8.2B 63.5%	$5.0B 32.3%	$3.8B 34.4%	$2.8B 92.3%	$1.5B
Short Term Investments	$28.7M -98.4%	$1.8B 8382.4%	$21.0M -97.7%	$911.3M	$0	—	—	—	—	$266.2M
Other Current Assets	$4.0B 12.5%	$3.5B 26.5%	$2.8B -13.3%	$3.2B 57.1%	$2.0B 31.2%	$1.6B 34.1%	$1.2B -80.3%	$5.9B 21.7%	$4.8B 21.6%	$4.0B
Total Current Assets	$13.0B -0.6%	$13.1B 32.1%	$9.9B 7.0%	$9.3B 14.8%	$8.1B -17.3%	$9.8B 58.0%	$6.2B -36.3%	$9.7B 26.4%	$7.7B 34.1%	$5.7B
Property,Plant and Equipment	$2.0B 25.8%	$1.6B 6.9%	$1.5B 6.7%	$1.4B 5.7%	$1.3B 37.8%	$960.2M 69.9%	$565.2M 35.1%	$418.3M 31.0%	$319.4M 27.6%	$250.4M
Other Noncurrent Assets	$40.6B 4.2%	$38.9B 4.3%	$37.3B -1.6%	$37.9B 7.8%	$35.2B 23.2%	$28.6B 4.9%	$27.2B 71.7%	$15.9B 43.9%	$11.0B 44.7%	$7.6B
Total Assets	$55.6B 3.7%	$53.6B 10.1%	$48.7B 0.3%	$48.6B 9.0%	$44.6B 13.5%	$39.3B 15.6%	$34.0B 30.8%	$26.0B 36.6%	$19.0B 39.9%	$13.6B
Liabilities
Accounts Payable	$900.6M 0.1%	$899.9M 20.4%	$747.4M 11.3%	$671.5M -19.8%	$837.5M 27.6%	$656.2M -2.7%	$674.3M 19.8%	$563.0M 56.6%	$359.6M 14.9%	$312.8M
Accrued Liabilities	$3.2B 49.4%	$2.2B 19.5%	$1.8B 19.1%	$1.5B 4.5%	$1.4B 31.5%	$1.1B 30.7%	$843.0M 75.0%	$481.9M 52.9%	$315.1M 59.4%	$197.6M
Deferred Revenue	$1.8B 16.8%	$1.5B 5.4%	$1.4B 14.1%	$1.3B 4.6%	$1.2B 8.1%	$1.1B 20.9%	$925.0M 21.6%	$760.9M 23.0%	$618.6M 39.5%	$443.5M
Current Portion of Long Term Debt	$998.9M -44.0%	$1.8B 346.3%	$399.8M	$0 -100.0%	$699.8M 40.0%	$499.9M	$0	—	—	—
Other Current Liabilities	$4.1B -7.0%	$4.4B -1.6%	$4.5B -0.3%	$4.5B 4.4%	$4.3B -3.1%	$4.4B 0.4%	$4.4B -5.7%	$4.7B 12.2%	$4.2B 14.9%	$3.6B
Total Current Liabilities	$11.0B 2.1%	$10.8B 21.4%	$8.9B 11.7%	$7.9B -6.6%	$8.5B 8.8%	$7.8B 13.9%	$6.9B 5.7%	$6.5B 18.7%	$5.5B 19.2%	$4.6B
Long Term Debt	$13.5B -2.4%	$13.8B -2.4%	$14.1B -1.5%	$14.4B -2.3%	$14.7B -7.1%	$15.8B 7.1%	$14.8B 42.5%	$10.4B 59.4%	$6.5B 93.2%	$3.4B
Deferred Revenue Noncurrent	$1.6B -11.3%	$1.8B -30.9%	$2.6B -16.3%	$3.1B -0.4%	$3.1B 18.2%	$2.6B -21.5%	$3.3B -11.3%	$3.8B 12.9%	$3.3B 15.0%	$2.9B
Other Noncurrent Liabilities	$3.0B 15.9%	$2.6B -0.4%	$2.6B 4.5%	$2.5B -0.3%	$2.5B 24.1%	$2.0B 37.2%	$1.4B 1017.6%	$129.2M -4.4%	$135.2M 121.0%	$61.2M
Total Liabilities	$29.0B 0.3%	$28.9B 2.6%	$28.1B 1.2%	$27.8B -3.2%	$28.7B 1.8%	$28.2B 6.9%	$26.4B 27.3%	$20.7B 34.4%	$15.4B 41.5%	$10.9B
Equity
Preferred Stock	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Common Stock	$7.3B 16.5%	$6.3B 21.5%	$5.1B 10.9%	$4.6B 15.2%	$4.0B 16.7%	$3.4B 23.4%	$2.8B 20.6%	$2.3B 23.8%	$1.9B 17.0%	$1.6B
Retained Earnings	$42.3B 35.1%	$31.3B 38.6%	$22.6B 31.5%	$17.2B 35.4%	$12.7B 67.6%	$7.6B 57.4%	$4.8B 63.5%	$2.9B 70.0%	$1.7B 53.4%	$1.1B
Treasury Stock	$22.4B 69.9%	$13.2B 90.3%	$6.9B 739.9%	$824.2M 0.0%	$824.2M	$0	—	—	—	—
Accumulated Other Comprehensive Income	$-580.4M -260.3%	$362.2M 261.7%	$-223.9M -3.1%	$-217.3M -436.6%	$-40.5M -191.2%	$44.4M 288.8%	$-23.5M -20.1%	$-19.6M 4.7%	$-20.6M 57.7%	$-48.6M
Total Stockholders Equity	$26.6B 7.6%	$24.7B 20.2%	$20.6B -0.9%	$20.8B 31.1%	$15.8B 43.2%	$11.1B 45.9%	$7.6B 44.7%	$5.2B 46.3%	$3.6B 33.7%	$2.7B
Total Liabilitiesand Equity	$55.6B 3.7%	$53.6B 10.1%	$48.7B 0.3%	$48.6B 9.0%	$44.6B 13.5%	$39.3B 15.6%	$34.0B 30.8%	$26.0B 36.6%	$19.0B 39.9%	$13.6B

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	$45.2B 15.9%	$39.0B 15.6%	$33.7B 6.7%	$31.6B 6.5%	$29.7B 18.8%	$25.0B 24.0%	$20.2B 27.6%	$15.8B 35.1%	$11.7B	—
Expenses Cost of Revenue	$23.3B 10.6%	$21.0B 6.7%	$19.7B 2.9%	$19.2B 10.6%	$17.3B 13.5%	$15.3B 22.8%	$12.4B 24.8%	$10.0B 24.1%	$8.0B	—
Expenses Research and Development	$3.4B 15.9%	$2.9B 9.3%	$2.7B -1.3%	$2.7B 19.2%	$2.3B 24.3%	$1.8B 18.4%	$1.5B 26.5%	$1.2B 28.1%	$953.7M	—
Expenses Selling,General and Administrative	$5.2B 12.3%	$4.6B 5.5%	$4.4B 6.7%	$4.1B 5.3%	$3.9B 17.9%	$3.3B -7.3%	$3.6B 18.9%	$3.0B 60.6%	$1.9B	—
Other Income Expense Operating Income	$13.3B 27.9%	$10.4B 49.8%	$7.0B 23.5%	$5.6B -9.1%	$6.2B 35.1%	$4.6B 76.1%	$2.6B 62.2%	$1.6B 91.4%	$838.7M	—
Other Income Expense Interest Expense	$776.5M 8.0%	$718.7M 2.7%	$699.8M -0.9%	$706.2M -7.8%	$765.6M -0.2%	$767.5M 22.6%	$626.0M 48.9%	$420.5M 76.5%	$238.2M	—
Other Income Expense Other Income/expense	$172.5M -35.4%	$266.8M 647.0%	$-48.8M -114.5%	$337.3M -18.0%	$411.2M 166.5%	$-618.4M -836.2%	$84.0M 101.3%	$41.7M 136.2%	$-115.2M	—
Other Income Expense Income Before Tax	$12.7B 27.7%	$10.0B 60.6%	$6.2B 17.9%	$5.3B -9.9%	$5.8B 82.5%	$3.2B 55.1%	$2.1B 68.1%	$1.2B 152.7%	$485.3M	—
Income Tax Income Tax Expense	$1.7B 38.9%	$1.3B 57.3%	$797.4M 3.3%	$772.0M 6.6%	$723.9M 65.3%	$438.0M 124.2%	$195.3M 1183.6%	$15.2M 120.7%	$-73.6M	—
net Income net Income	$11.0B 26.1%	$8.7B 61.1%	$5.4B 20.4%	$4.5B -12.2%	$5.1B 85.3%	$2.8B 47.9%	$1.9B 54.1%	$1.2B 116.7%	$558.9M	—
net Income Comprehensive Income	$10.0B 8.0%	$9.3B 72.1%	$5.4B 25.2%	$4.3B -14.2%	$5.0B 77.8%	$2.8B 51.9%	$1.9B 53.7%	$1.2B 106.5%	$586.9M	—
Earnings Per Share Basic Eps	$3 27.1%	$2 66.4%	$1 -87.9%	$10 -12.6%	$12 84.5%	$6 46.9%	$4 53.2%	$3 115.5%	$1	—
Earnings Per Share Diluted Eps	$3 27.8%	$2 65.0%	$1 -87.9%	$10 -11.5%	$11 84.9%	$6 47.2%	$4 54.1%	$3 114.4%	$1	—
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 0.3%	$454.2M 0.5%	$451.8M 0.1%	$451.2M 1.0%	$446.8M	—

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	$11.0B 26.1%	$8.7B 61.1%	$5.4B 20.4%	$4.5B -12.2%	$5.1B 85.3%	$2.8B 47.9%	$1.9B 54.1%	$1.2B 116.7%	$558.9M	—
Operating Activities Depreciation and Amortization	$16.8B 7.2%	$15.6B 7.4%	$14.6B 1.3%	$14.4B 15.5%	$12.4B 13.9%	$10.9B 17.2%	$9.3B 22.4%	$7.6B 21.5%	$6.3B	—
Operating Activities Stock Based Compensation	$368.4M 35.2%	$272.6M -19.7%	$339.4M -41.0%	$575.5M 42.7%	$403.2M -2.9%	$415.2M 2.4%	$405.4M 26.4%	$320.7M 76.0%	$182.2M	—
Operating Activities Deferred Income Taxes	$-442.1M 25.2%	$-590.7M -28.6%	$-459.4M -175.8%	$-166.6M -183.5%	$199.5M 184.8%	$70.1M 174.2%	$-94.4M -10.4%	$-85.5M 59.0%	$-208.7M	—
Operating Activities Changes In Operating Assets and Liabilities	$-1.1B -31.4%	$-812.2M -15.7%	$-701.8M -21.2%	$-578.8M -6274.9%	$-9.1M 98.8%	$-789.3M -21.3%	$-651.0M -150.3%	$1.3B 34.9%	$959.0M	—
Operating Activities Other Non Cash Items	$-16.4B -3.8%	$-15.9B -33.6%	$-11.9B 28.8%	$-16.7B 6.2%	$-17.8B -62.1%	$-11.0B 20.3%	$-13.7B -5.4%	$-13.0B -36.5%	$-9.5B	—
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 -83.8%	$2.4B 184.1%	$-2.9B -7.7%	$-2.7B -50.1%	$-1.8B	—
Investing Activities Capital Expenditures	$-688.2M -56.6%	$-439.5M -26.1%	$-348.6M 14.5%	$-407.7M 22.3%	$-524.6M -5.4%	$-497.9M -96.8%	$-253.0M -45.5%	$-173.9M -0.4%	$-173.3M	—
Investing Activities Business Acquisitions	$-17.2M	$0	$0 100.0%	$-757.4M 3.9%	$-788.3M	$0	$0	—	—	—
Investing Activities Purchases of Investments	$-170.0M 90.2%	$-1.7B -245.1%	$-504.9M 44.6%	$-911.3M	$0	$0	—	—	$-74.8M	—
Investing Activities Proceeds From Sale of Investments	$1.9B	$0 -100.0%	$1.4B	$0	—	—	—	—	$342.9M	—
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 -165.1%	$-505.4M -30.6%	$-387.1M -14.1%	$-339.1M -1087.9%	$34.3M	—
Financing Activities Proceeds From Debt	$0 -100.0%	$1.8B	$0	$0	—	$1.0B -77.4%	$4.5B 12.8%	$4.0B 31.2%	$3.0B	—
Financing Activities Repayment of Debt	$-1.8B -358.4%	$-400.0M	$0 100.0%	$-700.0M -40.0%	$-500.0M	$0	$0	—	—	—
Financing Activities Repurchase of Common Stock	$-9.1B -45.7%	$-6.3B -3.6%	$-6.0B	$0 100.0%	$-600.0M	$0	$0	—	—	—
Financing Activities Proceeds From Stock Issuance	$667.0M -19.9%	$832.9M 390.0%	$170.0M 375.5%	$35.7M -79.5%	$174.4M -25.8%	$235.0M 224.2%	$72.5M -41.8%	$124.5M 40.9%	$88.4M	—
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	$0 100.0%	$-7.6M 79.1%	$-36.1M 4.5%	$-37.8M -18.6%	$-31.9M	—
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 -192.9%	$1.2B -72.5%	$4.5B 11.3%	$4.0B 31.6%	$3.1B	—
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 -340.6%	$36.0M 7586.6%	$469.0K 101.2%	$-39.7M -232.9%	$29.8M	—
Cash Reconciliation net Change In Cash	$1.2B 78.8%	$688.8M -64.6%	$1.9B 320.2%	$-884.5M 59.5%	$-2.2B -168.3%	$3.2B 159.4%	$1.2B 24.5%	$989.2M -27.0%	$1.4B	—

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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