NETFLIX INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NETFLIX INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	8,831	11,693	15,794	20,156	24,996	29,698	31,616	33,723	39,001	45,183
Cost of revenue	6,257	8,033	9,968	12,440	15,276	17,333	19,168	19,715	21,038	23,275
Gross profit	2,573	3,660	5,827	7,716	9,720	12,365	12,447	14,008	17,963	21,908
Research and development	768	981	1,218	1,673	1,830	2,274	2,711	2,676	2,925	3,391
Selling and marketing							2,531	2,658	2,918	3,301
General and administrative	316	431	630	914	1,076	1,352	1,573	1,720	1,702	1,888
Operating income	380	839	1,605	2,604	4,585	6,195	5,633	6,954	10,418	13,327
Interest expense	150	238	420	626	767	766	706	700	719	777
Other non-operating income	30.8	-115	41.7	84	-618	411	337	-48.8	267	172
Pre-tax income	261	485	1,226	2,062	3,199	5,840	5,264	6,205	9,966	12,723
Income tax	73.8	-73.6	15.2	195	438	724	772	797	1,254	1,741
Net income	187	559	1,211	1,867	2,761	5,116	4,492	5,408	8,712	10,981
EBITDA	437	911	1,688	2,708	4,701	6,403	5,970	7,311	10,747	13,660
EPS, basic	0.04	0.13	0.28	0.42	0.62	1.15	1.01	1.22	2.03	2.58
EPS, diluted	0.04	0.12	0.27	0.41	0.61	1.12	0.99	1.20	1.98	2.53
Shares, basic (weighted)	4,299	4,330	4,365	4,389	4,420	4,443	4,458	4,416	4,295	4,250
Shares, diluted (weighted)	4,397	4,479	4,524	4,529	4,553	4,565	4,524	4,495	4,393	4,344

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,468	2,823	3,794	5,018	8,206	6,028	5,147	7,117	7,805	9,034
Short-term investments						0	911	21	1,779	28.7
Other current assets	260	536	748	1,160	1,556	2,042	3,208	2,780	3,517	3,958
Total current assets	5,720	7,670	9,694	6,179	9,762	8,070	9,266	9,918	13,100	13,020
Property, plant and equipment	250	319	418	565	960	1,323	1,398	1,491	1,594	2,004
Lease right-of-use assets				1,532	2,038	2,447	2,227	2,077	2,102	2,207
Intangible assets									32,452	32,778
Other non-current assets	341	652	911	2,727	3,175	4,272	5,193	5,664	6,484	7,794
Total assets	13,587	19,013	25,974	33,976	39,280	44,585	48,595	48,732	53,630	55,597
Accounts payable	313	360	563	674	656	837	672	747	900	901
Accrued liabilities	198	315	482	843	1,102	1,449	1,515	1,804	2,157	3,221
Deferred revenue	443	619	761	925	1,118	1,209	1,265	1,443	1,521	1,776
Short-term debt				0	500	700	0	400	1,784	999
Total current liabilities	4,587	5,466	6,487	6,856	7,806	8,489	7,931	8,861	10,755	10,981
Long-term debt	3,364	6,499	10,360	14,759	15,809	14,693	14,353	14,143	13,798	13,464
Lease liabilities				1,423	1,946	2,408	2,223	2,047	1,984	2,053
Other non-current liabilities	61.2	135	129	1,444	1,982	2,459	2,452	2,561	2,552	2,957
Total liabilities	10,907	15,431	20,736	26,394	28,215	28,735	27,817	28,144	28,887	28,982
Total debt	3,364	9,049	14,873	20,723	21,857	14,693	14,353	14,143	13,798	13,464
Retained earnings	1,129	1,731	2,942	4,812	7,573	12,689	17,181	22,589	31,301	42,282
Treasury stock					0	-824	-824	-6,922	-13,172	-22,373
Other comprehensive income	-48.6	-20.6	-19.6	-23.5	44.4	-40.5	-217	-224	362	-580
Shareholders' equity	2,680	3,582	5,239	7,582	11,065	15,849	20,777	20,588	24,744	26,615
Total equity	2,680	3,582	5,239	7,582	11,065	15,849	20,777	20,588	24,744	26,615
Total liabilities and equity	13,587	19,013	25,974	33,976	39,280	44,585	48,595	48,732	53,630	55,597
Shares outstanding	4,311	4,345	4,377	4,399	4,440	4,451	4,465	433	4,278	4,222

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	187	559	1,211	1,867	2,761	5,116	4,492	5,408	8,712	10,981
Depreciation and amortization	57.5	71.9	83.2	104	116	208	337	357	329	333
Stock-based compensation	174	182	321	405	415	403	575	339	273	368
Deferred income tax	-46.8	-209	-85.5	-94.7	70.1	200	-135	-543	-591	-449
Change in payables	32.2	74.6	199	96.1	-41.6	145	-159	93.5	121	-8.04
Cash from operations	-1,474	-1,786	-2,680	-2,887	2,427	393	2,026	7,274	7,361	10,149
Capital expenditures	-108	-173	-174	-253	-498	-525	-408	-349	-440	-688
Acquisitions				0	0	-788	-757	0	0	-17.2
Purchases of investments	-187	-74.8	0	0	0	0	-911	-505	-1,742	-170
Sales and maturities of investments	140	22.7	0	0			0	1,395	0	1,917
Cash from investing	49.8	34.3	-339	-387	-505	-1,340	-2,076	542	-2,182	1,042
Debt issued	1,000	3,021	3,962	4,469	1,009	0	0	0	1,794	0
Debt repaid				0	0	-500	-700	0	-400	-1,833
Stock issued	37	88.4	125	72.5	235	174	35.7	170	833	667
Share buybacks				0	0	-600	0	-6,045	-6,264	-9,127
Cash from financing	1,092	3,077	4,049	4,506	1,237	-1,150	-664	-5,951	-4,074	-10,346
Exchange rate effect	-9.17	29.8	-39.7	0.47	36.1	-86.7	-170	82.7	-416	387
Net change in cash	-342	1,355	989	1,232	3,195	-2,184	-885	1,948	689	1,232
Free cash flow	-1,582	-1,959	-2,854	-3,140	1,929	-132	1,619	6,926	6,922	9,461
Interest paid	139	213	376	599	763	763	702	685	675	719
Income taxes paid	26.8	114	131	401	292	509	812	1,155	1,642	2,220

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $71.15 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	49.1%	Gross profit / revenue.
Operating margin	29.7%	Operating income / revenue.
EBITDA margin	30.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	34.1%	Pre-tax income / revenue.
Net margin	28.2%	Net income / revenue.
FCF margin	23.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.7%	Cash from operations / revenue.
Effective tax rate	17.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	45.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	23.4%	Net income / average total assets.
Return on invested capital (ROIC)	36.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	7.7%	Research and development expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	22.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	20.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	17.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	27.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	33.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	23.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	27.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	31.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	23.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	26.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	34.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	31.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	27.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	36.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	33.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	37.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	71.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	33.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	36.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	80.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	37.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	19.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.14x	Current assets / current liabilities.
Quick ratio	0.75x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.75x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.39x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.2%	Total debt / total assets.
Liabilities / assets	48.4%	Total liabilities / total assets.
Net debt	$2.70B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.18x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	16.9x	Operating income / interest expense.
Working capital	$1.72B	Current assets - current liabilities.
Goodwill and intangibles / assets	57.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.69B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.83x	Revenue / average total assets.
Fixed asset turnover	20.2x	Revenue / average property, plant and equipment.
Days payables	12 days	365 x average accounts payable / cost of revenue.
FCF conversion	81.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.35	Revenue / diluted weighted shares.
FCF per share	$2.62	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.81	Cash from operations / diluted weighted shares.
Book value per share	$7.24	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.89	Tangible book value / shares outstanding.
Cash per share	$2.19	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	89.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$296.24B	Share price x shares outstanding.
Enterprise value	$298.94B	Market cap + total debt - cash - short-term investments.
P/E	21.7x	Market cap / net income. Only when net income is positive.
P/S	6.12x	Market cap / revenue.
P/B	9.82x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	26.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	24.7x	Market cap / cash from operations, when positive.
EV/Sales	6.18x	Enterprise value / revenue.
EV/EBIT	20.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	20.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	26.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.8%	Free cash flow / market cap.
Earnings yield	4.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.59x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NETFLIX INC's revenue in fiscal 2025?

NETFLIX INC reported revenue of $45.18B for fiscal 2025, 15.9% higher than the year before.

Was NETFLIX INC profitable in fiscal 2025?

Yes. Net income was $10.98B, a net margin of 24.3%.

How much free cash flow did NETFLIX INC generate in fiscal 2025?

Cash from operations of $10.15B minus capital expenditures of $688.2M left free cash flow of $9.46B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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