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iQIYI vs Netflix: revenue, profit, margins and growth compared

iQIYI brought in $3.9B of revenue in fiscal 2025, Netflix $45.2B in fiscal 2025. Revenue changed by -2.5% at iQIYI and +15.9% at Netflix on the year before, so Netflix grew faster. iQIYI kept -0.8% of its revenue as net profit, Netflix 24.3%. Free cash flow was $1.4M at iQIYI and $9.5B at Netflix.

Side by side, latest fiscal year

IQNFLX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3.9B$45.2B
Revenue growth-2.5%+15.9%
Net income-$29.5M$11B
Net margin-0.8%24.3%
Free cash flow$1.4M$9.5B
Free cash flow margin0.0%20.9%
Earnings per share (diluted)n/a$2.53
Cash$622.7M$9B
Debt$105.6M$13.5B
Price to earningsn/a28.1
Market value$984.3M$296.2B
Dividend yieldn/an/a
Rank by revenue in sector#244 of 778 · Consumer discretionary#20 of 778 · Consumer discretionary

Over the years

Revenue
IQ FY2018: $3.6BIQ FY2019: $4.2BIQ FY2020: $4.6BIQ FY2021: $4.8BIQ FY2022: $4.2BIQ FY2023: $4.5BIQ FY2024: $4BIQ FY2025: $3.9BNFLX FY2018: $15.8BNFLX FY2019: $20.2BNFLX FY2020: $25BNFLX FY2021: $29.7BNFLX FY2022: $31.6BNFLX FY2023: $33.7BNFLX FY2024: $39BNFLX FY2025: $45.2BFY18FY19FY20FY21FY22FY23FY24FY25
IQ $3.9BNFLX $45.2B
Net income
IQ FY2018: -$1.3BIQ FY2019: -$1.5BIQ FY2020: -$1.1BIQ FY2021: -$968.1MIQ FY2022: -$19.7MIQ FY2023: $271.2MIQ FY2024: $104.7MIQ FY2025: -$29.5MNFLX FY2018: $1.2BNFLX FY2019: $1.9BNFLX FY2020: $2.8BNFLX FY2021: $5.1BNFLX FY2022: $4.5BNFLX FY2023: $5.4BNFLX FY2024: $8.7BNFLX FY2025: $11BFY18FY19FY20FY21FY22FY23FY24FY25
IQ -$29.5MNFLX $11B
Net margin
IQ FY2018: -36.5%IQ FY2019: -35.6%IQ FY2020: -23.7%IQ FY2021: -20.2%IQ FY2022: -0.5%IQ FY2023: 6.0%IQ FY2024: 2.6%IQ FY2025: -0.8%NFLX FY2018: 7.7%NFLX FY2019: 9.3%NFLX FY2020: 11.0%NFLX FY2021: 17.2%NFLX FY2022: 14.2%NFLX FY2023: 16.0%NFLX FY2024: 22.3%NFLX FY2025: 24.3%FY18FY19FY20FY21FY22FY23FY24FY25
IQ -0.8%NFLX 24.3%
Revenue growth
IQ FY2019: +14.6%IQ FY2020: +9.3%IQ FY2021: +5.3%IQ FY2022: -12.3%IQ FY2023: +6.8%IQ FY2024: -10.8%IQ FY2025: -2.5%NFLX FY2019: +27.6%NFLX FY2020: +24.0%NFLX FY2021: +18.8%NFLX FY2022: +6.5%NFLX FY2023: +6.7%NFLX FY2024: +15.6%NFLX FY2025: +15.9%FY19FY20FY21FY22FY23FY24FY25
IQ -2.5%NFLX +15.9%
Free cash flow
IQ FY2018: $330.5MIQ FY2019: $454.8MIQ FY2020: -$866.2MIQ FY2021: -$975MIQ FY2022: -$35.5MIQ FY2023: $466.9MIQ FY2024: $278.2MIQ FY2025: $1.4MNFLX FY2018: -$2.9BNFLX FY2019: -$3.1BNFLX FY2020: $1.9BNFLX FY2021: -$132MNFLX FY2022: $1.6BNFLX FY2023: $6.9BNFLX FY2024: $6.9BNFLX FY2025: $9.5BFY18FY19FY20FY21FY22FY23FY24FY25
IQ $1.4MNFLX $9.5B

Fiscal years as each company reports them; the two may end in different months.

Questions about iQIYI and Netflix

Which is bigger by revenue, iQIYI or Netflix?

Netflix is bigger by revenue: $45.2B in fiscal 2025, against $3.9B for iQIYI in fiscal 2025.

Which keeps more of its revenue as profit, iQIYI or Netflix?

iQIYI had a net margin of -0.8% in fiscal 2025; Netflix had 24.3% in fiscal 2025.

Which grew revenue faster, iQIYI or Netflix?

In their latest fiscal years revenue changed by -2.5% at iQIYI and +15.9% at Netflix.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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