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Netflix

NFLX Nasdaq Movies & Entertainment Financials FY2016–FY2025

Netflix's revenue rose 15.8% to $45.2 billion in fiscal 2025. Its operating margin was 29.5%, up from 26.7% a year earlier. Free cash flow was $9.5 billion, up 36.7%. It paid out $9.1 billion in dividends and buybacks, 96% of free cash flow. The diluted share count fell 1.1%.

Last close · Oct 23, 2026

$65.85

1.8%
Value it Compare
Revenue Total sales reported in the income statement.
$45.2B
15.9% vs prior year
Operating margin Operating income as a share of revenue.
29.5%
2.8 pts
Net income Profit after all expenses, interest and tax.
$11.0B
26.1%
Free cash flow Cash from operations minus capital spending.
$9.5B
36.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
36.7%
5.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$276.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
19.0x
On $3.46 EPS (TTM)

About these figures. Total debt is the balance sheet's long-term debt plus its current debt line. Share counts and per-share figures for earlier years are restated for a stock split (10-for-1), so every year is on today's share basis.

What Netflix does

Netflix runs a paid streaming service with TV series, films, games and live programming in many genres and languages. Members can watch as much as they want, whenever they want, and change their plan at any time. It offers a range of pricing plans, including one with advertising.

Most of its revenue comes from monthly membership fees, and it reports a single business segment. Netflix says it competes for people's free time not only with other streaming services and traditional TV, but also with video games, sites where people post their own videos, and social media. It also competes with them for the rights to films and shows, both licensed and its own productions.

At the end of 2025 Netflix had about 16,000 full-time employees, 68% of them in the United States and Canada. It also employs people in content production, some part-time or temporary.

Legal name
Netflix, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Jan 23, 2026
Accession · CIK
0001065280-26-000034
0001065280

Revenue and margins

Netflix had $45.2B of revenue in fiscal 2025, up 15.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 58.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $9.5B in fiscal 2025, 20.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Netflix returned $9.1B to shareholders in fiscal 2025, 96% of free cash flow. The diluted share count fell 1.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Netflix yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$5.4B and divides by 4,343.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 19.0x · peers 21.9x · sector 17.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably Netflix can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $6.1B$6.1B$7.1B$9.6B$9.1B
Debt incl. finance leases $15.4B$14.4B$14.5B$15.6B$14.5B
Net debt / EBITDA 1.5x1.4x1.0x0.6x0.4x
Debt / equity 1.0x0.7x0.7x0.6x0.5x
Interest coverage 8.1x8.0x9.9x14.5x17.2x
Current ratio 1.0x1.2x1.1x1.2x1.2x
Quick ratio 1.0x1.2x1.1x1.2x1.2x
Total assets $44.6B$48.6B$48.7B$53.6B$55.6B
Total liabilities $28.7B$27.8B$28.1B$28.9B$29.0B
Shareholders' equity $15.8B$20.8B$20.6B$24.7B$26.6B
Net debt (− = net cash) $9.3B$8.3B$7.4B$6.0B$5.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$51.6M

7 insiders

Of sales under plans

89%

$46.1M

DateInsiderTradeSharesPriceValueFiling
Sep 10, 2026 Richard N BartonDirector Sold plan 720 $75.27 $0.1M Form 4
Sep 9, 2026 Richard N BartonDirector Sold plan 720 $76.26 $0.1M Form 4
Sep 8, 2026 Richard N BartonDirector Sold plan 720 $77.60 $0.1M Form 4
Aug 10, 2026 Spencer Adam NeumannChief Financial Officer Sold 9,248 $75.79 $0.7M Form 4
Aug 6, 2026 Gregory K PetersCo-CEO, Director Sold 27,312 $73.54 $2.0M Form 4
Aug 5, 2026 Richard N BartonDirector Sold plan 2,160 $75.10 $0.2M Form 4
Aug 4, 2026 David A HymanChief Legal Officer Sold 5,723 $72.85 $0.4M Form 4
Aug 4, 2026 Theodore A SarandosCo-CEO, Director Sold plan 27,312 $73.35 $2.0M Form 4
Aug 3, 2026 Theodore A SarandosCo-CEO, Director Sold plan 105,850 $73.03 $7.7M Form 4
Jun 17, 2026 Bradford L SmithDirector Sold plan 35,990 $77.52 $2.8M Form 4
Jun 1, 2026 Reed HastingsDirector Sold plan 386,700 $85.97 $33.2M Form 4
May 7, 2026 Gregory K PetersCo-CEO, Director Sold 27,312 $88.69 $2.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✕ ✕
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 7 / 97 / 97 / 9
Accruals ratio −3.8%2.6%1.5%
Altman Z'' 3.384.395.29

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Netflix NFLX $276.2B 15.9% 29.5% 20.9% 36.7% 19.0x 7
Disney DIS $196.1B 3.4% 18.6% 10.7% 11.8% 23.2x 7 Compare →
Meta Platforms META $1.65T 22.2% 41.4% 22.9% 35.5% 21.9x 6 Compare →
Alphabet GOOGL $3.94T 15.1% 32.0% 18.2% 36.7% 16.1x 8 Compare →

Stories about Netflix

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $8.8B $11.7B $15.8B $20.2B $25.0B $29.7B $31.6B $33.7B $39.0B $45.2B
Gross profit $2.6B $3.7B $5.8B $7.7B $9.7B $12.4B $12.4B $14.0B $18.0B $21.9B
Research and development $768M $981M $1.2B $1.7B $1.8B $2.3B $2.7B $2.7B $2.9B $3.4B
Operating income $380M $839M $1.6B $2.6B $4.6B $6.2B $5.6B $7.0B $10.4B $13.3B
Interest expense $150M $238M $421M $626M $768M $766M $706M $700M $719M $777M
Pretax income $261M $485M $1.2B $2.1B $3.2B $5.8B $5.3B $6.2B $10.0B $12.7B
Income tax $73.8M −$73.6M $15.2M $195M $438M $724M $772M $797M $1.3B $1.7B
Net income $187M $559M $1.2B $1.9B $2.8B $5.1B $4.5B $5.4B $8.7B $11.0B
Diluted EPS $0.04 $0.12 $0.27 $0.41 $0.61 $1.12 $0.99 $1.20 $1.98 $2.53
Diluted shares 4.39B 4.47B 4.51B 4.52B 4.54B 4.55B 4.51B 4.50B 4.39B 4.34B
Cash flow
Cash from operations −$1.5B −$1.8B −$2.7B −$2.9B $2.4B $393M $2.0B $7.3B $7.4B $10.1B
Capital expenditure $108M $173M $174M $253M $498M $525M $408M $349M $440M $688M
Free cash flow −$1.6B −$2.0B −$2.9B −$3.1B $1.9B −$132M $1.6B $6.9B $6.9B $9.5B
Depreciation and amortization $57.5M $71.9M $83.2M $104M $116M $208M $337M $357M $329M $333M
Stock-based compensation $174M $182M $321M $405M $415M $403M $576M $339M $273M $368M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $788M $757M $0.0M $0.0M $17.2M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $600M $0.0M $6.0B $6.3B $9.1B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $600M $0.0M $6.0B $6.3B $9.1B
Balance sheet
Cash and short-term investments $1.5B $2.8B $3.8B $5.0B $8.2B $6.1B $6.1B $7.1B $9.6B $9.1B
Total debt $3.4B $6.5B $10.4B $14.8B $16.3B $15.4B $14.4B $14.5B $15.6B $14.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $5.7B $7.7B $9.7B $6.2B $9.8B $8.1B $9.3B $9.9B $13.1B $13.0B
Current liabilities $4.6B $5.5B $6.5B $6.9B $7.8B $8.5B $7.9B $8.9B $10.8B $11.0B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $250M $319M $418M $565M $960M $1.3B $1.4B $1.5B $1.6B $2.0B
Total assets $13.6B $19.0B $26.0B $34.0B $39.3B $44.6B $48.6B $48.7B $53.6B $55.6B
Total liabilities $10.9B $15.4B $20.7B $26.4B $28.2B $28.7B $27.8B $28.1B $28.9B $29.0B
Shareholders' equity $2.7B $3.6B $5.2B $7.6B $11.1B $15.8B $20.8B $20.6B $24.7B $26.6B
Margins
Gross margin 29.1% 31.3% 36.9% 38.3% 38.9% 41.6% 39.4% 41.5% 46.1% 48.5%
Operating margin 4.3% 7.2% 10.2% 12.9% 18.3% 20.9% 17.8% 20.6% 26.7% 29.5%
EBITDA margin 5.0% 7.8% 10.7% 13.4% 18.8% 21.6% 18.9% 21.7% 27.6% 30.2%
Net margin 2.1% 4.8% 7.7% 9.3% 11.1% 17.2% 14.2% 16.0% 22.3% 24.3%
FCF margin −17.9% −16.8% −18.1% −15.6% 7.7% −0.4% 5.1% 20.5% 17.8% 20.9%
Returns
Return on capital 7.4% 14.2% 16.6% 16.2% 21.7% 24.5% 17.7% 21.3% 31.0% 36.7%
Return on capital employed 4.9% 7.4% 9.7% 11.2% 15.7% 18.3% 14.7% 17.3% 25.2% 30.5%
Return on equity 7.6% 17.9% 27.5% 29.1% 29.6% 38.0% 24.5% 26.2% 38.4% 42.8%
Return on assets 1.6% 3.4% 5.4% 6.2% 7.5% 12.2% 9.6% 11.1% 17.0% 20.1%
Growth
Revenue growth 30.3% 32.4% 35.1% 27.6% 24.0% 18.8% 6.5% 6.7% 15.7% 15.9%
Net income growth 52.2% 199.4% 116.7% 54.1% 47.9% 85.3% −12.2% 20.4% 61.1% 26.1%
EPS growth 53.6% 190.7% 114.4% 54.1% 47.2% 84.9% −11.5% 20.6% 65.0% 27.8%
FCF growth — — — — — −106.8% — 327.9% −0.1% 36.7%
Share count change 0.5% 1.9% 1.0% 0.1% 0.5% 0.3% −0.9% −0.4% −2.3% −1.1%
Financial health
Net debt / EBITDA 4.3x 4.0x 3.9x 3.6x 1.7x 1.5x 1.4x 1.0x 0.6x 0.4x
Debt / equity 1.3x 1.8x 2.0x 2.0x 1.5x 1.0x 0.7x 0.7x 0.6x 0.5x
Interest coverage 2.5x 3.5x 3.8x 4.2x 6.0x 8.1x 8.0x 9.9x 14.5x 17.2x
Current ratio 1.3x 1.4x 1.5x 0.9x 1.3x 1.0x 1.2x 1.1x 1.2x 1.2x
Quick ratio 1.3x 1.4x 1.5x 0.9x 1.3x 1.0x 1.2x 1.1x 1.2x 1.2x
Capital allocation
Capex / revenue 1.2% 1.5% 1.1% 1.3% 2.0% 1.8% 1.3% 1.0% 1.1% 1.5%
Stock comp / revenue 2.0% 1.6% 2.0% 2.0% 1.7% 1.4% 1.8% 1.0% 0.7% 0.8%
Payouts / FCF — — — — 0.0% — 0.0% 87.3% 90.5% 96.5%
Quality scores
Piotroski F-score 2.0 4.0 4.0 3.0 6.0 6.0 5.0 7.0 7.0 7.0
Altman Z'' 1.3 1.6 1.9 1.2 2.2 2.4 2.9 3.4 4.4 5.3
Accruals ratio 14.0% 14.4% 17.3% 15.9% 0.9% 11.3% 5.3% −3.8% 2.6% 1.5%

Source: SEC EDGAR XBRL filings (CIK 0001065280). Data updated October 21, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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