Netflix Inc. (NFLX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.79	$0.8	+1.3%	—	$12.6B	—
Q1 26	$1.32	$1.23	-6.8%	—	$12.2B	—
Q4 25	$0.55	$0.56	+1.8%	—	$12.1B	—
Q3 25	$0.7	$0.59	-15.7%	—	$11.5B	—
Q2 25	$0.71	$0.72	+1.4%	—	$11.1B	—
Q1 25	$0.57	$0.66	+15.8%	—	$10.5B	—
Q4 24	$0.42	$0.43	+2.4%	—	$10.2B	—
Q3 24	$0.51	$0.54	+5.9%	—	$9.8B	—
Q2 24	$0.48	$0.49	+2.1%	—	$9.6B	—
Q1 24	$0.45	$0.53	+17.8%	—	$9.4B	—
Q4 23	$0.22	$0.21	-4.5%	—	$8.8B	—
Q3 23	$3.49	$3.73	+6.9%	—	$8.5B	—
Q2 23	$2.86	$3.29	+15.0%	—	$8.2B	—
Q1 23	$2.86	$2.88	+0.7%	—	$8.2B	—
Q4 22	$0.45	$0.12	-73.3%	—	$7.9B	—
Q3 22	$2.13	$3.1	+45.5%	—	$7.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.58	—	—	$45.2B	—
FY24	—	$2.03	—	—	$39B	—
FY23	—	$12.3	—	—	$33.7B	—
FY22	—	$10.1	—	—	$31.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$8.8B	$11.7B	$15.8B	$20.2B	$25B	$29.7B	$31.6B	$33.7B	$39B	$45.2B
YoY change	+30.3%	+32.4%	+35.1%	+27.6%	+24%	+18.8%	+6.46%	+6.67%	+15.6%	+15.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	8.8B	11.7B	15.8B	20.2B	25B	29.7B	31.6B	33.7B	39B	45.2B
Cost of revenue	6.3B	8B	10B	12.4B	15.3B	17.3B	19.2B	19.7B	21B	23.3B
Gross profit	2.6B	3.7B	5.8B	7.7B	9.7B	12.4B	12.4B	14B	18B	21.9B
Gross margin	29.1%	31.3%	36.9%	38.3%	38.9%	41.6%	39.4%	41.5%	46.1%	48.5%
Research & development	780.2M	953.7M	1.2B	1.5B	1.8B	2.3B	2.7B	2.7B	2.9B	3.4B
Selling, general & administrative	1.4B	1.9B	3B	3.6B	3.3B	3.9B	4.1B	4.4B	4.6B	5.2B
Operating expenses	2.2B	2.8B	4.2B	5.1B	5.1B	6.2B	6.8B	7.1B	7.5B	8.6B
Operating income	379.8M	838.7M	1.6B	2.6B	4.6B	6.2B	5.6B	7B	10.4B	13.3B
Operating margin	4.3%	7.17%	10.2%	12.9%	18.3%	20.9%	17.8%	20.6%	26.7%	29.5%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	260.5M	485.3M	1.2B	2.1B	3.2B	5.8B	5.3B	6.2B	10B	12.7B
Income tax	73.8M	-73.6M	15.2M	195.3M	438M	723.9M	772M	797.4M	1.3B	1.7B
Net income	186.7M	558.9M	1.2B	1.9B	2.8B	5.1B	4.5B	5.4B	8.7B	11B
Net margin	2.11%	4.78%	7.67%	9.26%	11%	17.2%	14.2%	16%	22.3%	24.3%
EBITDA	5.3B	7.1B	9.3B	12B	15.5B	19B	20.3B	21.5B	26.3B	30.3B
EPS	0.44	1.29	2.78	4.26	6.26	11.6	10.1	12.3	2.03	2.58
Diluted EPS	0.43	1.25	2.68	4.13	6.08	11.2	9.95	12	1.98	2.53

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	8.5B	8.8B	9.4B	9.6B	9.8B	10.2B	10.5B	11.1B	11.5B	12.1B	12.2B	12.6B
Cost of revenue	4.9B	5.3B	5B	5.2B	5.1B	5.8B	5.3B	5.3B	6.2B	6.5B	5.9B	6B
Gross profit	3.6B	3.5B	4.4B	4.4B	4.7B	4.5B	5.3B	5.8B	5.3B	5.5B	6.4B	6.5B
Gross margin	42.3%	39.9%	46.9%	45.9%	47.9%	43.7%	50.1%	51.9%	46.4%	45.9%	51.9%	51.9%
Research & development	657.2M	673.3M	702.5M	711.3M	735.1M	776.5M	822.8M	824.7M	853.6M	890.3M	959.7M	1B
Selling, general & administrative	1B	1.4B	1.1B	1.1B	1.1B	1.4B	1.1B	1.2B	1.2B	1.7B	1.4B	1.3B
Operating expenses	1.7B	2B	1.8B	1.8B	1.8B	2.2B	1.9B	2B	2.1B	2.6B	2.4B	2.3B
Operating income	1.9B	1.5B	2.6B	2.6B	2.9B	2.3B	3.3B	3.8B	3.2B	3B	4B	4.2B
Operating margin	22.4%	16.9%	28.1%	27.2%	29.6%	22.2%	31.7%	34.1%	28.2%	24.5%	32.3%	33.4%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	1.9B	1.1B	2.6B	2.5B	2.7B	2.1B	3.2B	3.6B	3.1B	2.8B	6.5B	4.1B
Income tax	231.6M	210.3M	282.4M	366.6M	339.4M	265.7M	323.4M	506.3M	562.5M	349.2M	1.3B	667.2M
Net income	1.7B	937.8M	2.3B	2.1B	2.4B	1.9B	2.9B	3.1B	2.5B	2.4B	5.3B	3.4B
Net margin	19.6%	10.6%	24.9%	22.5%	24.1%	18.2%	27.4%	28.2%	22.1%	20.1%	43.1%	27.1%
EBITDA	5.7B	5.2B	6.5B	6.5B	6.7B	6.6B	7.3B	7.7B	7.4B	7.9B	11.1B	8.7B
EPS	3.8	2.15	5.4	4.99	5.52	0.44	0.68	0.73	0.6	0.57	1.25	0.81
Diluted EPS	3.73	2.11	5.28	4.88	5.4	0.43	0.66	0.72	0.59	0.56	1.23	0.8

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5.3B	8.3B	11.7B	14.2B	23.8B	26.7B	13.1B	21.5B	—	398.4B	288.3B
Enterprise value	6.9B	12B	18.2B	23.9B	31.9B	36.1B	21.4B	28.9B	—	403.8B	303.8B
Shares outstanding	428.8M	431.9M	435.4M	437.8M	440.9M	443.2M	444.7M	441.6M	4.3B	4.2B	4.2B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	28.4	14.8	9.62	7.59	8.63	5.22	2.92	3.98	—	36.3	22.4
P/S	0.6	0.71	0.74	0.7	0.95	0.9	0.41	0.64	—	8.82	6.12
P/B	1.98	2.31	2.22	1.87	2.15	1.68	0.63	1.04	—	15	9.83
EV/EBITDA	1.3	1.68	1.97	1.99	2.06	1.89	1.05	1.34	—	13.3	20.6
EV/Sales	0.79	1.02	1.15	1.19	1.28	1.21	0.68	0.86	—	8.94	6.28
Earnings yield	3.52%	6.74%	10.4%	13.2%	11.6%	19.2%	34.3%	25.2%	—	2.76%	4.47%
FCF yield	-31.2%	-23.6%	-24.5%	-22.2%	8.09%	-0.49%	12.3%	32.2%	—	2.37%	8.81%
PEG	—	—	—	—	—	—	—	—	—	—	2.19

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	29.1%	31.3%	36.9%	38.3%	38.9%	41.6%	39.4%	41.5%	46.1%	48.5%	51.9%
Operating margin	4.3%	7.17%	10.2%	12.9%	18.3%	20.9%	17.8%	20.6%	26.7%	29.5%	33.4%
Net margin	2.11%	4.78%	7.67%	9.26%	11%	17.2%	14.2%	16%	22.3%	24.3%	28.2%
ROE	6.97%	15.6%	23.1%	24.6%	25%	32.3%	21.6%	26.3%	35.2%	41.3%	49.5%
ROA	1.37%	2.94%	4.66%	5.49%	7.03%	11.5%	9.24%	11.1%	16.2%	19.8%	16.1%
ROIC	6.31%	11.6%	13.4%	13.6%	20.6%	21.5%	16.5%	21.6%	29.6%	35.9%	33.6%
Return on tangible assets	-19.4%	-32.3%	-30.8%	-12.4%	-24%	-29.7%	-26.6%	-37.1%	-77.3%	-110.3%	-148%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.25	1.4	1.49	0.9	1.25	0.95	1.17	1.12	1.22	1.19	1.14
Quick ratio	1.25	1.4	1.49	0.9	1.25	0.95	1.17	1.12	1.22	1.19	1.14
Debt / equity	1.26	1.81	1.98	1.95	1.47	0.97	0.69	0.71	0.63	0.54	0.55
Debt / assets	0.25	0.34	0.4	0.43	0.42	0.35	0.3	0.3	0.29	0.26	0.24
Net debt / EBITDA	0.31	0.52	0.71	0.81	0.52	0.49	0.41	0.34	0.23	0.18	0.15
Interest coverage	2.74	2.37	3.92	4.29	3.31	8.63	8.45	9.29	14.9	17.4	20.5
Effective tax rate	28.3%	0%	1.24%	9.47%	13.7%	12.4%	14.7%	12.9%	12.6%	13.7%	17.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	20.6	27.1	36.3	46	56.7	67	71.1	76.4	9.08	10.6	11.5
EPS (basic)	0.44	1.29	2.78	4.26	6.26	11.6	10.1	12.3	2.03	2.58	2.58
EPS (diluted)	0.43	1.25	2.68	4.13	6.08	11.2	9.95	12	1.98	2.53	3.18
Book value per share	6.25	8.29	12	17.3	25.1	35.8	46.7	46.6	5.76	6.26	7.24
FCF per share	-3.87	-4.54	-6.56	-7.17	4.38	-0.3	3.64	15.7	1.61	2.23	2.62
Cash per share	4.04	6.54	8.72	11.5	18.6	13.6	13.6	16.2	2.23	2.13	2.19
Capex per share	0.25	0.4	0.4	0.58	1.13	1.18	0.92	0.79	0.1	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.22%	1.48%	1.1%	1.26%	1.99%	1.77%	1.29%	1.03%	1.13%	—	—
Capex / operating cash flow	36.5%	-15.2%	-9.9%	-6.85%	29.4%	81.6%	16.7%	4.98%	6.03%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$8.5B	$8.8B	$9.4B	$9.6B	$9.8B	$10.2B	$10.5B	$11.1B	$11.5B	$12.1B	$12.2B	$12.6B
YoY change	+7.77%	+12.5%	+14.8%	+16.8%	+15%	+16%	+12.5%	+15.9%	+17.2%	+17.6%	+16.2%	+13.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.7B	2.8B	3.8B	5B	8.2B	6B	6.1B	7.1B	9.6B	9.1B
Receivables	—	—	362.7M	454.4M	610.8M	804.3M	988.9M	1.3B	1.3B	2B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	5.7B	7.7B	9.7B	6.2B	9.8B	8.1B	9.3B	9.9B	13.1B	13B
Property, plant & equipment	209.7M	278.7M	344.8M	532.1M	917.5M	1.7B	1.3B	1.3B	1.1B	1.5B
Goodwill & intangibles	14.5B	20.7B	29.9B	49B	50.8B	61.8B	65.5B	63.3B	64.9B	65.6B
Total assets	13.6B	19B	26B	34B	39.3B	44.6B	48.6B	48.7B	53.6B	55.6B
Accounts payable	312.8M	359.6M	563M	674.3M	656.2M	837.5M	671.5M	747.4M	899.9M	900.6M
Short-term debt	—	—	—	—	499.9M	699.8M	—	399.8M	1.8B	998.9M
Total current liabilities	4.6B	5.5B	6.5B	6.9B	7.8B	8.5B	7.9B	8.9B	10.8B	11B
Long-term debt	3.4B	6.5B	10.4B	14.8B	15.8B	14.7B	14.4B	14.1B	13.8B	13.5B
Total liabilities	10.9B	15.4B	20.7B	26.4B	28.2B	28.7B	27.8B	28.1B	28.9B	29B
Shareholders' equity	2.7B	3.6B	5.2B	7.6B	11.1B	15.8B	20.8B	20.6B	24.7B	26.6B
Total debt	3.4B	6.5B	10.4B	14.8B	16.3B	15.4B	14.4B	14.5B	15.6B	14.5B
Net debt	1.9B	3.7B	6.6B	9.7B	8.1B	9.4B	9.2B	7.4B	7.8B	5.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	7.9B	7.1B	7B	6.7B	9.2B	9.6B	8.4B	8.4B	9.3B	9.1B	12.3B	9.1B
Receivables	1.1B	1.3B	1.2B	1.3B	1.2B	1.3B	1.4B	1.6B	1.7B	2B	2B	2B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	10.8B	9.9B	9.9B	9.6B	12.1B	13.1B	11.7B	12B	13B	13B	17.1B	13.9B
Property, plant & equipment	1.4B	1.3B	1.3B	1.1B	1.1B	1.1B	1.1B	1.2B	1.3B	1.5B	1.6B	1.8B
Goodwill & intangibles	63.5B	63.3B	63.3B	63.9B	64.4B	64.9B	64.1B	64.2B	65.3B	65.6B	66.8B	67.7B
Total assets	49.5B	48.7B	48.8B	49.1B	52.3B	53.6B	52.1B	53.1B	54.9B	55.6B	61B	58.5B
Accounts payable	534.4M	747.4M	607.3M	598.6M	642M	899.9M	614.5M	632.7M	793.2M	900.6M	894.7M	814.6M
Short-term debt	399.6M	399.8M	798.9M	1.8B	1.8B	1.8B	1B	—	—	998.9M	999.2M	2.5B
Total current liabilities	8.3B	8.9B	9.3B	10.1B	10.7B	10.8B	9.7B	8.9B	9.7B	11B	12.1B	12.1B
Long-term debt	13.9B	14.1B	13.2B	12.2B	14.2B	13.8B	14B	14.5B	14.5B	13.5B	13.4B	11.8B
Total liabilities	27.4B	28.1B	27.5B	27B	29.6B	28.9B	28.1B	28.1B	29B	29B	29.9B	28.3B
Shareholders' equity	22.1B	20.6B	21.4B	22.1B	22.7B	24.7B	24B	25B	26B	26.6B	31.1B	30.2B
Total debt	14.3B	14.5B	14B	14B	16B	15.6B	15B	14.5B	14.5B	14.5B	14.4B	14.3B
Net debt	6.9B	7.4B	7B	7.4B	8.5B	7.8B	7.8B	6.3B	5.2B	5.4B	2.1B	5.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	186.7M	558.9M	1.2B	1.9B	2.8B	5.1B	4.5B	5.4B	8.7B	11B
Depreciation & amortization	4.9B	6.3B	7.6B	9.3B	10.9B	12.4B	14.4B	14.6B	15.6B	16.8B
Stock-based compensation	173.7M	182.2M	320.7M	405.4M	415.2M	403.2M	575.5M	339.4M	272.6M	368.4M
Change in working capital	1.9B	844.6M	1.1B	-808.7M	-230.1M	-422.3M	-702.6M	-219.7M	-225M	-1.3B
Operating cash flow	295.1M	-1.1B	-1.8B	-3.7B	1.7B	642.9M	2.4B	7B	7.3B	10.1B
Capital expenditure	-107.7M	-173.3M	-173.9M	-253M	-497.9M	-524.6M	-407.7M	-348.6M	-439.5M	—
Investing cash flow	126.9M	34.3M	-339.1M	-387.1M	-505.4M	-1.3B	-2.1B	541.8M	-2.2B	1.7B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	0	0	-600M	0	-6B	-6.3B	-9.1B
Financing cash flow	1.1B	3.1B	4B	4.5B	1.2B	-1.1B	-664.3M	-6B	-4.1B	-10.3B
Net change in cash	1.5B	2B	2B	425.1M	2.4B	-1.8B	-305.8M	1.6B	1B	1.5B
Free cash flow	-1.7B	-2B	-2.9B	-3.1B	1.9B	-132M	1.6B	6.9B	6.9B	9.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.7B	937.8M	2.3B	2.1B	2.4B	1.9B	2.9B	3.1B	2.5B	2.4B	5.3B	3.4B
Depreciation & amortization	3.7B	3.8B	3.8B	3.9B	3.8B	4.2B	3.9B	3.9B	4.1B	4.9B	4.3B	4.4B
Stock-based compensation	79.7M	82.5M	76.3M	68.8M	65.7M	61.8M	72M	80.9M	81M	134.6M	140.4M	131.3M
Change in working capital	-10.7M	253.5M	-146.7M	-132.9M	568K	54.1M	-401.2M	-417.6M	-131.4M	-387.3M	-1.2B	-55.4M
Operating cash flow	2.2B	1.6B	2.1B	1.4B	2B	1.7B	2.5B	2.6B	2.8B	2.1B	5.3B	1.7B
Capital expenditure	-103.9M	-81.6M	-75.7M	-78.3M	-126.9M	-158.7M	-128.3M	-155.9M	—	—	—	—
Investing cash flow	296.1M	411.6M	-75.7M	-78.3M	-1.9B	-158.7M	485.7M	768.7M	208.6M	0	-585.7M	0
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-2.5B	-2.5B	-2B	-1.6B	-1.7B	-963.7M	-3.5B	-1.7B	-1.9B	-2.1B	-1.3B	-4.7B
Financing cash flow	-2.5B	-2.5B	-2.1B	-1.5B	226.6M	-678.7M	-4B	-2.5B	-1.7B	-2.1B	-1.2B	-4.7B
Net change in cash	51M	-422.5M	-117.1M	-119.8M	394.8M	877M	-1.1B	901.1M	1.3B	34.2M	3.5B	-2.9B
Free cash flow	1.9B	1.6B	2.1B	1.2B	2.2B	1.4B	2.7B	2.3B	2.7B	1.9B	5.1B	1.5B

Netflix Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

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Assets vs. liabilities & equity

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Cash generation and uses

Condensed cash flow statement