Financials
Income statement, balance sheet and cash flow, built from SEC EDGAR filings.
NETFLIX INC
NFLX
· CIK 0001065280
Figures in millions of USD unless the line is a per-share amount or a share count.
| Line item | TTM 2026-09-30 | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 | FY 2020 2020-12-31 | FY 2019 2019-12-31 | FY 2018 2018-12-31 |
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 49,735 | 45,183 | 39,001 | 33,723 | 31,616 | 29,698 | 24,996 | 20,156 | 15,794 |
| Operating Income | 15,565 | 13,327 | 10,418 | 6,954 | 5,633 | 6,195 | 4,585 | 2,604 | 1,605 |
| Pre-Tax Income | 17,700 | 12,723 | 9,966 | 6,205 | 5,264 | 5,840 | 3,199 | 2,062 | 1,226 |
| Net Income | 14,767 | 10,981 | 8,712 | 5,408 | 4,492 | 5,116 | 2,761 | 1,867 | 1,211 |
| EPS (Diluted) | 3.46 | 2.53 | 1.98 | 1.20 | 9.95 | 11.24 | 6.08 | 4.13 | 2.68 |
| Balance Sheet | |||||||||
| Total Assets | 58,682 | 55,597 | 53,630 | 48,732 | 48,595 | 44,585 | 39,280 | 33,976 | 25,974 |
| Total Liabilities | 29,396 | 28,982 | 28,887 | 28,144 | 27,817 | 28,735 | 28,215 | 26,394 | 20,736 |
| Shareholders' Equity | 29,286 | 26,615 | 24,744 | 20,588 | 20,777 | 15,849 | 11,065 | 7,582 | 5,239 |
| Cash & Equivalents | 8,194 | 9,034 | 7,805 | 7,117 | 5,147 | 6,028 | 8,206 | 5,018 | 3,794 |
| Cash Flow | |||||||||
| Operating Cash Flow | 12,308 | 10,149 | 7,361 | 7,274 | 2,026 | 393 | 2,427 | -2,887 | -2,680 |
| Capital Expenditures | -933 | -688 | -440 | -349 | -408 | -525 | -498 | -253 | -174 |
| Free Cash Flow | 11,375 | 9,461 | 6,922 | 6,926 | 1,619 | -132 | 1,929 | -3,140 | -2,854 |
| Ratios | |||||||||
| Operating Margin | 31.30% | 29.49% | 26.71% | 20.62% | 17.82% | 20.86% | 18.34% | 12.92% | 10.16% |
| Profit Margin | 29.69% | 24.30% | 22.34% | 16.04% | 14.21% | 17.23% | 11.05% | 9.26% | 7.67% |
| Free Cash Flow Margin | 22.87% | 20.94% | 17.75% | 20.54% | 5.12% | -0.44% | 7.72% | -15.58% | -18.07% |
| Line item | TTM 2026-09-30 | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 | FY 2020 2020-12-31 | FY 2019 2019-12-31 | FY 2018 2018-12-31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||
| Total Revenue | 49,735 | 45,183 | 39,001 | 33,723 | 31,616 | 29,698 | 24,996 | 20,156 | 15,794 |
| Cost of Revenue | |||||||||
| Cost of Revenue | 24,527 | 23,275 | 21,038 | 19,715 | 19,168 | 17,333 | 15,276 | 12,440 | 9,968 |
| Operating Expenses | |||||||||
| R&D Expense | 3,891 | 3,391 | 2,925 | 2,676 | 2,711 | 2,274 | 1,830 | — | — |
| Selling & Marketing | 3,616 | 3,301 | 2,918 | 2,658 | 2,531 | — | — | — | — |
| General & Administrative | 2,136 | 1,888 | 1,702 | 1,720 | 1,573 | 1,352 | 1,076 | 914 | 630 |
| Operating Income | |||||||||
| Operating Income | 15,565 | 13,327 | 10,418 | 6,954 | 5,633 | 6,195 | 4,585 | 2,604 | 1,605 |
| Non-Operating Items | |||||||||
| Interest Expense | -857 | -777 | -719 | -700 | -706 | -766 | -767 | -626 | -420 |
| Non-Operating Income/Expense | 2,992 | 172 | 267 | -49 | 337 | 411 | -618 | 84 | 42 |
| Pre-Tax Income | |||||||||
| Income Before Tax | 17,700 | 12,723 | 9,966 | 6,205 | 5,264 | 5,840 | 3,199 | 2,062 | 1,226 |
| Tax | |||||||||
| Income Tax Expense | -2,934 | -1,741 | -1,254 | -797 | -772 | -724 | -438 | -195 | -15 |
| Net Income | |||||||||
| Net Income Available to Common | 14,767 | 10,981 | 8,712 | 5,408 | 4,492 | 5,116 | 2,761 | 1,867 | 1,211 |
| EPS | |||||||||
| EPS (Basic) | 3.52 | 2.58 | 2.03 | 1.22 | 10.10 | 11.55 | 6.26 | 4.26 | 2.78 |
| EPS (Diluted) | 3.46 | 2.53 | 1.98 | 1.20 | 9.95 | 11.24 | 6.08 | 4.13 | 2.68 |
| Shares | |||||||||
| Shares Outstanding (Basic) | 16,775 | 4,250 | 4,295 | 4,416 | 445 | 443 | 441 | 438 | 435 |
| Shares Outstanding (Diluted) | 17,071 | 4,344 | 4,393 | 4,495 | 451 | 455 | 454 | 452 | 451 |
| Other Items | |||||||||
| Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Portion Attributable to Parent | — | 33 | -7 | 0 | 0 | — | — | — | — |
| OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax | — | 1 | -1 | 0 | 0 | — | — | — | — |
| Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax, Parent | — | 301 | -246 | 36 | 0 | — | — | — | — |
| Marketing Expense | — | — | — | 2,658 | 2,531 | 2,545 | 2,228 | 2,652 | 2,369 |
| Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Reclassification Adjustment, Tax, Attributable to Parent | — | 3 | -2 | 0 | 0 | — | — | — | — |
| Technology and development | — | — | — | — | — | 2,274 | 1,830 | 1,545 | 1,222 |
| Line item | TTM 2026-09-30 | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 | FY 2020 2020-12-31 | FY 2019 2019-12-31 | FY 2018 2018-12-31 |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total Assets | 58,682 | 55,597 | 53,630 | 48,732 | 48,595 | 44,585 | 39,280 | 33,976 | 25,974 |
| Current Assets | 13,222 | 13,020 | 13,100 | 9,918 | 9,266 | 8,070 | 9,762 | 6,179 | 9,694 |
| Current Assets | |||||||||
| Cash & Cash Equivalents | 8,194 | 9,034 | 7,805 | 7,117 | 5,147 | 6,028 | 8,206 | 5,018 | 3,794 |
| Short-Term Investments | 29 | 29 | 1,779 | 21 | 911 | 0 | — | — | — |
| Other Current Assets | 4,999 | 3,958 | 3,517 | 2,780 | 3,208 | 2,042 | 1,556 | 1,160 | 748 |
| Non-Current Assets | |||||||||
| Property, Plant & Equipment, Net | 2,561 | 2,004 | 1,594 | 1,491 | 1,398 | 1,323 | 960 | 565 | 418 |
| Other Non-Current Assets | 8,294 | 7,794 | 6,484 | 5,664 | 5,193 | 4,272 | 3,175 | 2,727 | 911 |
| Liabilities & Equity | |||||||||
| Total Liabilities & Equity | 58,682 | 55,597 | 53,630 | 48,732 | 48,595 | 44,585 | 39,280 | 33,976 | 25,974 |
| Liabilities | |||||||||
| Total Liabilities | 29,396 | 28,982 | 28,887 | 28,144 | 27,817 | 28,735 | 28,215 | 26,394 | 20,736 |
| Current Liabilities | |||||||||
| Current Liabilities | 12,301 | 10,981 | 10,755 | 8,861 | 7,931 | 8,489 | 7,806 | 6,856 | 6,487 |
| Accounts Payable | 860 | 901 | 900 | 747 | 672 | 837 | 656 | 674 | 563 |
| Accrued Liabilities | 3,301 | 3,221 | 2,157 | 1,804 | 1,515 | 1,449 | 1,102 | 843 | 482 |
| Deferred Revenue, Current | 1,780 | 1,776 | 1,521 | 1,443 | 1,265 | 1,209 | 1,118 | 925 | 761 |
| Non-Current Liabilities | |||||||||
| Long-Term Debt | 12,658 | 13,464 | 13,798 | 14,143 | 14,353 | 14,693 | 15,809 | 14,759 | 10,360 |
| Other Non-Current Liabilities | 2,714 | 2,957 | 2,552 | 2,561 | 2,452 | 2,459 | 1,982 | 1,444 | 129 |
| Equity | |||||||||
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Stockholders' Equity | 29,286 | 26,615 | 24,744 | 20,588 | 20,777 | 15,849 | 11,065 | 7,582 | 5,239 |
| Common Stock | 7,898 | 7,286 | 6,252 | 5,145 | 4,638 | 4,025 | 3,448 | 2,794 | 2,316 |
| Retained Earnings (Deficit) | 54,630 | 42,282 | 31,301 | 22,589 | 17,181 | 12,689 | 7,573 | 4,812 | 2,942 |
| Accumulated OCI | -9 | -580 | 362 | -224 | -217 | -40 | 44 | -24 | -20 |
| Treasury Stock | -33,233 | -22,373 | -13,172 | -6,922 | -824 | -824 | 0 | — | — |
| Other Items | |||||||||
| Common stock, par value | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Preferred stock, par value | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Common stock, shares authorized | 49,900 | 49,900 | 49,900 | 4,990 | 4,990 | 4,990 | 4,990 | 4,990 | 4,990 |
| Preferred stock, shares authorized | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Common stock, shares issued | 4,106 | 4,222 | 4,278 | 433 | 445 | 444 | 443 | 439 | 437 |
| Preferred stock, shares issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common stock, shares outstanding | 4,106 | 4,222 | 4,278 | 433 | 445 | 444 | 443 | 439 | 437 |
| Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current content assets, net | — | — | — | — | — | — | — | 0 | 5,151 |
| Treasury stock, common shares | 477 | 347 | 260 | 16 | 2 | 2 | — | — | — |
| Content assets, net | 34,605 | 32,778 | 32,452 | 31,658 | 32,737 | 30,920 | 25,384 | 24,505 | 14,951 |
| Treasury Stock, Shares (Deprecated 2023) | — | — | — | — | — | 2 | — | — | — |
| Current content liabilities | 3,885 | 4,085 | 4,394 | 4,466 | 4,480 | 4,293 | 4,430 | 4,414 | 4,682 |
| Short-Term Debt | 2,475 | 999 | 1,784 | 400 | 0 | 700 | 500 | 0 | — |
| Non-current content liabilities | 1,723 | 1,579 | 1,781 | 2,578 | 3,081 | 3,094 | 2,618 | 3,334 | 3,759 |
| Line item | TTM 2026-09-30 | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 | FY 2020 2020-12-31 | FY 2019 2019-12-31 | FY 2018 2018-12-31 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||||
| Net Income | 14,767 | 10,981 | 8,712 | 5,408 | 4,492 | 5,116 | 2,761 | 1,867 | 1,211 |
| Operating Cash Flow | 12,308 | 10,149 | 7,361 | 7,274 | 2,026 | 393 | 2,427 | -2,887 | -2,680 |
| Depreciation & Amortization (CF) | 392 | 333 | 329 | 357 | 337 | 208 | 116 | 104 | 83 |
| Share-Based Compensation | 540 | 368 | 273 | 339 | 575 | 403 | 415 | 405 | 321 |
| Deferred Income Tax | — | — | — | — | — | — | — | — | -86 |
| Change in Accounts Payable | 7 | -8 | 121 | 94 | -159 | 145 | -42 | 96 | 199 |
| Change in Accrued Liabilities | 267 | 881 | 192 | 104 | -56 | 180 | 198 | 158 | 150 |
| Change in Deferred Revenue | 55 | 255 | 78 | 179 | 27 | 91 | 193 | 164 | 142 |
| Other Non-Cash Items | 660 | 577 | 495 | 512 | 534 | 377 | 293 | 228 | 82 |
| Investing Activities | |||||||||
| Investing Cash Flow | -1,588 | 1,042 | -2,182 | 542 | -2,076 | -1,340 | -505 | -387 | -339 |
| Capital Expenditures | -933 | -688 | -440 | -349 | -408 | -525 | -498 | -253 | -174 |
| Acquisitions, Net of Cash | -603 | -17 | 0 | 0 | -757 | -788 | 0 | 0 | — |
| Purchase of Investments | -61 | -170 | -1,742 | -505 | -911 | — | — | — | — |
| Maturities of Investments | — | — | — | — | — | — | — | 0 | 0 |
| Other Investing Activities | 0 | — | — | 0 | 0 | -27 | -7 | -134 | -165 |
| Financing Activities | |||||||||
| Financing Cash Flow | -11,733 | -10,346 | -4,074 | -5,951 | -664 | -1,150 | 1,237 | 4,506 | 4,049 |
| Repayment of Long-Term Debt | 0 | -1,833 | -400 | 0 | -700 | -500 | 0 | 0 | — |
| Share Repurchases | -12,861 | -9,127 | -6,264 | -6,045 | 0 | -600 | 0 | 0 | — |
| Proceeds from Stock Options | 260 | 667 | 833 | 170 | 36 | 174 | 235 | 72 | 125 |
| Taxes Paid for Share Settlement | -47 | -46 | -8 | 0 | 0 | -224 | — | — | — |
| Debt Issuance Costs | — | — | — | — | 0 | 0 | -8 | -36 | -36 |
| Other Financing Activities | -77 | -6 | -30 | -75 | 0 | 0 | 0 | 0 | -2 |
| Reconciliation | |||||||||
| Effect of Exchange Rate Changes | -80 | 387 | -416 | 83 | -170 | -87 | 36 | 0 | -40 |
| Net Change in Cash | -1,093 | 1,232 | 689 | 1,948 | -885 | -2,184 | 3,195 | 1,232 | 989 |
| Supplemental | |||||||||
| Interest Paid | — | 719 | 675 | 685 | 702 | 763 | 763 | 599 | 376 |
| Other Items | |||||||||
| Additions to content assets | — | -17,097 | -16,224 | -12,555 | -16,839 | -17,702 | -11,779 | -13,917 | -13,043 |
| Change in content liabilities | -53 | -611 | -779 | -586 | 179 | 233 | -757 | -694 | 1,000 |
| Amortization of content assets | — | 16,422 | 15,302 | 14,197 | 14,026 | 12,230 | 10,807 | 9,216 | 7,532 |
| Amortization of DVD content assets | — | — | — | — | — | — | — | — | 41 |
| Gain (Loss), Foreign Currency Transaction, before Tax | -38 | 72 | -122 | 176 | -353 | -431 | 533 | -46 | -74 |
| Excess Tax Benefit from Share-based Compensation, Operating Activities | — | — | — | — | — | — | — | — | 0 |
| Deferred income taxes | 159 | -442 | -591 | -459 | -167 | 200 | 70 | -94 | -86 |
| Increase (Decrease) in Other Current Assets | -1,042 | -791 | 22 | -181 | -354 | -370 | -188 | -252 | -200 |
| Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net | -943 | -794 | -446 | -311 | -218 | -289 | -194 | -123 | 2 |
| Payments to Acquire Debt Securities, Available-for-Sale | — | — | — | — | — | — | — | 0 | 0 |
| Proceeds from Sale, Maturity and Collection of Investments | 8 | 1,917 | 0 | 1,395 | 0 | — | — | — | — |
| Payments to Acquire Short-Term Investments | — | — | — | -505 | -911 | 0 | 0 | — | — |
| Proceeds from Sale of Debt Securities, Available-for-Sale | — | — | — | — | — | — | — | 0 | 0 |
| Acquisition of DVD content assets | — | — | — | — | — | — | — | — | -39 |
| Proceeds from issuance of debt | 993 | 0 | 1,794 | 0 | 0 | 0 | 1,009 | 4,469 | 3,962 |
| Proceeds from Sale, Maturity and Collection of Short-Term Investments | — | — | — | 1,395 | 0 | 0 | — | — | — |
| Excess Tax Benefit from Share-based Compensation, Financing Activities | — | — | — | — | — | — | — | — | 0 |
| Income Tax Paid, before Refund Received | — | — | 1,642 | 1,155 | 812 | 509 | 292 | 401 | 131 |
| Effect of Exchange Rate on Cash and Cash Equivalents (Deprecated 2022) | — | — | — | — | — | — | — | — | -40 |
| Increase (decrease) in investing activities included in liabilities | — | — | — | — | — | — | — | — | 3 |
Ratios derived from the statements above and the EOD price feed; prices are taken at each period's end date.
| Line item | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 | FY 2020 2020-12-31 | FY 2019 2019-12-31 | FY 2018 2018-12-31 |
|---|---|---|---|---|---|---|---|---|
| Financial Efficiency | ||||||||
| Asset Turnover | 0.81 | 0.73 | 0.69 | 0.65 | 0.67 | 0.64 | 0.59 | 0.61 |
| Current Ratio | 1.19 | 1.22 | 1.12 | 1.17 | 0.95 | 1.25 | 0.90 | 1.49 |
| Debt / EBITDA Ratio | 1.06 | 1.45 | 1.99 | 2.40 | 2.40 | 3.47 | 5.45 | 6.14 |
| Debt / Equity Ratio | 0.54 | 0.63 | 0.71 | 0.69 | 0.97 | 1.47 | 1.95 | 1.98 |
| Debt / FCF Ratio | 1.53 | 2.25 | 2.10 | 8.87 | -116.63 | 8.45 | -4.70 | -3.63 |
| Net Debt / EBITDA Ratio | 0.40 | 0.56 | 1.01 | 1.39 | 1.46 | 1.72 | 3.60 | 3.89 |
| Net Debt / Equity Ratio | 0.20 | 0.24 | 0.36 | 0.40 | 0.59 | 0.73 | 1.28 | 1.25 |
| Net Debt / FCF Ratio | 0.57 | 0.87 | 1.07 | 5.12 | -70.96 | 4.20 | -3.10 | -2.30 |
| Quick Ratio | 0.83 | 0.89 | 0.81 | 0.76 | 0.71 | 1.05 | 0.73 | 0.58 |
| Return on Assets (ROA) | 20.11% | 17.02% | 11.11% | 9.64% | 12.20% | 7.54% | 6.23% | 5.38% |
| Return on Capital Employed (ROCE) | 29.87% | 24.30% | 17.44% | 13.85% | 17.16% | 14.57% | 9.60% | 8.24% |
| Return on Equity (ROE) | 42.76% | 38.43% | 26.15% | 24.53% | 38.02% | 29.62% | 29.12% | 27.46% |
| Return on Invested Capital (ROIC) | 34.30% | 28.34% | 19.32% | 15.45% | 20.29% | 14.41% | 10.78% | 10.26% |
| Yields | ||||||||
| Earnings Yield | 2.75% | 2.28% | 2.51% | 34.25% | 19.17% | 11.58% | 13.17% | 10.39% |
| FCF Yield | 2.37% | 1.81% | 3.22% | 12.34% | -0.49% | 8.09% | -22.17% | -24.49% |
| Total Valuation | ||||||||
| Enterprise Value | 393,034 | 376,840 | 207,587 | 4,819 | 17,332 | 15,739 | 4,425 | 5,088 |
| Last Close Price | 93.76 | 89.13 | 48.69 | 29.49 | 60.24 | 54.07 | 32.36 | 26.77 |
| Market Capitalization | 398,434 | 382,839 | 214,992 | 13,113 | 26,697 | 23,842 | 14,166 | 11,653 |
| EV Ratios | ||||||||
| EV/EBIT Ratio | 29.49 | 36.17 | 29.85 | 0.86 | 2.80 | 3.43 | 1.70 | 3.17 |
| EV/EBITDA Ratio | 28.77 | 35.07 | 28.39 | 0.81 | 2.71 | 3.35 | 1.63 | 3.01 |
| EV/FCF Ratio | 41.54 | 54.44 | 29.97 | 2.98 | -131.33 | 8.16 | -1.41 | -1.78 |
| EV/Sales Ratio | 8.70 | 9.66 | 6.16 | 0.15 | 0.58 | 0.63 | 0.22 | 0.32 |
| Price Ratios | ||||||||
| P/FCF Ratio | 42.11 | 55.31 | 31.04 | 8.10 | -202.29 | 12.36 | -4.51 | -4.08 |
| P/OCF Ratio | 39.26 | 52.01 | 29.56 | 6.47 | 68.00 | 9.82 | -4.91 | -4.35 |
| P/TBV Ratio | 14.97 | 15.47 | 10.44 | 0.63 | 1.68 | 2.15 | 1.87 | 2.22 |
| PB Ratio | 14.97 | 15.47 | 10.44 | 0.63 | 1.68 | 2.15 | 1.87 | 2.22 |
| PE Ratio | 36.34 | 43.91 | 39.91 | 2.92 | 5.22 | 8.64 | 7.60 | 9.63 |
| PEG Ratio | 1.34 | 0.66 | — | — | 0.06 | 0.18 | 0.14 | 0.08 |
| PS Ratio | 8.82 | 9.82 | 6.38 | 0.41 | 0.90 | 0.95 | 0.70 | 0.74 |