Netflix
NFLX · NasdaqServices-Video Tape Rental · Fiscal year ends Dec 31
Netflix reported revenue of $45.2B in the fiscal year ended Dec 2025, up 15.9% from the year before. Operating income was $13.3B, an operating margin of 29.5%, and net income was $11B. Operating cash flow of $10.1B less capital expenditure of $688M left free cash flow of $9.5B. Net debt was $5.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $29.7B | $31.6B | $33.7B | $39B | $45.2B |
| Cost of revenue | $17.3B | $19.2B | $19.7B | $21B | $23.3B |
| Gross profit | $12.4B | $12.4B | $14B | $18B | $21.9B |
| Research & development | $2.3B | $2.7B | $2.7B | $2.9B | $3.4B |
| Operating income | $6.2B | $5.6B | $7B | $10.4B | $13.3B |
| Interest expense | $766M | $706M | $700M | $719M | $777M |
| Pre-tax income | $5.8B | $5.3B | $6.2B | $10B | $12.7B |
| Income tax | $724M | $772M | $797M | $1.3B | $1.7B |
| Net income | $5.1B | $4.5B | $5.4B | $8.7B | $11B |
| Diluted EPS | 11.24 | 9.95 | 1.20 | 1.98 | 2.53 |
| Diluted shares | 455M | 451M | 4,495M | 4,393M | 4,344M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $6B | $5.1B | $7.1B | $7.8B | $9B |
| Current assets | $8.1B | $9.3B | $9.9B | $13.1B | $13B |
| Net PP&E | $1.3B | $1.4B | $1.5B | $1.6B | $2B |
| Total assets | $44.6B | $48.6B | $48.7B | $53.6B | $55.6B |
| Payables | $837M | $672M | $747M | $900M | $901M |
| Deferred revenue | $1.2B | $1.3B | $1.4B | $1.5B | $1.8B |
| Current liabilities | $8.5B | $7.9B | $8.9B | $10.8B | $11B |
| Short-term debt | $700M | $0 | $400M | $1.8B | $999M |
| Long-term debt | $14.7B | $14.4B | $14.1B | $13.8B | $13.5B |
| Total liabilities | $28.7B | $27.8B | $28.1B | $28.9B | $29B |
| Shareholders' equity | $15.8B | $20.8B | $20.6B | $24.7B | $26.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $393M | $2B | $7.3B | $7.4B | $10.1B |
| Capital expenditure | $525M | $408M | $349M | $440M | $688M |
| Free cash flow | −$132M | $1.6B | $6.9B | $6.9B | $9.5B |
| Depreciation & amortisation | $208M | $337M | $357M | $329M | $333M |
| Stock-based compensation | $403M | $575M | $339M | $273M | $368M |
| Acquisitions | $788M | $757M | $0 | $0 | $17M |
| Share buybacks | $600M | $0 | $6B | $6.3B | $9.1B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.5% | 6.7% | 15.6% | 15.9% |
| Operating income growth (YoY) | – | −9.1% | 23.5% | 49.8% | 27.9% |
| EPS growth (YoY) | – | −11.5% | −87.9% | 65.0% | 27.8% |
| Gross margin | 41.6% | 39.4% | 41.5% | 46.1% | 48.5% |
| Operating margin | 20.9% | 17.8% | 20.6% | 26.7% | 29.5% |
| Net margin | 17.2% | 14.2% | 16.0% | 22.3% | 24.3% |
| Return on equityBlank when equity is negative | 32.3% | 21.6% | 26.3% | 35.2% | 41.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.2% | 13.9% | 17.4% | 24.3% | 29.9% |
| Free cash flow margin | −0.4% | 5.1% | 20.5% | 17.7% | 20.9% |
| Cash conversion (CFO ÷ net income) | 0.08x | 0.45x | 1.35x | 0.85x | 0.92x |
| Payable days | 18 | 13 | 14 | 16 | 14 |
| Interest cover | 8.09x | 7.98x | 9.94x | 14.5x | 17.2x |
| Debt ÷ equity | 0.97x | 0.69x | 0.71x | 0.63x | 0.54x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $9.4B | $9.2B | $7.4B | $7.8B | $5.4B |
| Current ratio | 0.95x | 1.17x | 1.12x | 1.22x | 1.19x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.