TICKDELTA
Sign in
Screener / SEC EDGAR /CIK 0001065280 /10-K filed Jan 23, 2026, compared with Jan 27, 2025 /Numbers from the XBRL of the 10-Ks
Communication peers:
CHTRFOXAECHOOMCNFLXLYV
Nasdaq Communication · Streaming

Netflix NFLX

NFLX quote by TradingView

Netflix, Inc. (“Netflix”, the “Company”, “registrant”, “we”, or “us”) is one of the world’s leading entertainment services offering TV series, films, games and live programming across a wide variety of genres and languages. 10-K, Item 1

Employees
16,000
Headquarters
Los Gatos, CA
Next results
around Jan 19, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $45.2B through the costs to a net profit of $11.0B · income statement of the 10-K

29% operating margin
Revenue to Gross profit: $21.9BRevenue to Cost of revenue: $23.3BGross profit to Operating profit: $13.3BGross profit to Operating expenses: $8.6BOperating profit to Net profit: $11.0BOperating profit to Tax & other: $2.3BOperating expenses to R&D: $3.4BOperating expenses to Sales, admin & other: $5.2B Revenue: $45.2B REVENUE $45.2B +16% Y/Y Gross profit: $21.9B · 48% margin GROSS PROFIT $21.9B 48% margin Cost of revenue: $23.3B · 52% of revenue COST OF REVENUE $23.3B 52% of revenue Operating profit: $13.3B · 29% margin OPERATING PROFIT $13.3B 29% margin · +28% Y/Y Operating expenses: $8.6B · 19% of revenue OPERATING EXPENSES $8.6B 19% of revenue Net profit: $11.0B · 24% margin NET PROFIT $11.0B 24% margin · +26% Y/Y Tax & other: $2.3B · 5% of revenue TAX & OTHER $2.3B 5% of revenue R&D: $3.4B · 8% of revenue R&D $3.4B 8% of revenue Sales, admin & other: $5.2B · 11% of revenue SALES, ADMIN & OTHER $5.2B 11% of revenue
Gross profit $21.9B 48% margin
Operating profit $13.3B 29% margin · +28% Y/Y
Net profit $11.0B 24% margin · +26% Y/Y
The full income statement, year by year

NFLX among Communication peers

Six ratios from the latest 10-K. Each corner is the share of 18 peers the company is above, not a score.

Compare
Revenue growth: 15.9%, above 78% of 18 peers (their median 5.9%) REVENUE GROWTH 15.9% · above 78% Gross margin: 50.7%, above 17% of 6 peers (their median 70.9%) GROSS MARGIN 50.7% · above 17% Operating margin: 31.3%, above 81% of 16 peers (their median 18.4%) OPERATING MARGIN 31.3% · above 81% Net margin: 29.7%, above 78% of 18 peers (their median 9.0%) NET MARGIN 29.7% · above 78% FCF margin: 22.9%, above 93% of 15 peers (their median 8.4%) FCF MARGIN 22.9% · above 93% Return on capital: 25.9%, above 92% of 13 peers (their median 9.2%) RETURN ON CAPITAL 25.9% · above 92%
NFLX Peer median Below the median

What changed

7 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Jan 23, 2026 against Jan 27, 2025.

Risk factors
7 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Cash from operations lower than net income
Cash from operations $10.1B vs net income $11.0B (FY ending Dec 31, 2025)
10-K · XBRL
Accounting checks
8 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

9 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 8 checks found nothing to note

  • Cash from operations lower than net income
    Cash from operations $10.1B vs net income $11.0B (FY ending Dec 31, 2025)
  • Same auditor in both 10-Ks: Ernst & Young LLP
7 more checks with nothing to note
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Content Amortization
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

7 paragraphs in Risk Factors that were not in the 10-K filed Jan 27, 2025. Quoted as filed.

All 7 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Jan 27, 2025 10-K, ITEM 1A
    In connection with our transaction with WBD to acquire WBD’s streaming and studios businesses, including its film and television studios, HBO Max and HBO (such transaction, the “WBD transaction”), we expect to incur and/or assume a substantial amount of additional indebtedness, which will materially increase the amount of our…
  2. Item 1A · new paragraph · not in the 10-K filed Jan 27, 2025 10-K, ITEM 1A
    The WBD transaction may not be completed on the currently contemplated timeline or terms, or at all. Consummation of the WBD transaction is conditioned on, among other things, obtaining necessary governmental and regulatory approvals. If any of the conditions to the WBD transaction are not satisfied, it could delay or prevent the WBD…

New risk paragraphs, against peers

Latest 10-K of each, Communication companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$31.6B$33.7B$39.0B$45.2B
Net income$4.5B$5.4B$8.7B$11.0B
Operating cash flow$2.0B$7.3B$7.4B$10.1B
Free cash flow$1.6B$6.9B$6.9B$9.5B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$45.2B ▲ 15.9% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Netflix, Los Gatos, CA · from the 10-K filed Jan 23, 2026

Netflix, Inc. (“Netflix”, the “Company”, “registrant”, “we”, or “us”) is one of the world’s leading entertainment services offering TV series, films, games and live programming across a wide variety of genres and languages. Members can play, pause and resume watching as much as they want, anytime, anywhere, and can change their plans at any time. Our core strategy is to grow our business globally within the parameters of our operating margin target. We strive to continuously improve our members' experience by offering compelling content that delights them and attracts new members.

Headquarters
Los Gatos, CA
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Oct 20, 2026
Incorporated in
DE

Employees, at the top of the page: "As of December 31, 2025, we had approximately 16,000 full-time employees" (10-K). Address and exchange: SEC's company file.

Email alerts

Sources

The 10-K filed Jan 23, 2026 (open at SEC), compared with the 10-K filed Jan 27, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/NFLX/export.csv") into a cell.