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NFLXNetflix

Communication · Streaming · Nasdaq
NFLX quote by TradingView
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FY2025 at a glance

Sales up 15.9%, free cash flow up to $9.5B

XBRL, from each 10-K
RevenueStatements ↓
$45.2B
from $39.0B in FY2024
FY2016FY2025
Net incomeStatements ↓
$11.0B
from $8.7B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$9.5B
from $6.9B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$2.53
from $1.98 in FY2024
FY2016FY2025
Operating marginStatements ↓
29.5%
from 26.7% in FY2024
FY2016FY2025
Total debtStatements ↓
$14.5B
from $15.6B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)3.46Sales (ttm)49.7BNet income (ttm)14.8BSales growth+15.9%EPS growth+27.8%Sales Q/Q+11.8%
Free cash flow11.4BGross margin50.7%Oper. margin31.3%Net margin29.7%FCF margin22.9%ROE50.4%
ROA25.2%R&D / sales7.5%Dividend-Debt/Eq0.52Curr. ratio1.07Cash8.2B
Op. cash flow (ttm)12.3BEBITDA13.7BEBITDA margin30.2%Net debt6.9BQuick ratio1.07Interest cover17.16
ROIC25.9%Tax rate13.7%Stock pay / sales0.8%Shares out.4.1BShares Y/Y-1.1%Book / share7.13
Cash / share2.00Sales / share12.11Asset turnover0.85Sales 3Y CAGR+12.6%Sales 5Y CAGR+12.6%EPS 3Y CAGR+36.5%
EPS 5Y CAGR+33.0%Employees16,000Sales / employee3.1M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose 37%$6.9B → $9.5B · Cash from operations − capital expenditure · 10-K ↗
  • Operating margin widened to 29.5%26.7% → 29.5% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

NFLX against Communication peers

Ten years, side by side → · All 19 →
GrowthProfitBalanceCleanInsiders
NFLXPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 19 companies, the better end on the right. Hover a dot for the company.

Sales growth
+15.9%5th of 19 · median +6.8%
Net margin
29.7%5th of 19 · median 9.2%
Return on equity
50.4%2nd of 19 · median 12.7%
Free cash flow margin
22.9%2nd of 16 · median 10.0%
Debt / equity (less is better)
0.525th of 17 · median 0.94
NFLX and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
NFLX Netflix$49.7B +15.9%50.7%29.7%50.4%22.9%0.52
CHTR Charter Communications$55.6B -0.6%-2.5%12.7%7.1%9.75
SKYD Skydance Corporation$29.2B -1.5%--21.2%-51.7%1.7%1.26
LYV Live Nation Entertainment$27.9B +8.8%-0.5%33.1%3.2%-
OMC Omnicom Group$24.8B +10.1%12.6%2.8%7.1%11.6%1.01
FOXA Fox Corporation (Class A)$18.0B +5.1%-11.3%16.3%12.3%0.53
Where each dollar goes

From $29.7B of sales to $5.1B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $12.4BRevenue to Cost of revenue: $17.3BGross profit to Operating profit: $6.2BGross profit to Operating expenses: $6.2BOperating profit to Net profit: $5.1BOperating profit to Tax & other: $1.1BOperating expenses to R&D: $2.3BOperating expenses to Sales, admin & other: $3.9B Revenue: $29.7B Revenue$29.7B +19% Y/Y Gross profit: $12.4B · 42% margin Gross profit$12.4B42% margin Cost of revenue: $17.3B · 58% of revenue Cost of revenue$17.3B58% of revenue Operating profit: $6.2B · 21% margin Operating profit$6.2B21% margin +35% Y/Y Operating expenses: $6.2B · 21% of revenue Operating expenses$6.2B21% of revenue Net profit: $5.1B · 17% margin Net profit$5.1B17% margin +85% Y/Y Tax & other: $1.1B · 4% of revenue Tax & other$1.1B4% of revenue R&D: $2.3B · 8% of revenue R&D$2.3B8% of revenue Sales, admin & other: $3.9B · 13% of revenue Sales, admin & other$3.9B13% of revenue

Swipe sideways for the whole flow →

From $31.6B of sales to $4.5B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $12.4BRevenue to Cost of revenue: $19.2BGross profit to Operating profit: $5.6BGross profit to Operating expenses: $6.8BOperating profit to Net profit: $4.5BOperating profit to Tax & other: $1.1BOperating expenses to R&D: $2.7BOperating expenses to Sales, admin & other: $4.1B Revenue: $31.6B Revenue$31.6B +6% Y/Y Gross profit: $12.4B · 39% margin Gross profit$12.4B39% margin Cost of revenue: $19.2B · 61% of revenue Cost of revenue$19.2B61% of revenue Operating profit: $5.6B · 18% margin Operating profit$5.6B18% margin −9% Y/Y Operating expenses: $6.8B · 22% of revenue Operating expenses$6.8B22% of revenue Net profit: $4.5B · 14% margin Net profit$4.5B14% margin −12% Y/Y Tax & other: $1.1B · 4% of revenue Tax & other$1.1B4% of revenue R&D: $2.7B · 9% of revenue R&D$2.7B9% of revenue Sales, admin & other: $4.1B · 13% of revenue Sales, admin & other$4.1B13% of revenue

Swipe sideways for the whole flow →

From $33.7B of sales to $5.4B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $14.0BRevenue to Cost of revenue: $19.7BGross profit to Operating profit: $7.0BGross profit to Operating expenses: $7.1BOperating profit to Net profit: $5.4BOperating profit to Tax & other: $1.5BOperating expenses to R&D: $2.7BOperating expenses to Sales, admin & other: $4.4B Revenue: $33.7B Revenue$33.7B +7% Y/Y Gross profit: $14.0B · 42% margin Gross profit$14.0B42% margin Cost of revenue: $19.7B · 58% of revenue Cost of revenue$19.7B58% of revenue Operating profit: $7.0B · 21% margin Operating profit$7.0B21% margin +23% Y/Y Operating expenses: $7.1B · 21% of revenue Operating expenses$7.1B21% of revenue Net profit: $5.4B · 16% margin Net profit$5.4B16% margin +20% Y/Y Tax & other: $1.5B · 5% of revenue Tax & other$1.5B5% of revenue R&D: $2.7B · 8% of revenue R&D$2.7B8% of revenue Sales, admin & other: $4.4B · 13% of revenue Sales, admin & other$4.4B13% of revenue

Swipe sideways for the whole flow →

From $39.0B of sales to $8.7B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $18.0BRevenue to Cost of revenue: $21.0BGross profit to Operating profit: $10.4BGross profit to Operating expenses: $7.5BOperating profit to Net profit: $8.7BOperating profit to Tax & other: $1.7BOperating expenses to R&D: $2.9BOperating expenses to Sales, admin & other: $4.6B Revenue: $39.0B Revenue$39.0B +16% Y/Y Gross profit: $18.0B · 46% margin Gross profit$18.0B46% margin Cost of revenue: $21.0B · 54% of revenue Cost of revenue$21.0B54% of revenue Operating profit: $10.4B · 27% margin Operating profit$10.4B27% margin +50% Y/Y Operating expenses: $7.5B · 19% of revenue Operating expenses$7.5B19% of revenue Net profit: $8.7B · 22% margin Net profit$8.7B22% margin +61% Y/Y Tax & other: $1.7B · 4% of revenue Tax & other$1.7B4% of revenue R&D: $2.9B · 8% of revenue R&D$2.9B8% of revenue Sales, admin & other: $4.6B · 12% of revenue Sales, admin & other$4.6B12% of revenue

Swipe sideways for the whole flow →

From $45.2B of sales to $11.0B of profit

FY2025, from the 10-K income statement
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$21.9B48% margin Cost of revenue: $23.3B · 52% of revenue Cost of revenue$23.3B52% of revenue Operating profit: $13.3B · 29% margin Operating profit$13.3B29% margin +28% Y/Y Operating expenses: $8.6B · 19% of revenue Operating expenses$8.6B19% of revenue Net profit: $11.0B · 24% margin Net profit$11.0B24% margin +26% Y/Y Tax & other: $2.3B · 5% of revenue Tax & other$2.3B5% of revenue R&D: $3.4B · 8% of revenue R&D$3.4B8% of revenue Sales, admin & other: $5.2B · 11% of revenue Sales, admin & other$5.2B11% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 3
  • ✓
    Net margin above the peer median29.7% vs 9.2%
  • ✓
    Return on equity above 15%50.4%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 2.1% → 24.3%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 17.2× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.52 on the latest balance sheet (peer median 0.94)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.07
  • ✓
    Net debt under 3 years of free cash flow$6.9B net debt, 0.6 years
Debt / equity at each year end, FY2016 to FY2025: 1.26 → 0.54
What the debt is made of ↓

Cash and shareholders

1 of 3
  • !
    Free cash flow positive in 5 of 10 years$9.5B last year
  • ✓
    Share count down over 5 years−4.4%
  • !
    Cash from operations below net income$10.1B vs $11.0B
Free cash flow, FY2016 to FY2025: -1.6B → 9.5B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$- of principal due

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 45.2B Net income 11.0B
FY2016 revenue 8.8B · Revenues, 0001065280-19-000043 FY2016 net income 186.7M · NetIncomeLoss, 0001065280-19-000043 8.8B FY2016 FY2017 revenue 11.7B · Revenues, 0001065280-20-000040 FY2017 net income 558.9M · NetIncomeLoss, 0001065280-20-000040 11.7B FY2017 FY2018 revenue 15.8B · Revenues, 0001065280-21-000040 FY2018 net income 1.2B · NetIncomeLoss, 0001065280-21-000040 15.8B FY2018 FY2019 revenue 20.2B · Revenues, 0001065280-22-000036 FY2019 net income 1.9B · NetIncomeLoss, 0001065280-22-000036 20.2B FY2019 FY2020 revenue 25.0B · Revenues, 0001065280-23-000035 FY2020 net income 2.8B · NetIncomeLoss, 0001065280-23-000035 25.0B FY2020 FY2021 revenue 29.7B · Revenues, 0001065280-24-000030 FY2021 net income 5.1B · NetIncomeLoss, 0001065280-24-000030 29.7B FY2021 FY2022 revenue 31.6B · Revenues, 0001065280-25-000044 FY2022 net income 4.5B · NetIncomeLoss, 0001065280-25-000044 31.6B FY2022 FY2023 revenue 33.7B · Revenues, 0001065280-26-000034 FY2023 net income 5.4B · NetIncomeLoss, 0001065280-26-000034 33.7B FY2023 FY2024 revenue 39.0B · Revenues, 0001065280-26-000034 FY2024 net income 8.7B · NetIncomeLoss, 0001065280-26-000034 39.0B FY2024 FY2025 revenue 45.2B · Revenues, 0001065280-26-000034 FY2025 net income 11.0B · NetIncomeLoss, 0001065280-26-000034 45.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

NFLX's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue45.2B
FY2016: 8.8BFY2017: 11.7BFY2018: 15.8BFY2019: 20.2BFY2020: 25.0BFY2021: 29.7BFY2022: 31.6BFY2023: 33.7BFY2024: 39.0BFY2025: 45.2B FY2017FY2019FY2021FY2023FY2025
Net income11.0B
FY2016: 186.7MFY2017: 558.9MFY2018: 1.2BFY2019: 1.9BFY2020: 2.8BFY2021: 5.1BFY2022: 4.5BFY2023: 5.4BFY2024: 8.7BFY2025: 11.0B FY2017FY2019FY2021FY2023FY2025
Free cash flow9.5B
FY2016: -1.6BFY2017: -2.0BFY2018: -2.9BFY2019: -3.1BFY2020: 1.9BFY2021: -132.0MFY2022: 1.6BFY2023: 6.9BFY2024: 6.9BFY2025: 9.5B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)2.53
FY2016: 0.04FY2017: 0.12FY2018: 0.27FY2019: 0.41FY2020: 0.61FY2021: 1.12FY2022: 0.99FY2023: 1.20FY2024: 1.98FY2025: 2.53 FY2017FY2019FY2021FY2023FY2025
Diluted shares4.3B
FY2016: 4.4BFY2017: 4.5BFY2018: 4.5BFY2019: 4.5BFY2020: 4.5BFY2021: 4.6BFY2022: 4.5BFY2023: 4.5BFY2024: 4.4BFY2025: 4.3B FY2017FY2019FY2021FY2023FY2025

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue8.8B11.7B15.8B20.2B25.0B29.7B31.6B33.7B39.0B45.2B
Cost of revenue6.3B8.0B10.0B12.4B15.3B17.3B19.2B19.7B21.0B23.3B
R&D768.0M981.0M1.2B1.7B1.8B2.3B2.7B2.7B2.9B3.4B
SG&A315.7M431.0M630.3M914.4M1.1B1.4B1.6B1.7B1.7B1.9B
Operating income379.8M838.7M1.6B2.6B4.6B6.2B5.6B7.0B10.4B13.3B
Interest expense150.1M238.2M420.5M626.0M767.5M765.6M706.2M699.8M718.7M776.5M
Pretax income260.5M485.3M1.2B2.1B3.2B5.8B5.3B6.2B10.0B12.7B
Income tax73.8M-73.6M15.2M195.3M438.0M723.9M772.0M797.4M1.3B1.7B
Net income186.7M558.9M1.2B1.9B2.8B5.1B4.5B5.4B8.7B11.0B
EPS (diluted)0.040.120.270.410.611.120.991.201.982.53
Diluted shares4.4B4.5B4.5B4.5B4.5B4.6B4.5B4.5B4.4B4.3B
Depreciation & amortization57.5M71.9M83.2M103.6M115.7M208.4M336.7M356.9M328.9M333.4M
EBITDA437.3M910.6M1.7B2.7B4.7B6.4B6.0B7.3B10.7B13.7B
Operating margin4.3%7.2%10.2%12.9%18.3%20.9%17.8%20.6%26.7%29.5%
Net margin2.1%4.8%7.7%9.3%11.0%17.2%14.2%16.0%22.3%24.3%
Revenue growth-+32.4%+35.1%+27.6%+24.0%+18.8%+6.5%+6.7%+15.6%+15.9%
EPS growth-+191%+114%+54.1%+47.2%+84.9%-11.5%+20.6%+65.0%+27.8%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash1.5B2.8B3.8B5.0B8.2B6.0B5.1B7.1B7.8B9.0B
Short-term investments-----0911.3M21.0M1.8B28.7M
Current assets5.7B7.7B9.7B6.2B9.8B8.1B9.3B9.9B13.1B13.0B
Property & equipment250.4M319.4M418.3M565.2M960.2M1.3B1.4B1.5B1.6B2.0B
Total assets13.6B19.0B26.0B34.0B39.3B44.6B48.6B48.7B53.6B55.6B
Accounts payable312.8M359.6M563.0M674.3M656.2M837.5M671.5M747.4M899.9M900.6M
Current liabilities4.6B5.5B6.5B6.9B7.8B8.5B7.9B8.9B10.8B11.0B
Total debt3.4B9.0B14.9B20.7B22.4B15.4B14.4B14.5B15.6B14.5B
Total liabilities10.9B15.4B20.7B26.4B28.2B28.7B27.8B28.1B28.9B29.0B
Shareholders' equity2.7B3.6B5.2B7.6B11.1B15.8B20.8B20.6B24.7B26.6B
Retained earnings1.1B1.7B2.9B4.8B7.6B12.7B17.2B22.6B31.3B42.3B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow-1.5B-1.8B-2.7B-2.9B2.4B392.6M2.0B7.3B7.4B10.1B
Capital spending107.7M173.3M173.9M253.0M497.9M524.6M407.7M348.6M439.5M688.2M
Free cash flow-1.6B-2.0B-2.9B-3.1B1.9B-132.0M1.6B6.9B6.9B9.5B
Stock-based pay (added back)173.7M182.2M320.7M405.4M415.2M403.2M575.5M339.4M272.6M368.4M
Buybacks---00600.0M06.0B6.3B9.1B
Acquisitions---00788.3M757.4M0017.2M
Debt raised1.0B3.0B4.0B4.5B1.0B0001.8B0
Debt repaid---00500.0M700.0M0400.0M1.8B
Investing cash flow49.8M34.3M-339.1M-387.1M-505.4M-1.3B-2.1B541.8M-2.2B1.0B
Financing cash flow1.1B3.1B4.0B4.5B1.2B-1.1B-664.3M-6.0B-4.1B-10.3B

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)173.7M182.2M320.7M405.4M415.2M403.2M575.5M339.4M272.6M368.4M
Stock-based pay / revenue2.0%1.6%2.0%2.0%1.7%1.4%1.8%1.0%0.7%0.8%
Operating lease cost---218.1M323.9M389.8M413.7M430.9M468.3M503.6M
Right-of-use assets---1.5B2.0B2.4B2.2B2.1B2.1B2.2B
Operating lease liabilities---1.6B2.2B2.7B2.6B2.4B2.4B2.5B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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