NFLXNetflix

Communication · Streaming · Nasdaq

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

The biggest changes in the 10-K filed 2026-01-23, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Cash from operations

+37.9% Big change FY to 2025-12-31 vs 2024-12-31

“Net cash provided by operating activities for the year ended December 31, 2025 increased $2,788 million as compared to the year ended December 31, 2024, primarily driven by a $2,270 million or 26% increase in net income and a $1,646 million increase in adjustments for non-cash expenses, partially offset by a $705 million increase in payments for content assets and $423 million in unfavorable changes in working capital.”
Read it in the 10-K ↗

Operating margin

26.7% → 29.5% (+2.8 pts) Big change FY to 2025-12-31 vs 2024-12-31

“Operating margin for the year ended December 31, 2025 increased by approximately three percentage points as compared to the prior comparative period, primarily driven by the growth in revenues outpacing the growth in cost of revenues, sales and marketing, and general and administrative expenses.”
Read it in the 10-K ↗

“The impact of higher operating income was partially offset by a $487 million increase in the provision for income taxes.”
Read it in the 10-K ↗

Net income

+26.1% Big change FY to 2025-12-31 vs 2024-12-31

“Net income for the year ended December 31, 2025 increased $2,270 million as compared to the prior comparative period, primarily due to a $2,909 million increase in operating income, driven by a $6,182 million increase in revenues and partially offset by a $2,237 million increase in cost of revenues primarily due to the increase in content amortization and other cost of revenues.”
Read it in the 10-K ↗

“Interest and other income (expense) decreased for the year ended December 31, 2025, primarily due to foreign exchange losses of $123 million, net of the impacts of derivatives and hedging, compared to losses of $18 million for the corresponding period in 2024.”
Read it in the 10-K ↗

Revenue

+15.9% Big change FY to 2025-12-31 vs 2024-12-31

“Revenues for the year ended December 31, 2025 increased 16% as compared to the year ended December 31, 2024, primarily due to the growth in memberships, price increases, and increased advertising revenue, partially offset by unfavorable changes in foreign exchange rates, net of hedging.”
Read it in the 10-K ↗

“The increase in cost of revenues for the year ended December 31, 2025 as compared to the year ended December 31, 2024 was primarily due to a $1,121 million increase in content amortization relating to our existing and new content, coupled with a $1,116 million increase in other cost of revenues, primarily driven by non-income tax assessments in Brazil.”
Read it in the 10-K ↗

Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

Work on NFLX in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/NFLX/export.csv") into a cell.