NETFLIX INC NFLX
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. We aim to offer a range of pricing plans, including our ad-supported subscription plan, to meet a variety of consumer needs. We seek to drive conversation around our content to further enhance member joy, and we are continuously enhancing our user interface to help our members more easily choose content that they will find enjoyable.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $45.18B | $39.00B | $33.72B | $31.62B | $29.70B | $25.00B | $20.16B | $15.79B | $11.69B | $8.83B |
| Cost of revenue | $23.28B | $21.04B | $19.72B | $19.17B | $17.33B | $15.28B | $12.44B | $9.97B | $8.03B | $6.26B |
| Gross profit | $21.91B | $17.96B | $14.01B | $12.45B | $12.37B | $9.72B | $7.72B | $5.83B | $3.66B | $2.57B |
| R&D | $3.39B | $2.93B | $2.68B | $2.71B | $2.27B | $1.83B | $1.67B | $1.22B | $981.0M | $768.0M |
| SG&A | $1.89B | $1.70B | $1.72B | $1.57B | $1.35B | $1.08B | $914.4M | $630.3M | $431.0M | $315.7M |
| Operating income | $13.33B | $10.42B | $6.95B | $5.63B | $6.19B | $4.59B | $2.60B | $1.61B | $838.7M | $379.8M |
| Interest expense | $776.5M | $718.7M | $699.8M | $706.2M | $765.6M | $767.5M | $626.0M | $420.5M | $238.2M | $150.1M |
| Pre-tax income | $12.72B | $9.97B | $6.21B | $5.26B | $5.84B | $3.20B | $2.06B | $1.23B | $485.3M | $260.5M |
| Income tax | $1.74B | $1.25B | $797.4M | $772.0M | $723.9M | $438.0M | $195.3M | $15.2M | $73.6M | $73.8M |
| Net income | $10.98B | $8.71B | $5.41B | $4.49B | $5.12B | $2.76B | $1.87B | $1.21B | $558.9M | $186.7M |
| EPS, basic | 2.58 | 2.03 | 1.22 | 10.10 | 11.55 | 6.26 | 4.26 | 2.78 | 1.29 | 0.44 |
| EPS, diluted | 2.53 | 1.98 | 1.20 | 9.95 | 11.24 | 6.08 | 4.13 | 2.68 | 1.25 | 0.43 |
| Shares, diluted (wtd. avg.) | $4.34B | $4.39B | $4.49B | $451.3M | $455.4M | $454.2M | $451.8M | $451.2M | $446.8M | $438.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $9.03B | $7.80B | $7.12B | $5.17B | $6.06B | $8.24B | $5.04B | $3.81B | $2.82B | $1.47B |
| Short-term investments | $28.7M | $1.78B | $21.0M | $911.3M | $0 | — | — | — | — | — |
| Total current assets | $13.02B | $13.10B | $9.92B | $9.27B | $8.07B | $9.76B | $6.18B | $9.69B | $7.67B | $5.72B |
| Property, plant and equipment | $2.00B | $1.59B | $1.49B | $1.40B | $1.32B | $960.2M | $565.2M | $418.3M | $319.4M | $250.4M |
| Other intangibles | $32.78B | $32.45B | — | — | — | — | — | — | — | — |
| Total assets | $55.60B | $53.63B | $48.73B | $48.59B | $44.58B | $39.28B | $33.98B | $25.97B | $19.01B | $13.59B |
| Accounts payable | $900.6M | $899.9M | $747.4M | $671.5M | $837.5M | $656.2M | $674.3M | $563.0M | $359.6M | $312.8M |
| Short-term debt | $998.9M | $1.78B | $399.8M | $0 | $699.8M | $499.9M | $0 | — | — | — |
| Total current liabilities | $10.98B | $10.76B | $8.86B | $7.93B | $8.49B | $7.81B | $6.86B | $6.49B | $5.47B | $4.59B |
| Long-term debt | $13.46B | $13.80B | $14.14B | $14.35B | $14.69B | $15.81B | $14.76B | $10.36B | $6.50B | $3.36B |
| Total liabilities | $28.98B | $28.89B | $28.14B | $27.82B | $28.74B | $28.22B | $26.39B | $20.74B | $15.43B | $10.91B |
| Retained earnings | $42.28B | $31.30B | $22.59B | $17.18B | $12.69B | $7.57B | $4.81B | $2.94B | $1.73B | $1.13B |
| Total equity | $26.62B | $24.74B | $20.59B | $20.78B | $15.85B | $11.07B | $7.58B | $5.24B | $3.58B | $2.68B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10.15B | $7.36B | $7.27B | $2.03B | $392.6M | $2.43B | -$2.89B | -$2.68B | -$1.79B | -$1.47B |
| Depreciation and amortisation | $333.4M | $328.9M | $356.9M | $336.7M | $208.4M | $115.7M | $103.6M | $83.2M | $71.9M | $57.5M |
| Stock-based compensation | $368.4M | $272.6M | $339.4M | $575.5M | $403.2M | $415.2M | $405.4M | $320.7M | $182.2M | $173.7M |
| Capital expenditure | $688.2M | $439.5M | $348.6M | $407.7M | $524.6M | $497.9M | $253.0M | $173.9M | $173.3M | $107.7M |
| Investing cash flow | $1.04B | -$2.18B | $541.8M | -$2.08B | -$1.34B | -$505.4M | -$387.1M | -$339.1M | $34.3M | $49.8M |
| Financing cash flow | -$10.35B | -$4.07B | -$5.95B | -$664.3M | -$1.15B | $1.24B | $4.51B | $4.05B | $3.08B | $1.09B |
| Buybacks | $9.13B | $6.26B | $6.05B | $0 | $600.0M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-159286.
Others in SIC 7841
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|---|---|---|---|---|
| CNVS | Cineverse Corp. | $54.9M | — | -15.9% |
| IQ | iQIYI, Inc. | — | — | -2.5% |