Overview
NETFLIX INC
Latest 10-K: FY2025, filed Jan 23, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $45.18B
- 15.9%YoYup from FY2024
- TotalRevenue
- Gross profit
- $21.91B
- 22.0%YoYup from FY2024
- GrossProfit
- Operating income
- $13.33B
- 27.9%YoYup from FY2024
- OperatingIncome
- Net income
- $10.98B
- 26.1%YoYup from FY2024
- NetIncome
- Diluted EPS
- $2.53
- 27.8%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 4.34B
- 1.1%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- NETFLIX INC reported revenue of $45.18B for fiscal 2025, up 15.9% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 4 of the last 5 fiscal years.
Profitability
- Operating margin was 29.5% and net margin was 24.3%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $2.53, up 27.8% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $45.18B15.9%up Benchmark median 6.4% | $39.00B15.6%up Benchmark median 4.5% | $33.72B6.7%up Benchmark median 4.8% | $31.62B6.5%up Benchmark median 10.3% | $29.70B18.8%up Benchmark median 13.8% | 11.1% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $21.91B22.0%up Benchmark median 6.8% | $17.96B28.2%up Benchmark median 5.5% | $14.01B12.5%up Benchmark median 5.2% | $12.45B0.7%up Benchmark median 8.3% | $12.37B27.2%up Benchmark median 15.7% | 15.4% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $13.33B27.9%up Benchmark median 7.3% | $10.42B49.8%up Benchmark median 7.4% | $6.95B23.5%up Benchmark median 4.9% | $5.63B9.1%down Benchmark median 7.5% | $6.19B35.1%up Benchmark median 23.5% | 21.1% Benchmark median 7.2% |
| Net Income | $10.98B26.1%up Benchmark median 4.8% | $8.71B61.1%up Benchmark median 5.7% | $5.41B20.4%up Benchmark median 1.9% | $4.49B12.2%down Benchmark median 1.3% | $5.12B85.3%up Benchmark median 33.9% | 21.0% Benchmark median 4.1% |
| EPS (Diluted) | $2.5327.8%up Benchmark median 6.2% | $1.9865.0%up Benchmark median 7.9% | $1.20‡n/m Benchmark median 1.9% | $9.9511.5%down Benchmark median 1.5% | $11.2484.9%up Benchmark median 34.8% | n/m Benchmark median 5.6% |
‡ Share basis changed between these years (stock split or reverse split).
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $55.60B3.7%up Benchmark median 5.6% | $53.63B10.1%up Benchmark median 3.4% | $48.73B0.3%up Benchmark median 4.1% | $48.59B9.0%up Benchmark median 2.2% | $44.58B13.5%up Benchmark median 6.7% | 5.7% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $28.98B0.3%up Benchmark median 6.4% | $28.89B2.6%up Benchmark median 1.9% | $28.14B1.2%up Benchmark median 2.9% | $27.82B3.2%down Benchmark median 2.0% | $28.74B1.8%up Benchmark median 5.2% | 0.2% Benchmark median 4.4% |
| Stockholders' Equity | $26.62B7.6%up Benchmark median 6.8% | $24.74B20.2%up Benchmark median 5.4% | $20.59B0.9%down Benchmark median 7.3% | $20.78B31.1%up Benchmark median 2.5% | $15.85B43.2%up Benchmark median 9.0% | 13.8% Benchmark median 6.1% |
| Cash & Equivalents | $9.03B15.7%up Benchmark median 5.2% | $7.80B9.7%up Benchmark median 1.9% | $7.12B38.3%up Benchmark median 6.7% | $5.15B14.6%down Benchmark median -8.6% | $6.03B26.5%down Benchmark median -2.9% | 10.6% Benchmark median 2.0% |
| Total Debt | $14.46B7.2%down Benchmark median 2.1% | $15.58B7.1%up Benchmark median 0.2% | $14.54B1.3%up Benchmark median 0.3% | $14.35B6.8%down Benchmark median 0.1% | $15.39B5.6%down Benchmark median -0.1% | -1.5% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $10.15B37.9%up Benchmark median 6.3% | $7.36B1.2%up Benchmark median 4.8% | $7.27B259.0%up Benchmark median 9.9% | $2.03B416.1%up Benchmark median -0.7% | $0.39B83.8%down Benchmark median 10.7% | 125.5% Benchmark median 7.0% |
| Capital Expenditures | $688.22M56.6%up Benchmark median 5.4% | $439.54M26.1%up Benchmark median 2.8% | $348.55M14.5%down Benchmark median 11.3% | $407.73M22.3%down Benchmark median 14.0% | $524.59M5.4%up Benchmark median 8.1% | 7.0% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $9.46B36.7%up Benchmark median 7.3% | $6.92B0.1%down Benchmark median 6.1% | $6.93B327.9%up Benchmark median 8.8% | $1.62Bn/m Benchmark median -11.3% | negative: -$0.13B106.8%down Benchmark median 10.2% | n/m Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
2.7%
Wall Street
on net earnings
FY2024 2.2%
2.3%
Value investor
on free cash flow
FY2024 1.8%
Gap −0.4 pts: Value-investor figure 0.4 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 37.1×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
3.3%
Wall Street
on EBITDA
FY2024 2.7%
3.2%
Value investor
on EBIT
FY2024 2.6%
Gap −0.1 pts: Value-investor figure 0.1 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 30.2×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
6.5%
Wall Street
on book equity
FY2024 6.3%
6.5%
Value investor
on tangible book
FY2024 6.3%
Gap Same: Both views read the same
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 15.3×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
42.8%
Wall Street
ROE: net income ÷ equity
FY2024 38.4%
31.4%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 25.8%
Gap −11.4 pts: Value-investor figure 11.4 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
30.2%
Wall Street
EBITDA margin
FY2024 27.6%
20.9%
Value investor
Free-cash-flow margin
FY2024 17.7%
Gap −9.3 pts: Value-investor figure 9.3 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.19×
Wall Street
Current ratio
FY2024 1.22×
1.19×
Value investor
Quick ratio, inventory excluded
FY2024 1.22×
Gap Same: Both views read the same
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.94×
Wall Street
EBITDA ÷ total debt
FY2024 0.69×
0.65×
Value investor
FCF ÷ total debt
FY2024 0.44×
Gap −0.29×: Value-investor figure 0.29 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 0.40×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
17.6×
Wall Street
EBITDA ÷ interest
FY2024 15.0×
17.2×
Value investor
EBIT ÷ interest
FY2024 14.5×
Gap −0.4×: Value-investor figure 0.4 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on NFLX yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on NFLX and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/NFLX
Valuein. (2026, October 31). NETFLIX INC (NFLX) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/NFLX
@misc{valuein_nflx_2026,
author = {{Valuein}},
title = {NETFLIX INC (NFLX) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/NFLX}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Jan 23, 2026 · accession 0001065280-26-000034
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