Netflix, Inc.

NFLX · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Valuation
Market cap	$397,720	$381,002	$213,097	$131,228	$266,852	$239,518	$143,326	$118,561	$85,029	$54,837	$50,665	$20,523	$21,429	$5,130	$3,662	$9,229	$3,116	$1,822	$1,786	$1,618	$1,448	$641	$2,613	$311	$122	$47
Enterprise value	$403,120	$389,413	$222,933	$139,522	$278,941	$249,823	$154,680	$125,126	$88,706	$56,468	$50,726	$19,800	$20,728	$4,782	$3,266	$9,115	$3,034	$1,565	$1,437	$1,218	$1,236	$467	$2,479	$209	$113	$34
P/E (TTM) at period end	36.22×	43.73×	39.40×	29.21×	52.16×	86.74×	76.77×	97.88×	152.13×	293.75×	413.12×	76.92×	190.64×	299.10×	16.19×	57.38×	26.89×	21.95×	26.81×	32.97×	34.47×	29.68×	401.33×	–	–	–
P/S (TTM) at period end	8.80×	9.77×	6.32×	4.15×	8.99×	9.58×	7.11×	7.51×	7.27×	6.21×	7.47×	3.73×	4.90×	1.42×	1.14×	4.27×	1.87×	1.34×	1.48×	1.62×	2.12×	1.27×	9.60×	2.03×	1.61×	1.32×
P/B at period end	14.94×	15.40×	10.35×	6.32×	16.84×	21.65×	18.90×	22.63×	23.74×	20.46×	22.79×	11.05×	16.07×	6.89×	5.70×	31.81×	15.65×	5.25×	4.15×	3.91×	6.40×	4.10×	23.19×	3.48×	–	–
EV / EBITDA (TTM)	29.51×	36.24×	30.49×	23.37×	43.56×	53.14×	57.12×	74.11×	97.42×	129.12×	137.80×	43.36×	74.91×	50.09×	7.78×	28.33×	13.19×	10.17×	12.61×	5.50×	11.24×	4.34×	44.69×	14.09×	–	–
EV / Sales (TTM)	8.92×	9.98×	6.61×	4.41×	9.39×	9.99×	7.67×	7.92×	7.59×	6.39×	7.48×	3.60×	4.74×	1.32×	1.02×	4.21×	1.82×	1.15×	1.19×	1.22×	1.81×	0.92×	9.10×	1.37×	1.49×	0.96×
Returns
Return on equity	41.3%	35.2%	26.3%	21.6%	32.3%	25.0%	24.6%	23.1%	15.6%	7.0%	5.5%	14.4%	8.4%	2.3%	35.2%	55.4%	58.2%	23.9%	15.5%	11.8%	18.6%	13.8%	5.8%	(24.6%)	–	–
Return on invested capital	35.9%	26.1%	19.9%	16.0%	19.4%	18.5%	12.5%	13.4%	11.6%	5.9%	9.5%	18.9%	12.2%	3.3%	44.0%	51.4%	38.2%	31.0%	19.1%	298.5%	21.4%	–	19.2%	–	–	–
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.19×	1.22×	1.12×	1.17×	0.95×	1.25×	0.90×	1.49×	1.40×	1.25×	1.54×	1.47×	1.42×	1.34×	1.49×	1.64×	1.81×	1.66×	1.95×	2.21×	1.77×	1.97×	2.20×	2.65×	0.75×	–
Debt / equity	0.54×	0.63×	0.71×	0.69×	0.97×	1.47×	1.95×	1.98×	1.81×	1.26×	1.07×	0.48×	0.37×	0.27×	1.46×	0.86×	1.00×	0.00×	0.00×	–	–	0.00×	0.00×	0.01×	(0.06×)	–
Effective tax rate	13.7%	12.6%	12.9%	14.7%	12.4%	13.7%	9.5%	1.2%	(15.2%)	28.3%	13.6%	23.6%	34.3%	43.7%	37.1%	39.9%	39.7%	36.9%	40.0%	38.9%	(404.2%)	0.8%	–	316.2%	(5.4%)	–
Share count
Diluted shares outstanding	4,344	4,393	4,495	4,513	4,554	4,542	4,518	4,512	4,468	4,387	4,365	4,319	4,253	4,123	3,806	3,801	4,089	4,399	4,823	4,835	4,586	4,530	8,804	3,949	1,023	396

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Revenue and gross profit
Revenue	$49,735	$45,183	$39,001	$33,723	$31,616	$29,698	$24,996	$20,156	$15,794	$11,693	$8,831	$6,780	$5,505	$4,375	$3,609	$3,205	$2,163	$1,670	$1,365	$1,205	$997	$682	$506	$272	$153	$76	$36
Cost of revenue	($24,527)	($23,275)	($21,038)	($19,715)	($19,168)	($17,333)	($15,276)	($12,440)	($9,968)	($8,033)	($6,257)	($4,591)	($3,753)	($3,117)	($2,652)	($2,040)	($1,357)	($1,079)	($910)	($786)	($627)	($465)	($276)	($148)	($78)	($50)	($25)
Gross profit	$25,208	$21,908	$17,963	$14,008	$12,447	$12,365	$9,720	$7,716	$5,827	$3,660	$2,573	$2,188	$1,752	$1,257	$957	$1,165	$805	$591	$454	$419	$370	$218	$230	$124	$75	$26	$11
Operating expenses
Research and development	($3,891)	($3,391)	($2,925)	($2,676)	($2,711)	($2,274)	($1,830)	($1,673)	($1,218)	($981)	($768)	($570)	($398)	($379)	($329)	($259)	($163)	($115)	($90)	($71)	($48)	($31)	($23)	($18)	($15)	($18)	($17)
Selling, general and administrative	($2,136)	($1,888)	($1,702)	($1,720)	($1,573)	($1,352)	($1,076)	($914)	($630)	($431)	($316)	($407)	($270)	($180)	($139)	($148)	($64)	($47)	($50)	($52)	($262)	($180)	($114)	($102)	($71)	($45)	($17)
Total operating expenses	($9,643)	($8,581)	($7,545)	($7,054)	($6,814)	($6,171)	($5,134)	($5,112)	($4,222)	($2,821)	($2,193)	($1,882)	($1,349)	($1,029)	($907)	($789)	($522)	($399)	($333)	($327)	($305)	($215)	($210)	($119)	($86)	($63)	($70)
Total costs and expenses	($34,170)	($31,856)	($28,583)	($26,769)	($25,983)	($23,503)	($20,411)	($17,552)	($14,189)	($10,854)	($8,451)	($6,474)	($5,102)	($4,146)	($3,559)	($2,829)	($1,879)	($1,478)	($1,243)	($1,114)	($932)	($679)	($487)	($268)	($164)	($113)	($94)
Operating income	$15,565	$13,327	$10,418	$6,954	$5,633	$6,195	$4,585	$2,604	$1,605	$839	$380	$306	$403	$228	$50	$376	$284	$192	$122	$92	$64	$3	$19	$4	($12)	($37)	($58)
Earnings
EBITDA	$15,957	$13,660	$10,747	$7,311	$5,970	$6,403	$4,701	$2,708	$1,688	$911	$437	$368	$457	$277	$95	$420	$322	$230	$154	$114	$222	$110	$108	$55	$15	($7)	–
Interest income	$2,992	$172	$294	$281	$60	$411	–	$84	$42	–	$31	–	–	–	$0	$3	$4	$7	$12	–	–	–	–	–	–	–	–
Interest expense	($857)	($777)	($719)	($700)	($706)	($766)	($767)	($626)	($420)	($238)	($150)	($133)	($50)	($29)	($20)	($20)	($20)	($6)	($2)	($1)	–	–	–	–	–	–	–
Pre-tax income	$17,700	$12,723	$9,966	$6,205	$5,264	$5,840	$3,199	$2,062	$1,226	$485	$261	$142	$349	$171	$30	$360	$268	$192	$132	$111	$80	$8	$22	$7	($22)	($38)	($58)
Income tax expense	($2,934)	($1,741)	($1,254)	($797)	($772)	($724)	($438)	($195)	($15)	$74	($74)	($19)	($83)	($59)	($13)	($133)	($107)	($76)	($48)	($44)	($31)	$34	($0)	–	$69	($2)	–
Net income	$14,767	$10,981	$8,712	$5,408	$4,492	$5,116	$2,761	$1,867	$1,211	$559	$187	$123	$267	$112	$17	$226	$161	$116	$83	$67	$49	$42	$22	$7	($22)	($39)	($58)
Per share
Diluted EPS (GAAP)	$3.46	$2.53	$1.98	$1.20	$0.995	$1.12	$0.608	$0.413	$0.268	$0.125	$0.043	$0.028	$0.062	$0.026	$0.004143	$0.0594	$0.0423	$0.0283	$0.0189	$0.0139	$0.01	$0.00916	$0.00477	$0.00074	($0.00556)	($0.038)	($0.147)
Basic EPS (GAAP)	$3.52	$2.58	$2.03	$1.22	$1.01	$1.16	$0.626	$0.426	$0.278	$0.129	$0.044	$0.029	$0.063	$0.028	$0.004429	$0.0611	$0.0437	$0.0293	$0.0194	$0.0141	$0.011	$0.011	$0.00593	$0.00097	($0.00556)	($0.038)	($0.147)
Basic shares outstanding	4,194	4,250	4,295	4,416	4,447	4,432	4,409	4,378	4,354	4,319	4,288	4,259	4,205	4,074	3,886	3,699	3,677	3,959	4,267	4,695	4,380	3,747	3,639	6,690	3,949	1,023	396
Margins
Gross margin	50.7%	48.5%	46.1%	41.5%	39.4%	41.6%	38.9%	38.3%	36.9%	31.3%	29.1%	32.3%	31.8%	28.7%	26.5%	36.3%	37.2%	35.4%	33.3%	34.8%	37.1%	31.9%	45.4%	45.5%	48.9%	34.3%	30.7%
Operating margin	31.3%	29.5%	26.7%	20.6%	17.8%	20.9%	18.3%	12.9%	10.2%	7.2%	4.3%	4.5%	7.3%	5.2%	1.4%	11.7%	13.1%	11.5%	8.9%	7.6%	6.5%	0.4%	3.8%	1.6%	(7.6%)	(49.0%)	(162.9%)
Net margin	29.7%	24.3%	22.3%	16.0%	14.2%	17.2%	11.0%	9.3%	7.7%	4.8%	2.1%	1.8%	4.8%	2.6%	0.5%	7.1%	7.4%	6.9%	6.1%	5.5%	4.9%	6.2%	4.3%	2.4%	(14.4%)	(50.9%)	(162.4%)

Analyst consensus

Buy100 analysts

Bearish · 8 · Hold · 30 · Bullish · 62

Earnings history

	EPS	Estimate
Q4 2024	$0.43	$0.42	Beat
Q1 2025	$0.66	$0.57	Beat
Q2 2025	$0.72	$0.71	Beat
Q3 2025	$0.59	$0.70	Miss
Q4 2025	$0.56	$0.55	Beat
Q1 2026	$1.23	$0.76	Beat
Q2 2026	$0.80	$0.79	Beat
Q3 2026	$0.87	$0.82	Beat

Peers

Company overview

IPO dateMay 23, 2002

CEOTheodore A. Sarandos

Employees16,000

SectorCommunication Services

IndustryEntertainment

CountryUS

ExchangeNASDAQ Global Select

Websitewww.netflix.com

Netflix, Inc. serves as a worldwide entertainment provider. Its comprehensive library features television series, motion pictures, documentaries, and mobile games, spanning numerous genres and languages. Members can effortlessly stream this content through a variety of internet-connected devices, including smart TVs, digital media players, cable boxes, and mobile phones. Furthermore, the company continues to offer a DVD-by-mail subscription service to its customers in the United States. With roughly 222 million paying subscribers distributed across 190 countries, Netflix was founded in 1997 and is headquartered in Los Gatos, California.

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