Netflix (NFLX) financial statements
Netflix reported revenue of $45.2B in fiscal 2025, up 19.9% a year over 9 years.
Net income was $11.0B and the operating margin 29.5%, against 4.3% in 2016.
Free cash flow was $9.5B, and the company returned $9.1B in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Netflix's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.8B | $11.7B | $15.8B | $20.2B | $25.0B | $29.7B | $31.6B | $33.7B | $39.0B | $45.2B |
| Cost of revenue | $6.3B | $8.0B | $10.0B | $12.4B | $15.3B | $17.3B | $19.2B | $19.7B | $21.0B | $23.3B |
| Gross profit | $2.6B | $3.7B | $5.8B | $7.7B | $9.7B | $12.4B | $12.4B | $14.0B | $18.0B | $21.9B |
| Research and development | $768M | $981M | $1.2B | $1.7B | $1.8B | $2.3B | $2.7B | $2.7B | $2.9B | $3.4B |
| Selling, general and admin | $1.4B | $1.9B | $3.0B | $3.6B | $3.3B | $3.9B | $4.1B | $4.4B | $4.6B | $5.2B |
| Operating income | $380M | $839M | $1.6B | $2.6B | $4.6B | $6.2B | $5.6B | $7.0B | $10.4B | $13.3B |
| Interest expense | $150M | $238M | $420M | $626M | $767M | $766M | $706M | $700M | $719M | $777M |
| Pre-tax income | $261M | $485M | $1.2B | $2.1B | $3.2B | $5.8B | $5.3B | $6.2B | $10.0B | $12.7B |
| Income tax | $74M | -$74M | $15M | $195M | $438M | $724M | $772M | $797M | $1.3B | $1.7B |
| Net income | $187M | $559M | $1.2B | $1.9B | $2.8B | $5.1B | $4.5B | $5.4B | $8.7B | $11.0B |
| EPS (diluted) | $0.04 | $0.12 | $0.27 | $0.41 | $0.61 | $1.12 | $0.99 | $1.20 | $1.98 | $2.53 |
| Diluted shares | 4.39B | 4.47B | 4.51B | 4.52B | 4.54B | 4.55B | 4.51B | 4.49B | 4.39B | 4.34B |
| Gross margin | 29.1% | 31.3% | 36.9% | 38.3% | 38.9% | 41.6% | 39.4% | 41.5% | 46.1% | 48.5% |
| Operating margin | 4.3% | 7.2% | 10.2% | 12.9% | 18.3% | 20.9% | 17.8% | 20.6% | 26.7% | 29.5% |
| Net margin | 2.1% | 4.8% | 7.7% | 9.3% | 11.0% | 17.2% | 14.2% | 16.0% | 22.3% | 24.3% |
Balance sheet
Fiscal years, from Netflix's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.7B | $2.8B | $3.8B | $5.0B | $8.2B | $6.1B | $6.1B | $7.1B | $9.6B | $9.1B |
| Total current assets | $5.7B | $7.7B | $9.7B | $6.2B | $9.8B | $8.1B | $9.3B | $9.9B | $13.1B | $13.0B |
| Property, plant and equipment | $250M | $319M | $418M | $565M | $960M | $1.3B | $1.4B | $1.5B | $1.6B | $2.0B |
| Total assets | $13.6B | $19.0B | $26.0B | $34.0B | $39.3B | $44.6B | $48.6B | $48.7B | $53.6B | $55.6B |
| Total current liabilities | $4.6B | $5.5B | $6.5B | $6.9B | $7.8B | $8.5B | $7.9B | $8.9B | $10.8B | $11.0B |
| Long-term debt | $3.4B | $6.5B | $10.4B | $14.8B | $15.8B | $14.7B | $14.4B | $14.1B | $13.8B | $13.5B |
| Total liabilities | $10.9B | $15.4B | $20.7B | $26.4B | $28.2B | $28.7B | $27.8B | $28.1B | $28.9B | $29.0B |
| Shareholders' equity | $2.7B | $3.6B | $5.2B | $7.6B | $11.1B | $15.8B | $20.8B | $20.6B | $24.7B | $26.6B |
| Net debt | $1.9B | $3.7B | $6.6B | $9.7B | $7.6B | $8.7B | $9.2B | $7.0B | $6.0B | $4.4B |
Cash flow
Fiscal years, from Netflix's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.5B | -$1.8B | -$2.7B | -$2.9B | $2.4B | $393M | $2.0B | $7.3B | $7.4B | $10.1B |
| Capital spending | $108M | $173M | $174M | $253M | $498M | $525M | $408M | $349M | $440M | $688M |
| Free cash flow | -$1.6B | -$2.0B | -$2.9B | -$3.1B | $1.9B | -$132M | $1.6B | $6.9B | $6.9B | $9.5B |
| Stock-based compensation | $174M | $182M | $321M | $405M | $415M | $403M | $575M | $339M | $273M | $368M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$600M | $0 | -$6.0B | -$6.3B | -$9.1B |
| Net borrowing | $1.0B | $3.0B | $4.0B | $4.5B | $1.0B | -$500M | -$700M | $0 | $1.4B | -$1.8B |
| Free cash flow margin | -17.9% | -16.8% | -18.1% | -15.6% | 7.7% | -0.4% | 5.1% | 20.5% | 17.7% | 20.9% |
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Open NFLX in InvestinglyQuestions
What was Netflix's revenue in 2025?
$45.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Netflix generate?
$9.5B in fiscal 2025 (operating cash flow minus capital spending).
From Netflix's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.