NETFLIX INC (NFLX) Revenue, Margins & Financial Statements
NETFLIX INC (NFLX) reported $45.18B in revenue over the most recent fiscal year on record, up 15.9% year over year. Growth has been accelerating, a +16.2% compound annual rate over the last 7 years on record. Profit is growing faster than sales, usually a sign of improving efficiency or pricing power. Operating margin is the highest of the last 8 years on record. Free cash flow ran 86% of net income in the latest year. Debt exceeds cash & investments by $4.40B.
NETFLIX INC's revenue for the fiscal year ended Dec 2025 was $45.18B, an increase of +15.9% compared to the prior year. Is growth accelerating, stable, slowing, or contracting? See the quarterly beat/miss history →
| Fiscal Year Ended | Revenue Growth |
|---|---|
| Dec 2025 | +15.9% |
| Dec 2024 | +15.6% |
| Dec 2023 | +6.7% |
| Dec 2022 | +6.5% |
| Dec 2021 | +18.8% |
| Dec 2020 | +24.0% |
| Dec 2019 | +27.6% |
"Accelerating" / "Slowing" means each of the last 3 years' growth rates moved consistently in that direction, not a subjective call.
Year-over-year growth by quarter, each quarter compared to the same quarter one year earlier, which avoids the seasonal noise of comparing sequential quarters. NETFLIX INC's most recent quarter grew +13.4% year-over-year, slower than the quarter before it.
| Quarter Ended | Revenue | YoY Growth |
|---|---|---|
| Jun 2026 | $12.56B | +13.4% |
| Mar 2026 | $12.25B | +16.2% |
| Dec 2025 (derived) | $12.05B | +17.6% |
| Sep 2025 | $11.51B | +17.2% |
| Jun 2025 | $11.08B | +15.9% |
| Mar 2025 | $10.54B | +12.5% |
| Dec 2024 (derived) | $10.25B | +16.0% |
| Sep 2024 | $9.82B | +15.0% |
Net income grew +8.8% year-over-year in the same quarter.
Profit is growing faster than sales, usually a sign of improving efficiency or pricing power.
Compared against 7 other Communication Services stocks tracked on this site, not the whole market, and small enough that this is directional context, not a definitive benchmark.
EPS +27.8% year over year. A rough breakdown of what drove it (approximate, since EPS is roughly net income divided by share count):
Accounting profit is not the same as cash in the bank. Here's how NFLX converts revenue into real cash.
Total debt has risen for 1 straight year on record.
How NFLX deployed cash in the most recent year, across its actual cash-flow-statement uses.
Objective, rule-based checks against the figures above, not a subjective rating.
| Fiscal Year Ended | Revenue Growth | Margin Change | FCF Growth |
|---|---|---|---|
| Dec 2025 | +15.9% | +2.8pp | +36.7% |
| Dec 2024 | +15.6% | +6.1pp | -0.1% |
| Dec 2023 | +6.7% | +2.8pp | +327.9% |
| Dec 2022 | +6.5% | -3.0pp | +1326.4% |
| Dec 2021 | +18.8% | +2.5pp | -106.8% |
| Dec 2020 | +24.0% | +5.4pp | +161.4% |
| Dec 2019 | +27.6% | +2.8pp | -10.0% |
Is NFLX's revenue growing?
NETFLIX INC's revenue growth has been accelerating, at +15.9% in the most recent year on record. Over the last 7 years, revenue has compounded at roughly +16.2% annually.
Is NFLX's profit growing faster than its revenue?
Profit is growing faster than sales, usually a sign of improving efficiency or pricing power.
Are NFLX's profit margins improving or declining?
Operating margin has expanded for 3 straight years on record. It is currently the highest of the last 8 years.
Is NFLX's reported profit backed by real cash?
Operating cash flow ran +92% of net income, and free cash flow ran +86% of net income, in the most recent year. Cash generation roughly tracks reported profit.
Does NFLX have more cash than debt?
No, NFLX's total debt exceeds its cash & short-term investments by $4.40B.
What are the biggest financial red flags for NFLX right now?
Debt exceeds cash & investments by 4,401,612,000 (raw units).
Every line item as reported, with the annual/quarterly toggle and ratio table.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $45.18B | $39.00B | $33.72B | $31.62B | $29.70B |
| Cost of Revenue | $23.28B | $21.04B | $19.72B | $19.17B | $17.33B |
| Gross Profit | $21.91B | $17.96B | $14.01B | $12.45B | $12.37B |
| Research & Development | $3.39B | $2.93B | $2.68B | $2.71B | $2.27B |
| General & Administrative | $1.89B | $1.70B | $1.72B | $1.57B | $1.35B |
| Selling & Marketing | $3.30B | $2.92B | $2.66B | $2.53B | $2.55B |
| Operating Income | $13.33B | $10.42B | $6.95B | $5.63B | $6.19B |
| Nonoperating Income (Expense) | $172.46M | $266.78M | -$48.77M | $337.31M | $411.21M |
| Interest Expense | — | — | $699.83M | $706.21M | $765.62M |
| Pretax Income | $12.72B | $9.97B | $6.21B | $5.26B | $5.84B |
| Income Tax Expense | $1.74B | $1.25B | $797.41M | $772.00M | $723.88M |
| Net Income | $10.98B | $8.71B | $5.41B | $4.49B | $5.12B |
| EPS (Basic) | $2.58 | $2.03 | $1.22 | $10.10 | $11.55 |
| EPS (Diluted) | $2.53 | $1.98 | $1.20 | $9.95 | $11.24 |
| Weighted Avg Shares (Basic) | 4.25B | 4.30B | 4.42B | 444.70M | 443.15M |
| Weighted Avg Shares (Diluted) | 4.34B | 4.39B | 4.49B | 451.29M | 455.37M |
Sourced from SEC filings (10-K / 10-Q). Figures not separately reported by the company are shown as —, not estimated. Quarterly "derived Q4" values are calculated as the full fiscal year total minus the three reported quarters.
Computed from the annual figures above, most recent first.
| Ratio | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.5% | 46.1% | 41.5% | 39.4% | 41.6% | 38.9% | 38.3% | 36.9% |
| Operating Margin | 29.5% | 26.7% | 20.6% | 17.8% | 20.9% | 18.3% | 12.9% | 10.2% |
| Net Margin | 24.3% | 22.3% | 16.0% | 14.2% | 17.2% | 11.0% | 9.3% | 7.7% |
| Return on Equity | 41.3% | — | — | 18.2% | 24.9% | 13.3% | 11.8% | 10.9% |
| Current Ratio | 1.19 | — | — | 1.22 | 1.12 | 1.17 | 0.95 | 1.25 |
| Debt / Equity | 0.51 | — | — | 0.56 | 0.69 | 0.69 | 0.93 | 1.43 |
| Free Cash Flow | $9.46B | $6.92B | $6.93B | $1.62B | -$131.97M | $1.93B | -$3.14B | -$2.85B |