Netflix, Inc. (NFLX) Financial Statements

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Netflix financial statements at a glance

Netflix reported revenue of $45.18 billion for fiscal year 2025 (ended December 31, 2025), up 15.9% from fiscal year 2024. Net income was $10.98 billion, a net margin of 24.3%, and diluted earnings per share were $2.53.

At the end of fiscal year 2025 it had total assets of $55.60 billion, total liabilities of $28.98 billion and shareholders' equity of $26.62 billion, with cash and short-term investments of $9.06 billion and total debt of $14.46 billion.

Its operations brought in $10.15 billion of cash; capital spending was $688.22 million, leaving free cash flow of $9.46 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

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Netflix, Inc.

NFLXUnited States
Technology
USD (Local)

Income Statement

Annual • USD

Total Revenue
45.18B
Prev Year: 39.00B
YoY: +15.9%
Operating Revenue
45.18B
Prev Year: 39.00B
YoY: +15.9%
Tax Rate for Calcs
0.137
Prev Year: 0.13
YoY: +5.4%
Total Operating Income as Reported
13.33B
Prev Year: 10.42B
YoY: +27.9%
Research and Development
3.39B
Prev Year: 2.93B
YoY: +15.7%
Selling and Marketing Expense
3.30B
Prev Year: 2.92B
YoY: +13.1%
General and Administrative Expense
1.89B
Prev Year: 1.70B
YoY: +11.1%
Other General and Administrative
1.89B
Prev Year: 1.70B
YoY: +11.1%
Cost of Revenue
23.28B
Prev Year: 21.04B
YoY: +10.6%
Gross Profit
21.91B
Prev Year: 17.96B
YoY: +22.0%
Operating Expense
8.58B
Prev Year: 7.54B
YoY: +13.8%
Selling General and Administrative
5.19B
Prev Year: 4.62B
YoY: +12.3%
Operating Income
13.33B
Prev Year: 10.42B
YoY: +27.9%
Net Non Operating Interest Income Expense
-604.05M
Prev Year: -451.96M
YoY: -33.7%
Non-operating Interest Income
172.46M
Prev Year: 266.78M
YoY: -35.4%
Non-operating Interest Expense
776.51M
Prev Year: 718.73M
YoY: +8.0%
Pre-tax Income
12.72B
Prev Year: 9.97B
YoY: +27.6%
Provision for Income Taxes
1.74B
Prev Year: 1.25B
YoY: +39.3%
Net Income Common Stockholders
10.98B
Prev Year: 8.71B
YoY: +26.1%
Net Income
10.98B
Prev Year: 8.71B
YoY: +26.1%
Net Income Including Non-Controlling Interests
10.98B
Prev Year: 8.71B
YoY: +26.1%
Net Income from Continuing Operations
10.98B
Prev Year: 8.71B
YoY: +26.1%
Diluted NI Available to Com Stockholders
10.98B
Prev Year: 8.71B
YoY: +26.1%
Basic EPS
2.58
Diluted EPS
2.53
Weighted Average Shares (basic)
4.25B
Weighted Average Shares (diluted)
4.34B
Total Expenses
31.86B
Prev Year: 28.58B
YoY: +11.5%
Net Income from Continuing and Discontinued Operation
10.98B
Prev Year: 8.71B
YoY: +26.1%
Normalized Income
10.98B
Prev Year: 8.71B
YoY: +26.1%
Interest Income
172.46M
Prev Year: 266.78M
YoY: -35.4%
Interest Expense
776.51M
Prev Year: 718.73M
YoY: +8.0%
Net Interest Income
-604.05M
Prev Year: -451.96M
YoY: -33.7%
EBIT
13.50B
Prev Year: 10.68B
YoY: +26.4%
EBITDA
30.25B
Prev Year: 26.31B
YoY: +15.0%
Reconciled Cost of Revenue
23.28B
Prev Year: 21.04B
YoY: +10.6%
Reconciled Depreciation
16.76B
Prev Year: 15.63B
YoY: +7.2%
Net Income from Continuing Operation Net Minority Interest
10.98B
Prev Year: 8.71B
YoY: +26.1%
Normalized EBITDA
30.25B
Prev Year: 26.31B
YoY: +15.0%
Values in USD

Netflix key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$45.2B$39.0B$33.7B$31.6B$29.7B
Gross profit$21.9B$18.0B$14.0B$12.5B$12.4B
Operating income$13.3B$10.4B$7.0B$5.6B$6.2B
Net income$11.0B$8.7B$5.4B$4.5B$5.1B
Diluted EPS$2.53–$0.34$9.95$11.24
Total assets$55.6B$53.6B$48.7B$48.6B$44.6B
Total liabilities$29.0B$28.9B$28.1B$27.8B$28.7B
Shareholders' equity$26.6B$24.7B$20.6B$20.8B$15.9B
Cash and short-term investments$9.1B$9.6B$7.1B$6.1B$6.0B
Total debt$14.5B$15.6B$14.5B$14.4B$15.4B
Operating cash flow$10.1B$7.4B$7.3B$2.0B$392.6M
Capital spending$688.2M$439.5M$348.6M$407.7M$524.6M
Free cash flow$9.5B$6.9B$6.9B$1.6B-$132.0M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Netflix's revenue in fiscal year 2025?

$45.18 billion, up 15.9% from $39.00 billion in fiscal year 2024.

How much profit does Netflix make?

Netflix reported net income of $10.98 billion for fiscal year 2025 (24.3% of revenue); operating income was $13.33 billion.

How much cash and debt does Netflix have?

At the end of fiscal year 2025: cash and short-term investments of $9.06 billion and total debt of $14.46 billion.

What is Netflix's free cash flow?

$9.46 billion in fiscal year 2025 (operating cash flow of $10.15 billion minus capital spending of $688.22 million).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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