Netflix NFLX
Streaming video, original content & advertising. Netflix, Inc., listed on NASDAQ.
Based on the FY2025 annual report (Jan 2025 – Dec 2025)
Netflix's market cap is
about $269.2 billion.
#34 by market cap among 289 companies, based on the Nov 5, 2026 close. FY2025 revenue was $45.183036B.
- Share price (close)
- $65.56
- P/E ratio
- 25.9x
- Market cap
- $269.2B
- Revenue
- $45.183036B
- Operating income
- $13.326603B
- Net income
- $10.981201B
- Free cash flow
- $9.461053B
- Total assets
- $55.596993B
- Dividends paid
- —
- Dividend per share
- —
- Dividend yield
- —
- Shares outstanding
- 4,222,162,150 shares
Where the revenue went
Revenue is set at 100% and split into what went to costs, R&D, operating expenses and taxes, and what was left as profit.
- Cost of revenue51.5%
- R&D7.5%
- SG&A and other11.5%
- Taxes, interest & other5.2%
- Net income24.3%
Profitability and stability
Each figure comes with its rank among 300 companies. The further right the dot, the higher the rank.
- Revenue growthHow much revenue grew from the previous fiscal year
- +15.8%
- #71 of 299
- Revenue is growing steadily. The median across 299 companies is +7.9%.
- Operating marginShare of revenue kept as profit from the core business
- 29.5%
- #49 of 231
- 29.5% of revenue was kept as operating profit. The median across 231 companies is 19.2%.
- Net marginShare of revenue left as profit after interest and taxes
- 24.3%
- #69 of 298
- After taxes, 24.3% of revenue was left as net income. The median across 298 companies is 14.0%.
- FCF marginShare of revenue left as cash after capital spending
- 20.9%
- #82 of 261
- Plenty of cash is left after capital spending. The median across 261 companies is 15.8%.
- ROEHow much profit the company earned on shareholders' equity in a year
- 42.8%
- #51 of 276
- Earns a lot relative to its equity. The median across 276 companies is 16.8%.
- Debt-to-equityLiabilities relative to equity. Lower means less debt
- 108.9%
- #84 of 244
- Liabilities exceed equity. The median across 244 companies is 159.6%.
Revenue and profit over time
Gray bars show revenue and the green part inside shows net income. The number above each bar is revenue (abbreviated) and the number below is net margin. Hover over a bar to see the exact amounts.
Where the cash went
Unlike profit, cash flow is money that actually came in and went out.
- Cash from operations$10.149273B
- Capital spending−$688.22M
- Free cash flow (FCF)$9.461053B
Whose money funds the assets
The company's assets, split into borrowed money (liabilities) and shareholders' money (equity).
- Total assets$55.596993B
- Total liabilities$28.981505B
- Total equity$26.615488B
- Cash and equivalents$9.033681B
Compared with similar companies
Based on each company's latest annual report, so fiscal year ends may differ.
Compare in detail| Company | Annual revenue | Net income | Revenue growth | Operating margin | Net margin |
|---|---|---|---|---|---|
| NetflixNFLX | $45.183036B | $10.981201B | +15.8% | 29.5% | 24.3% |
| Walt DisneyDIS | $94.425B | $12.404B | +3.4% | 18.6% | 13.1% |
| ComcastCMCSA | $123.707B | $19.998B | −0.0% | 16.7% | 16.2% |
| Alphabet (Google)GOOGL | $402.836B | $132.17B | +15.1% | 32.0% | 32.8% |
| Meta PlatformsMETA | $200.966B | $60.458B | +22.2% | 41.4% | 30.1% |
| Take-Two InteractiveTTWO | $6.6564B | −$298.2M | +18.2% | −1.6% | −4.5% |
What the company does
Netflix is the world's largest paid streaming service, offering films, series, documentaries, live sports and events, and games in more than 190 countries, with ad-free and ad-supported plans.
- UCAN (streaming memberships and advertising in the United States and Canada)
- EMEA (Europe, Middle East and Africa)
- LATAM (Latin America)
- APAC (Asia-Pacific, including Korea, Japan, India and Southeast Asia)
The fiscal year ends on December 31. Cash spent on producing and licensing content differs a lot from content amortization expense, so read the rising operating margin together with operating cash flow and free cash flow.
Related companies: Walt Disney, Comcast, Alphabet (Google), Meta Platforms, Take-Two Interactive
Financial statements
Last 5 fiscal years. Currency: US dollars.
Show the table
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 29.697844B | 31.61555B | 33.723297B | 39.000966B | 45.183036B |
| Cost of revenue | 17.332683B | 19.168285B | 19.715368B | 21.038464B | 23.275329B |
| Gross profit | 12.365161B | 12.447265B | 14.007929B | 17.962502B | 21.907707B |
| R&D expense | 2.273885B | 2.711041B | 2.675758B | 2.925295B | 3.39139B |
| Operating income | 6.194509B | 5.632831B | 6.954003B | 10.417614B | 13.326603B |
| Pretax income | 5.840103B | 5.263929B | 6.205405B | 9.965657B | 12.722552B |
| Net income | 5.116228B | 4.491924B | 5.40799B | 8.711631B | 10.981201B |
| EPS (diluted) | $11.24 | $9.95 | $1.20 | $1.98 | $2.53 |
| Operating cash flow | 392.61M | 2.026257B | 7.274301B | 7.361364B | 10.149273B |
| Capital expenditures | 524.585M | 407.729M | 348.552M | 439.538M | 688.22M |
| Free cash flow (FCF) | −131.975M | 1.618528B | 6.925749B | 6.921826B | 9.461053B |
| Total assets | 44.584663B | 48.594768B | 48.731992B | 53.630374B | 55.596993B |
| Total liabilities | 28.735415B | 27.817367B | 28.143679B | 28.886807B | 28.981505B |
| Total equity | 15.849248B | 20.777401B | 20.588313B | 24.743567B | 26.615488B |
| Cash and equivalents | 6.055111B | 5.170582B | 7.118515B | 7.804733B | 9.033681B |
| Original filing | 10-K | 10-K | 10-K | 10-K | 10-K |
Source: SEC EDGAR filings for Netflix, Inc. · CIK 0001065280 · US-GAAP