Netflix, Inc.
Financial Performance
Netflix Revenue & Financials
Revenue
$45.2B (FY2025)
Market Cap
$298.9B
Net Income
$11B
Employees
16,000
What is Netflix's revenue?
Netflix had $45.2B in revenue for fiscal year 2025, up 15.9% from 2024. Net income was $11B.
- Latest revenue
- $45.2B (FY2025)
- Year-over-year
- +15.9%
- Growth rate (CAGR)
- 19.9% over 9 years
- Peak revenue
- $45.2B (FY2025)
- Years of data
- 10
- Employees
- 16,000
Financial Analysis
Netflix spent much of the 2010s running negative free cash flow and borrowing to fund originals such as Stranger Things. That investment phase is over. Revenue grew from $8.8B in 2016 to $45.18B in 2025, net income from $187M to $10.98B, and operating margin reached 29.5% in 2025. The company now self-funds its content slate and buys back stock; it had about $27B left under its repurchase authorization in September 2026. In 2026 it guided to $51.0B-$51.4B in revenue and a 31.5% operating margin, and it also received a one-time $2.8B termination fee after the Warner Bros. deal ended. Netflix holds a market valuation of hundreds of billions of dollars, remaining the dominant leader in global streaming entertainment.
Revenue Trend Analysis
YoY Change
+15.9%
9-Year CAGR
+19.9%
Peak Year
2025
Trend
Consistent Growth
Netflix, Inc. has 10 full fiscal year figures on this page, compounding at +19.9% annually over 9 years. The most recent year saw a 15.9% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $45.2B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
Click any row to see year details.
Netflix, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $10.1B | $688.2M | $55.6B | $29B | $26.6B | $9.5B | Form 10-K |
| FY2024ended Dec 31, 2024 | $7.4B | $439.5M | $53.6B | $28.9B | $24.7B | $6.9B | Form 10-K |
| FY2023ended Dec 31, 2023 | $7.3B | $348.6M | $48.7B | $28.1B | $20.6B | $6.9B | Form 10-K |
| FY2022ended Dec 31, 2022 | $2B | $407.7M | $48.6B | $27.8B | $20.8B | $1.6B | Form 10-K |
| FY2021ended Dec 31, 2021 | $392.6M | $524.6M | $44.6B | $28.7B | $15.8B | -$132M | Form 10-K |
| FY2020ended Dec 31, 2020 | $2.4B | $497.9M | $39.3B | $28.2B | $11.1B | $1.9B | Form 10-K |
| FY2019ended Dec 31, 2019 | -$2.9B | $253M | $34B | $26.4B | $7.6B | -$3.1B | Form 10-K |
| FY2018ended Dec 31, 2018 | -$2.7B | $173.9M | $26B | $20.7B | $5.2B | -$2.9B | Form 10-K |
| FY2017ended Dec 31, 2017 | -$1.8B | $173.3M | $19B | $15.4B | $3.6B | -$2B | Form 10-K |
| FY2016ended Dec 31, 2016 | -$1.5B | $107.7M | $13.6B | $10.9B | $2.7B | -$1.6B | Form 10-K |
Keep researching Netflix
Netflix Revenue and Financial FAQ
What was Netflix's annual revenue and operating income in recent fiscal years?
Netflix reported FY2025 revenue of $45.18B, up 15.9% from $39.0B in 2024, with operating income of $13.33B and net income of $10.98B.
What is Netflix's operating profit margin and how has it expanded?
Netflix's operating margin was 29.5% in 2025, and the company guides to 31.5% for 2026. Q2 2026 margin was 33.4%.
How much free cash flow (FCF) does Netflix generate annually?
Netflix now generates positive free cash flow that funds its content slate and buybacks; it had about $27B remaining under its repurchase authorization in September 2026.
What is Netflix's total global paid subscriber count?
Netflix crossed 325 million paid memberships in Q4 2025. It stopped reporting quarterly membership numbers starting in 2025.
What is Netflix's Average Revenue per Membership (ARM)?
Netflix stopped reporting quarterly average revenue per membership in 2025 along with membership counts, and now focuses on revenue and operating margin.
What is Netflix's corporate debt rating and capital structure?
Netflix has investment-grade credit ratings and carries senior notes, alongside cash reserves. Check its latest 10-Q for current debt and cash balances.
What is Netflix's share repurchase and capital return policy?
Netflix returns excess cash to shareholders through open-market share buyback programs, repurchasing billions of dollars of NFLX stock annually to offset stock-based compensation dilution and reduce total share count.
Why did Netflix decide to stop reporting quarterly subscriber numbers from 2025 onward?
Netflix stopped reporting quarterly subscriber counts in 2025 because it sees revenue and operating margin as better measures of a multi-tier business with ads and extra-member pricing.
How did Netflix transition from borrowing billions in junk debt to massive free cash flow?
Between 2014 and 2020, Netflix borrowed billions in high-yield debt to finance its upfront original content slate. However, once its paying subscriber base crossed 200 million, the fixed cost of content was distributed across so many members that Netflix permanently escaped debt borrowing, generating over $6B to $8B in annual free cash flow.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Netflix Revenue & Financials." CorpDigest, https://corpdigest.com/company/netflix/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Netflix reported $45.2B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/netflix/financials" target="_blank" rel="noopener">CorpDigest — Netflix financials</a></div>Related Financial Audits
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