Fiscal 2025 at a glance
In fiscal 2025 (the year to 31 December 2025), Netflix reported revenue of $45.2B, up 15.9% from fiscal 2024, and net income of $11.0B (a net margin of 24.3%).
Diluted earnings per share were $2.53.
Operating activities generated $10.1B of cash; after $688M of capital expenditure, free cash flow was $9.5B.
From fiscal 2016 to fiscal 2025, revenue went from $8.8B to $45.2B, a compound annual growth rate of 19.9%.
Revenue and earnings
| Fiscal year | Revenue | Growth | Net income | Net margin |
|---|---|---|---|---|
| FY202531 Dec 2025 | $45.2B | +15.9% | $11.0B | 24.3% |
| FY202431 Dec 2024 | $39.0B | +15.6% | $8.7B | 22.3% |
| FY202331 Dec 2023 | $33.7B | +6.7% | $5.4B | 16.0% |
| FY202231 Dec 2022 | $31.6B | +6.5% | $4.5B | 14.2% |
| FY202131 Dec 2021 | $29.7B | +18.8% | $5.1B | 17.2% |
| FY202031 Dec 2020 | $25.0B | +24.0% | $2.8B | 11.0% |
| FY201931 Dec 2019 | $20.2B | +27.6% | $1.9B | 9.3% |
| FY201831 Dec 2018 | $15.8B | +35.1% | $1.2B | 7.7% |
| FY201731 Dec 2017 | $11.7B | +32.4% | $559M | 4.8% |
| FY201631 Dec 2016 | $8.8B | — | $187M | 2.1% |
Cash flow and balance sheet
| Fiscal year | Operating cash flow | Capital expenditure | Free cash flow | Cash | Total assets |
|---|---|---|---|---|---|
| FY202531 Dec 2025 | $10.1B | $688M | $9.5B | $9.0B | $55.6B |
| FY202431 Dec 2024 | $7.4B | $440M | $6.9B | $7.8B | $53.6B |
| FY202331 Dec 2023 | $7.3B | $349M | $6.9B | $7.1B | $48.7B |
| FY202231 Dec 2022 | $2.0B | $408M | $1.6B | $5.1B | $48.6B |
| FY202131 Dec 2021 | $393M | $525M | −$132M | $6.0B | $44.6B |
| FY202031 Dec 2020 | $2.4B | $498M | $1.9B | $8.2B | $39.3B |
| FY201931 Dec 2019 | −$2.9B | $253M | −$3.1B | $5.0B | $34.0B |
| FY201831 Dec 2018 | −$2.7B | $174M | −$2.9B | $3.8B | $26.0B |
| FY201731 Dec 2017 | −$1.8B | $173M | −$2.0B | $2.8B | $19.0B |
| FY201631 Dec 2016 | −$1.5B | $108M | −$1.6B | $1.5B | $13.6B |
How these figures are built
- Figures as reported in Netflix’s annual reports (Form 10-K), in US dollars, read from the SEC’s XBRL data. When a later report restates a year, the latest filed figure is shown.
- Free cash flow = operating cash flow − capital expenditure (purchases of property and equipment), computed by InvestIQ. Net margin = net income ÷ revenue. Compound annual growth rate: between the first and the last year of the table.
- Earnings per share are given for the latest fiscal year only: the SEC keeps each year as first filed, before any later stock split.
- Data extracted on 7 November 2026, updated after each annual report.
XBRL tags used
- Revenue
- us-gaap:Revenues
- Net income
- us-gaap:NetIncomeLoss
- Operating cash flow
- us-gaap:NetCashProvidedByUsedInOperatingActivities
- Capital expenditure
- us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
- Diluted earnings per share
- us-gaap:EarningsPerShareDiluted
- Total assets
- us-gaap:Assets
- Cash and equivalents
- us-gaap:CashAndCashEquivalentsAtCarryingValue
Latest filings
Questions
What was Netflix’s revenue in fiscal 2025?
$45.2B for the fiscal year that ended on 31 December 2025, as reported in its 10-K annual report filed with the SEC (+15.9% year on year).
Is Netflix profitable?
In fiscal 2025, Netflix reported net income of $11.0B, a net margin of 24.3%. It reported a net profit in 10 of the last 10 fiscal years.
How much free cash flow does Netflix generate?
$9.5B in fiscal 2025, against $6.9B in fiscal 2024: operating cash flow ($10.1B) minus capital expenditure ($688M), two reported figures that InvestIQ subtracts.
When does Netflix’s fiscal year end?
Netflix’s fiscal year ends in December. The latest reported fiscal year ended on 31 December 2025.
Where do these figures come from?
From Netflix’s 10-K annual reports, through the SEC’s XBRL data (CIK 0001065280). They are the reported figures, in US dollars, not adjusted. This page gives no price, valuation, score or opinion.
Other companies
Reported figures, for information only. No price, valuation, score or opinion. Not investment advice.