Netflix, Inc.

NFLX

Communication ServicesLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

Netflix, Inc. provides entertainment services worldwide. The company offers television (TV) series, documentaries, feature films, games, and live programming across various genres and languages. It also provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, TV set-top boxes, and mobile devices. Netflix, Inc. was incorporated in 1997 and is headquartered in Los Gatos, California.

Valuation

Market Cap$343.4B

Current Price$73.36as of Jun 23, 2026

P/E Ratio31.27

P/B Ratio12.90

EV / EBITDA11.53

EV / Sales7.72

Profitability

Operating Margin29.5%

Net Profit Margin24.3%

EBITDA Margin67.0%

Returns

ROE41.3%

ROCE29.9%

ROIC %-

ROA19.8%

Solvency

Current Ratio1.19

Debt / Equity0.54

Debt / Assets0.26

CFO / Net Profit0.92

Price History▼ 41.48% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$45.2B▲ 15.9%

EBITDA$30.3B▲ 15.0%

Net Profit$11.0B▲ 26.1%

Cash from Ops (CFO)$10.1B▲ 37.9%

Free Cash Flow (FCF)$9.5B▲ 36.7%

Revenue CAGR 3Y12.6%

Revenue CAGR 5Y-

Net Profit CAGR 3Y34.7%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$45.2B	$30.3B	$11.0B	$9.5B	41.3%	15.9%	26.1%
2024	$39.0B	$26.3B	$8.7B	$6.9B	35.2%	15.6%	61.1%
2023	$33.7B	$21.5B	$5.4B	$6.9B	26.3%	6.7%	20.4%
2022	$31.6B	$20.3B	$4.5B	$1.6B	21.6%	-	-
2021	-	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	31,615.55	33,723.30	39,000.97	45,183.04
Operating Revenue	-	31,615.55	33,723.30	39,000.97	45,183.04
Cost Of Revenue	-	19,168.28	19,715.37	21,038.46	23,275.33
Gross Profit	-	12,447.26	14,007.93	17,962.50	21,907.71
Operating Expense	-	6,814.43	7,053.93	7,544.89	8,581.10
Research And Development	-	2,711.04	2,675.76	2,925.30	3,391.39
Selling General And Administration	-	4,103.39	4,378.17	4,619.59	5,189.71
Total Expenses	-	25,982.72	26,769.29	28,583.35	31,856.43
Operating Income	-	5,632.83	6,954	10,417.61	13,326.60
Total Operating Income As Reported	-	5,632.83	6,954	10,417.61	13,326.60
EBITDA	-	20,332.96	21,508.39	26,314.82	30,254.62
Normalized EBITDA	-	20,332.96	21,508.39	26,314.82	30,254.62
EBIT	-	5,970.14	6,954	10,684.39	13,499.06
Interest Income	411.21	337.31	-	266.78	172.46
Interest Expense	-	706.21	748.60	718.73	776.51
Net Interest Income	-	-368.90	-748.60	-451.96	-604.05
Interest Income Non Operating	411.21	337.31	-	266.78	172.46
Interest Expense Non Operating	-	706.21	748.60	718.73	776.51
Net Non Operating Interest Income Expense	-	-368.90	-748.60	-451.96	-604.05
Pretax Income	-	5,263.93	6,205.40	9,965.66	12,722.55
Tax Provision	-	772	797.42	1,254.03	1,741.35
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	0	0	0	0
Net Income Continuous Operations	-	4,491.92	5,407.99	8,711.63	10,981.20
Net Income From Continuing And Discontinued Operation	-	4,491.92	5,407.99	8,711.63	10,981.20
Net Income From Continuing Operation Net Minority Interest	-	4,491.92	5,407.99	8,711.63	10,981.20
Net Income	-	4,491.92	5,407.99	8,711.63	10,981.20
Net Income Common Stockholders	-	4,491.92	5,407.99	8,711.63	10,981.20
Net Income Including Noncontrolling Interests	-	4,491.92	5,407.99	8,711.63	10,981.20
Normalized Income	-	4,491.92	5,407.99	8,711.63	10,981.20
Diluted NI Availto Com Stockholders	-	4,491.92	5,407.99	8,711.63	10,981.20
Basic Average Shares	-	4,446.98	4,415.71	4,295.19	4,249.51
Diluted Average Shares	-	4,512.90	4,494.98	4,392.61	4,343.86
Reconciled Depreciation	-	14,362.81	14,554.38	15,630.43	16,755.56
Reconciled Cost Of Revenue	-	19,168.28	19,715.37	21,038.46	23,275.33
General And Administrative Expense	-	1,572.89	1,720.28	1,702.04	1,888.41
Other Gand A	-	1,572.89	1,720.28	1,702.04	1,888.41
Selling And Marketing Expense	-	2,530.50	2,657.88	2,917.55	3,301.31

Peer Comparison

Communication Services sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Netflix, Inc.this co.	NFLX	$343.4B	31.27↑ premium	12.90	41.3%	11.53
T-Mobile US, Inc.	TMUS	$191.6B	17.43	3.24	18.6%	9.77
AppLovin Corporation	APP	$187.7B	56.32	87.95	156.2%	43.36
Verizon Communications Inc.	VZ	$187.4B	10.91	1.79	16.4%	7.33
The Walt Disney Company	DIS	$172.5B	13.91

Learn while you research

Hand-picked academy chapters to deepen your understanding of Netflix, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$45.2B

$30.3B

$11.0B

$9.5B

41.3%

15.9%

26.1%

2024

$39.0B

$26.3B

$8.7B

$6.9B

35.2%

15.6%

61.1%

2023

$33.7B

$21.5B

$5.4B

$6.9B

26.3%

6.7%

20.4%

2022

$31.6B

$20.3B

$4.5B

$1.6B

21.6%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

31,615.55

33,723.30

39,000.97

45,183.04

Operating Revenue

31,615.55

33,723.30

39,000.97

45,183.04

Cost Of Revenue

19,168.28

19,715.37

21,038.46

23,275.33

Gross Profit

12,447.26

14,007.93

17,962.50

21,907.71

Operating Expense

6,814.43

7,053.93

7,544.89

8,581.10

Research And Development

2,711.04

2,675.76

2,925.30

3,391.39

Selling General And Administration

4,103.39

4,378.17

4,619.59

5,189.71

Total Expenses

25,982.72

26,769.29

28,583.35

31,856.43

Operating Income

5,632.83

6,954

10,417.61

13,326.60

Total Operating Income As Reported

5,632.83

6,954

10,417.61

13,326.60

EBITDA

20,332.96

21,508.39

26,314.82

30,254.62

Normalized EBITDA

20,332.96

21,508.39

26,314.82

30,254.62

EBIT

5,970.14

6,954

10,684.39

13,499.06

Interest Income

411.21

337.31

266.78

172.46

Interest Expense

706.21

748.60

718.73

776.51

Net Interest Income

-368.90

-748.60

-451.96

-604.05

Interest Income Non Operating

411.21

337.31

266.78

172.46

Interest Expense Non Operating

706.21

748.60

718.73

776.51

Net Non Operating Interest Income Expense

-368.90

-748.60

-451.96

-604.05

Pretax Income

5,263.93

6,205.40

9,965.66

12,722.55

Tax Provision

772

797.42

1,254.03

1,741.35

Tax Rate For Calcs

Tax Effect Of Unusual Items

Net Income Continuous Operations

4,491.92

5,407.99

8,711.63

10,981.20

Net Income From Continuing And Discontinued Operation

4,491.92

5,407.99

8,711.63

10,981.20

Net Income From Continuing Operation Net Minority Interest

4,491.92

5,407.99

8,711.63

10,981.20

Net Income

4,491.92

5,407.99

8,711.63

10,981.20

Net Income Common Stockholders

4,491.92

5,407.99

8,711.63

10,981.20

Net Income Including Noncontrolling Interests

4,491.92

5,407.99

8,711.63

10,981.20

Normalized Income

4,491.92

5,407.99

8,711.63

10,981.20

Diluted NI Availto Com Stockholders

4,491.92

5,407.99

8,711.63

10,981.20

Basic Average Shares

4,446.98

4,415.71

4,295.19

4,249.51

Diluted Average Shares

4,512.90

4,494.98

4,392.61

4,343.86

Reconciled Depreciation

14,362.81

14,554.38

15,630.43

16,755.56

Reconciled Cost Of Revenue

19,168.28

19,715.37

21,038.46

23,275.33

General And Administrative Expense

1,572.89

1,720.28

1,702.04

1,888.41

Other Gand A

1,572.89

1,720.28

1,702.04

1,888.41

Selling And Marketing Expense

2,530.50

2,657.88

2,917.55

3,301.31

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Netflix, Inc.this co.

NFLX

$343.4B

31.27↑ premium

12.90

41.3%

11.53

T-Mobile US, Inc.

TMUS

$191.6B

17.43

3.24

18.6%

9.77

AppLovin Corporation

APP

$187.7B

56.32

87.95

156.2%

43.36

Verizon Communications Inc.

$187.4B

10.91

1.79

16.4%

7.33

The Walt Disney Company

DIS

$172.5B

13.91

Netflix, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Netflix, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on