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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
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 | - | - | - |
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 |
| 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 |
| Operating Income | - | 5,632.83 | 6,954 | 10,417.61 | 13,326.60 |
| 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 |
| 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 |
| 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 |
| Total Expenses | - | 25,982.72 | 26,769.29 | 28,583.35 | 31,856.43 |
| Interest Expense | - | 706.21 | 748.60 | 718.73 | 776.51 |
| Interest Income | 411.21 | 337.31 | - | 266.78 | 172.46 |
| 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 |
| Normalized EBITDA | - | 20,332.96 | 21,508.39 | 26,314.82 | 30,254.62 |
| Normalized Income | - | 4,491.92 | 5,407.99 | 8,711.63 | 10,981.20 |
| Market Cap | 389,246 | 389,246 | 389,246 | 389,246 | 389,246 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Netflix, Inc.this co. | NFLX | - | 35.45↑ premium | 14.62 | 41.3% | 13.05 |
| Warner Bros. Discovery, Inc. | WBD | $67.8B | 93.34 | 1.89 | 2.0% | 4.51 |
| Electronic Arts Inc. | EA | $53.1B | 45.24 | 7.94 | 17.6% | 25.03 |
| Fox Corporation | FOXA | $29.0B | 11.81 | 2.24 | 18.9% | 7.50 |
| Fox Corporation | FOX | $25.9B | 10.56 |
| - |
| - |
| - |
| - |
| 2.00 |
| 18.9% |
| 6.76 |
| Charter Communications, Inc. | CHTR | $24.3B | 5.10 | 1.58 | 31.1% | 5.76 |
| News Corporation | NWS | $17.2B | 14.05 | 1.89 | 13.4% | 12.09 |
| News Corporation | NWSA | $14.9B | 12.17 | 1.64 | 13.4% | 10.53 |
| The Trade Desk, Inc. | TTD | $11.7B | 25.74 | 4.59 | 17.8% | 15.87 |
| Peer Median | - | 13.11 | 1.94 | 17.7% | 9.01 | |