The company provides an entertainment service offering television series, films, games, and live programming across a range of genres and languages, delivered through a streaming subscription model. It operates as a single business segment, with revenue derived primarily from monthly membership fees. Customers are individual members who subscribe to service plans and access content on various devices.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 45,183 | 39,001 | 33,723 | 1 |
| Cost of revenue | 23,275 | 21,038 | 19,715 | |
| Research and development | 3,391 | 2,925 | 2,676 | |
| Selling, general and administrative | 1,888 | 1,702 | 1,720 | |
| Depreciation, depletion and amortization | 333 | 329 | 357 | |
| Operating income | 13,327 | 10,418 | 6,954 | 1 |
| Interest expense | — | — | 700 | |
| Other income (expense), net | 172 | 267 | (49) | |
| Income before income taxes | 12,723 | 9,966 | 6,205 | 1 |
| Income tax provision | 1,741 | 1,254 | 797 | 3 |
| — of which current | 2,190 | 1,845 | 1,340 | 1 |
| Net income attributable to common | 10,981 | 8,712 | 5,408 | 3 |
| Diluted earnings per share | $2.53 | $1.98 | $1.20 | |
| Weighted-average diluted shares | 4,344 | 4,393 | 4,495 | 1 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 10,981 | 8,712 | 5,408 | 1 |
| Depreciation, depletion and amortization | 333 | 329 | 357 | |
| Share-based compensation | 368 | 273 | 339 | |
| Deferred income taxes | (449) | (591) | (543) | |
| Change in payables | (8) | 121 | 94 | |
| Net cash provided by operating activities | 10,149 | 7,361 | 7,274 | 4 |
| Capital expenditure | 688 | 440 | 349 | 1 |
| Acquisitions, net of cash | 17 | 0 | 0 | |
| Net cash used in investing activities | 1,042 | (2,182) | 542 | |
| Repurchases of common stock | 9,127 | 6,264 | 6,045 | 1 |
| Debt issued | 0 | 1,794 | 0 | |
| Debt repaid | 1,833 | 400 | 0 | |
| Net cash used in financing activities | (10,346) | (4,074) | (5,951) | |
| Cash and equivalents at end of period | 9,039 | 7,807 | 7,119 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 9,034 | 7,805 | |
| Short-term investments | 29 | 1,779 | |
| Total current assets | 13,020 | 13,100 | |
| Property, plant and equipment, net | 2,004 | 1,594 | |
| Intangible assets, net | 32,778 | 32,452 | |
| Total assets | 55,597 | 53,630 | |
| Accounts payable | 901 | 900 | |
| Total current liabilities | 10,981 | 10,755 | |
| Long-term debt | 13,464 | 13,798 | |
| Total liabilities | 28,982 | 28,887 | |
| Stockholders' equity | 26,615 | 24,744 | |
| Total equity | 26,615 | 24,744 |
| Revenue by segment · as filed · $ millions | FY2025 | Share |
|---|---|---|
| One reportable segment | 45,183 | 100.0% |
| Total revenues, as filed | 45,183 | 100.0% |
Single reportable segment: no segment breakdown filed.
| Revenue by product or service · as filed · $ millions | FY2025 | Share |
|---|---|---|
| Streaming | 45,183 | 100.0% |
| Total revenues, as filed | 45,183 | 100.0% |
One product line filed: no product breakdown.
| Revenue by geography · as filed · $ millions | FY2025 | Share |
|---|---|---|
| United States and Canada (UCAN) | 19,957 | 44.2% |
| Europe, Middle East, and Africa (EMEA) | 14,515 | 32.1% |
| Latin America (LATAM) | 5,358 | 11.9% |
| Asia-Pacific (APAC) | 5,354 | 11.8% |
| Total revenues, as filed | 45,183 | 100.0% |
Geographic lines sum to the filed total. Lines not filed as one figure are the sum of their filed pieces across product lines. 1 filed line(s) not shown: United States.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Net cash used in financing activities · CF | (10,346) | (4,074) | −6,272 | -154.0% | ◐ outsized |
| Total revenues · IS | 45,183 | 39,001 | +6,182 | +15.9% | — |
| Net cash used in investing activities · CF | 1,042 | (2,182) | +3,224 | +147.8% | ◐ outsized |
| Operating income · IS | 13,327 | 10,418 | +2,909 | +27.9% | — |
| Repurchases of common stock · CF | 9,127 | 6,264 | +2,863 | +45.7% | — |
| Net cash provided by operating activities · CF | 10,149 | 7,361 | +2,788 | +37.9% | — |
| Income before income taxes · IS | 12,723 | 9,966 | +2,757 | +27.7% | — |
| Net income attributable to common · IS | 10,981 | 8,712 | +2,269 | +26.0% | — |
| Net income incl. noncontrolling interests · CF | 10,981 | 8,712 | +2,269 | +26.0% | — |
| Cost of revenue · IS | 23,275 | 21,038 | +2,237 | +10.6% | — |
| Total assets · BS | 55,597 | 53,630 | +1,967 | +3.7% | — |
| Stockholders' equity · BS | 26,615 | 24,744 | +1,871 | +7.6% | — |
| Total equity · BS | 26,615 | 24,744 | +1,871 | +7.6% | — |
| Debt issued · CF | 0 | 1,794 | −1,794 | -100.0% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 42.8% sector median 16.6% | strong |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | -1.3% sector median +0.0% | shrinking |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 0.51 sector median 0.76 | moderate |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 4 of 5 | mostly positive |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 28.2% sector median 16.2% | cyclical |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | SEP 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 10,543 | 11,079 | 11,510 | 12,250 | 12,560 |
| Cost of revenue | 5,263 | 5,325 | 6,164 | 5,888 | 6,037 |
| Research and development | 823 | 825 | 854 | 960 | 1,008 |
| Selling, general and administrative | 421 | 441 | 458 | 603 | 499 |
| Depreciation, depletion and amortization | 80 | 80 | 87 | 99 | 101 |
| Operating income | 3,347 | 3,775 | 3,248 | 3,957 | 4,193 |
| Interest expense | 184 | 183 | 175 | 262 | 176 |
| Other income (expense), net | 51 | 40 | 36 | 2,852 | 52 |
| Income before income taxes | 3,214 | 3,632 | 3,109 | 6,547 | 4,069 |
| Income tax provision | 323 | 506 | 562 | 1,264 | 667 |
| Net income attributable to common | 2,890 | 3,125 | 2,547 | 5,283 | 3,401 |
| Diluted earnings per share | $0.66 | $0.72 | $5.87 | $1.23 | $0.80 |
| Weighted-average diluted shares | 4,370 | 4,349 | 434 | 4,298 | 4,261 |
| Net cash provided by operating activities | 2,789 | 2,423 | 2,825 | 5,290 | 1,744 |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Net cash provided by operating activities | 5,290 | 1,744 | −3,546 | -67.0% |
| Other income (expense), net | 2,852 | 52 | −2,800 | -98.2% |
| Income before income taxes | 6,547 | 4,069 | −2,478 | -37.8% |
| Net income attributable to common | 5,283 | 3,401 | −1,882 | -35.6% |
| Income tax provision | 1,264 | 667 | −597 | -47.2% |
| Total revenues | 12,250 | 12,560 | +310 | +2.5% |
| Operating income | 3,957 | 4,193 | +236 | +6.0% |
| Cost of revenue | 5,888 | 6,037 | +149 | +2.5% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $565,658M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 42 filings · 0 buys / 12 sells | net selling · −$15,976,986 |
| · Sarandos Theodore A | SELL $5,969,731 | Form 4 filed 2026-08-04 · open market |
| · Peters Gregory K | SELL $2,008,606 | Form 4 filed 2026-08-06 · open market |
| · Sarandos Theodore A | SELL $2,003,423 | Form 4 filed 2026-08-04 · open market |
| · Sarandos Theodore A | SELL $1,760,431 | Form 4 filed 2026-08-04 · open market |
| · Smith Bradford L | SELL $1,713,265 | Form 4 filed 2026-06-18 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
| · 10b5-1 adopted | Spencer Neumann, Chief Financial Officer | 10/23/2025 · 314,880 shares · 10-K insider trading arrangements |
| · 10b5-1 terminated | Greg Peters, Co-CEO and Director | 10/30/2025 · 1,585,830 shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Greg Peters, Co-CEO and Director | 10/30/2025 · 2,951,230 shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Ann Mather, Director | 11/7/2025 · 23,430 shares · 10-K insider trading arrangements |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Netflix's Form 10-K for FY2025 (accession 0001065280-26-000034), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. NFLX is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.