Netflix, Inc. (NFLX) 10-Year Financial Performance & Capital Metrics

NFLX •

Communication ServicesEntertainmentStreaming Video Platforms

AboutNetflix, Inc. provides entertainment services. It offers TV series, documentaries, feature films, and mobile games across various genres and languages. The company provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, television set-top boxes, and mobile devices. It also provides DVDs-by-mail membership services in the United States. The company has approximately 222 million paid members in 190 countries. Netflix, Inc. was incorporated in 1997 and is headquartered in Los Gatos, California.Show more

Revenue $45.18B +15.9%
EBITDA $30.08B +15.5%
Net Income $10.98B +26.1%
EPS (Diluted) 2.53 +27.6%
Gross Margin 48.49% +5.3%
EBITDA Margin 66.58% -0.3%
Operating Margin 29.49% +10.4%
Net Margin 24.3% +8.8%
ROE 42.76% +11.3%
ROIC 29.85% +24.9%
Debt/Equity 0.54 -25.3%
Interest Coverage 17.16 +18.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 35.8%
✓Strong 5Y profit CAGR of 31.8%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 20.9% free cash flow margin
✓Strong 5Y sales CAGR of 12.6%
✓Healthy 5Y average net margin of 18.8%

✗Weaknesses

✗Expensive at 15.6x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y20.89%

5Y12.57%

3Y12.64%

TTM15.85%

Profit (Net Income) CAGR

10Y56.75%

5Y31.8%

3Y34.71%

TTM26.05%

EPS CAGR

10Y56.89%

5Y33%

3Y36.49%

TTM27.58%

ROCE

10Y Avg15.48%

5Y Avg21.18%

3Y Avg24.3%

Latest30.46%

Peer Comparison

Streaming Video Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ROKURoku, Inc.	1.65B	98.41	166.80	15.18%	1.87%	3.32%	28.97%	0.33
NFLXNetflix, Inc.	407.8B	96.24	38.04	15.85%	24.3%	41.26%	2.32%	0.54
CNVSCineverse Corp.	57.93M	2.96	18.50	59.13%	-16.67%	-24.43%	28.04%	0.01
IQiQIYI, Inc.	4.87B	1.60	14.25	-8.31%	-1.44%	-2.92%	5.8%	1.06
STRZStarz Entertainment Corp.	184.04M	11.00	-0.87	-1.64%	-7.14%	-21.36%		1.42
GAIAGaia, Inc.	18.31M	3.39	-15.41	12.36%	-4.87%	-4.7%	10.6%	0.12

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	8.83B	11.69B	15.79B	20.16B	25B	29.7B	31.62B	33.72B	39B	45.18B
Revenue Growth %	30.26%	32.41%	35.08%	27.62%	24.01%	18.81%	6.46%	6.67%	15.65%	15.85%
Cost of Goods Sold+	6.03B	7.66B	9.97B	12.44B	15.28B	17.33B	19.17B	19.72B	21.04B	23.28B
COGS % of Revenue	68.28%	65.51%	63.11%	61.72%	61.11%	58.36%	60.63%	58.46%	53.94%	51.51%
Gross Profit+	2.8B	4.03B	5.83B	7.72B	9.72B	12.37B	12.45B	14.01B	17.96B	21.91B
Gross Margin %	31.72%	34.49%	36.89%	38.28%	38.89%	41.64%	39.37%	41.54%	46.06%	48.49%
Gross Profit Growth %	28%	44%	44.48%	32.43%	25.96%	27.22%	0.66%	12.54%	28.23%	21.96%
Operating Expenses+	2.42B	3.19B	4.22B	5.11B	5.13B	6.17B	6.81B	7.05B	7.54B	8.58B
OpEx % of Revenue	27.42%	27.32%	26.73%	25.36%	20.54%	20.78%	21.55%	20.92%	19.35%	18.99%
Selling, General & Admin	1.57B	2.14B	3B	3.57B	3.3B	3.9B	4.1B	4.38B	4.62B	5.19B
SG&A % of Revenue	17.77%	18.32%	18.99%	17.7%	13.22%	13.12%	12.98%	12.98%	11.84%	11.49%
Research & Development	852.1M	1.05B	1.22B	1.55B	1.83B	2.27B	2.71B	2.68B	2.93B	3.39B
R&D % of Revenue	9.65%	9%	7.74%	7.67%	7.32%	7.66%	8.58%	7.93%	7.5%	7.51%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	379.79M	838.68M	1.61B	2.6B	4.59B	6.19B	5.63B	6.95B	10.42B	13.33B
Operating Margin %	4.3%	7.17%	10.16%	12.92%	18.34%	20.86%	17.82%	20.62%	26.71%	29.49%
Operating Income Growth %	24.19%	120.83%	91.4%	62.24%	76.07%	35.1%	-9.07%	23.45%	49.81%	27.92%
EBITDA+	5.3B	7.11B	9.22B	11.92B	15.51B	18.63B	20B	21.51B	26.05B	30.08B
EBITDA Margin %	60.07%	60.79%	58.38%	59.16%	62.04%	62.74%	63.25%	63.78%	66.79%	66.58%
EBITDA Growth %	37.68%	34%	29.71%	29.32%	30.06%	20.15%	7.31%	7.57%	21.11%	15.49%
D&A (Non-Cash Add-back)	4.92B	6.27B	7.62B	9.32B	10.92B	12.44B	14.36B	14.55B	15.63B	16.76B
EBIT	410.62M	838.68M	1.65B	2.69B	4.59B	6.61B	5.97B	6.95B	10.68B	13.45B
Net Interest Income+	-119.29M	-353.36M	-378.77M	-542.02M	-1.39B	-354.41M	-368.9M	-748.6M	-451.96M	-604.05M
Interest Income	30.83M	0	41.73M	84M	0	411.21M	337.31M	0	266.78M	172.46M
Interest Expense	150.11M	353.36M	420.49M	626.02M	1.39B	765.62M	706.21M	748.6M	718.73M	776.51M
Other Income/Expense	-119.29M	-353.36M	-378.77M	-542.02M	-1.39B	-354.41M	-368.9M	-748.6M	-451.96M	-604.05M
Pretax Income+	260.51M	485.32M	1.23B	2.06B	3.2B	5.84B	5.26B	6.21B	9.97B	12.72B
Pretax Margin %	2.95%	4.15%	7.77%	10.23%	12.8%	19.67%	16.65%	18.4%	25.55%	28.16%
Income Tax+	73.83M	-73.61M	15.22M	195.31M	437.95M	723.88M	772M	797.41M	1.25B	1.74B
Effective Tax Rate %	71.66%	115.17%	98.76%	90.53%	86.31%	87.61%	85.33%	87.15%	87.42%	86.31%
Net Income+	186.68M	558.93M	1.21B	1.87B	2.76B	5.12B	4.49B	5.41B	8.71B	10.98B
Net Margin %	2.11%	4.78%	7.67%	9.26%	11.05%	17.23%	14.21%	16.04%	22.34%	24.3%
Net Income Growth %	52.22%	199.41%	116.71%	54.13%	47.91%	85.28%	-12.2%	20.39%	61.09%	26.05%
Net Income (Continuing)	186.68M	558.93M	1.21B	1.87B	2.76B	5.12B	4.49B	5.41B	8.71B	10.98B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.04	0.13	0.27	0.41	0.61	1.12	1.00	1.20	1.98	2.53
EPS Growth %	53.57%	190.7%	114.4%	54.1%	47.22%	84.87%	-11.48%	20.9%	64.84%	27.58%
EPS (Basic)	0.04	0.13	0.28	0.43	0.63	1.16	1.01	1.23	2.03	2.58
Diluted Shares Outstanding	4.39B	4.47B	4.51B	4.52B	4.54B	4.55B	4.51B	4.49B	4.39B	4.32B
Basic Shares Outstanding	4.29B	4.32B	4.35B	4.38B	4.41B	4.43B	4.45B	4.42B	4.3B	4.23B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	5.72B	7.67B	9.69B	6.18B	9.76B	8.07B	9.27B	9.92B	13.1B	13.02B
Cash & Short-Term Investments	1.73B	2.82B	3.79B	5.02B	8.21B	6.03B	6.06B	7.14B	9.58B	9.06B
Cash Only	1.47B	2.82B	3.79B	5.02B	8.21B	6.03B	5.15B	7.12B	7.8B	9.03B
Short-Term Investments	266.21M	0	0	0	0	0	911.28M	20.97M	1.78B	28.68M
Accounts Receivable	0	0	569.63M	454.4M	610.82M	804.32M	1.59B	1.84B	1.99B	0
Days Sales Outstanding	-	-	13.16	8.23	8.92	9.89	18.32	19.94	18.61	-
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	3.99B	4.85B	5.15B	524.67M	742.17M	913.88M	1.23B	529.26M	1.1B	3.96B
Total Non-Current Assets+	7.87B	11.34B	16.28B	27.8B	29.52B	36.51B	39.33B	38.81B	40.53B	42.58B
Property, Plant & Equipment	250.4M	319.4M	418.28M	565.22M	960.18M	1.32B	1.4B	1.49B	1.59B	2B
Fixed Asset Turnover	35.27x	36.61x	37.76x	35.66x	26.03x	22.44x	22.61x	22.61x	24.47x	22.54x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	7.27B	10.37B	14.95B	24.5B	25.38B	30.92B	32.74B	31.66B	32.45B	32.78B
Long-Term Investments	0	4.4M	16.26M	16.26M	31.54M	24.12M	0	0	0	0
Other Non-Current Assets	341.42M	647.91M	894.58M	2.71B	3.14B	4.25B	5.19B	5.66B	6.48B	7.79B
Total Assets+	13.59B	19.01B	25.97B	33.98B	39.28B	44.58B	48.59B	48.73B	53.63B	55.6B
Asset Turnover	0.65x	0.61x	0.61x	0.59x	0.64x	0.67x	0.65x	0.69x	0.73x	0.81x
Asset Growth %	33.16%	39.94%	36.62%	30.8%	15.61%	13.5%	8.99%	0.28%	10.05%	3.67%
Total Current Liabilities+	4.59B	5.47B	6.49B	6.86B	7.81B	8.49B	7.93B	8.86B	10.76B	10.98B
Accounts Payable	312.84M	359.56M	562.99M	674.35M	656.18M	837.48M	671.51M	747.41M	899.91M	900.61M
Days Payables Outstanding	18.94	17.13	20.62	19.79	15.68	17.64	12.79	13.84	15.61	14.12
Short-Term Debt	0	0	0	0	499.88M	699.82M	0	399.84M	1.78B	998.87M
Deferred Revenue (Current)	443.47M	618.62M	760.9M	924.75M	1.12B	1.21B	1.26B	1.44B	1.52B	1.78B
Other Current Liabilities	3.63B	4.17B	4.68B	4.22B	4.17B	3.98B	4.12B	4.08B	3.97B	4.08B
Current Ratio	1.25x	1.40x	1.49x	0.90x	1.25x	0.95x	1.17x	1.12x	1.22x	1.19x
Quick Ratio	1.25x	1.40x	1.49x	0.90x	1.25x	0.95x	1.17x	1.12x	1.22x	1.19x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	6.32B	9.96B	14.25B	19.54B	20.41B	20.25B	19.89B	19.28B	18.13B	18B
Long-Term Debt	3.36B	6.5B	10.36B	14.76B	15.81B	14.69B	14.35B	14.14B	13.8B	13.46B
Capital Lease Obligations	0	0	0	1.42B	1.95B	2.41B	2.22B	2.05B	1.98B	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	2.96B	3.47B	3.89B	3.36B	2.65B	3.14B	3.31B	3.09B	2.35B	4.54B
Total Liabilities	10.91B	15.43B	20.74B	26.39B	28.22B	28.74B	27.82B	28.14B	28.89B	28.98B
Total Debt+	3.36B	6.5B	10.36B	16.37B	18.51B	18.12B	16.93B	16.97B	17.99B	14.46B
Net Debt	1.9B	3.68B	6.57B	11.35B	10.31B	12.09B	11.78B	9.86B	10.19B	5.43B
Debt / Equity	1.26x	1.81x	1.98x	2.16x	1.67x	1.14x	0.81x	0.82x	0.73x	0.54x
Debt / EBITDA	0.63x	0.91x	1.12x	1.37x	1.19x	0.97x	0.85x	0.79x	0.69x	0.48x
Net Debt / EBITDA	0.36x	0.52x	0.71x	0.95x	0.66x	0.65x	0.59x	0.46x	0.39x	0.18x
Interest Coverage	2.53x	2.37x	3.82x	4.16x	3.31x	8.09x	7.98x	9.29x	14.49x	17.16x
Total Equity+	2.68B	3.58B	5.24B	7.58B	11.07B	15.85B	20.78B	20.59B	24.74B	26.62B
Equity Growth %	20.53%	33.66%	46.25%	44.73%	45.94%	43.23%	31.09%	-0.91%	20.18%	7.57%
Book Value per Share	0.61	0.80	1.16	1.68	2.44	3.48	4.60	4.58	5.63	6.17
Total Shareholders' Equity	2.68B	3.58B	5.24B	7.58B	11.07B	15.85B	20.78B	20.59B	24.74B	26.62B
Common Stock	1.6B	1.87B	2.32B	2.79B	3.45B	4.02B	4.64B	5.15B	6.25B	7.29B
Retained Earnings	1.13B	1.73B	2.94B	4.81B	7.57B	12.69B	17.18B	22.59B	31.3B	42.28B
Treasury Stock	0	0	0	0	0	-824.19M	-824.19M	-6.92B	-13.17B	-22.37B
Accumulated OCI	-48.56M	-20.56M	-19.58M	-23.52M	44.4M	-40.49M	-217.31M	-223.94M	362.16M	-580.38M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-1.47B	-1.79B	-2.68B	-2.89B	2.43B	392.61M	2.03B	7.27B	7.36B	10.15B
Operating CF Margin %	-16.69%	-15.27%	-16.97%	-14.32%	9.71%	1.32%	6.41%	21.57%	18.87%	22.46%
Operating CF Growth %	-96.68%	-21.16%	-50.09%	-7.72%	184.06%	-83.82%	416.1%	259%	1.2%	37.87%
Net Income	186.68M	558.93M	1.21B	1.87B	2.76B	5.12B	4.49B	5.41B	8.71B	10.98B
Depreciation & Amortization	4.92B	6.33B	7.66B	9.32B	10.92B	12.44B	14.36B	14.55B	15.63B	16.76B
Stock-Based Compensation	173.68M	182.21M	320.66M	405.38M	415.18M	403.22M	575.45M	339.37M	272.59M	368.45M
Deferred Taxes	-46.85M	-208.69M	-85.52M	-94.44M	70.07M	199.55M	-166.55M	-459.36M	-590.7M	-442.06M
Other Non-Cash Items	-6.9B	-8.71B	-12.08B	-14.43B	-11.71B	-17.52B	-16.48B	-12.45B	-16.63B	-17.06B
Working Capital Changes	192.38M	58.98M	293.77M	43.04M	-31.87M	-241.98M	-758.09M	-116.15M	-33.08M	-456.22M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	32.25M	74.56M	199.2M	96.06M	-41.6M	145.12M	-158.54M	93.5M	121.35M	-8.04M
Cash from Investing+	49.77M	34.33M	-339.12M	-387.06M	-505.35M	-1.34B	-2.08B	541.75M	-2.18B	1.04B
Capital Expenditures	-184.83M	-227.02M	-212.53M	-253.03M	-497.92M	-524.59M	-407.73M	-348.55M	-439.54M	-688.22M
CapEx % of Revenue	2.09%	1.94%	1.35%	1.26%	1.99%	1.77%	1.29%	1.03%	1.13%	1.52%
Acquisitions	-77.18M	-53.72M	0	0	0	-788.35M	-757.39M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	76.24M	47.03M	-126.59M	-134.03M	-7.43M	-26.92M	-757.39M	0	0	-17.19M
Cash from Financing+	1.09B	3.08B	4.05B	4.51B	1.24B	-1.15B	-664.25M	-5.95B	-4.07B	-10.35B
Debt Issued (Net)	1B	3.02B	3.96B	4.47B	1.01B	-500M	-700M	0	1.39B	0
Equity Issued (Net)	0	1000K	1000K	1000K	1000K	-1000K	1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	-600.02M	0	-6.05B	-6.26B	-9.13B
Other Financing	91.63M	-31.9M	-37.83M	-36.13M	-7.56M	-224.17M	0	-75.45M	-38.03M	-1.89B
Net Change in Cash	-341.75M	1.36B	989.25M	1.23B	3.2B	-2.18B	-884.53M	1.95B	688.82M	1.23B
Free Cash Flow+	-1.66B	-2.01B	-2.89B	-3.14B	1.93B	-131.97M	1.62B	6.93B	6.92B	9.46B
FCF Margin %	-18.78%	-17.22%	-18.32%	-15.58%	7.72%	-0.44%	5.12%	20.54%	17.75%	20.94%
FCF Growth %	-80.57%	-21.35%	-43.72%	-8.55%	161.43%	-106.84%	1326.39%	327.9%	-0.06%	36.68%
FCF per Share	-0.38	-0.45	-0.64	-0.70	0.42	-0.03	0.36	1.54	1.58	2.19
FCF Conversion (FCF/Net Income)	-7.90x	-3.20x	-2.21x	-1.55x	0.88x	0.08x	0.45x	1.35x	0.85x	0.92x
Interest Paid	138.57M	213.31M	375.83M	599.13M	762.9M	763.43M	701.69M	684.5M	674.5M	0
Taxes Paid	26.81M	113.59M	131.07M	400.66M	291.58M	509.26M	811.72M	1.15B	1.64B	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	7.61%	17.85%	27.46%	29.12%	29.62%	38.02%	24.53%	26.15%	38.43%	42.76%
Return on Invested Capital (ROIC)	7.74%	10.63%	12.63%	12.71%	17.06%	18.84%	13.97%	16.56%	23.9%	29.85%
Gross Margin	31.72%	34.49%	36.89%	38.28%	38.89%	41.64%	39.37%	41.54%	46.06%	48.49%
Net Margin	2.11%	4.78%	7.67%	9.26%	11.05%	17.23%	14.21%	16.04%	22.34%	24.3%
Debt / Equity	1.26x	1.81x	1.98x	2.16x	1.67x	1.14x	0.81x	0.82x	0.73x	0.54x
Interest Coverage	2.53x	2.37x	3.82x	4.16x	3.31x	8.09x	7.98x	9.29x	14.49x	17.16x
FCF Conversion	-7.90x	-3.20x	-2.21x	-1.55x	0.88x	0.08x	0.45x	1.35x	0.85x	0.92x
Revenue Growth	30.26%	32.41%	35.08%	27.62%	24.01%	18.81%	6.46%	6.67%	15.65%	15.85%

US Stock Screener

...

Netflix, Inc. (NFLX) 10-Year Financial Performance & Capital Metrics

NFLX •

Communication ServicesEntertainmentStreaming Video Platforms

Revenue $45.18B +15.9%
EBITDA $30.08B +15.5%
Net Income $10.98B +26.1%
EPS (Diluted) 2.53 +27.6%
Gross Margin 48.49% +5.3%
EBITDA Margin 66.58% -0.3%
Operating Margin 29.49% +10.4%
Net Margin 24.3% +8.8%
ROE 42.76% +11.3%
ROIC 29.85% +24.9%
Debt/Equity 0.54 -25.3%
Interest Coverage 17.16 +18.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 35.8%
✓Strong 5Y profit CAGR of 31.8%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 20.9% free cash flow margin
✓Strong 5Y sales CAGR of 12.6%
✓Healthy 5Y average net margin of 18.8%

✗Weaknesses

✗Expensive at 15.6x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y20.89%

5Y12.57%

3Y12.64%

TTM15.85%

Profit (Net Income) CAGR

10Y56.75%

5Y31.8%

3Y34.71%

TTM26.05%

EPS CAGR

10Y56.89%

5Y33%

3Y36.49%

TTM27.58%

ROCE

10Y Avg15.48%

5Y Avg21.18%

3Y Avg24.3%

Latest30.46%

Peer Comparison

Streaming Video Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ROKURoku, Inc.	1.65B	98.41	166.80	15.18%	1.87%	3.32%	28.97%	0.33
NFLXNetflix, Inc.	407.8B	96.24	38.04	15.85%	24.3%	41.26%	2.32%	0.54
CNVSCineverse Corp.	57.93M	2.96	18.50	59.13%	-16.67%	-24.43%	28.04%	0.01
IQiQIYI, Inc.	4.87B	1.60	14.25	-8.31%	-1.44%	-2.92%	5.8%	1.06
STRZStarz Entertainment Corp.	184.04M	11.00	-0.87	-1.64%	-7.14%	-21.36%		1.42
GAIAGaia, Inc.	18.31M	3.39	-15.41	12.36%	-4.87%	-4.7%	10.6%	0.12

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	8.83B	11.69B	15.79B	20.16B	25B	29.7B	31.62B	33.72B	39B	45.18B
Revenue Growth %	30.26%	32.41%	35.08%	27.62%	24.01%	18.81%	6.46%	6.67%	15.65%	15.85%
Cost of Goods Sold+	6.03B	7.66B	9.97B	12.44B	15.28B	17.33B	19.17B	19.72B	21.04B	23.28B
COGS % of Revenue	68.28%	65.51%	63.11%	61.72%	61.11%	58.36%	60.63%	58.46%	53.94%	51.51%
Gross Profit+	2.8B	4.03B	5.83B	7.72B	9.72B	12.37B	12.45B	14.01B	17.96B	21.91B
Gross Margin %	31.72%	34.49%	36.89%	38.28%	38.89%	41.64%	39.37%	41.54%	46.06%	48.49%
Gross Profit Growth %	28%	44%	44.48%	32.43%	25.96%	27.22%	0.66%	12.54%	28.23%	21.96%
Operating Expenses+	2.42B	3.19B	4.22B	5.11B	5.13B	6.17B	6.81B	7.05B	7.54B	8.58B
OpEx % of Revenue	27.42%	27.32%	26.73%	25.36%	20.54%	20.78%	21.55%	20.92%	19.35%	18.99%
Selling, General & Admin	1.57B	2.14B	3B	3.57B	3.3B	3.9B	4.1B	4.38B	4.62B	5.19B
SG&A % of Revenue	17.77%	18.32%	18.99%	17.7%	13.22%	13.12%	12.98%	12.98%	11.84%	11.49%
Research & Development	852.1M	1.05B	1.22B	1.55B	1.83B	2.27B	2.71B	2.68B	2.93B	3.39B
R&D % of Revenue	9.65%	9%	7.74%	7.67%	7.32%	7.66%	8.58%	7.93%	7.5%	7.51%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	379.79M	838.68M	1.61B	2.6B	4.59B	6.19B	5.63B	6.95B	10.42B	13.33B
Operating Margin %	4.3%	7.17%	10.16%	12.92%	18.34%	20.86%	17.82%	20.62%	26.71%	29.49%
Operating Income Growth %	24.19%	120.83%	91.4%	62.24%	76.07%	35.1%	-9.07%	23.45%	49.81%	27.92%
EBITDA+	5.3B	7.11B	9.22B	11.92B	15.51B	18.63B	20B	21.51B	26.05B	30.08B
EBITDA Margin %	60.07%	60.79%	58.38%	59.16%	62.04%	62.74%	63.25%	63.78%	66.79%	66.58%
EBITDA Growth %	37.68%	34%	29.71%	29.32%	30.06%	20.15%	7.31%	7.57%	21.11%	15.49%
D&A (Non-Cash Add-back)	4.92B	6.27B	7.62B	9.32B	10.92B	12.44B	14.36B	14.55B	15.63B	16.76B
EBIT	410.62M	838.68M	1.65B	2.69B	4.59B	6.61B	5.97B	6.95B	10.68B	13.45B
Net Interest Income+	-119.29M	-353.36M	-378.77M	-542.02M	-1.39B	-354.41M	-368.9M	-748.6M	-451.96M	-604.05M
Interest Income	30.83M	0	41.73M	84M	0	411.21M	337.31M	0	266.78M	172.46M
Interest Expense	150.11M	353.36M	420.49M	626.02M	1.39B	765.62M	706.21M	748.6M	718.73M	776.51M
Other Income/Expense	-119.29M	-353.36M	-378.77M	-542.02M	-1.39B	-354.41M	-368.9M	-748.6M	-451.96M	-604.05M
Pretax Income+	260.51M	485.32M	1.23B	2.06B	3.2B	5.84B	5.26B	6.21B	9.97B	12.72B
Pretax Margin %	2.95%	4.15%	7.77%	10.23%	12.8%	19.67%	16.65%	18.4%	25.55%	28.16%
Income Tax+	73.83M	-73.61M	15.22M	195.31M	437.95M	723.88M	772M	797.41M	1.25B	1.74B
Effective Tax Rate %	71.66%	115.17%	98.76%	90.53%	86.31%	87.61%	85.33%	87.15%	87.42%	86.31%
Net Income+	186.68M	558.93M	1.21B	1.87B	2.76B	5.12B	4.49B	5.41B	8.71B	10.98B
Net Margin %	2.11%	4.78%	7.67%	9.26%	11.05%	17.23%	14.21%	16.04%	22.34%	24.3%
Net Income Growth %	52.22%	199.41%	116.71%	54.13%	47.91%	85.28%	-12.2%	20.39%	61.09%	26.05%
Net Income (Continuing)	186.68M	558.93M	1.21B	1.87B	2.76B	5.12B	4.49B	5.41B	8.71B	10.98B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.04	0.13	0.27	0.41	0.61	1.12	1.00	1.20	1.98	2.53
EPS Growth %	53.57%	190.7%	114.4%	54.1%	47.22%	84.87%	-11.48%	20.9%	64.84%	27.58%
EPS (Basic)	0.04	0.13	0.28	0.43	0.63	1.16	1.01	1.23	2.03	2.58
Diluted Shares Outstanding	4.39B	4.47B	4.51B	4.52B	4.54B	4.55B	4.51B	4.49B	4.39B	4.32B
Basic Shares Outstanding	4.29B	4.32B	4.35B	4.38B	4.41B	4.43B	4.45B	4.42B	4.3B	4.23B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	5.72B	7.67B	9.69B	6.18B	9.76B	8.07B	9.27B	9.92B	13.1B	13.02B
Cash & Short-Term Investments	1.73B	2.82B	3.79B	5.02B	8.21B	6.03B	6.06B	7.14B	9.58B	9.06B
Cash Only	1.47B	2.82B	3.79B	5.02B	8.21B	6.03B	5.15B	7.12B	7.8B	9.03B
Short-Term Investments	266.21M	0	0	0	0	0	911.28M	20.97M	1.78B	28.68M
Accounts Receivable	0	0	569.63M	454.4M	610.82M	804.32M	1.59B	1.84B	1.99B	0
Days Sales Outstanding	-	-	13.16	8.23	8.92	9.89	18.32	19.94	18.61	-
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	3.99B	4.85B	5.15B	524.67M	742.17M	913.88M	1.23B	529.26M	1.1B	3.96B
Total Non-Current Assets+	7.87B	11.34B	16.28B	27.8B	29.52B	36.51B	39.33B	38.81B	40.53B	42.58B
Property, Plant & Equipment	250.4M	319.4M	418.28M	565.22M	960.18M	1.32B	1.4B	1.49B	1.59B	2B
Fixed Asset Turnover	35.27x	36.61x	37.76x	35.66x	26.03x	22.44x	22.61x	22.61x	24.47x	22.54x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	7.27B	10.37B	14.95B	24.5B	25.38B	30.92B	32.74B	31.66B	32.45B	32.78B
Long-Term Investments	0	4.4M	16.26M	16.26M	31.54M	24.12M	0	0	0	0
Other Non-Current Assets	341.42M	647.91M	894.58M	2.71B	3.14B	4.25B	5.19B	5.66B	6.48B	7.79B
Total Assets+	13.59B	19.01B	25.97B	33.98B	39.28B	44.58B	48.59B	48.73B	53.63B	55.6B
Asset Turnover	0.65x	0.61x	0.61x	0.59x	0.64x	0.67x	0.65x	0.69x	0.73x	0.81x
Asset Growth %	33.16%	39.94%	36.62%	30.8%	15.61%	13.5%	8.99%	0.28%	10.05%	3.67%
Total Current Liabilities+	4.59B	5.47B	6.49B	6.86B	7.81B	8.49B	7.93B	8.86B	10.76B	10.98B
Accounts Payable	312.84M	359.56M	562.99M	674.35M	656.18M	837.48M	671.51M	747.41M	899.91M	900.61M
Days Payables Outstanding	18.94	17.13	20.62	19.79	15.68	17.64	12.79	13.84	15.61	14.12
Short-Term Debt	0	0	0	0	499.88M	699.82M	0	399.84M	1.78B	998.87M
Deferred Revenue (Current)	443.47M	618.62M	760.9M	924.75M	1.12B	1.21B	1.26B	1.44B	1.52B	1.78B
Other Current Liabilities	3.63B	4.17B	4.68B	4.22B	4.17B	3.98B	4.12B	4.08B	3.97B	4.08B
Current Ratio	1.25x	1.40x	1.49x	0.90x	1.25x	0.95x	1.17x	1.12x	1.22x	1.19x
Quick Ratio	1.25x	1.40x	1.49x	0.90x	1.25x	0.95x	1.17x	1.12x	1.22x	1.19x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	6.32B	9.96B	14.25B	19.54B	20.41B	20.25B	19.89B	19.28B	18.13B	18B
Long-Term Debt	3.36B	6.5B	10.36B	14.76B	15.81B	14.69B	14.35B	14.14B	13.8B	13.46B
Capital Lease Obligations	0	0	0	1.42B	1.95B	2.41B	2.22B	2.05B	1.98B	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	2.96B	3.47B	3.89B	3.36B	2.65B	3.14B	3.31B	3.09B	2.35B	4.54B
Total Liabilities	10.91B	15.43B	20.74B	26.39B	28.22B	28.74B	27.82B	28.14B	28.89B	28.98B
Total Debt+	3.36B	6.5B	10.36B	16.37B	18.51B	18.12B	16.93B	16.97B	17.99B	14.46B
Net Debt	1.9B	3.68B	6.57B	11.35B	10.31B	12.09B	11.78B	9.86B	10.19B	5.43B
Debt / Equity	1.26x	1.81x	1.98x	2.16x	1.67x	1.14x	0.81x	0.82x	0.73x	0.54x
Debt / EBITDA	0.63x	0.91x	1.12x	1.37x	1.19x	0.97x	0.85x	0.79x	0.69x	0.48x
Net Debt / EBITDA	0.36x	0.52x	0.71x	0.95x	0.66x	0.65x	0.59x	0.46x	0.39x	0.18x
Interest Coverage	2.53x	2.37x	3.82x	4.16x	3.31x	8.09x	7.98x	9.29x	14.49x	17.16x
Total Equity+	2.68B	3.58B	5.24B	7.58B	11.07B	15.85B	20.78B	20.59B	24.74B	26.62B
Equity Growth %	20.53%	33.66%	46.25%	44.73%	45.94%	43.23%	31.09%	-0.91%	20.18%	7.57%
Book Value per Share	0.61	0.80	1.16	1.68	2.44	3.48	4.60	4.58	5.63	6.17
Total Shareholders' Equity	2.68B	3.58B	5.24B	7.58B	11.07B	15.85B	20.78B	20.59B	24.74B	26.62B
Common Stock	1.6B	1.87B	2.32B	2.79B	3.45B	4.02B	4.64B	5.15B	6.25B	7.29B
Retained Earnings	1.13B	1.73B	2.94B	4.81B	7.57B	12.69B	17.18B	22.59B	31.3B	42.28B
Treasury Stock	0	0	0	0	0	-824.19M	-824.19M	-6.92B	-13.17B	-22.37B
Accumulated OCI	-48.56M	-20.56M	-19.58M	-23.52M	44.4M	-40.49M	-217.31M	-223.94M	362.16M	-580.38M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-1.47B	-1.79B	-2.68B	-2.89B	2.43B	392.61M	2.03B	7.27B	7.36B	10.15B
Operating CF Margin %	-16.69%	-15.27%	-16.97%	-14.32%	9.71%	1.32%	6.41%	21.57%	18.87%	22.46%
Operating CF Growth %	-96.68%	-21.16%	-50.09%	-7.72%	184.06%	-83.82%	416.1%	259%	1.2%	37.87%
Net Income	186.68M	558.93M	1.21B	1.87B	2.76B	5.12B	4.49B	5.41B	8.71B	10.98B
Depreciation & Amortization	4.92B	6.33B	7.66B	9.32B	10.92B	12.44B	14.36B	14.55B	15.63B	16.76B
Stock-Based Compensation	173.68M	182.21M	320.66M	405.38M	415.18M	403.22M	575.45M	339.37M	272.59M	368.45M
Deferred Taxes	-46.85M	-208.69M	-85.52M	-94.44M	70.07M	199.55M	-166.55M	-459.36M	-590.7M	-442.06M
Other Non-Cash Items	-6.9B	-8.71B	-12.08B	-14.43B	-11.71B	-17.52B	-16.48B	-12.45B	-16.63B	-17.06B
Working Capital Changes	192.38M	58.98M	293.77M	43.04M	-31.87M	-241.98M	-758.09M	-116.15M	-33.08M	-456.22M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	32.25M	74.56M	199.2M	96.06M	-41.6M	145.12M	-158.54M	93.5M	121.35M	-8.04M
Cash from Investing+	49.77M	34.33M	-339.12M	-387.06M	-505.35M	-1.34B	-2.08B	541.75M	-2.18B	1.04B
Capital Expenditures	-184.83M	-227.02M	-212.53M	-253.03M	-497.92M	-524.59M	-407.73M	-348.55M	-439.54M	-688.22M
CapEx % of Revenue	2.09%	1.94%	1.35%	1.26%	1.99%	1.77%	1.29%	1.03%	1.13%	1.52%
Acquisitions	-77.18M	-53.72M	0	0	0	-788.35M	-757.39M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	76.24M	47.03M	-126.59M	-134.03M	-7.43M	-26.92M	-757.39M	0	0	-17.19M
Cash from Financing+	1.09B	3.08B	4.05B	4.51B	1.24B	-1.15B	-664.25M	-5.95B	-4.07B	-10.35B
Debt Issued (Net)	1B	3.02B	3.96B	4.47B	1.01B	-500M	-700M	0	1.39B	0
Equity Issued (Net)	0	1000K	1000K	1000K	1000K	-1000K	1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	-600.02M	0	-6.05B	-6.26B	-9.13B
Other Financing	91.63M	-31.9M	-37.83M	-36.13M	-7.56M	-224.17M	0	-75.45M	-38.03M	-1.89B
Net Change in Cash	-341.75M	1.36B	989.25M	1.23B	3.2B	-2.18B	-884.53M	1.95B	688.82M	1.23B
Free Cash Flow+	-1.66B	-2.01B	-2.89B	-3.14B	1.93B	-131.97M	1.62B	6.93B	6.92B	9.46B
FCF Margin %	-18.78%	-17.22%	-18.32%	-15.58%	7.72%	-0.44%	5.12%	20.54%	17.75%	20.94%
FCF Growth %	-80.57%	-21.35%	-43.72%	-8.55%	161.43%	-106.84%	1326.39%	327.9%	-0.06%	36.68%
FCF per Share	-0.38	-0.45	-0.64	-0.70	0.42	-0.03	0.36	1.54	1.58	2.19
FCF Conversion (FCF/Net Income)	-7.90x	-3.20x	-2.21x	-1.55x	0.88x	0.08x	0.45x	1.35x	0.85x	0.92x
Interest Paid	138.57M	213.31M	375.83M	599.13M	762.9M	763.43M	701.69M	684.5M	674.5M	0
Taxes Paid	26.81M	113.59M	131.07M	400.66M	291.58M	509.26M	811.72M	1.15B	1.64B	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	7.61%	17.85%	27.46%	29.12%	29.62%	38.02%	24.53%	26.15%	38.43%	42.76%
Return on Invested Capital (ROIC)	7.74%	10.63%	12.63%	12.71%	17.06%	18.84%	13.97%	16.56%	23.9%	29.85%
Gross Margin	31.72%	34.49%	36.89%	38.28%	38.89%	41.64%	39.37%	41.54%	46.06%	48.49%
Net Margin	2.11%	4.78%	7.67%	9.26%	11.05%	17.23%	14.21%	16.04%	22.34%	24.3%
Debt / Equity	1.26x	1.81x	1.98x	2.16x	1.67x	1.14x	0.81x	0.82x	0.73x	0.54x
Interest Coverage	2.53x	2.37x	3.82x	4.16x	3.31x	8.09x	7.98x	9.29x	14.49x	17.16x
FCF Conversion	-7.90x	-3.20x	-2.21x	-1.55x	0.88x	0.08x	0.45x	1.35x	0.85x	0.92x
Revenue Growth	30.26%	32.41%	35.08%	27.62%	24.01%	18.81%	6.46%	6.67%	15.65%	15.85%

Netflix, Inc. (NFLX) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare NFLX vs Peers

vs IQ

vs ROKU

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Netflix, Inc. (NFLX) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare NFLX vs Peers

vs IQ

vs ROKU

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios