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Netflix (NFLX)
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Netflix Income Statement 2025-2006 | NFLX
Brief overview of financial results at Netflix
This overview is based on financial performance over the past five years. According to figures from Netflix, revenue changed from 25 billion dollars to 45.2 billion dollars over five years. Overall revenue changed by +80.8%, equal to an annualized rate of about 12.6%. Revenue followed a strong upward trend without signs of stagnation.
At the gross-profit level, the result moved from $9.7 billion to $21.9 billion, a change of +125.4%. Direct costs grew more slowly than revenue and improved the economics of sales. Comparing the endpoints gives gross margins of 38.9% and 48.5%. The business retained more gross profit from each unit of revenue.
EBITDA changed from 4.7 billion dollars to 13.7 billion dollars (+190.6%). Operating profitability strengthened faster than the scale of sales. Comparing the endpoints gives EBITDA margins of 18.8% and 30.2%. Higher profitability strengthens the quality of operating growth.
The net result moved from 2.8 billion dollars to 11 billion dollars, or +297.7%. The final year delivered the highest net income in the period.
The market value of the business moved from $235 billion to $365 billion, or +55.7%. Investors responded cautiously to the improvement in the business.
Summary assessment
The financial trajectory looks strong and well balanced. The constructive conclusion rests on improving gross profitability, a stronger final result and positive operating leverage. Investors should continue to monitor margins, costs, and earnings quality.
Annual Income Statement Netflix
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
365 B | 4.15 T | 2.52 T | 162 B | 189 B | 235 B | 152 B | 148 B | 120 B | 60.6 B | 39.1 B | 26.5 B | 23.6 B | 9.31 B | 6.63 B | 80.5 M | 33.1 M | 26.9 M | 20.7 M | - |
Shares |
4.25 B | 4.3 B | 4.42 B | 445 M | 443 M | 441 M | 438 M | 435 M | 432 M | 429 M | 426 M | 421 M | 407 M | 389 M | 370 M | 52.5 M | 56.6 M | 61 M | 67.1 M | - |
Historical Prices |
86 | 967 | 570 | 365 | 427 | 532 | 345 | 340 | 270 | 141 | 91.8 | 63.1 | 58.5 | 23.6 | 17.2 | 1.53 | 0.585 | 0.441 | 0.308 | 0.407 |
Net Income |
11 B | 8.71 B | 5.41 B | 4.49 B | 5.12 B | 2.76 B | 1.87 B | 1.21 B | 559 M | 187 M | 123 M | 267 M | 112 M | 17.2 M | 226 M | 161 M | 116 M | 83 M | 66.6 M | - |
Revenue |
45.2 B | 39 B | 33.7 B | 31.6 B | 29.7 B | 25 B | 20.2 B | 15.8 B | 11.7 B | 8.83 B | 6.78 B | 5.5 B | 4.37 B | 3.61 B | 3.2 B | 2.16 B | 1.67 B | 1.36 B | 1.21 B | - |
Cost of Revenue |
23.3 B | 21 B | 19.7 B | 19.2 B | 17.3 B | 15.3 B | 12.4 B | 9.97 B | 8.03 B | 6.26 B | 4.59 B | 3.75 B | 3.12 B | 2.65 B | 2.04 B | 1.36 B | 1.08 B | 910 M | 786 M | - |
Gross Profit |
- | - | - | - | - | - | 7.72 B | 5.83 B | 4.03 B | 2.8 B | 2.19 B | 1.75 B | 1.29 B | 983 M | 1.16 B | 205 M | 591 M | 454 M | 419 M | - |
Operating Income |
13.3 B | 10.4 B | 6.95 B | 5.63 B | 6.19 B | 4.59 B | 2.6 B | 1.61 B | 839 M | 380 M | 306 M | 403 M | 228 M | 50 M | 376 M | 284 M | 192 M | 122 M | 91.8 M | - |
Interest Expense |
- | - | 700 M | 706 M | 766 M | 767 M | 626 M | 420 M | 238 M | 150 M | 133 M | 50.2 M | 29.1 M | 20 M | 20 M | 19.6 M | 6.48 M | 2.46 M | 1.19 M | - |
EBITDA |
13.7 B | 10.7 B | 7.31 B | 5.97 B | 6.4 B | 4.7 B | 11.9 B | 9.26 B | 7.17 B | 5.3 B | 3.85 B | 3.18 B | 2.47 B | 1.75 B | 420 M | 322 M | 230 M | 154 M | 114 M | - |
Operating Expenses |
- | - | - | - | - | - | 5.11 B | 4.22 B | 3.19 B | 2.42 B | 1.88 B | 1.35 B | 1.06 B | 933 M | 789 M | 522 M | 399 M | 333 M | 327 M | - |
General and Administrative Expenses |
1.89 B | 1.7 B | 1.72 B | 1.57 B | 1.35 B | 1.08 B | 914 M | 630 M | 864 M | 578 M | 407 M | 270 M | 180 M | 120 M | 127 M | 64.5 M | 46.8 M | 49.7 M | 52.4 M | - |
Annual performance
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All numbers in USD currency
Quarterly Income Statement Netflix
| 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q3 | 2010-Q2 | 2010-Q1 | 2009-Q3 | 2009-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
4.19 B | 4.22 B | 4.22 B | 424 M | 425 M | 4.27 B | 428 M | 428 M | 430 M | 432 M | 433 M | 442 M | 444 M | 445 M | 445 M | 445 M | 445 M | 444 M | 444 M | 443 M | 443 M | 443 M | 443 M | 442 M | 441 M | 439 M | 439 M | 438 M | 438 M | 437 M | 437 M | 436 M | 435 M | 434 M | 433 M | 432 M | 431 M | 431 M | 430 M | 429 M | 428 M | 428 M | 428 M | 427 M | 425 M | 424 M | 423 M | 421 M | 420 M | 59.8 M | 59.6 M | 59.1 M | 58.2 M | 56 M | 55.6 M | 55.5 M | 55.5 M | 55.5 M | 55.4 M | 52.6 M | 52.5 M | 52.8 M | 52.1 M | 52.5 M | 52.9 M | 56.1 M | 57.9 M |
Net Income |
3.4 B | 5.28 B | - | 2.55 B | 3.13 B | 2.89 B | - | 2.36 B | 2.15 B | 2.33 B | - | 1.68 B | 1.49 B | 1.31 B | - | 1.4 B | 1.44 B | 1.6 B | - | 1.45 B | 1.35 B | 1.71 B | 542 M | 790 M | 720 M | 709 M | 587 M | 665 M | 271 M | 344 M | 134 M | 403 M | 384 M | 290 M | 186 M | 130 M | 65.6 M | 178 M | 66.7 M | 51.5 M | 40.8 M | 27.7 M | 43.2 M | 29.4 M | 26.3 M | 23.7 M | 83.4 M | 59.3 M | 71 M | 53.1 M | 48.4 M | 31.8 M | 29.5 M | 2.69 M | 7.9 M | 7.68 M | 6.16 M | -4.58 M | 35.2 M | 62.5 M | 68.2 M | 60.2 M | 38 M | 43.5 M | 32.3 M | 30.1 M | 32.4 M |
Revenue |
12.6 B | 12.2 B | - | 11.5 B | 11.1 B | 10.5 B | - | 9.82 B | 9.56 B | 9.37 B | - | 8.54 B | 8.19 B | 8.16 B | - | 7.93 B | 7.97 B | 7.87 B | - | 7.48 B | 7.34 B | 7.16 B | 6.64 B | 6.44 B | 6.15 B | 5.77 B | 5.47 B | 5.24 B | 4.92 B | 4.52 B | 4.19 B | 4 B | 3.91 B | 3.7 B | 3.29 B | 2.98 B | 2.79 B | 2.64 B | 2.48 B | 2.29 B | 2.11 B | 1.96 B | 1.82 B | 1.74 B | 1.64 B | 1.57 B | 1.48 B | 1.41 B | 1.34 B | 1.27 B | 1.18 B | 1.11 B | 1.07 B | 1.02 B | 945 M | 905 M | 889 M | 870 M | 876 M | 822 M | 789 M | 719 M | 553 M | 520 M | 494 M | 423 M | 409 M |
Cost of Revenue |
6.04 B | 5.89 B | - | 6.16 B | 5.33 B | 5.26 B | - | 5.12 B | 5.17 B | 4.98 B | - | 4.93 B | 4.67 B | 4.8 B | - | 4.79 B | 4.69 B | 4.28 B | - | 4.21 B | 4.02 B | 3.87 B | - | 3.87 B | 3.64 B | 3.6 B | - | 3.1 B | 3.01 B | 2.87 B | - | 2.53 B | 2.4 B | 2.3 B | 2.21 B | 2.09 B | 1.99 B | 1.74 B | 1.72 B | 1.59 B | 1.53 B | 1.42 B | - | 1.17 B | 1.12 B | 1.05 B | - | 954 M | 915 M | 869 M | - | 799 M | 761 M | 737 M | - | 663 M | 643 M | 624 M | 575 M | 537 M | 490 M | 438 M | 344 M | 315 M | 307 M | 275 M | 269 M |
Gross Profit |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.48 B | 2.57 B | 2.5 B | 2.17 B | 2 B | 2.15 B | 1.92 B | 1.65 B | 1.45 B | 1.47 B | 1.5 B | 1.4 B | 1.07 B | 899 M | 794 M | 896 M | 823 M | 757 M | 632 M | 588 M | 574 M | 564 M | 523 M | 527 M | 470 M | 455 M | 426 M | 401 M | 355 M | 307 M | 309 M | 287 M | 249 M | 242 M | 132 M | 116 M | 300 M | 285 M | 299 M | 280 M | 209 M | 205 M | 187 M | 148 M | 139 M |
Operating Income |
4.19 B | 3.96 B | - | 3.25 B | 3.77 B | 3.35 B | - | 2.91 B | 2.6 B | 2.63 B | - | 1.92 B | 1.83 B | 1.71 B | - | 1.53 B | 1.58 B | 1.97 B | - | 1.76 B | 1.85 B | 1.96 B | - | 1.31 B | 1.36 B | 958 M | - | 980 M | 706 M | 459 M | - | 481 M | 462 M | 447 M | 245 M | 209 M | 128 M | 257 M | 154 M | 106 M | 70.4 M | 49.5 M | - | 73.6 M | 74.8 M | 97.5 M | - | 110 M | 130 M | 97.6 M | - | 57.1 M | 57.1 M | 31.8 M | - | 16.1 M | 16.2 M | -1.94 M | 61.9 M | 96.8 M | 115 M | 102 M | 69.5 M | 77.3 M | 58.3 M | 49.3 M | 52.8 M |
Interest Expense |
- | - | - | - | - | - | - | 185 M | 168 M | 173 M | - | 176 M | 175 M | 174 M | - | 173 M | 175 M | 188 M | - | 190 M | 191 M | 194 M | - | 197 M | 189 M | 184 M | - | 161 M | 152 M | 136 M | - | 109 M | 102 M | 81.2 M | - | 60.7 M | 55.5 M | 46.7 M | - | 35.5 M | 35.5 M | 35.5 M | - | 35.3 M | 35.2 M | 26.7 M | - | 13.5 M | 13.3 M | 10.1 M | - | 7.44 M | 7.53 M | 6.74 M | - | 4.99 M | 5.01 M | 4.97 M | -5.04 M | 4.92 M | 5.3 M | 4.86 M | 4.94 M | 4.89 M | 4.96 M | 674 K | 674 K |
EBITDA |
4.29 B | 4.06 B | - | 3.34 B | 3.85 B | 3.43 B | - | 2.99 B | 2.68 B | 2.72 B | - | 2.01 B | 1.92 B | 1.8 B | - | 1.62 B | 1.66 B | 2.05 B | - | 1.83 B | 1.89 B | 2 B | - | 1.34 B | 1.38 B | 987 M | - | 1.01 B | 732 M | 483 M | - | 502 M | 482 M | 466 M | 245 M | 228 M | 146 M | 272 M | 154 M | 120 M | 84.5 M | 64.3 M | - | 89.7 M | 90.4 M | 113 M | - | 125 M | 143 M | 110 M | - | 68.6 M | 69.1 M | 43.9 M | - | 27.3 M | 27.2 M | 9.4 M | 61.9 M | 109 M | 125 M | 112 M | 78.2 M | 86.7 M | 69.2 M | 59 M | 61.8 M |
Operating Expenses |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 226 M | 230 M | 248 M | - | 188 M | 184 M | 178 M | 139 M | 128 M | 128 M | 98.5 M | 86.5 M |
General and Administrative Expenses |
499 M | 603 M | - | 458 M | 441 M | 421 M | - | 417 M | 427 M | 404 M | - | 479 M | 401 M | 401 M | - | 373 M | 409 M | 398 M | - | 322 M | 335 M | 297 M | - | 272 M | 277 M | 252 M | - | 233 M | 225 M | 202 M | - | 169 M | 152 M | 135 M | 112 M | 107 M | 112 M | 98.9 M | 83.5 M | 81.9 M | 78.6 M | 71.6 M | - | 111 M | 95.9 M | 91.5 M | - | 78 M | 60 M | 55.9 M | - | 46.2 M | 43.8 M | 44.1 M | - | 35.3 M | 34.1 M | 35.1 M | - | 29.8 M | 30.7 M | 23 M | 17.1 M | 17.1 M | 17.2 M | 11.5 M | 13.3 M |
Quarterly performance
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All numbers in USD currency
The income statement is one of the three key financial reports of a company Netflix (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.