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Netflix

NFLX Clue Score63
United States Fiscal year ends December CIK 0001065280
$70.30 -1.77% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $70.30 −88.79% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue8.83Operating income0.38Net income0.19EPS, diluted0.43Fiscal year 2017Revenue11.69 +32.4%Operating income0.84Net income0.56 +199.4%EPS, diluted1.25Fiscal year 2018Revenue15.79 +35.1%Operating income1.61Net income1.21 +116.7%EPS, diluted2.68Fiscal year 2019Revenue20.16 +27.6%Operating income2.60Net income1.87 +54.1%EPS, diluted4.13Fiscal year 2020Revenue25.00 +24.0%Operating income4.59Net income2.76 +47.9%EPS, diluted6.08Fiscal year 2021Revenue29.70 +18.8%Operating income6.19Net income5.12 +85.3%EPS, diluted11.24Fiscal year 2022Revenue31.62 +6.5%Operating income5.63Net income4.49 −12.2%EPS, diluted9.95Fiscal year 2023Revenue33.72 +6.7%Operating income6.95Net income5.41 +20.4%EPS, diluted1.20Fiscal year 2024Revenue39.00 +15.6%Operating income10.42Net income8.71 +61.1%EPS, diluted1.98Fiscal year 2025Revenue45.18 +15.9%Operating income13.33Net income10.98 +26.1%EPS, diluted2.53
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 8.83 11.69 15.79 20.16 25.00 29.70 31.62 33.72 39.00 45.18
Growth +32.4% +35.1% +27.6% +24.0% +18.8% +6.5% +6.7% +15.6% +15.9%
Operating income 0.38 0.84 1.61 2.60 4.59 6.19 5.63 6.95 10.42 13.33
Net income 0.19 0.56 1.21 1.87 2.76 5.12 4.49 5.41 8.71 10.98
Growth +199.4% +116.7% +54.1% +47.9% +85.3% −12.2% +20.4% +61.1% +26.1%
EPS, diluted 0.43 1.25 2.68 4.13 6.08 11.24 9.95 1.20 1.98 2.53

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin4.3%Net margin2.1%Free cash flow margin−17.9%Fiscal year 2017Operating margin7.2%Net margin4.8%Free cash flow margin−16.8%Fiscal year 2018Operating margin10.2%Net margin7.7%Free cash flow margin−18.1%Fiscal year 2019Operating margin12.9%Net margin9.3%Free cash flow margin−15.6%Fiscal year 2020Operating margin18.3%Net margin11.0%Free cash flow margin7.7%Fiscal year 2021Operating margin20.9%Net margin17.2%Free cash flow margin−0.4%Fiscal year 2022Operating margin17.8%Net margin14.2%Free cash flow margin5.1%Fiscal year 2023Operating margin20.6%Net margin16.0%Free cash flow margin20.5%Fiscal year 2024Operating margin26.7%Net margin22.3%Free cash flow margin17.7%Fiscal year 2025Operating margin29.5%Net margin24.3%Free cash flow margin20.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 4.3% 7.2% 10.2% 12.9% 18.3% 20.9% 17.8% 20.6% 26.7% 29.5%
Net margin 2.1% 4.8% 7.7% 9.3% 11.0% 17.2% 14.2% 16.0% 22.3% 24.3%
Free cash flow margin −17.9% −16.8% −18.1% −15.6% 7.7% −0.4% 5.1% 20.5% 17.7% 20.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−1.47Capital expenditure−0.11Free cash flow−1.58Fiscal year 2017Operating cash flow−1.79Capital expenditure−0.17Free cash flow−1.96Fiscal year 2018Operating cash flow−2.68Capital expenditure−0.17Free cash flow−2.85Fiscal year 2019Operating cash flow−2.89Capital expenditure−0.25Free cash flow−3.14Buybacks0.00Fiscal year 2020Operating cash flow2.43Capital expenditure−0.50Free cash flow1.93Buybacks0.00Fiscal year 2021Operating cash flow0.39Capital expenditure−0.52Free cash flow−0.13 −106.8%Buybacks−0.60Fiscal year 2022Operating cash flow2.03Capital expenditure−0.41Free cash flow1.62Buybacks0.00Fiscal year 2023Operating cash flow7.27Capital expenditure−0.35Free cash flow6.93 +327.9%Buybacks−6.05Fiscal year 2024Operating cash flow7.36Capital expenditure−0.44Free cash flow6.92 −0.1%Buybacks−6.26Fiscal year 2025Operating cash flow10.15Capital expenditure−0.69Free cash flow9.46 +36.7%Buybacks−9.13
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −1.47 −1.79 −2.68 −2.89 2.43 0.39 2.03 7.27 7.36 10.15
Capital expenditure −0.11 −0.17 −0.17 −0.25 −0.50 −0.52 −0.41 −0.35 −0.44 −0.69
Free cash flow −1.58 −1.96 −2.85 −3.14 1.93 −0.13 1.62 6.93 6.92 9.46
Growth −106.8% +327.9% −0.1% +36.7%
Buybacks n/a n/a n/a 0.00 0.00 −0.60 0.00 −6.05 −6.26 −9.13

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.47Total debt3.36Net cash (debt)−1.90Shareholders’ equity2.68Debt to equity1.26Fiscal year 2017Cash2.82Total debt6.50Net cash (debt)−3.68Shareholders’ equity3.58Debt to equity1.81Fiscal year 2018Cash3.79Total debt10.36Net cash (debt)−6.57Shareholders’ equity5.24Debt to equity1.98Fiscal year 2019Cash5.02Total debt14.76Net cash (debt)−9.74Shareholders’ equity7.58Debt to equity1.95Fiscal year 2020Cash8.21Total debt15.81Net cash (debt)−7.60Shareholders’ equity11.07Debt to equity1.43Fiscal year 2021Cash6.03Total debt14.69Net cash (debt)−8.67Shareholders’ equity15.85Debt to equity0.93Fiscal year 2022Cash5.15Total debt14.35Net cash (debt)−9.21Shareholders’ equity20.78Debt to equity0.69Fiscal year 2023Cash7.12Total debt14.14Net cash (debt)−7.03Shareholders’ equity20.59Debt to equity0.69Fiscal year 2024Cash7.80Total debt13.80Net cash (debt)−5.99Shareholders’ equity24.74Debt to equity0.56Fiscal year 2025Cash9.03Total debt13.46Net cash (debt)−4.43Shareholders’ equity26.62Debt to equity0.51
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.47 2.82 3.79 5.02 8.21 6.03 5.15 7.12 7.80 9.03
Total debt 3.36 6.50 10.36 14.76 15.81 14.69 14.35 14.14 13.80 13.46
Net cash (debt) −1.90 −3.68 −6.57 −9.74 −7.60 −8.67 −9.21 −7.03 −5.99 −4.43
Shareholders’ equity 2.68 3.58 5.24 7.58 11.07 15.85 20.78 20.59 24.74 26.62
Debt to equity 1.26 1.81 1.98 1.95 1.43 0.93 0.69 0.69 0.56 0.51

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
4.3% 7.2% 10.2% 12.9% 18.3% 20.9% 17.8% 20.6% 26.7% 29.5%
3.0% 4.2% 7.8% 10.2% 12.8% 19.7% 16.6% 18.4% 25.6% 28.2%
2.1% 4.8% 7.7% 9.3% 11.0% 17.2% 14.2% 16.0% 22.3% 24.3%
−17.9% −16.8% −18.1% −15.6% 7.7% −0.4% 5.1% 20.5% 17.7% 20.9%
Spending
8.7% 8.4% 7.7% 8.3% 7.3% 7.7% 8.6% 7.9% 7.5% 7.5%
3.6% 3.7% 4.0% 4.5% 4.3% 4.6% 5.0% 5.1% 4.4% 4.2%
1.2% 1.5% 1.1% 1.3% 2.0% 1.8% 1.3% 1.0% 1.1% 1.5%
28.3% −15.2% 1.2% 9.5% 13.7% 12.4% 14.7% 12.9% 12.6% 13.7%
Returns
7.0% 15.6% 23.1% 24.6% 25.0% 32.3% 21.6% 26.3% 35.2% 41.3%
1.4% 2.9% 4.7% 5.5% 7.0% 11.5% 9.2% 11.1% 16.2% 19.8%
Balance and payout
1.26 1.81 1.98 1.95 1.43 0.93 0.69 0.69 0.56 0.51
80.3% 81.2% 79.8% 77.7% 71.8% 64.5% 57.2% 57.8% 53.9% 52.1%
n/a n/a n/a n/a 0.0% n/a 0.0% 87.3% 90.5% 96.5%