FirmAtlas
Company handbook · NFLX · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
NFLX · CIK 1065280 · LATEST FILING: 10-Q JUN '26 · FILED JUL 17, 2026
Netflix, Inc.
$70.53
−2.08 (−2.86%)
Close, Oct 16, 2026 · 52-week $65–125
Netflix sells streaming subscriptions for TV series, films, games and live events, with ad-supported and ad-free plans. It also sells ads on the ad-supported plan.
Business
- CustomersHouseholds worldwide (not in China); sold on its website and apps, and through TV, phone and cable partners
- Cash useFY24–FY25: buybacks $15.4B · capex $1.1B · acquisitions $17M
Reinvested 7% of operating cash flow · returned 94% of free cash flow
Last fiscal year
Netflix, Inc. reported revenue of $45.2B for the year ended Dec 31, 2025 (FY25), up 15.9% from FY24. Net income was $11.0B, operating cash flow $10.1B and free cash flow $9.5B. Source: 10-K filed Jan 23, 2026.
Market cap
$297.8B
P/E
21.8
EV/EBITDA
22.2x
P/B
9.9
ROIC
36.7%
Revenue 1Y
15.9%/yr
EPS 1Y
27.8%/yr
Shares 1Y
−1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOGreg Peters and Theodore A. Sarandos (co-CEOs)
HQLos Gatos, CA
AuditorErnst & Young LLP
Employees16,000
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
21.4%
2.3%
25.0%
−40.4%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$16.5B deployed
Capex
$1.1B
6.8%
Acquisitions
$17M
0.1%
Buybacks
$15.4B
93.1%
Operating cash flow over the period: $17.5B. Total debt changed by −$1.1B. R&D of $6.3B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (10-for-1 split after FY23).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
39,001
45,183+15.9%
48,371
YoY
+15.9%
Gross profit
17,963
21,908+22.0%
—
Gross margin
46.1%
48.5%+2.4 pp
—
Operating income
10,418
13,327+27.9%
14,355
Operating margin
26.7%
29.5%+2.8 pp
—
EBITDA
10,747
13,660+27.1%
—
EBITDA margin
27.6%
30.2%+2.7 pp
—
Interest expense
719
777+8.0%
—
Interest coverage
14.95x
17.59x+2.64x
—
Net income
8,712
10,981+26.1%
13,650
YoY
+26.1%
Net margin
22.3%
24.3%+2.0 pp
—
EPS (diluted, $)
1.98
2.53+27.8%
—
YoY
+27.8%
Balance sheet
Total assets
53,630
55,597+3.7%
58,450
Cash & short-term investments
9,586
9,068−5.4%
—
Net PP&E
1,594
2,004+25.8%
—
Other assets
42,450
44,525+4.9%
—
Total liabilities
28,887
28,982+0.3%
28,298
Accounts payable
900
901+0.1%
—
Total debt
15,583
14,463−7.2%
14,309
Other liabilities
12,404
13,618+9.8%
—
Shareholders’ equity
24,744
26,615+7.6%
30,152
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
7,361
10,149+37.9%
11,971
Net income
8,712
10,981+26.1%
—
Depreciation & amortization
329
333+1.4%
—
Stock-based compensation
273
368+35.2%
—
Working capital & other
(1,952)
(1,534)n/m
—
Cash from investing
(2,182)
1,042n/m
—
Capex
(440)
(688)n/m
—
Acquisitions
0
(17)n/m
—
Investments bought
(1,742)
(170)n/m
—
Investments sold / matured
0
1,917n/m
—
Other investing
0
0.0n/m
—
Cash from financing
(4,074)
(10,346)n/m
—
Debt raised
1,794
0−100.0%
—
Debt repaid
(400)
(1,833)n/m
—
Buybacks
(6,264)
(9,127)n/m
—
Shares issued
833
667−19.9%
—
Other financing
(38)
(52)n/m
—
Net change in cash
689
1,232+78.8%
—
Free cash flow (OCF − capex)
6,922
9,461+36.7%
11,152
Where the cash went
Operating cash flow
7,361
10,149+37.9%
11,971
Reinvested in the business
440
705+60.5%
—
% of operating cash flow
6.0%
7.0%
Capex
440
688+56.6%
819
Acquisitions
0
17n/m
—
R&D (memo, already in costs)
2,925
3,391+15.9%
—
Free cash flow
6,922
9,461+36.7%
11,152
YoY
+36.7%
Returned to shareholders
6,264
9,127+45.7%
—
% of free cash flow
90.5%
96.5%
Buybacks
6,264
9,127+45.7%
—
Change in total debt
—
(1,120)
—
Cash left over
—
(803)
—
FCF conversion (FCF ÷ net income)
79.5%
86.2%+6.7 pp
—
Owner earnings
—
10,627
—
Owner earnings margin
—
23.5%
—
Returns & ratios
ROIC (all capital)
29.6%
36.7%+7.0 pp
—
ROIC (operating)
1312.5%
1279.8%−32.7 pp
—
Net debt / EBITDA
0.56x
0.39x−0.16x
—
Debt / equity
0.63x
0.54x−0.09x
—
ROE
35.2%
41.3%+6.1 pp
—
ROA
16.2%
19.8%+3.5 pp
—
ROCE
24.3%
29.9%+5.6 pp
—
NOPAT
9,107
11,503+26.3%
—
Invested capital (operating)
694
1,104+59.1%
—
Invested capital (all)
30,740
32,010+4.1%
—
Reinvestment rate
—
3.6%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
11,510
12,051
12,250
12,560
vs year-ago quarter
Operating income
3,248
2,957
3,957
4,193
Net income
2,547
2,419
5,283
3,401
vs year-ago quarter
Net margin
22.1%
20.1%
43.1%
27.1%
EPS (diluted, $)
5.87
0.57
1.23
0.80
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
54,935
55,597
61,016
58,450
Cash & equivalents
9,291
9,068
12,267
9,103
Total debt
14,463
14,463
14,361
14,309
Shareholders’ equity
25,954
26,615
31,126
30,152
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
2,825
2,112
5,290
1,744
Capex
165
239
196
219
Free cash flow
2,660
1,872
5,094
1,525
vs year-ago quarter