15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 12.6% per year over the past 5 years.
Net income has grown faster than revenue (31.8% vs 12.6% per year).
Operating margin has expanded, at 29.5% in the latest year.
Free cash flow has grown 37.4% per year over the past 5 years.
Financial health
Total debt ($14.5B) exceeds cash ($9.0B); net debt is $5.4B.
Total debt has grown slower than revenue (-8.3% vs 12.6% per year).
Operating income covered interest expense 17× in the latest year.
Total debt is 1.1× EBITDA.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$45.2B
$11.0B
48.5%
29.5%
$9.5B
$14.5B
$9.0B
2024
$39.0B
$8.7B
46.1%
26.7%
$6.9B
$15.6B
$7.8B
2023
$33.7B
$5.4B
41.5%
20.6%
$6.9B
$14.5B
$7.1B
2022
$31.6B
$4.5B
39.4%
17.8%
$1.6B
$14.4B
$5.1B
2021
$29.7B
$5.1B
41.6%
20.9%
-$132M
$15.4B
$6.0B
2020
$25.0B
$2.8B
38.9%
18.3%
$1.9B
$22.4B
$8.2B
2019
$20.2B
$1.9B
38.3%
12.9%
-$3.1B
$20.7B
$5.0B
2018
$15.8B
$1.2B
36.9%
10.2%
-$2.9B
$14.9B
$3.8B
2017
$11.7B
$559M
31.3%
7.2%
-$2.0B
$9.0B
$2.8B
2016
$8.8B
$187M
29.1%
4.3%
-$1.6B
$3.4B
$1.5B
2015
$6.8B
$123M
32.3%
4.5%
-$841M
$2.4B
$1.8B
2014
$5.5B
$267M
31.8%
7.3%
-$53M
$886M
$1.1B
2013
$4.4B
$112M
28.7%
5.2%
$44M
$500M
$605M
2012
$3.6B
$17M
26.5%
1.4%
-$19M
$200M
$290M
2011
$3.2B
$226M
36.3%
11.7%
$268M
—
$508M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$12.2B
$5.3B
51.9%
32.3%
$5.1B
$14.4B
$12.3B
Dec '25
$12.1B
$2.4B
45.9%
24.5%
$1.9B
$14.5B
$9.0B
Sep '25
$11.5B
$2.5B
46.4%
28.2%
$2.7B
$14.5B
$9.3B
Jun '25
$11.1B
$3.1B
51.9%
34.1%
$2.3B
$14.5B
$8.2B
Mar '25
$10.5B
$2.9B
50.1%
31.7%
$2.7B
$15.0B
$7.2B
Dec '24
$10.2B
$1.9B
43.7%
22.2%
$1.4B
$15.6B
$7.8B
Sep '24
$9.8B
$2.4B
47.9%
29.6%
$2.2B
$16.0B
$7.5B
Jun '24
$9.6B
$2.1B
45.9%
27.2%
$1.2B
$14.0B
$6.6B
Mar '24
$9.4B
$2.3B
46.9%
28.1%
$2.1B
$14.0B
$7.0B
Dec '23
$8.8B
$938M
39.9%
16.9%
$1.6B
$14.5B
$7.1B
Sep '23
$8.5B
$1.7B
42.3%
22.4%
$1.9B
$14.3B
$7.4B
Jun '23
$8.2B
$1.5B
42.9%
22.3%
$1.3B
$14.5B
$7.7B
Mar '23
$8.2B
$1.3B
41.1%
21.0%
$2.1B
$14.4B
$6.7B
Dec '22
$7.9B
$55M
31.2%
7.0%
$332M
$14.4B
$5.1B
Sep '22
$7.9B
$1.4B
39.6%
19.3%
$472M
$13.9B
$6.1B
Jun '22
$8.0B
$1.4B
41.1%
19.8%
$13M
$14.2B
$5.8B
Mar '22
$7.9B
$1.6B
45.5%
25.1%
$802M
$14.5B
$6.0B
Dec '21
$7.7B
$607M
32.0%
8.2%
-$569M
$15.4B
$6.0B
Sep '21
$7.5B
$1.4B
43.8%
23.5%
-$85M
$21.2B
$7.5B
Jun '21
$7.3B
$1.4B
45.3%
25.2%
-$174M
$21.4B
$7.8B
Valuation over time
How the market has priced NFLX against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 32.4× (Mar '23) to 27.4× (Jun '26).
The price-to-sales ratio has risen from 4.6× (Mar '23) to 6.7× (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Frequently asked questions
Is NFLX growing its revenue and profit?
Over the past 5 years, Netflix's revenue has grown 12.6% per year, and net income grown 31.8% per year. These are computed facts, not advice.
How much debt does NFLX have?
As of FY2025, Netflix reported $14.5B of total debt against $9.0B of cash; operating income covered interest expense 17×.
What is NFLX's profit margin?
In FY2025, gross margin was 48.5%, operating margin 29.5%, and net margin 24.3%.
What is NFLX's P/E ratio?
As of Jun '26, Netflix traded at a price-to-earnings ratio of about 27.4× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.