NFLX Financials Netflix

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 Oct 24, 2026, 11:08 UTC 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	$45.2B	$11.0B	48.5%	29.5%	41.3%	19.8%	$9.5B	$14.5B	$9.0B
2024	$39.0B	$8.7B	46.1%	26.7%	35.2%	16.2%	$6.9B	$15.6B	$7.8B
2023	$33.7B	$5.4B	41.5%	20.6%	26.3%	11.1%	$6.9B	$14.5B	$7.1B
2022	$31.6B	$4.5B	39.4%	17.8%	21.6%	9.2%	$1.6B	$14.4B	$5.1B
2021	$29.7B	$5.1B	41.6%	20.9%	32.3%	11.5%	-$132M	$15.4B	$6.0B
2020	$25.0B	$2.8B	38.9%	18.3%	25.0%	7.0%	$1.9B	$22.4B	$8.2B
2019	$20.2B	$1.9B	38.3%	12.9%	24.6%	5.5%	-$3.1B	$20.7B	$5.0B
2018	$15.8B	$1.2B	36.9%	10.2%	23.1%	4.7%	-$2.9B	$14.9B	$3.8B
2017	$11.7B	$559M	31.3%	7.2%	15.6%	2.9%	-$2.0B	$9.0B	$2.8B
2016	$8.8B	$187M	29.1%	4.3%	7.0%	1.4%	-$1.6B	$3.4B	$1.5B
2015	$6.8B	$123M	32.3%	4.5%	5.5%	1.2%	-$841M	$2.4B	$1.8B
2014	$5.5B	$267M	31.8%	7.3%	14.4%	3.8%	-$53M	$886M	$1.1B
2013	$4.4B	$112M	28.7%	5.2%	8.4%	2.1%	$44M	$500M	$605M
2012	$3.6B	$17M	26.5%	1.4%	2.3%	0.4%	-$19M	$200M	$290M
2011	$3.2B	$226M	36.3%	11.7%	35.2%	7.4%	$268M	—	$508M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Sep '26	$12.9B	$3.7B	52.8%	34.6%	12.5%	6.2%	$2.9B	$15.1B	$8.2B
Jun '26	$12.6B	$3.4B	51.9%	33.4%	11.3%	5.8%	$1.5B	$14.3B	$9.1B
Mar '26	$12.2B	$5.3B	51.9%	32.3%	17.0%	8.7%	$5.1B	$14.4B	$12.3B
Dec '25	$12.1B	$2.4B	45.9%	24.5%	9.1%	4.4%	$1.9B	$14.5B	$9.0B
Sep '25	$11.5B	$2.5B	46.4%	28.2%	9.8%	4.6%	$2.7B	$14.5B	$9.3B
Jun '25	$11.1B	$3.1B	51.9%	34.1%	12.5%	5.9%	$2.3B	$14.5B	$8.2B
Mar '25	$10.5B	$2.9B	50.1%	31.7%	12.0%	5.5%	$2.7B	$15.0B	$7.2B
Dec '24	$10.2B	$1.9B	43.7%	22.2%	7.6%	3.5%	$1.4B	$15.6B	$7.8B
Sep '24	$9.8B	$2.4B	47.9%	29.6%	10.4%	4.5%	$2.2B	$16.0B	$7.5B
Jun '24	$9.6B	$2.1B	45.9%	27.2%	9.7%	4.4%	$1.2B	$14.0B	$6.6B
Mar '24	$9.4B	$2.3B	46.9%	28.1%	10.9%	4.8%	$2.1B	$14.0B	$7.0B
Dec '23	$8.8B	$938M	39.9%	16.9%	4.6%	1.9%	$1.6B	$14.5B	$7.1B
Sep '23	$8.5B	$1.7B	42.3%	22.4%	7.6%	3.4%	$1.9B	$14.3B	$7.4B
Jun '23	$8.2B	$1.5B	42.9%	22.3%	6.5%	2.9%	$1.3B	$14.5B	$7.7B
Mar '23	$8.2B	$1.3B	41.1%	21.0%	6.0%	2.6%	$2.1B	$14.4B	$6.7B
Dec '22	$7.9B	$55M	31.2%	7.0%	0.3%	0.1%	$332M	$14.4B	$5.1B
Sep '22	$7.9B	$1.4B	39.6%	19.3%	6.8%	2.9%	$472M	$13.9B	$6.1B
Jun '22	$8.0B	$1.4B	41.1%	19.8%	7.6%	3.1%	$13M	$14.2B	$5.8B
Mar '22	$7.9B	$1.6B	45.5%	25.1%	9.1%	3.5%	$802M	$14.5B	$6.0B
Dec '21	$7.7B	$607M	32.0%	8.2%	3.8%	1.4%	-$569M	$15.4B	$6.0B

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 31.6× (Mar '23) to 23.3× (Nov '26).
The price-to-sales ratio has risen from 4.5× (Mar '23) to 5.7× (Nov '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?

Netflix's P/E (TTM) is 17.35 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the NFLX stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 23.3× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.