financial statements

The full income statement, balance sheet, and cash-flow statement for Netflix Inc. (NFLX), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	45.2B YoY+15.9%	39.0B YoY+15.6%	33.7B YoY+6.7%	31.6B YoY+6.5%	29.7B YoY+18.8%
Cost of revenue	23.3B YoY+10.6%	21.0B YoY+6.7%	19.7B YoY+2.9%	19.2B YoY+10.6%	17.3B YoY+13.5%
Research & development	3.39B YoY+15.9%	2.93B YoY+9.3%	2.68B YoY-1.3%	2.71B YoY+19.2%	2.27B YoY+24.3%
Selling, general & administrative	1.89B YoY+10.9%	1.70B YoY-1.1%	1.72B YoY+9.4%	1.57B YoY+16.4%	1.35B YoY+25.6%
General & administrative	1.89B YoY+10.9%	1.70B YoY-1.1%	1.72B YoY+9.4%	1.57B YoY+16.4%	1.35B YoY+25.6%
Selling & marketing	3.30B YoY+13.2%	2.92B YoY+9.8%	2.66B YoY+5.0%	2.53B YoY-0.6%	2.55B YoY+14.2%
Operating income	13.3B YoY+27.9%	10.4B YoY+49.8%	6.95B YoY+23.5%	5.63B YoY-9.1%	6.19B YoY+35.1%
Interest expense	777M YoY+8.0%	719M YoY+2.7%	700M YoY-0.9%	706M YoY-7.8%	766M YoY-0.2%
Interest & investment income	—	294M YoY+4.6%	281M YoY+368.3%	60.0M	—
Other non-operating income	172M YoY-35.4%	267M YoY+647.0%	-48.8M YoY-114.5%	337M YoY-18.0%	411M YoY+166.5%
Pre-tax income	12.7B YoY+27.7%	9.97B YoY+60.6%	6.21B YoY+17.9%	5.26B YoY-9.9%	5.84B YoY+82.5%
Income tax	1.74B YoY+38.9%	1.25B YoY+57.3%	797M YoY+3.3%	772M YoY+6.6%	724M YoY+65.3%
Net income	11.0B YoY+26.0%	8.71B YoY+61.1%	5.41B YoY+20.4%	4.49B YoY-12.2%	5.12B YoY+85.3%
	$2.53 YoY+27.8%	$1.98 YoY+65.0%	$1.20 YoY-87.9%	$9.95 YoY-11.5%	$11.24 YoY+84.9%
EPS (basic)	$2.58 YoY+27.1%	$2.03 YoY+66.4%	$1.22 YoY-87.9%	$10.10 YoY-12.6%	$11.55 YoY+84.5%
Weighted-avg shares (basic)	4.25B YoY-1.1%	4.30B YoY-2.7%	4.42B YoY+893.0%	445M YoY+0.3%	443M YoY+0.5%
Weighted-avg shares (diluted)	4.34B YoY-1.1%	4.39B YoY-2.3%	4.49B YoY+896.0%	451M YoY-0.9%	455M YoY+0.3%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	13.0B YoY-0.6%	13.1B YoY+32.1%	9.92B YoY+7.0%	9.27B YoY+14.8%	8.07B YoY-17.3%
Cash & equivalents	9.03B YoY+15.7%	7.80B YoY+9.7%	7.12B YoY+38.3%	5.15B YoY-14.6%	6.03B YoY-26.5%
Short-term investments	28.7M YoY-98.4%	1.78B YoY+8382.4%	21.0M YoY-97.7%	911M	0.00
Cash & short-term investments	6.66B YoY+0.0%	6.66B YoY-6.7%	7.14B YoY+17.4%	6.08B YoY+0.4%	6.06B YoY+658.4%
Prepaid expenses	498M YoY+15.3%	432M YoY+5.6%	409M YoY+4.1%	393M YoY+21.3%	324M YoY+59.5%
Other current assets	3.96B YoY+12.5%	3.52B YoY+26.5%	2.78B YoY-13.3%	3.21B YoY+57.1%	2.04B YoY+31.2%
	55.6B YoY+3.7%	53.6B YoY+10.1%	48.7B YoY+0.3%	48.6B YoY+9.0%	44.6B YoY+13.5%
Property, plant & equipment	2.00B YoY+25.8%	1.59B YoY+6.9%	1.49B YoY+6.7%	1.40B YoY+5.7%	1.32B YoY+37.8%
Operating lease right-of-use	2.21B YoY+5.0%	2.10B YoY+1.2%	2.08B YoY-6.7%	2.23B YoY-9.0%	2.45B YoY+20.1%
Intangible assets	32.8B YoY+1.0%	32.5B	—	—	—
Deferred tax assets	470M YoY+0.0%	470M YoY+0.0%	470M YoY+0.0%	470M YoY+0.0%	470M YoY+0.0%
Other non-current assets	7.79B YoY+20.2%	6.48B YoY+14.5%	5.66B YoY+9.1%	5.19B YoY+21.6%	4.27B YoY+34.6%
	11.0B YoY+2.1%	10.8B YoY+21.4%	8.86B YoY+11.7%	7.93B YoY-6.6%	8.49B YoY+8.8%
Accounts payable	901M YoY+0.1%	900M YoY+20.4%	747M YoY+11.3%	672M YoY-19.8%	837M YoY+27.6%
Accrued liabilities	3.22B YoY+49.4%	2.16B YoY+19.5%	1.80B YoY+19.1%	1.51B YoY+4.5%	1.45B YoY+31.5%
Deferred revenue	1.78B YoY+16.8%	1.52B YoY+5.4%	1.44B YoY+14.1%	1.26B YoY+4.6%	1.21B YoY+8.2%
Short-term & current debt	999M YoY-44.0%	1.78B YoY+346.3%	400M	0.00 YoY-100.0%	700M YoY+40.0%
Current lease liability	460M YoY+7.5%	428M YoY+11.8%	383M YoY+7.7%	356M YoY+12.9%	315M YoY+23.0%
Other current liabilities	7.16M YoY+0.0%	7.16M YoY+0.0%	7.16M YoY+0.0%	7.16M YoY+0.0%	7.16M YoY+0.0%
	29.0B YoY+0.3%	28.9B YoY+2.6%	28.1B YoY+1.2%	27.8B YoY-3.2%	28.7B YoY+1.8%
Long-term debt	13.5B YoY-2.4%	13.8B YoY-2.4%	14.1B YoY-1.5%	14.4B YoY-2.3%	14.7B YoY-7.1%
Non-current lease liability	2.05B YoY+3.5%	1.98B YoY-3.1%	2.05B YoY-7.9%	2.22B YoY-7.7%	2.41B YoY+23.8%
Other non-current liabilities	2.96B YoY+15.9%	2.55B YoY-0.4%	2.56B YoY+4.5%	2.45B YoY-0.3%	2.46B YoY+24.1%
	26.6B YoY+7.6%	24.7B YoY+20.2%	20.6B YoY-0.9%	20.8B YoY+31.1%	15.8B YoY+43.2%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	7.29B YoY+16.5%	6.25B YoY+21.5%	5.15B YoY+10.9%	4.64B YoY+15.2%	4.02B YoY+16.7%
Additional paid-in capital	1.11B YoY+0.0%	1.11B YoY+0.0%	1.11B YoY+0.0%	1.11B YoY+0.0%	1.11B YoY+0.0%
Retained earnings	42.3B YoY+35.1%	31.3B YoY+38.6%	22.6B YoY+31.5%	17.2B YoY+35.4%	12.7B YoY+67.6%
Treasury stock	22.4B YoY+69.9%	13.2B YoY+90.3%	6.92B YoY+739.9%	824M YoY+0.0%	824M
Accumulated other comprehensive income	-580M YoY-260.3%	362M YoY+261.7%	-224M YoY-3.1%	-217M YoY-436.6%	-40.5M YoY-191.2%
Total liabilities & equity	55.6B YoY+3.7%	53.6B YoY+10.1%	48.7B YoY+0.3%	48.6B YoY+9.0%	44.6B YoY+13.5%
Common shares issued	4.22B YoY-1.3%	4.28B YoY+888.4%	433M YoY-2.8%	445M YoY+0.3%	444M YoY+0.2%
Common shares outstanding	4.22B YoY-1.3%	4.28B YoY+888.4%	433M YoY-2.8%	445M YoY+0.3%	444M YoY+0.2%
Shares outstanding (cover)	4.22B YoY+887.0%	428M YoY-1.2%	433M YoY-2.8%	445M YoY+0.3%	444M YoY+0.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	10.1B YoY+37.9%	7.36B YoY+1.2%	7.27B YoY+259.0%	2.03B YoY+416.1%	393M YoY-83.8%
Depreciation & amortization	333M YoY+1.4%	329M YoY-7.9%	357M YoY+6.0%	337M YoY+61.5%	208M YoY+80.1%
Share-based compensation	368M YoY+35.2%	273M YoY-19.7%	339M YoY-41.0%	575M YoY+42.7%	403M YoY-2.9%
Deferred income taxes	-449M YoY+24.1%	-591M YoY-8.9%	-543M YoY-303.6%	-135M YoY-167.4%	200M YoY+184.8%
Change in payables	-8.04M YoY-106.6%	121M YoY+29.8%	93.5M YoY+159.0%	-159M YoY-209.3%	145M YoY+448.8%
	1.04B YoY+147.7%	-2.18B YoY-502.7%	542M YoY+126.1%	-2.08B YoY-55.0%	-1.34B YoY-165.1%
Capital expenditure	688M YoY+56.6%	440M YoY+26.1%	349M YoY-14.5%	408M YoY-22.3%	525M YoY+5.4%
Acquisitions	17.2M	0.00	0.00 YoY-100.0%	757M YoY-3.9%	788M
Purchases of investments	170M YoY-90.2%	1.74B YoY+245.1%	505M YoY-44.6%	911M	—
Sales/maturities of investments	1.92B	0.00 YoY-100.0%	1.40B	0.00	—
Other investing activities	—	—	0.00	0.00 YoY-100.0%	26.9M YoY+262.3%
	-10.3B YoY-153.9%	-4.07B YoY+31.5%	-5.95B YoY-795.9%	-664M YoY+42.2%	-1.15B YoY-192.9%
Long-term debt repaid	1.83B YoY+358.4%	400M	0.00 YoY-100.0%	700M YoY+40.0%	500M
Common stock issued	—	—	—	—	174M YoY-25.9%
Common stock repurchased	9.13B YoY+45.7%	6.26B YoY+3.6%	6.05B	0.00 YoY-100.0%	600M
Other financing activities	-5.81M YoY+80.5%	-29.7M YoY+60.6%	-75.4M	0.00	0.00
FX effect on cash	387M YoY+192.8%	-416M YoY-603.5%	82.7M YoY+148.6%	-170M YoY-96.1%	-86.7M YoY-340.6%
Net change in cash	1.23B YoY+78.8%	689M YoY-64.6%	1.95B YoY+320.2%	-885M YoY+59.5%	-2.18B YoY-168.3%
Interest paid	719M YoY+6.5%	675M YoY-1.5%	685M YoY-2.4%	702M YoY-8.1%	763M YoY+0.1%
Income taxes paid	2.22B YoY+35.2%	1.64B YoY+42.2%	1.16B YoY+42.3%	812M YoY+59.4%	509M YoY+74.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	396B YoY+938.3%	38.1B YoY+81.0%	21.1B YoY+60.4%	13.1B YoY-50.9%	26.7B YoY+11.7%
P/E	36.1× YoY+723.8%	4.4× YoY-7.1%	4.7× YoY+81.0%	2.6× YoY-50.2%	5.2× YoY-39.7%
P/S	8.8× YoY+796.2%	1.0× YoY+50.2%	0.7× YoY+56.1%	0.4× YoY-53.7%	0.9× YoY-6.0%
P/B	14.9× YoY+865.3%	1.5× YoY+59.9%	1.0× YoY+50.8%	0.6× YoY-62.1%	1.7× YoY-22.0%
P/FCF	41.8× YoY+659.6%	5.5× YoY+46.7%	3.8× YoY-79.5%	18.3×	—
Earnings yield	2.8% YoY-87.9%	22.9% YoY+7.6%	21.2% YoY-44.7%	38.4% YoY+100.9%	19.1% YoY+65.9%
FCF yield	2.4% YoY-86.8%	18.2% YoY-31.8%	26.6% YoY+387.5%	5.5%	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: NFLX's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NFLX filings on SEC EDGAR → Not investment advice.

NFLX▼ financial statements

About this data

financial statements