Netflix Inc
NASDAQ: NFLX · COMMUNICATION SERVICES · ENTERTAINMENT
Updated 2026-06-12
Netflix Inc (NFLX) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $996.66M | $1.21B | $1.36B | $1.67B | $2.16B | $3.20B | $3.61B | $4.37B | $5.50B | $6.78B | $8.83B | $11.69B | $15.79B | $20.16B | $25.00B | $29.70B | $31.62B | $33.72B | $39.00B | $45.18B |
| Revenue growth (YoY) | — | +20.9% | +13.2% | +22.4% | +29.5% | +48.2% | +12.6% | +21.2% | +25.8% | +23.2% | +30.3% | +32.4% | +35.1% | +27.6% | +24.0% | +18.8% | +6.5% | +6.7% | +15.6% | +15.9% |
| Cost of revenue | $626.99M | $786.17M | $910.23M | $1.08B | $1.36B | $2.04B | $2.63B | $3.08B | $3.75B | $4.59B | $6.03B | $7.66B | $9.97B | $12.44B | $15.28B | $17.33B | $19.17B | $19.72B | $21.04B | $23.28B |
| Gross profit | $369.68M | $419.17M | $454.43M | $591.00M | $805.27M | $1.16B | $983.42M | $1.29B | $1.75B | $2.19B | $2.80B | $4.03B | $5.83B | $7.72B | $9.72B | $12.37B | $12.45B | $14.01B | $17.96B | $21.91B |
| Gross margin | 37.1% | 34.8% | 33.3% | 35.4% | 37.2% | 36.3% | 27.2% | 29.5% | 31.8% | 32.3% | 31.7% | 34.5% | 36.9% | 38.3% | 38.9% | 41.6% | 39.4% | 41.5% | 46.1% | 48.5% |
| R&D | $48.38M | $71.39M | $89.87M | $114.54M | $163.33M | $259.03M | $329.01M | $378.77M | $472.32M | $650.79M | $852.10M | $1.05B | $1.22B | $1.55B | $1.83B | $2.27B | $2.71B | $2.68B | $2.93B | $3.39B |
| SG&A | $36.16M | $52.53M | $49.66M | $51.33M | $70.56M | $117.94M | $119.69M | $180.30M | $269.74M | $407.33M | $577.80M | $863.57M | $630.29M | $914.37M | $1.08B | $1.35B | $1.57B | $1.72B | $1.70B | $1.89B |
| Operating income | $64.41M | $91.16M | $121.51M | $191.94M | $283.64M | $376.07M | $49.99M | $228.35M | $402.65M | $305.83M | $379.79M | $838.68M | $1.61B | $2.60B | $4.59B | $6.19B | $5.63B | $6.95B | $10.42B | $13.33B |
| Operating margin | 6.5% | 7.6% | 8.9% | 11.5% | 13.1% | 11.7% | 1.4% | 5.2% | 7.3% | 4.5% | 4.3% | 7.2% | 10.2% | 12.9% | 18.3% | 20.9% | 17.8% | 20.6% | 26.7% | 29.5% |
| EBITDA | $221.55M | $316.15M | $376.17M | $236.71M | $626.02M | $1.22B | $1.75B | $2.44B | $3.18B | $3.85B | $5.34B | $7.11B | $9.26B | $12.01B | $15.51B | $19.04B | $20.33B | $21.51B | $24.88B | $30.25B |
| EBITDA margin | 22.2% | 26.2% | 27.6% | 14.2% | 28.9% | 38.0% | 48.6% | 55.9% | 57.9% | 56.8% | 60.4% | 60.8% | 58.6% | 59.6% | 62.0% | 64.1% | 64.3% | 63.8% | 63.8% | 67.0% |
| EBIT | $64.41M | $91.16M | $133.96M | $198.67M | $287.32M | $379.55M | $50.47M | $203.22M | $402.65M | $305.83M | $410.62M | $838.68M | $1.65B | $2.69B | $4.59B | $6.61B | $5.97B | $6.95B | $9.25B | $13.50B |
| Interest expense | $0.00 | $20.34M | $2.46M | $6.47M | $19.63M | $20.02M | $19.99M | $32.14M | $53.28M | $163.94M | $150.11M | $353.36M | $420.49M | $626.02M | $1.39B | $765.62M | $706.21M | $699.83M | $718.73M | $776.51M |
| Income tax | $31.24M | $44.55M | $48.47M | $76.33M | $106.84M | $133.40M | $13.33M | $58.67M | $82.57M | $19.24M | $73.83M | $-73.61M | $15.22M | $195.31M | $437.95M | $723.88M | $772.00M | $-797.41M | $1.25B | $1.74B |
| Effective tax rate | 38.9% | 40.0% | 36.9% | 39.7% | 39.9% | 37.1% | 43.7% | 34.3% | 23.6% | 13.6% | 28.3% | -15.2% | 1.2% | 9.5% | 13.7% | 12.4% | 14.7% | -17.3% | 12.6% | 13.7% |
| Net income | $49.08M | $66.95M | $83.03M | $115.86M | $160.85M | $226.13M | $17.15M | $112.40M | $266.80M | $122.64M | $186.68M | $558.93M | $1.21B | $1.87B | $2.76B | $5.12B | $4.49B | $5.41B | $8.71B | $10.98B |
| Net income growth (YoY) | — | +36.4% | +24.0% | +39.5% | +38.8% | +40.6% | -92.4% | +555.3% | +137.4% | -54.0% | +52.2% | +199.4% | +116.7% | +54.1% | +47.9% | +85.3% | -12.2% | +20.4% | +61.1% | +26.1% |
| Profit margin | 4.9% | 5.6% | 6.1% | 6.9% | 7.4% | 7.1% | 0.5% | 2.6% | 4.8% | 1.8% | 2.1% | 4.8% | 7.7% | 9.3% | 11.0% | 17.2% | 14.2% | 16.0% | 22.3% | 24.3% |
Frequently asked questions
What is Netflix Inc's revenue?
Netflix Inc's trailing twelve-month revenue is $46.89B, and consensus projects about $82.68B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is NFLX?
In its most recent fiscal year, NFLX ran a gross margin of 48.49%, an operating margin of 29.49%, and a net margin of 24.30%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does NFLX generate?
NFLX produced $9.46B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is NFLX's balance sheet healthy?
NFLX holds $9.03B in cash and equivalents against $13.46B in long-term debt, on $26.62B of shareholder equity. That debt is best read against the cash flow the business throws off each year.