COVERAGE / NFLX / Communication Services

NETFLIX INC

Services-Video Tape Rental

COVERAGE STATUSACTIVE

DATA THROUGH2025-12-31

RESEARCH REPORTS2

SELECTED FILINGS1

Fundamental matrix

Latest / 2025-12-31 · Prior / 2024-12-31 · USD · Annual periods

Revenue

$45.18bn

Prior / $39bn

Change / +15.85%

SOURCE / 2026-01-23

Operating income

$13.33bn

Prior / $10.42bn

Change / +27.92%

SOURCE / 2026-01-23

Net income

$10.98bn

Prior / $8.71bn

Change / +26.05%

SOURCE / 2026-01-23

Diluted EPS

$2.53

Prior / $1.98

Change / +27.78%

SOURCE / 2026-01-23

Free cash flow

$9.46bn

Prior / $6.92bn

Change / +36.68%

SOURCE / 2026-01-23

Gross margin

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

Operating margin

29.49%

Prior / 26.71%

Change / +2.78 pp

SOURCE / 2026-01-23

Return on avg. equity

42.76%

Prior / 38.43%

Change / +4.33 pp

SOURCE / 2026-01-23

Debt / equity

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

ROE uses net income divided by average opening/closing equity. FCF = operating cash flow − selected capital expenditure. Debt/equity is unavailable because a verified interest-bearing-debt series is absent; total liabilities are not substituted for debt.

Inspect source tags, dates and accession numbers

{
  "revenue": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 45183036000,
    "accn": "0001065280-26-000034",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-23",
    "frame": "CY2025",
    "tag": "us-gaap:Revenues",
    "unit": "USD"
  },
  "netIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 10981201000,
    "accn": "0001065280-26-000034",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-23",
    "tag": "us-gaap:NetIncomeLoss",
    "unit": "USD"
  },
  "operatingIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 13326603000,
    "accn": "0001065280-26-000034",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-23",
    "frame": "CY2025",
    "tag": "us-gaap:OperatingIncomeLoss",
    "unit": "USD"
  },
  "eps": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 2.53,
    "accn": "0001065280-26-000034",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-23",
    "frame": "CY2025",
    "tag": "us-gaap:EarningsPerShareDiluted",
    "unit": "USD/shares"
  },
  "operatingCashFlow": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 10149273000,
    "accn": "0001065280-26-000034",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-23",
    "frame": "CY2025",
    "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities",
    "unit": "USD"
  },
  "capex": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 688220000,
    "accn": "0001065280-26-000034",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-23",
    "frame": "CY2025",
    "tag": "us-gaap:PaymentsToAcquirePropertyPlantAndEquipment",
    "unit": "USD"
  },
  "totalAssets": {
    "end": "2025-12-31",
    "val": 55596993000,
    "accn": "0001065280-26-000034",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-23",
    "tag": "us-gaap:Assets",
    "unit": "USD"
  },
  "totalLiabilities": {
    "end": "2025-12-31",
    "val": 28981505000,
    "accn": "0001065280-26-000034",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-23",
    "tag": "us-gaap:Liabilities",
    "unit": "USD"
  },
  "shareholdersEquity": {
    "end": "2025-12-31",
    "val": 26615488000,
    "accn": "0001065280-26-000034",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-23",
    "tag": "us-gaap:StockholdersEquity",
    "unit": "USD"
  },
  "currentAssets": {
    "end": "2025-12-31",
    "val": 13020191000,
    "accn": "0001065280-26-000034",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-23",
    "tag": "us-gaap:AssetsCurrent",
    "unit": "USD"
  },
  "currentLiabilities": {
    "end": "2025-12-31",
    "val": 10980930000,
    "accn": "0001065280-26-000034",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-01-23",
    "tag": "us-gaap:LiabilitiesCurrent",
    "unit": "USD"
  }
}

Financial trend system

Annual financial trends are summarized in the accessible table below.

Annual figures / accessible table

Period end	Revenue	Net income	Free cash flow	EPS
2025-12-31	$45.18bn	$10.98bn	$9.46bn	$2.53
2024-12-31	$39bn	$8.71bn	$6.92bn	$1.98
2023-12-31	$33.72bn	$5.41bn	$6.93bn	$1.20
2022-12-31	$31.62bn	$4.49bn	$1.62bn	$9.95

Valuation context

Historical snapshot / 2026-09-17. Annual accounting period / 2025-12-31. Not current, TTM or forward valuation.

Dated ratios / eligible same-method sector sample
Measure	Snapshot value	Historical median	Sector median	Peer count
P/E	29.77x	Unavailable	16.25x	8
P/S	6.94x	Unavailable	1.93x	3
P/B	11.78x	Unavailable	6.72x	2
EV / EBITDA	Unavailable	Unavailable	Unavailable	0
FCF yield	3.02%	Unavailable	4.28%	2

Annual denominators, not TTM or forward. Capitalization-based measures use estimated market capitalization from the dated quote snapshot. ADR/share-basis uncertainty is excluded. No comparable historical-multiple series or EV/EBITDA is available. Sector samples are equal-weight medians of this publication’s eligible covered companies; fiscal periods differ. No fair value or price target is implied.

Source: Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-06-30 DAILY-BAR SOURCE ↗

Retained price snapshot and capitalization estimate

{
  "currentPrice": 75.31,
  "tradingDate": "2026-09-17",
  "marketCap": 313586296999.56,
  "source": "Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-06-30"
}

Company & operating context

NETFLIX INC is an SEC-reporting issuer listed on NASDAQ under NFLX. Its SEC industry description is Services-Video Tape Rental. This profile organizes annual financial disclosures for research; sector labels are editorial groupings, not GICS classifications.

Advertising, subscriptions and connectivity produce very different revenue and cash-flow models.

Segment-level revenue is not included in this standardized dataset. Consult the business and segment notes in the linked annual filing for the issuer’s actual reporting segments.

Filing timeline

10-KFILED / 2026-01-23PERIOD / 2025-12-31

Annual-disclosure reading guide for NFLX: Advertising exposure, subscription economics, network investment and cash conversion. Filing metadata only; this note is not a substantive review of the full document.

ORIGINAL SEC DISCLOSURE ↗

Research archive

HR-0108NFLXEarnings Review

NFLX: the annual earnings and cash-flow comparison ↗

NETFLIX INC

Research abstract

A two-period review of NFLX revenue, profitability and cash conversion; reported revenue growth was 15.85%.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26

HR-0109NFLXCompany Research

NFLX: reading the FY2025 financial structure ↗

NETFLIX INC

Research abstract

Annual revenue of USD 45.183 billion and net income of USD 10.981 billion for the period ended 2025-12-31.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26

Sector context & risk factors

Audience migration, content costs, competition, capital intensity and privacy regulation.

Advertising exposure, subscription economics, network investment and cash conversion.

COMMUNICATION SERVICES SYSTEM ↗

Sources & dates

SEC annual filing · 2025-12-31 ↗Source date 2026-01-23
SEC annual filing · 2024-12-31 ↗Source date 2026-01-23
SEC annual filing · 2023-12-31 ↗Source date 2026-01-23
SEC annual filing · 2022-12-31 ↗Source date 2025-01-27
SEC issuer record ↗Source date 2026-09-18