Netflix (NFLX) Financials

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Closing price 05/27/2025 04:00 PM Eastern

Extended Trading

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As of 04:23 AM Eastern

Annual Income Statements for Netflix

This table shows Netflix's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	8,712	5,408	4,492	5,116	2,761	1,867	1,211	559	187	123
Consolidated Net Income / (Loss)	8,712	5,408	4,492	5,116	2,761	1,867	1,211	559	187	123
Net Income / (Loss) Continuing Operations	8,712	5,408	4,492	5,116	2,761	1,867	1,211	559	187	123
Total Pre-Tax Income	9,966	6,205	5,264	5,840	3,199	2,062	1,226	485	261	142
Total Operating Income	10,418	6,954	5,633	6,195	4,585	2,604	1,605	839	380	306
Total Gross Profit	17,963	14,008	12,447	12,365	9,720	7,716	5,827	3,660	2,573	2,188
Total Revenue	39,001	33,723	31,616	29,698	24,996	20,156	15,794	11,693	8,831	6,780
Operating Revenue	39,001	33,723	31,616	29,698	24,996	20,156	15,794	11,693	8,831	6,780
Total Cost of Revenue	21,038	19,715	19,168	17,333	15,276	12,440	9,968	8,033	6,257	4,591
Operating Cost of Revenue	21,038	19,715	19,168	17,333	15,276	12,440	9,968	8,033	6,257	4,591
Total Operating Expenses	7,545	7,054	6,814	6,171	5,134	5,112	4,222	2,821	2,193	1,882
Selling, General & Admin Expense	1,702	1,720	1,573	1,352	1,076	914	630	431	316	407
Marketing Expense	2,918	2,658	2,531	2,545	2,228	2,652	2,369	1,436	1,098	824
Research & Development Expense	2,925	2,676	2,711	2,274	1,830	1,545	1,222	954	780	651
Total Other Income / (Expense), net	-452	-749	-369	-354	-1,386	-542	-379	-353	-119	-164
Interest Expense	719	700	706	766	767	626	420	238	150	133
Other Income / (Expense), net	267	-49	337	411	-618	84	42	-115	31	-31
Income Tax Expense	1,254	797	772	724	438	195	15	-74	74	19
Basic Earnings per Share	$20.28	$12.25	$10.10	$11.55	$6.26	$4.26	$2.78	$1.29	$0.44	$0.29
Weighted Average Basic Shares Outstanding	429.52M	441.57M	444.70M	443.16M	440.92M	437.80M	435.37M	431.89M	428.82M	425.89M
Diluted Earnings per Share	$19.83	$12.03	$9.95	$11.24	$6.08	$4.13	$2.68	$1.25	$0.43	$0.28
Weighted Average Diluted Shares Outstanding	439.26M	449.50M	451.29M	455.37M	454.21M	451.77M	451.24M	446.81M	438.65M	436.46M
Weighted Average Basic & Diluted Shares Outstanding	427.76M	432.76M	445.35M	443.96M	442.90M	438.81M	435.70M	433.30M	-6.22B	422.90M

This table shows Netflix's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	2,890	1,869	2,364	2,147	2,332	938	1,677	1,488	1,305	55	1,398
Consolidated Net Income / (Loss)	2,890	1,869	2,364	2,147	2,332	938	1,677	1,488	1,305	55	1,398
Net Income / (Loss) Continuing Operations	2,890	1,869	2,364	2,147	2,332	938	1,677	1,488	1,305	55	1,398
Total Pre-Tax Income	3,214	2,134	2,703	2,514	2,615	1,148	1,909	1,679	1,469	39	1,622
Total Operating Income	3,347	2,273	2,909	2,603	2,633	1,496	1,916	1,827	1,714	550	1,533
Total Gross Profit	5,280	4,479	4,705	4,385	4,393	3,525	3,611	3,514	3,358	2,448	3,137
Total Revenue	10,543	10,247	9,825	9,559	9,370	8,833	8,542	8,187	8,162	7,852	7,926
Operating Revenue	10,543	10,247	9,825	9,559	9,370	8,833	8,542	8,187	8,162	7,852	7,926
Total Cost of Revenue	5,263	5,767	5,120	5,174	4,977	5,307	4,931	4,673	4,804	5,404	4,789
Operating Cost of Revenue	5,263	5,767	5,120	5,174	4,977	5,307	4,931	4,673	4,804	5,404	4,789
Total Operating Expenses	1,933	2,206	1,795	1,782	1,761	2,029	1,694	1,687	1,644	1,898	1,604
Selling, General & Admin Expense	421	454	417	427	404	439	479	401	401	392	373
Marketing Expense	688	976	643	644	654	917	559	627	555	832	568
Research & Development Expense	823	777	735	711	702	673	657	658	687	674	663
Total Other Income / (Expense), net	-133	-138	-207	-89	-18	-348	-7.35	-148	-245	-511	89
Interest Expense	184	193	185	168	173	175	176	175	174	171	173
Other Income / (Expense), net	51	54	-22	79	155	-173	168	27	-71	-340	261
Income Tax Expense	323	266	339	367	282	210	232	192	164	-16	224
Basic Earnings per Share	$6.76	$4.37	$5.52	$4.99	$5.40	$2.17	$3.80	$3.35	$2.93	$0.12	$3.14
Weighted Average Basic Shares Outstanding	427.27M	429.52M	428.24M	430.07M	432.09M	441.57M	441.54M	443.88M	445.24M	444.70M	444.88M
Diluted Earnings per Share	$6.61	$4.27	$5.40	$4.88	$5.28	$2.13	$3.73	$3.29	$2.88	$0.12	$3.10
Weighted Average Diluted Shares Outstanding	436.96M	439.26M	437.90M	439.74M	441.65M	449.50M	450.01M	451.57M	452.42M	451.29M	450.34M
Weighted Average Basic & Diluted Shares Outstanding	425.68M	427.76M	427.46M	429.16M	430.96M	432.76M	437.68M	443.15M	444.54M	445.35M	445.02M

This table details how cash moves in and out of Netflix's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	689	1,948	-885	-2,184	3,195	1,231	1,029	1,355	-342	696
Net Cash From Operating Activities	7,361	7,274	2,026	393	2,427	-2,887	-2,680	-1,786	-1,474	-749
Net Cash From Continuing Operating Activities	7,361	7,274	2,026	393	2,427	-2,887	-2,680	-1,786	-1,474	-749
Net Income / (Loss) Continuing Operations	8,712	5,408	4,492	5,116	2,761	1,867	1,211	559	187	123
Consolidated Net Income / (Loss)	8,712	5,408	4,492	5,116	2,761	1,867	1,211	559	187	123
Depreciation Expense	329	357	337	208	116	104	83	72	58	62
Amortization Expense	15,302	14,197	14,026	12,230	10,807	9,216	7,532	6,198	4,867	3,485
Non-Cash Adjustments To Reconcile Net Income	-15,578	-11,527	-16,083	-17,353	-10,538	-13,329	-12,715	-9,574	-8,504	-5,696
Changes in Operating Assets and Liabilities, net	-1,403	-1,161	-745	190	-719	-745	1,208	959	1,918	1,277
Net Cash From Investing Activities	-2,182	542	-2,076	-1,340	-505	-387	-339	34	50	-179
Net Cash From Continuing Investing Activities	-2,182	542	-2,076	-1,340	-505	-387	-339	34	50	-179
Purchase of Property, Plant & Equipment	-440	-349	-408	-525	-498	-253	-174	-173	-108	-91
Acquisitions	0.00	0.00	-757	-788	0.00	0.00	-	-	-77	-78
Purchase of Investments	-1,742	-505	-911	0.00	0.00	-	-	-75	-187	-372
Sale and/or Maturity of Investments	0.00	1,395	0.00	0.00	-	-	-	343	423	364
Net Cash From Financing Activities	-4,074	-5,951	-664	-1,150	1,237	4,506	4,049	3,077	1,092	1,640
Net Cash From Continuing Financing Activities	-4,074	-5,951	-664	-1,150	1,237	4,506	4,049	3,077	1,092	1,640
Repayment of Debt	-430	-75	-700	-500	-7.56	-36	-38	-32	-10	-18
Repurchase of Common Equity	-6,264	-6,045	0.00	-600	0.00	0.00	-	-	-	-
Issuance of Debt	1,794	0.00	0.00	-	1,009	4,469	3,962	3,021	1,000	1,500
Other Financing Activities, net	825	170	36	-50	235	-	-	-	65	80
Effect of Exchange Rate Changes	-416	-	-	-87	-	-	-	-	-9.17	-16
Cash Interest Paid	675	685	702	763	763	599	376	213	139	112
Cash Income Taxes Paid	1,642	1,155	812	509	292	401	131	114	27	28

This table details how cash moves in and out of Netflix's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-603	348	832	-400	-92	-238	-309	928	1,567	-970	296
Net Cash From Operating Activities	2,789	1,537	2,321	1,291	2,213	1,663	1,992	1,440	2,179	444	557
Net Cash From Continuing Operating Activities	2,789	1,537	2,321	1,291	2,213	1,663	1,992	1,440	2,179	444	557
Net Income / (Loss) Continuing Operations	2,890	1,869	2,364	2,147	2,332	938	1,677	1,488	1,305	55	1,398
Consolidated Net Income / (Loss)	2,890	1,869	2,364	2,147	2,332	938	1,677	1,488	1,305	55	1,398
Depreciation Expense	80	80	81	81	87	87	91	89	90	93	85
Amortization Expense	3,823	4,162	3,700	3,770	3,671	3,754	3,573	3,410	3,460	3,945	3,654
Non-Cash Adjustments To Reconcile Net Income	-3,334	-4,290	-3,718	-3,884	-3,686	-3,052	-2,861	-3,455	-2,159	-3,246	-4,677
Changes in Operating Assets and Liabilities, net	-670	-283	-105	-823	-191	-63	-488	-92	-518	-404	96
Net Cash From Investing Activities	486	-159	-1,869	-78	-76	412	296	98	-264	-1,587	-85
Net Cash From Continuing Investing Activities	486	-159	-1,869	-78	-76	412	296	98	-264	-1,587	-85
Purchase of Property, Plant & Equipment	-128	-159	-127	-78	-76	-82	-104	-101	-62	-112	-85
Purchase of Investments	-156	-	-1,742	-	0.00	-	-	-303	-202	-911	-
Sale and/or Maturity of Investments	770	-	-	-	-	493	400	-	-	-	-
Net Cash From Financing Activities	-4,028	-679	227	-1,489	-2,133	-2,452	-2,475	-649	-374	6.71	4.11
Net Cash From Continuing Financing Activities	-4,028	-679	227	-1,489	-2,133	-2,452	-2,475	-649	-374	6.71	4.11
Repayment of Debt	-816	-14	-9.08	-6.25	-400	-3.70	-33	-39	0.00	-	-
Repurchase of Common Equity	-3,536	-964	-1,700	-1,600	-2,000	-2,500	-2,500	-645	-400	-	-
Other Financing Activities, net	324	299	141	117	267	51	58	35	26	6.71	4.11
Other Net Changes in Cash	150	-	153	-123	-96	139	-123	40	26	-	-

This table presents Netflix's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	53,630	48,732	48,595	44,585	39,280	33,976	25,974	19,013	13,587	10,203
Total Current Assets	13,100	9,918	9,266	8,070	9,762	6,179	9,694	7,670	5,720	5,432
Cash & Equivalents	7,805	7,117	5,147	6,028	8,206	5,018	3,794	2,823	1,468	1,809
Short-Term Investments	1,779	21	911	0.00	-	-	-	-	266	501
Other Current Assets	3,517	2,780	3,208	2,042	1,556	1,160	5,900	4,847	3,987	3,121
Plant, Property, & Equipment, net	1,594	1,491	1,398	1,323	960	565	418	319	250	173
Total Noncurrent Assets	38,936	37,322	37,930	35,191	28,559	27,232	15,862	11,023	7,616	4,598
Other Noncurrent Operating Assets	38,936	37,322	37,930	35,191	28,559	27,232	15,862	11,023	7,616	4,598
Total Liabilities & Shareholders' Equity	53,630	48,732	48,595	44,585	39,280	33,976	25,974	19,013	13,587	10,203
Total Liabilities	28,887	28,144	27,817	28,735	28,215	26,394	20,736	15,431	10,907	7,979
Total Current Liabilities	10,755	8,861	7,931	8,489	7,806	6,856	6,487	5,466	4,587	3,530
Short-Term Debt	1,784	400	0.00	700	500	0.00	-	-	-	-
Accounts Payable	900	747	672	837	656	674	563	360	313	253
Accrued Expenses	2,157	1,804	1,515	1,449	1,102	843	482	315	198	140
Current Deferred Revenue	1,521	1,443	1,265	1,209	1,118	925	761	619	443	347
Other Current Liabilities	4,394	4,466	4,480	4,293	4,430	4,414	4,682	4,173	3,633	2,789
Total Noncurrent Liabilities	18,131	19,283	19,886	20,246	20,409	19,538	14,248	9,964	6,320	4,450
Long-Term Debt	13,798	14,143	14,353	14,693	15,809	14,759	10,360	6,499	3,364	2,371
Other Noncurrent Operating Liabilities	4,333	5,140	5,533	5,553	4,600	4,779	3,888	3,465	2,956	2,078
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	24,744	20,588	20,777	15,849	11,065	7,582	5,239	3,582	2,680	2,223
Total Preferred & Common Equity	24,744	20,588	20,777	15,849	11,065	7,582	5,239	3,582	2,680	2,223
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	24,744	20,588	20,777	15,849	11,065	7,582	5,239	3,582	2,680	2,223
Common Stock	6,252	5,145	4,638	4,025	3,448	2,794	2,316	1,871	1,600	1,325
Retained Earnings	31,301	22,589	17,181	12,689	7,573	4,812	2,942	1,731	1,129	942
Treasury Stock	-13,172	-6,922	-824	-824	0.00	-	-	-	-	-
Accumulated Other Comprehensive Income / (Loss)	362	-224	-217	-40	44	-24	-20	-21	-49	-43

This table presents Netflix's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	52,088	53,630	52,282	49,099	48,828	48,732	49,502	50,817	49,490	48,595	47,562
Total Current Assets	11,698	13,100	12,129	9,616	9,921	9,918	10,779	11,506	10,483	9,266	8,817
Cash & Equivalents	7,200	7,805	7,457	6,625	7,025	7,117	7,353	7,663	6,715	5,147	6,114
Short-Term Investments	1,171	1,779	1,767	31	21	21	514	914	1,113	911	-
Other Current Assets	3,327	3,517	2,905	2,960	2,876	2,780	2,912	2,929	2,655	3,208	2,703
Plant, Property, & Equipment, net	1,644	1,594	1,568	1,511	1,501	1,491	1,498	1,472	1,413	1,398	1,373
Total Noncurrent Assets	38,746	38,936	38,585	37,972	37,405	37,322	37,224	37,839	37,595	37,930	37,373
Other Noncurrent Operating Assets	38,746	38,936	38,585	37,972	37,405	37,322	37,224	37,839	37,595	37,930	37,373
Total Liabilities & Shareholders' Equity	52,088	53,630	52,282	49,099	48,828	48,732	49,502	50,817	49,490	48,595	47,562
Total Liabilities	28,060	28,887	29,561	26,986	27,462	28,144	27,394	27,985	27,662	27,817	27,034
Total Current Liabilities	9,719	10,755	10,707	10,140	9,289	8,861	8,339	8,676	8,316	7,931	7,766
Short-Term Debt	1,006	1,784	1,820	1,800	799	400	400	399	399	0.00	0.00
Accounts Payable	614	900	642	599	607	747	534	615	592	672	560
Accrued Expenses	2,360	2,157	2,242	1,876	1,977	1,804	1,839	1,909	1,718	1,515	1,804
Current Deferred Revenue	1,610	1,521	1,513	1,474	1,469	1,443	1,306	1,312	1,262	1,265	1,176
Other Current Liabilities	4,129	4,394	4,490	4,391	4,436	4,466	4,260	4,440	4,345	4,480	4,226
Total Noncurrent Liabilities	18,341	18,131	18,854	16,846	18,173	19,283	19,055	19,309	19,346	19,886	19,268
Long-Term Debt	14,011	13,798	14,161	12,180	13,217	14,143	13,901	14,070	14,038	14,353	13,888
Other Noncurrent Operating Liabilities	4,330	4,333	4,693	4,666	4,956	5,140	5,155	5,239	5,308	5,533	5,380
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	24,028	24,744	22,721	22,113	21,365	20,588	22,108	22,832	21,828	20,777	20,528
Total Preferred & Common Equity	24,028	24,744	22,721	22,113	21,365	20,588	22,108	22,832	21,828	20,777	20,528
Total Common Equity	24,028	24,744	22,721	22,113	21,365	20,588	22,108	22,832	21,828	20,777	20,528
Common Stock	6,677	6,252	5,888	5,680	5,490	5,145	5,011	4,874	4,762	4,638	4,474
Retained Earnings	34,191	31,301	29,432	27,069	24,921	22,589	21,651	19,974	18,486	17,181	17,126
Treasury Stock	-16,755	-13,172	-12,255	-10,547	-8,934	-6,922	-4,400	-1,877	-1,229	-824	-824
Accumulated Other Comprehensive Income / (Loss)	-86	362	-345	-89	-112	-224	-156	-139	-192	-217	-248

This table displays calculated financial ratios and metrics derived from Netflix's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.65%	6.67%	6.46%	18.81%	24.01%	27.62%	35.08%	32.41%	30.26%	23.16%
EBITDA Growth	22.62%	5.54%	6.77%	27.91%	24.00%	29.65%	32.44%	31.07%	39.62%	20.13%
EBIT Growth	54.73%	15.66%	-9.62%	66.52%	47.56%	63.23%	127.63%	76.20%	49.53%	-31.28%
NOPAT Growth	50.27%	26.08%	-11.42%	37.12%	67.87%	48.72%	64.13%	254.90%	2.95%	-14.03%
Net Income Growth	61.09%	20.39%	-12.20%	85.28%	47.91%	54.13%	116.71%	199.41%	52.22%	-54.03%
EPS Growth	64.84%	20.90%	-11.48%	84.87%	47.22%	54.10%	114.40%	190.70%	53.57%	-54.84%
Operating Cash Flow Growth	1.20%	259.00%	416.10%	-83.82%	184.06%	-7.72%	-50.09%	-21.16%	-96.68%	-4,646.74%
Free Cash Flow Firm Growth	-10.94%	652.21%	253.33%	-129.31%	166.81%	-6.78%	-49.34%	-13.01%	-98.28%	-355.03%
Invested Capital Growth	9.82%	-3.71%	15.30%	31.54%	10.65%	46.75%	62.63%	68.40%	88.71%	101.23%
Revenue Q/Q Growth	3.76%	3.00%	0.45%	3.72%	4.94%	6.78%	6.05%	7.43%	8.00%	5.26%
EBITDA Q/Q Growth	5.64%	4.46%	-1.44%	4.54%	5.55%	5.65%	4.53%	5.96%	9.11%	6.36%
EBIT Q/Q Growth	10.37%	19.22%	-8.16%	0.56%	10.49%	3.03%	2.59%	11.18%	23.34%	-0.98%
NOPAT Q/Q Growth	9.01%	13.61%	-3.69%	-4.45%	-1.98%	43.50%	-4.90%	30.45%	11.51%	-12.99%
Net Income Q/Q Growth	11.96%	19.50%	-10.95%	1.29%	-1.60%	32.04%	-4.08%	26.98%	14.45%	-24.68%
EPS Q/Q Growth	12.10%	20.06%	-10.84%	1.35%	-1.94%	31.95%	-3.94%	22.55%	13.16%	-26.32%
Operating Cash Flow Q/Q Growth	-1.68%	20.13%	71.84%	-40.35%	120.09%	-8.53%	-38.64%	3.73%	-26.90%	-37.98%
Free Cash Flow Firm Q/Q Growth	-14.27%	40.07%	3,220.60%	-260.13%	134.18%	-7.86%	-38.21%	8.63%	-29.17%	-27.14%
Invested Capital Q/Q Growth	4.29%	-1.92%	2.72%	8.30%	6.56%	16.64%	14.84%	12.19%	21.09%	16.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.06%	41.54%	39.37%	41.64%	38.89%	38.28%	36.89%	31.30%	29.14%	32.27%
EBITDA Margin	67.47%	63.63%	64.31%	64.13%	59.57%	59.57%	58.64%	59.81%	60.42%	56.37%
Operating Margin	26.71%	20.62%	17.82%	20.86%	18.34%	12.92%	10.16%	7.17%	4.30%	4.51%
EBIT Margin	27.40%	20.48%	18.88%	22.24%	15.87%	13.34%	10.43%	6.19%	4.65%	4.05%
Profit (Net Income) Margin	22.34%	16.04%	14.21%	17.23%	11.05%	9.26%	7.67%	4.78%	2.11%	1.81%
Tax Burden Percent	87.42%	87.15%	85.33%	87.61%	86.31%	90.53%	98.76%	115.17%	71.66%	86.44%
Interest Burden Percent	93.27%	89.87%	88.17%	88.41%	80.65%	76.71%	74.47%	67.08%	63.44%	51.67%
Effective Tax Rate	12.58%	12.85%	14.67%	12.39%	13.69%	9.47%	1.24%	-15.17%	28.34%	13.56%
Return on Invested Capital (ROIC)	31.01%	21.24%	17.71%	24.45%	21.69%	16.19%	16.63%	16.70%	8.25%	15.46%
ROIC Less NNEP Spread (ROIC-NNEP)	25.11%	12.93%	14.14%	20.90%	8.28%	10.17%	9.33%	1.36%	-1.85%	58.27%
Return on Net Nonoperating Assets (RNNOA)	7.43%	4.91%	6.82%	13.56%	7.93%	12.93%	10.83%	1.15%	-0.64%	-9.45%
Return on Equity (ROE)	38.43%	26.15%	24.53%	38.02%	29.62%	29.12%	27.46%	17.85%	7.61%	6.01%
Cash Return on Invested Capital (CROIC)	21.65%	25.02%	3.50%	-2.79%	11.57%	-21.71%	-31.06%	-34.27%	-53.20%	-51.75%
Operating Return on Assets (OROA)	20.88%	14.19%	12.81%	15.75%	10.83%	8.97%	7.32%	4.44%	3.45%	3.18%
Return on Assets (ROA)	17.02%	11.11%	9.64%	12.20%	7.54%	6.23%	5.38%	3.43%	1.57%	1.42%
Return on Common Equity (ROCE)	38.43%	26.15%	24.53%	38.02%	29.62%	29.12%	27.46%	17.85%	7.61%	6.01%
Return on Equity Simple (ROE_SIMPLE)	35.21%	26.27%	21.62%	32.28%	24.96%	24.62%	23.12%	15.60%	6.97%	5.52%
Net Operating Profit after Tax (NOPAT)	9,107	6,060	4,807	5,427	3,958	2,358	1,585	966	272	264
NOPAT Margin	23.35%	17.97%	15.20%	18.27%	15.83%	11.70%	10.04%	8.26%	3.08%	3.90%
Net Nonoperating Expense Percent (NNEP)	5.89%	8.31%	3.57%	3.55%	13.41%	6.02%	7.30%	15.34%	10.11%	-42.81%
Return On Investment Capital (ROIC_SIMPLE)	22.58%	17.25%	13.68%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	53.94%	58.46%	60.63%	58.36%	61.11%	61.72%	63.11%	68.70%	70.86%	67.73%
SG&A Expenses to Revenue	4.36%	5.10%	4.98%	4.55%	4.31%	4.54%	3.99%	3.69%	3.57%	6.01%
R&D to Revenue	7.50%	7.93%	8.58%	7.66%	7.32%	7.67%	7.74%	8.16%	8.84%	9.60%
Operating Expenses to Revenue	19.35%	20.92%	21.55%	20.78%	20.54%	25.36%	26.73%	24.13%	24.84%	27.76%
Earnings before Interest and Taxes (EBIT)	10,684	6,905	5,970	6,606	3,967	2,688	1,647	724	411	275
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	26,315	21,460	20,333	19,045	14,889	12,008	9,262	6,993	5,336	3,822
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	15.40	10.35	6.32	16.84	21.59	18.70	22.28	23.19	19.83	21.99
Price to Tangible Book Value (P/TBV)	15.40	10.35	6.32	16.84	21.59	18.70	22.28	23.19	19.83	21.99
Price to Revenue (P/Rev)	9.77	6.32	4.15	8.99	9.56	7.04	7.39	7.10	6.02	7.21
Price to Earnings (P/E)	43.73	39.40	29.21	52.16	86.51	75.96	96.37	148.62	284.60	398.60
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.29%	2.54%	3.42%	1.92%	1.16%	1.32%	1.04%	0.67%	0.35%	0.25%
Enterprise Value to Invested Capital (EV/IC)	12.59	7.88	4.80	10.95	12.89	8.75	10.44	11.95	12.70	21.43
Enterprise Value to Revenue (EV/Rev)	9.92	6.54	4.41	9.30	9.88	7.52	7.81	7.42	6.20	7.22
Enterprise Value to EBITDA (EV/EBITDA)	14.71	10.28	6.86	14.50	16.59	12.62	13.31	12.40	10.26	12.81
Enterprise Value to EBIT (EV/EBIT)	36.22	31.93	23.37	41.81	62.26	56.37	74.86	119.89	133.36	178.24
Enterprise Value to NOPAT (EV/NOPAT)	42.50	36.38	29.03	50.90	62.41	64.28	77.77	89.81	201.20	185.16
Enterprise Value to Operating Cash Flow (EV/OCF)	52.57	30.31	68.86	703.54	101.77	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	60.87	30.89	147.01	0.00	116.95	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.63	0.71	0.69	0.97	1.47	1.95	1.98	1.81	1.26	1.07
Long-Term Debt to Equity	0.56	0.69	0.69	0.93	1.43	1.95	1.98	1.81	1.26	1.07
Financial Leverage	0.30	0.38	0.48	0.65	0.96	1.27	1.16	0.85	0.34	-0.16
Leverage Ratio	2.26	2.35	2.54	3.12	3.93	4.68	5.10	5.21	4.85	4.23
Compound Leverage Factor	2.11	2.11	2.24	2.75	3.17	3.59	3.80	3.49	3.08	2.18
Debt to Total Capital	38.64%	41.40%	40.86%	49.27%	59.58%	66.06%	66.42%	64.47%	55.66%	51.61%
Short-Term Debt to Total Capital	4.43%	1.14%	0.00%	2.24%	1.83%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	34.22%	40.26%	40.86%	47.03%	57.75%	66.06%	66.42%	64.47%	55.66%	51.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	61.36%	58.60%	59.14%	50.73%	40.42%	33.94%	33.58%	35.53%	44.34%	48.39%
Debt to EBITDA	0.59	0.68	0.71	0.81	1.10	1.23	1.12	0.93	0.63	0.62
Net Debt to EBITDA	0.23	0.35	0.41	0.49	0.54	0.81	0.71	0.53	0.31	0.02
Long-Term Debt to EBITDA	0.52	0.66	0.71	0.77	1.06	1.23	1.12	0.93	0.63	0.62
Debt to NOPAT	1.71	2.40	2.99	2.84	4.12	6.26	6.54	6.73	12.36	8.97
Net Debt to NOPAT	0.66	1.22	1.73	1.73	2.05	4.13	4.14	3.81	5.99	0.23
Long-Term Debt to NOPAT	1.52	2.33	2.99	2.71	3.99	6.26	6.54	6.73	12.36	8.97
Altman Z-Score	10.17	6.38	4.41	7.11	6.38	4.25	4.50	4.24	3.89	4.78
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.22	1.12	1.17	0.95	1.25	0.90	1.49	1.40	1.25	1.54
Quick Ratio	0.89	0.81	0.76	0.71	1.05	0.73	0.58	0.52	0.38	0.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	6,358	7,139	949	-619	2,112	-3,161	-2,960	-1,982	-1,754	-885
Operating Cash Flow to CapEx	1,674.80%	2,087.01%	496.96%	74.84%	487.44%	-1,141.08%	-1,540.98%	-1,030.54%	-1,369.20%	-821.32%
Free Cash Flow to Firm to Interest Expense	8.85	10.20	1.34	-0.81	2.75	-5.05	-7.04	-8.32	-11.69	-6.67
Operating Cash Flow to Interest Expense	10.24	10.39	2.87	0.51	3.16	-4.61	-6.37	-7.50	-9.82	-5.65
Operating Cash Flow Less CapEx to Interest Expense	9.63	9.90	2.29	-0.17	2.51	-5.02	-6.79	-8.23	-10.54	-6.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.76	0.69	0.68	0.71	0.68	0.67	0.70	0.72	0.74	0.79
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	25.28	23.34	23.23	26.01	32.77	40.99	42.82	41.04	41.67	41.94
Accounts Payable Turnover	25.54	27.79	25.41	23.21	22.96	20.11	21.61	23.89	22.10	20.18
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	14.29	13.13	14.37	15.73	15.90	18.15	16.89	15.28	16.52	18.09
Cash Conversion Cycle (CCC)	-14.29	-13.13	-14.37	-15.73	-15.90	-18.15	-16.89	-15.28	-16.52	-18.09
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	30,743	27,994	29,072	25,214	19,169	17,323	11,804	7,259	4,310	2,284
Invested Capital Turnover	1.33	1.18	1.16	1.34	1.37	1.38	1.66	2.02	2.68	3.97
Increase / (Decrease) in Invested Capital	2,749	-1,078	3,858	6,046	1,846	5,519	4,546	2,948	2,026	1,149
Enterprise Value (EV)	387,001	220,503	139,522	276,217	246,995	151,546	123,288	86,744	54,759	48,945
Market Capitalization	381,002	213,097	131,228	266,852	238,892	141,805	116,723	83,067	53,128	48,885
Book Value per Share	$57.89	$47.04	$46.69	$35.78	$25.05	$17.30	$12.01	$8.28	$6.24	$5.20
Tangible Book Value per Share	$57.89	$47.04	$46.69	$35.78	$25.05	$17.30	$12.01	$8.28	$6.24	$5.20
Total Capital	40,326	35,132	35,130	31,242	27,374	22,341	15,599	10,081	6,044	4,595
Total Debt	15,583	14,543	14,353	15,393	16,309	14,759	10,360	6,499	3,364	2,371
Total Long-Term Debt	13,798	14,143	14,353	14,693	15,809	14,759	10,360	6,499	3,364	2,371
Net Debt	5,999	7,405	8,295	9,365	8,103	9,741	6,566	3,677	1,631	61
Capital Expenditures (CapEx)	440	349	408	525	498	253	174	173	108	91
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5,454	-5,681	-4,723	-5,747	-5,750	-5,696	-588	-619	-600	-408
Debt-free Net Working Capital (DFNWC)	4,129	1,457	1,335	281	2,456	-677	3,207	2,204	1,134	1,902
Net Working Capital (NWC)	2,345	1,057	1,335	-419	1,956	-677	3,207	2,204	1,134	1,902
Net Nonoperating Expense (NNE)	395	652	315	310	1,196	491	374	407	85	142
Net Nonoperating Obligations (NNO)	5,999	7,405	8,295	9,365	8,103	9,741	6,566	3,677	1,631	61
Total Depreciation and Amortization (D&A)	15,630	14,554	14,363	12,439	10,923	9,320	7,615	6,270	4,925	3,547
Debt-free, Cash-free Net Working Capital to Revenue	-13.99%	-16.84%	-14.94%	-19.35%	-23.00%	-28.26%	-3.72%	-5.30%	-6.80%	-6.03%
Debt-free Net Working Capital to Revenue	10.59%	4.32%	4.22%	0.95%	9.82%	-3.36%	20.30%	18.85%	12.84%	28.06%
Net Working Capital to Revenue	6.01%	3.14%	4.22%	-1.41%	7.82%	-3.36%	20.30%	18.85%	12.84%	28.06%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$20.28	$12.25	$10.10	$11.55	$6.26	$4.26	$0.00	$0.00	$0.44	$0.29
Adjusted Weighted Average Basic Shares Outstanding	429.52M	441.57M	444.70M	443.16M	440.92M	437.80M	0.00	0.00	428.82M	425.89M
Adjusted Diluted Earnings per Share	$19.83	$12.03	$9.95	$11.24	$6.08	$4.13	$0.00	$0.00	$0.43	$0.28
Adjusted Weighted Average Diluted Shares Outstanding	439.26M	449.50M	451.29M	455.37M	454.21M	451.77M	0.00	0.00	438.65M	436.46M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	427.76M	432.76M	445.35M	443.96M	442.90M	438.81M	0.00	0.00	430.41M	428.08M
Normalized Net Operating Profit after Tax (NOPAT)	9,107	6,060	4,807	5,427	3,958	2,358	1,585	587	272	264
Normalized NOPAT Margin	23.35%	17.97%	15.20%	18.27%	15.83%	11.70%	10.04%	5.02%	3.08%	3.90%
Pre Tax Income Margin	25.55%	18.40%	16.65%	19.67%	12.80%	10.23%	7.77%	4.15%	2.95%	2.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	14.87	9.87	8.45	8.63	5.17	4.29	3.92	3.04	2.74	2.07
NOPAT to Interest Expense	12.67	8.66	6.81	7.09	5.16	3.77	3.77	4.05	1.81	1.99
EBIT Less CapEx to Interest Expense	14.25	9.37	7.88	7.94	4.52	3.89	3.50	2.31	2.02	1.38
NOPAT Less CapEx to Interest Expense	12.06	8.16	6.23	6.40	4.51	3.36	3.36	3.33	1.10	1.30
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	71.90%	111.79%	0.00%	11.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Netflix's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.51%	16.00%	15.02%	16.76%	14.81%	12.49%	7.77%	2.72%	3.73%	1.85%	5.91%
EBITDA Growth	11.54%	27.19%	16.00%	22.03%	26.04%	21.56%	3.89%	4.09%	-3.97%	-6.54%	13.28%
EBIT Growth	21.88%	75.83%	38.53%	44.64%	69.67%	530.36%	16.17%	3.09%	-24.19%	-71.64%	-3.08%
NOPAT Growth	28.19%	62.83%	51.09%	37.36%	54.16%	58.12%	27.41%	15.51%	-4.26%	10.94%	-13.69%
Net Income Growth	23.93%	99.25%	40.90%	44.35%	78.70%	1,596.40%	19.97%	3.24%	-18.30%	-90.90%	-3.51%
EPS Growth	25.19%	100.47%	44.77%	48.33%	83.33%	1,675.00%	20.32%	2.81%	-18.41%	-90.98%	-2.82%
Operating Cash Flow Growth	26.06%	-7.58%	16.50%	-10.37%	1.55%	274.67%	257.81%	1,301.69%	136.09%	210.06%	575.91%
Free Cash Flow Firm Growth	-72.58%	-133.00%	11.11%	293.91%	390.00%	174.57%	139.08%	108.77%	80.97%	42.33%	1.65%
Invested Capital Growth	8.25%	9.82%	3.29%	2.48%	-0.36%	-3.71%	0.84%	4.49%	9.08%	15.30%	21.57%
Revenue Q/Q Growth	2.89%	4.29%	2.78%	2.02%	6.09%	3.41%	4.33%	0.32%	3.94%	-0.93%	-0.56%
EBITDA Q/Q Growth	11.16%	-1.50%	2.07%	-0.20%	26.76%	-10.17%	7.38%	3.08%	22.25%	-23.22%	7.58%
EBIT Q/Q Growth	46.03%	-19.42%	7.68%	-3.80%	110.67%	-36.52%	12.43%	12.84%	682.66%	-88.30%	-0.23%
NOPAT Q/Q Growth	51.28%	-21.79%	14.43%	-5.32%	92.15%	-27.43%	4.03%	6.26%	97.09%	-41.52%	-5.68%
Net Income Q/Q Growth	54.68%	-20.94%	10.07%	-7.93%	148.68%	-44.09%	12.76%	13.98%	2,260.76%	-96.05%	-2.96%
EPS Q/Q Growth	54.80%	-20.93%	10.66%	-7.58%	147.89%	-42.90%	13.37%	14.24%	2,300.00%	-96.13%	-3.13%
Operating Cash Flow Q/Q Growth	81.48%	-33.79%	79.81%	-41.66%	33.04%	-16.53%	38.33%	-33.90%	390.86%	-20.29%	441.91%
Free Cash Flow Firm Q/Q Growth	188.51%	-147.25%	6.30%	-38.33%	6.52%	59.10%	276.87%	145.40%	72.61%	16.62%	15.46%
Invested Capital Q/Q Growth	-0.22%	4.29%	0.14%	3.89%	1.22%	-1.92%	-0.64%	1.01%	-2.18%	2.72%	2.96%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.08%	43.71%	47.89%	45.87%	46.89%	39.91%	42.27%	42.92%	41.14%	31.18%	39.58%
EBITDA Margin	69.25%	64.10%	67.87%	68.34%	69.86%	58.46%	67.30%	65.39%	63.63%	54.10%	69.81%
Operating Margin	31.75%	22.18%	29.61%	27.23%	28.09%	16.94%	22.44%	22.32%	21.00%	7.00%	19.34%
EBIT Margin	32.23%	22.71%	29.39%	28.05%	29.75%	14.98%	24.41%	22.65%	20.13%	2.67%	22.64%
Profit (Net Income) Margin	27.42%	18.24%	24.06%	22.46%	24.89%	10.62%	19.64%	18.17%	15.99%	0.70%	17.64%
Tax Burden Percent	89.94%	87.55%	87.44%	85.42%	89.20%	81.68%	87.87%	88.58%	88.85%	140.54%	86.21%
Interest Burden Percent	94.58%	91.72%	93.60%	93.74%	93.78%	86.76%	91.58%	90.57%	89.40%	18.74%	90.38%
Effective Tax Rate	10.06%	12.45%	12.56%	14.58%	10.80%	18.32%	12.13%	11.42%	11.15%	-40.54%	13.79%
Return on Invested Capital (ROIC)	38.88%	25.79%	33.55%	29.04%	30.84%	16.35%	22.71%	22.60%	21.85%	11.46%	20.35%
ROIC Less NNEP Spread (ROIC-NNEP)	37.12%	23.98%	30.81%	27.89%	30.60%	12.73%	22.62%	20.77%	18.97%	3.34%	21.32%
Return on Net Nonoperating Assets (RNNOA)	11.13%	7.09%	9.07%	8.20%	9.62%	4.83%	7.54%	7.09%	7.29%	1.61%	9.36%
Return on Equity (ROE)	50.01%	32.88%	42.62%	37.24%	40.46%	21.18%	30.25%	29.69%	29.14%	13.07%	29.71%
Cash Return on Invested Capital (CROIC)	25.18%	21.65%	25.57%	23.33%	24.64%	25.02%	17.93%	13.27%	8.74%	3.50%	-0.12%
Operating Return on Assets (OROA)	25.66%	17.30%	21.71%	20.39%	21.14%	10.38%	16.47%	14.98%	13.55%	1.81%	15.78%
Return on Assets (ROA)	21.83%	13.90%	17.77%	16.32%	17.69%	7.36%	13.25%	12.01%	10.76%	0.48%	12.30%
Return on Common Equity (ROCE)	50.01%	32.88%	42.62%	37.24%	40.46%	21.18%	30.25%	29.69%	29.14%	13.07%	29.71%
Return on Equity Simple (ROE_SIMPLE)	38.58%	0.00%	34.25%	32.08%	30.12%	0.00%	20.47%	18.60%	19.24%	0.00%	24.57%
Net Operating Profit after Tax (NOPAT)	3,010	1,990	2,544	2,223	2,348	1,222	1,684	1,619	1,523	773	1,322
NOPAT Margin	28.55%	19.42%	25.89%	23.26%	25.06%	13.84%	19.71%	19.77%	18.66%	9.84%	16.68%
Net Nonoperating Expense Percent (NNEP)	1.76%	1.81%	2.74%	1.15%	0.24%	3.62%	0.09%	1.83%	2.88%	8.13%	-0.97%
Return On Investment Capital (ROIC_SIMPLE)	7.71%	4.93%	-	-	-	3.48%	-	-	-	2.20%	-
Cost of Revenue to Revenue	49.92%	56.29%	52.11%	54.13%	53.11%	60.09%	57.73%	57.08%	58.86%	68.82%	60.42%
SG&A Expenses to Revenue	4.00%	4.43%	4.25%	4.47%	4.31%	4.97%	5.60%	4.90%	4.91%	5.00%	4.71%
R&D to Revenue	7.80%	7.58%	7.48%	7.44%	7.50%	7.62%	7.69%	8.04%	8.42%	8.58%	8.36%
Operating Expenses to Revenue	18.33%	21.53%	18.27%	18.65%	18.79%	22.97%	19.84%	20.60%	20.14%	24.17%	20.24%
Earnings before Interest and Taxes (EBIT)	3,398	2,327	2,888	2,682	2,788	1,323	2,085	1,854	1,643	210	1,794
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	7,301	6,568	6,668	6,533	6,546	5,164	5,749	5,354	5,193	4,248	5,533
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	16.60	15.40	13.40	13.15	12.44	10.35	7.57	8.58	7.05	6.32	5.10
Price to Tangible Book Value (P/TBV)	16.60	15.40	13.40	13.15	12.44	10.35	7.57	8.58	7.05	6.32	5.10
Price to Revenue (P/Rev)	9.93	9.77	8.10	8.01	7.61	6.32	5.11	6.10	4.82	4.15	3.33
Price to Earnings (P/E)	43.03	43.73	39.12	40.99	41.31	39.40	36.98	46.11	36.64	29.21	20.76
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.32%	2.29%	2.56%	2.44%	2.42%	2.54%	2.70%	2.17%	2.73%	3.42%	4.82%
Enterprise Value to Invested Capital (EV/IC)	13.22	12.59	10.56	10.13	9.63	7.88	6.09	7.02	5.64	4.80	3.97
Enterprise Value to Revenue (EV/Rev)	10.09	9.92	8.28	8.21	7.81	6.54	5.31	6.28	5.03	4.41	3.57
Enterprise Value to EBITDA (EV/EBITDA)	14.98	14.71	12.49	12.43	11.96	10.28	8.46	9.92	7.98	6.86	5.45
Enterprise Value to EBIT (EV/EBIT)	35.91	36.22	32.14	33.59	33.89	31.93	30.00	36.66	29.47	23.37	17.30
Enterprise Value to NOPAT (EV/NOPAT)	41.52	42.50	37.25	39.78	39.58	36.38	32.57	40.62	33.79	29.03	22.54
Enterprise Value to Operating Cash Flow (EV/OCF)	51.09	52.57	41.56	41.65	37.33	30.31	28.70	43.66	48.89	68.86	95.39
Enterprise Value to Free Cash Flow (EV/FCFF)	54.59	60.87	41.95	43.96	39.01	30.89	34.10	54.06	67.39	147.01	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.63	0.63	0.70	0.63	0.66	0.71	0.65	0.63	0.66	0.69	0.68
Long-Term Debt to Equity	0.58	0.56	0.62	0.55	0.62	0.69	0.63	0.62	0.64	0.69	0.68
Financial Leverage	0.30	0.30	0.29	0.29	0.31	0.38	0.33	0.34	0.38	0.48	0.44
Leverage Ratio	2.22	2.26	2.27	2.22	2.28	2.35	2.28	2.32	2.41	2.54	2.52
Compound Leverage Factor	2.10	2.07	2.13	2.08	2.13	2.04	2.08	2.10	2.15	0.48	2.28
Debt to Total Capital	38.46%	38.64%	41.29%	38.73%	39.61%	41.40%	39.28%	38.79%	39.81%	40.86%	40.35%
Short-Term Debt to Total Capital	2.58%	4.43%	4.70%	4.99%	2.26%	1.14%	1.10%	1.07%	1.10%	0.00%	0.00%
Long-Term Debt to Total Capital	35.88%	34.22%	36.59%	33.75%	37.36%	40.26%	38.18%	37.72%	38.71%	40.86%	40.35%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	61.54%	61.36%	58.71%	61.27%	60.39%	58.60%	60.72%	61.21%	60.19%	59.14%	59.65%
Debt to EBITDA	0.55	0.59	0.64	0.58	0.61	0.68	0.70	0.71	0.72	0.71	0.67
Net Debt to EBITDA	0.25	0.23	0.27	0.31	0.31	0.35	0.31	0.29	0.33	0.41	0.38
Long-Term Debt to EBITDA	0.52	0.52	0.57	0.51	0.58	0.66	0.68	0.69	0.70	0.71	0.67
Debt to NOPAT	1.54	1.71	1.91	1.87	2.03	2.40	2.68	2.91	3.04	2.99	2.78
Net Debt to NOPAT	0.68	0.66	0.81	0.98	1.01	1.22	1.21	1.19	1.39	1.73	1.56
Long-Term Debt to NOPAT	1.43	1.52	1.70	1.63	1.92	2.33	2.61	2.83	2.96	2.99	2.78
Altman Z-Score	10.48	9.65	7.90	8.15	7.44	6.00	5.14	5.57	4.67	4.02	3.64
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.20	1.22	1.13	0.95	1.07	1.12	1.29	1.33	1.26	1.17	1.14
Quick Ratio	0.86	0.89	0.86	0.66	0.76	0.81	0.94	0.99	0.94	0.76	0.79
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	672	-759	1,607	1,511	2,450	2,300	1,446	384	-845	-3,085	-3,700
Operating Cash Flow to CapEx	2,174.36%	968.59%	1,829.61%	1,648.87%	2,922.21%	2,037.21%	1,917.00%	1,426.37%	3,513.02%	397.75%	655.38%
Free Cash Flow to Firm to Interest Expense	3.65	-3.94	8.69	9.00	14.14	13.13	8.24	2.19	-4.85	-18.08	-21.44
Operating Cash Flow to Interest Expense	15.14	7.98	12.56	7.68	12.77	9.49	11.35	8.24	12.50	2.60	3.23
Operating Cash Flow Less CapEx to Interest Expense	14.45	7.16	11.87	7.22	12.33	9.03	10.76	7.66	12.15	1.95	2.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.80	0.76	0.74	0.73	0.71	0.69	0.67	0.66	0.67	0.68	0.70
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	25.54	25.28	24.51	24.34	23.97	23.34	22.81	22.67	22.82	23.23	24.28
Accounts Payable Turnover	34.91	25.54	34.99	33.59	33.17	27.79	36.20	35.14	32.56	25.41	31.59
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	10.46	14.29	10.43	10.87	11.01	13.13	10.08	10.39	11.21	14.37	11.55
Cash Conversion Cycle (CCC)	-10.46	-14.29	-10.43	-10.87	-11.01	-13.13	-10.08	-10.39	-11.21	-14.37	-11.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	30,674	30,743	29,478	29,437	28,336	27,994	28,541	28,725	28,438	29,072	28,303
Invested Capital Turnover	1.36	1.33	1.30	1.25	1.23	1.18	1.15	1.14	1.17	1.16	1.22
Increase / (Decrease) in Invested Capital	2,338	2,749	938	712	-102	-1,078	238	1,235	2,368	3,858	5,021
Enterprise Value (EV)	405,542	387,001	311,151	298,174	272,786	220,503	173,765	201,707	160,468	139,522	112,476
Market Capitalization	398,896	381,002	304,394	290,850	265,816	213,097	167,332	195,814	153,858	131,228	104,701
Book Value per Share	$56.17	$57.89	$52.94	$51.31	$49.45	$47.04	$49.89	$51.36	$49.01	$46.69	$46.16
Tangible Book Value per Share	$56.17	$57.89	$52.94	$51.31	$49.45	$47.04	$49.89	$51.36	$49.01	$46.69	$46.16
Total Capital	39,045	40,326	38,702	36,093	35,381	35,132	36,408	37,302	36,265	35,130	34,416
Total Debt	15,017	15,583	15,981	13,980	14,016	14,543	14,300	14,470	14,437	14,353	13,888
Total Long-Term Debt	14,011	13,798	14,161	12,180	13,217	14,143	13,901	14,070	14,038	14,353	13,888
Net Debt	6,646	5,999	6,757	7,324	6,970	7,405	6,433	5,893	6,610	8,295	7,774
Capital Expenditures (CapEx)	128	159	127	78	76	82	104	101	62	112	85
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5,386	-5,454	-5,982	-5,380	-5,615	-5,681	-5,027	-5,347	-5,262	-4,723	-5,063
Debt-free Net Working Capital (DFNWC)	2,985	4,129	3,242	1,276	1,431	1,457	2,840	3,230	2,566	1,335	1,051
Net Working Capital (NWC)	1,979	2,345	1,422	-524	632	1,057	2,441	2,831	2,167	1,335	1,051
Net Nonoperating Expense (NNE)	120	121	181	76	16	284	6.45	131	218	718	-77
Net Nonoperating Obligations (NNO)	6,646	5,999	6,757	7,324	6,970	7,405	6,433	5,893	6,610	8,295	7,774
Total Depreciation and Amortization (D&A)	3,903	4,241	3,780	3,851	3,758	3,841	3,664	3,499	3,550	4,038	3,739
Debt-free, Cash-free Net Working Capital to Revenue	-13.41%	-13.99%	-15.91%	-14.82%	-16.07%	-16.84%	-15.35%	-16.64%	-16.49%	-14.94%	-16.09%
Debt-free Net Working Capital to Revenue	7.43%	10.59%	8.63%	3.51%	4.10%	4.32%	8.67%	10.05%	8.04%	4.22%	3.34%
Net Working Capital to Revenue	4.93%	6.01%	3.78%	-1.44%	1.81%	3.14%	7.45%	8.81%	6.79%	4.22%	3.34%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.76	$4.37	$5.52	$4.99	$5.40	$2.17	$3.80	$3.35	$2.93	$0.12	$3.14
Adjusted Weighted Average Basic Shares Outstanding	427.27M	429.52M	428.24M	430.07M	432.09M	441.57M	441.54M	443.88M	445.24M	444.70M	444.88M
Adjusted Diluted Earnings per Share	$6.61	$4.27	$5.40	$4.88	$5.28	$2.13	$3.73	$3.29	$2.88	$0.12	$3.10
Adjusted Weighted Average Diluted Shares Outstanding	436.96M	439.26M	437.90M	439.74M	441.65M	449.50M	450.01M	451.57M	452.42M	451.29M	450.34M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	425.68M	427.76M	427.46M	429.16M	430.96M	432.76M	437.68M	443.15M	444.54M	445.35M	445.02M
Normalized Net Operating Profit after Tax (NOPAT)	3,010	1,990	2,544	2,223	2,348	1,222	1,684	1,619	1,523	385	1,322
Normalized NOPAT Margin	28.55%	19.42%	25.89%	23.26%	25.06%	13.84%	19.71%	19.77%	18.66%	4.90%	16.68%
Pre Tax Income Margin	30.48%	20.83%	27.51%	26.30%	27.90%	13.00%	22.35%	20.51%	18.00%	0.50%	20.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	18.45	12.08	15.62	15.96	16.09	7.55	11.87	10.61	9.43	1.23	10.40
NOPAT to Interest Expense	16.34	10.33	13.76	13.24	13.55	6.97	9.59	9.26	8.74	4.53	7.66
EBIT Less CapEx to Interest Expense	17.75	11.26	14.94	15.50	15.65	7.09	11.28	10.03	9.07	0.58	9.91
NOPAT Less CapEx to Interest Expense	15.65	9.51	13.08	12.77	13.11	6.51	9.00	8.68	8.39	3.88	7.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	84.15%	71.90%	100.25%	121.22%	118.81%	111.79%	78.34%	24.62%	9.53%	0.00%	0.00%

Frequently Asked Questions About Netflix's Financials

When does Netflix's financial year end?

According to the most recent income statement we have on file, Netflix's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Netflix's net income changed over the last 9 years?

Netflix's net income appears to be on an upward trend, with a most recent value of $8.71 billion in 2024, rising from $122.64 million in 2015. The previous period was $5.41 billion in 2023. Check out Netflix's forecast to explore projected trends and price targets.

What is Netflix's operating income?

Netflix's total operating income in 2024 was $10.42 billion, based on the following breakdown:

Total Gross Profit: $17.96 billion
Total Operating Expenses: $7.54 billion

How has Netflix revenue changed over the last 9 years?

Over the last 9 years, Netflix's total revenue changed from $6.78 billion in 2015 to $39.00 billion in 2024, a change of 475.3%.

How much debt does Netflix have?

Netflix's total liabilities were at $28.89 billion at the end of 2024, a 2.6% increase from 2023, and a 262.0% increase since 2015.

How much cash does Netflix have?

In the past 9 years, Netflix's cash and equivalents has ranged from $1.47 billion in 2016 to $8.21 billion in 2020, and is currently $7.80 billion as of their latest financial filing in 2024.

How has Netflix's book value per share changed over the last 9 years?

Over the last 9 years, Netflix's book value per share changed from 5.20 in 2015 to 57.89 in 2024, a change of 1,012.7%.

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This page (NASDAQ:NFLX) was last updated on 5/28/2025 by MarketBeat.com Staff

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Netflix (NFLX) Financials

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