Is Netflix financially healthy?

On 30 September 2026 Netflix held 8.22B USD in cash and short-term investments against total debt of 15.13B USD. Its current ratio is 1.07: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 11.38B USD of free cash flow.

Netflix's revenue grew 12.6% a year over its last five fiscal years, from 25.00B USD in fiscal year 2020 to 45.18B USD in fiscal year 2025. Over the last twelve months it was up 14.7% on the twelve months before.

Where can I find Netflix's annual report (10-K)?

Netflix files its annual report (Form 10-K) and its quarterly reports (Form 10-Q) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

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Fair value77.95Plus-20%58Price 62.6897

Q4 FY2026 · Earnings report

EPS estimate 0.68Revenue estimate 13.44B

Q4 FY2026 · Earnings report

Tuesday 19 January

EPS estimate 0.68Revenue estimate 13.44B

Fair value77.95Plus-20%58Price 62.6897

Q4 FY2026 · Earnings report

EPS estimate 0.68Revenue estimate 13.44B

Q4 FY2026 · Earnings report

Tuesday 19 January

EPS estimate 0.68Revenue estimate 13.44B

Overview Financials Signals News Forecast Earnings Company

Netflix financials

Yes. Netflix earned 14.77B USD of net income over the last twelve months, 29.7% of its revenue. It made a profit in 23 of its 26 fiscal years since 2000. Its last loss was in fiscal year 2002.

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 49.73B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 14.77B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 11.38B USD
Cash and short-term investments: 8.22B USD
Total debt: 15.13B USD
Shareholders' equityWhat is a balance sheet? The balance sheet lists what a company owns (assets), what it owes (liabilities) and what is left for its shareholders (equity) on one date.: 29.29B USD

Cash, debt and equity as of 30 Sept 2026.

Netflix earnings

Next earnings · Q4 FY2026

19 Jan 2027

EPS estimate

0.68 USD

Revenue estimate

13.44B USD

Last quarter · Q3 FY2026

EPS0.87Beat +6.1%Revenue12.87BBeat +0.0%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q3 FY2028	—	1.21	—	—	—	15.63B	—	—	—
Q2 FY2028	—	1.16	—	—	—	15.25B	—	—	—
Q1 FY2028	—	1.12	—	—	—	15.03B	—	—	—
Q4 FY2026	19 Jan 2027	0.68	—	—	+21.43%	13.44B	—	—	+11.56%
Q3 FY2026	20 Oct 2026	0.82	0.87	+6.10%	+47.46%	12.87B	12.87B	+0.04%	+11.85%
Q2 FY2026	16 Jul 2026	0.79	0.80	+1.78%	+11.11%	12.58B	12.56B	-0.17%	+13.37%
Q1 FY2026	16 Apr 2026	0.76	1.23	+61.21%	+86.36%	12.18B	12.25B	+0.60%	+16.19%
Q4 FY2025	20 Jan 2026	0.55	0.56	+1.45%	+30.23%	11.97B	12.05B	+0.68%	+17.61%
Q3 FY2025	21 Oct 2025	0.70	0.59	-15.23%	+9.26%	11.51B	11.51B	+0.02%	+17.16%
Q2 FY2025	17 Jul 2025	0.71	0.72	+1.41%	+46.94%	11.06B	11.08B	+0.20%	+15.90%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2028	4.47	—	—	+18.86%	62.07B	—	—	+9.71%
FY2027	3.76	—	—	+4.88%	56.57B	—	—	+10.63%
FY2026	3.58	—	—	+41.64%	51.13B	—	—	+13.17%
FY2025	2.56	2.53	-1.30%	+27.14%	45.10B	45.18B	+0.19%	+15.76%
FY2024	1.98	1.99	+0.51%	-56.36%	38.88B	39.03B	+0.39%	+15.74%
FY2023	1.22	4.56	+274.81%	+314.55%	33.63B	33.72B	+0.28%	+6.67%
FY2022	1.03	1.10	+7.18%	-2.65%	31.62B	31.62B	-0.01%	+6.46%

Netflix growth and profitability

Full income statement

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 49.73B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 14.77B USD
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.: 50.68%
Operating margin: 31.30%
Net margin: 29.69%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	45.18B	+15.85%	10.98B	+26.05%	48.49%	29.49%	24.30%	30.25B	+14.97%
FY2024	39.00B	+15.65%	8.71B	+61.09%	46.06%	26.71%	22.34%	26.31B	+22.35%
FY2023	33.72B	+6.67%	5.41B	+20.39%	41.54%	20.62%	16.04%	21.51B	+5.78%
FY2022	31.62B	+6.46%	4.49B	-12.20%	39.37%	17.82%	14.21%	20.33B	+6.77%
FY2021	29.70B	+18.81%	5.12B	+85.28%	41.64%	20.86%	17.23%	19.04B	+22.81%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q3 FY2026	12.87B	3.66B	52.78%	34.63%	28.46%
Q2 FY2026	12.56B	3.40B	51.93%	33.38%	27.08%
Q1 FY2026	12.25B	5.28B	51.93%	32.30%	43.13%
Q4 FY2025	12.05B	2.42B	45.87%	24.54%	20.07%
Q3 FY2025	11.51B	2.55B	46.45%	28.22%	22.13%

How Netflix makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Streaming revenues45.18B 100.0%

Revenue45.18B 100.0%

Cost of revenue23.28B 51.5%

Gross profit21.91B 48.5%

Research and development3.39B 7.5%

Selling and administration5.19B 11.5%

Operating income13.33B 29.5%

Tax1.74B 3.9%

Other expense604.05M 1.3%

Net income10.98B 24.3%

FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.

Netflix revenue breakdown

By product

FY2025

100.0%Streaming revenues

Segment	Revenue	Share of revenue	Change on the year
Streaming revenues	45.18B	100.0%	+15.9%

By region

FY2025

44.2%United States And Canada32.1%EMEA11.9%Latin America11.8%Asia Pacific

Region	Revenue	Share of revenue	Change on the year
United States And Canada	19.96B	44.2%	+15.0%
EMEA	14.51B	32.1%	+17.2%
Latin America	5.36B	11.9%	+10.7%
Asia Pacific	5.35B	11.8%	+21.3%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	10.15B	9.46B
FY2024	7.36B	6.92B
FY2023	7.27B	6.93B
FY2022	2.03B	1.62B
FY2021	392.61M	-131.98M
FY2020	2.43B	1.93B
FY2019	-2.89B	-3.14B
FY2018	-2.68B	-2.89B
FY2017	-1.79B	-2.01B
FY2016	-1.47B	-1.66B

Netflix financial health

Full balance sheet

Cash and short-term investments: 8.22B USD
Total debt: 15.13B USD
Net cash: -6.91B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 11.38B USD
Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.: 1.07
Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.: 0.52
Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.: 7 / 9
Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.: 8.60

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	9.06B	14.46B	9.46B
FY2024	9.58B	17.99B	6.92B
FY2023	7.14B	16.97B	6.93B
FY2022	6.06B	14.35B	1.62B
FY2021	6.03B	18.12B	-131.98M

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	55.60B	28.98B	26.62B
FY2024	53.63B	28.89B	24.74B
FY2023	48.73B	28.14B	20.59B
FY2022	48.59B	27.82B	20.78B
FY2021	44.58B	28.74B	15.85B
FY2020	39.28B	28.22B	11.07B
FY2019	33.98B	26.39B	7.58B
FY2018	25.97B	20.74B	5.24B
FY2017	19.01B	15.43B	3.58B
FY2016	13.59B	10.91B	2.68B

Netflix valuation

Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.: 17.81
Forward P/E (FY2026)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.: 17.49
Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.: 5.17
Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.: 8.79
EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.: 7.24

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Market capitalization

257.36B USD

Total debt

15.13B USD

−

Cash and short-term investments

8.22B USD

Enterprise value

264.27B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2028 (est.)	14.03	—	—	—	—
FY2027 (est.)	16.68	14.03	—	—	—
FY2026 (est.)	17.49	16.68	—	—	—
Now (TTM)	17.81	16.78	5.17	8.79	7.24
FY2025	36.34	26.16	8.78	14.90	13.29
FY2024	43.91	34.79	9.82	15.47	14.94
FY2023	39.59	24.64	6.38	10.44	10.45
FY2022	29.20	24.25	4.15	6.31	6.90
FY2021	51.93	58.72	8.99	16.84	14.65

Netflix against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: The Walt Disney, Live Nation Entertainment, Fox, and Fox, the US Entertainment companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Below its median17.8
14.761.7
Gross marginHighest in 5 years48.5%
39.4%48.5%
Against its peers: 1 of 5Peers' median 36.6%
Operating marginHighest in 5 years29.5%
17.8%29.5%
Against its peers: 1 of 5Peers' median 18.7%
Net marginHighest in 5 years24.3%
14.2%24.3%
Against its peers: 1 of 5Peers' median 9.8%
Return on equityHighest in 5 years41.3%
21.6%41.3%
Against its peers: 2 of 5Peers' median 14.5%
Free cash flow marginHighest in 5 years20.9%
-0.4%20.9%
Against its peers: 1 of 5Peers' median 8.6%
Revenue growthAbove its median15.9%
6.5%18.8%
Against its peers: 1 of 5Peers' median 5.1%
EPS growthAt its median27.8%
-10.7%83.6%
Against its peers: 2 of 5Peers' median -20.6%
Debt to EBITDALowest in 5 years0.48×
0.48×0.95×
Against its peers: 1 of 5Peers' median 2.16×
Current ratioAbove its median1.19
0.951.22
Against its peers: 3 of 5Peers' median 2.08

Figure	FY2025	5-year low – high	Against its history	Against its peers
P/E (today)	17.8	14.761.7	Below its median	—
Gross margin	48.5%	39.4%48.5%	Highest in 5 years	1 of 5
Operating margin	29.5%	17.8%29.5%	Highest in 5 years	1 of 5
Net margin	24.3%	14.2%24.3%	Highest in 5 years	1 of 5
Return on equity	41.3%	21.6%41.3%	Highest in 5 years	2 of 5
Free cash flow margin	20.9%	-0.4%20.9%	Highest in 5 years	1 of 5
Revenue growth	15.9%	6.5%18.8%	Above its median	1 of 5
EPS growth	27.8%	-10.7%83.6%	At its median	2 of 5
Debt to EBITDA	0.48×	0.48×0.95×	Lowest in 5 years	1 of 5
Current ratio	1.19	0.951.22	Above its median	3 of 5

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

Netflix ownership

InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.: 81.27%
Institutional holders: 3,608 (-229)
Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.: 99.29%

Who owns the shares

Institutions 81.3% Others 18.7%

As of 30 Jun 2026

Shares free to trade

Free float 4.08B shares ·99.3% Closely held 29.28M shares ·0.7%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Insider trading

Quarter	Sales	Shares acquired	Shares disposed of
Q4 2026	6	182.32K	296.59K
Q3 2026	10	174.52K	400.86K
Q2 2026	17	1.45M	2.85M
Q1 2026	25	2.49M	3.58M

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	4.23B	4.34B	-1.11%
FY2024	4.30B	4.39B	-2.28%
FY2023	4.42B	4.49B	-0.40%
FY2022	4.45B	4.51B	-0.90%
FY2021	4.43B	4.55B	+0.26%

Common questions about Netflix's financials

Source: Financial Modeling PrepVerified against SEC filings

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NFLX

Netflix financials

Netflix earnings

Revenue

EPS

Netflix growth and profitability

Revenue / Net income

How Netflix makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Netflix revenue breakdown

By product

By region

Operating and free cash flow

Netflix financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Netflix valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Netflix against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Netflix ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Netflix's financials

Is Netflix profitable?

Is Netflix financially healthy?

Is Netflix growing?

Where can I find Netflix's annual report (10-K)?

Need help?

Netflix DQuotes are delayed by 15 minutes

NFLX

Netflix financials

Netflix earnings

Revenue

EPS

Netflix growth and profitability

Revenue / Net income

How Netflix makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Netflix revenue breakdown

By product

By region

Operating and free cash flow

Netflix financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Netflix valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Netflix against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Netflix ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Netflix's financials

Is Netflix profitable?

Is Netflix financially healthy?

Is Netflix growing?

Where can I find Netflix's annual report (10-K)?

Need help?

Netflix
D
Quotes are delayed by 15 minutes