Company Dashboard
Netflix, Inc.
NFLXNASDAQNetflix is the world's largest streaming platform. The earnings engine is now driven by ARM expansion, operating leverage from content scale, and a maturing global subscriber base.
Coverage window
44 quarters from Q1 '15 to Q4 '25
Calendar fiscal year (Jan\u2013Dec) \u00b7 2025 ARM estimated
NFLX Stock Price
$98.66▲ $3.11 (3.25%)as of Apr 3, 2026, 1:55 PM
Mkt Cap
$418.50B
P/E Ratio
39.00
52-wk High
$134.12
52-wk Low
$75.01
Source: Yahoo Finance · End-of-day data · Hover or tap for detail
Netflix uses a calendar fiscal year. Quarterly and annual chart views align directly with calendar periods. Pre-2017 data uses a 2-region breakdown (US & Canada + International). Subscriber counts and ARM for 2025 are estimates.
Latest Revenue
$12.1B
Q4 '25 (Dec 2025)
+17.6% vs Q4 '24
Full year 2025: $45.2B
Operating Margin
24.5%
Q4 '25
+2.3pp vs Q4 '24
+10.1pp vs Q4 '20
Global Subscribers
325.0M
End of Q4 '25 (est.)
+23.4M net adds vs Q4 '24
426.5% vs Q1 '15
Global ARM
$12.36/mo
Q4 '25 (estimated)
9.2% vs Q4 '24
UCAN $19.14 \u00b7 EMEA $11.73
Revenue & Subscribers
From $6.8B to $45B+ in annual revenue, driven by global subscriber scale.
Netflix's revenue engine is a function of subscribers \u00d7 ARM. EMEA now rivals UCAN in subscriber count while APAC is the fastest-growing region. Regional revenue concentration has shifted meaningfully since 2015.
Quarterly revenue
Streaming revenue growth from $1.6B to $12B+ per quarter over a decade
Latest
Q4 '25 $12.1B
+17.6% YoY · Peak Q4 '25
Source: Netflix SEC filings (10-Q, 10-K) · Hover, focus, or tap bars for detail · Q4 (holiday quarter) highlighted
Profitability & ARM
Operating margin expanded from ~5% to 30%+ as content costs amortize at scale.
The margin story is about content leverage: the same library serves 325M+ members globally. ARM continues to grow led by UCAN price increases while international regions monetize at lower but improving rates.
Full year 2025 operating income
$13.3B
29.5% operating margin
Full year 2025 free cash flow
$9.5B
FCF margin 20.9%
Margin expansion
Operating margin has expanded from single digits to ~30% as Netflix achieved content scale
Latest
Q4 '25 Op. 24.5%
Gross 45.9%
Source: Netflix SEC filings (10-Q, 10-K) · Click lines to isolate · Hover for detail
Content & Investment
Content spend is the core investment \u2014 CapEx and R&D are secondary.
Netflix invests $17\u201318B annually in content, dwarfing traditional CapEx. The gap between cash spend and P&L amortization is the content balance sheet build. Technology and development expense continues growing with ad-tier infrastructure and gaming investments.
Investment waterfall
Quarterly CapEx + content spend + technology & development
Source: Netflix SEC filings (10-Q, 10-K) · Content spend is cash basis · Click categories to filter
Content economics
Cash content spend (bars) vs P&L amortization (line) — the gap is Netflix's content balance sheet build
Latest
Q4 '25 Spend $5.0B
Amort. $4.4B
Source: Netflix SEC filings (10-Q, 10-K) · Cash content spend vs P&L amortization · Hover for detail
Operating cash flow allocation
How quarterly operating cash flow is deployed — CapEx, content investment, and the residual
Source: Netflix SEC filings (10-Q, 10-K) · Retained FCF = OCF – CapEx – content spend · Click categories to filter
Balance Sheet
Debt peaked and is now declining as free cash flow turned positive.
Netflix funded its content build with debt through 2020, peaking near $16B. As cash flow inflected, the company began deleveraging while simultaneously launching buybacks. Equity has grown steadily from retained earnings.
Balance sheet — Assets
Total assets breakdown: cash, content assets, and other
Source: Netflix SEC filings (10-Q, 10-K) · Content assets estimated · Click to toggle · Swipe or use tabs to switch views
Calendar Year Summary
Netflix uses a calendar fiscal year (Jan\u2013Dec). Partial years remain visible so the data cut is explicit.
| Year | Revenue | Op. Income | Net Income | FCF | Subscribers | Quarters |
|---|---|---|---|---|---|---|
| 2015 | $6.8B | $0.3B | $0.1B | $-0.8B | 74.8M | 4/4 |
| 2016 | $8.8B | $0.4B | $0.2B | $-1.6B | 93.8M | 4/4 |
| 2017 | $11.7B | $0.8B | $0.6B | $-2.0B | 117.6M | 4/4 |
| 2018 | $15.8B | $1.6B | $1.2B | $-2.9B | 139.3M | 4/4 |
| 2019 | $20.2B | $2.6B | $1.9B | $-3.1B | 167.1M | 4/4 |
| 2020 | $25.0B | $4.6B | $2.8B | $1.9B | 203.7M | 4/4 |
| 2021 | $29.7B | $6.2B | $5.1B | $-0.1B | 221.8M | 4/4 |
| 2022 | $31.6B | $5.6B | $4.5B | $1.6B | 231.0M | 4/4 |
| 2023 | $33.7B | $7.0B | $5.4B | $6.9B | 260.3M | 4/4 |
| 2024 | $39.0B | $10.4B | $8.7B | $6.9B | 301.6M | 4/4 |
| 2025 | $45.2B | $13.3B | $11.0B | $9.5B | 325.0M | 4/4 |
Employment
Small team, massive reach
Netflix annual headcount
Full-time employees as reported in annual SEC filings
Source: SEC filings (10-K) via Financial Modeling Prep
Methodology & Sources
Data is sourced from Netflix SEC filings (10-Q, 10-K) via EDGAR XBRL, supplemented by quarterly earnings letters for subscriber counts, ARM, and content spend data. Revenue and financial figures are in millions USD. Netflix uses a calendar fiscal year (Jan\u2013Dec). Pre-2017 data uses a 2-region breakdown (US & Canada + International); from 2017 onward, 4 regions (UCAN, EMEA, LATAM, APAC). Netflix stopped reporting subscriber counts and ARM in 2025; those values are estimated from revenue per region divided by estimated subscriber counts. Content spend and amortization figures are estimated quarterly from annual totals. Balance sheet content assets are approximated. Q4 financials for some years are derived from Annual \u2013 (Q1+Q2+Q3) where quarterly SEC records were missing.