NFLX (Netflix, Inc.) Stock Financials & Earnings

Company Info & Key Metrics

Netflix, Inc. provides entertainment services. It offers TV series, documentaries, feature films, and mobile games across various genres and languages. The company provides members the ability to rece...

CEOTheodore A. Sarandos

Country🇺🇸 United States

ExchangeNASDAQ

IPOMay 23, 2002

www.netflix.com

Revenue$12.1B

YoY Growth+17.6%

QoQ Growth+4.7%

Net Income$2.4B

EPS$0.56

Free Cash Flow$1.9B

Gross Margin45.9%

Op. Margin24.5%

Net Margin20.1%

FCF Margin15.5%

Rev Multiple (TTM)9.1x

P/E Ratio (TTM)37.3x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$8.2B	$3.4B	$1.7B
Q2 23	$8.2B	$3.5B	$1.8B
Q3 23	$8.5B	$3.6B	$1.9B
Q4 23	$8.8B	$3.5B	$1.5B
Q1 24	$9.4B	$4.4B	$2.6B
Q2 24	$9.6B	$4.4B	$2.6B
Q3 24	$9.8B	$4.7B	$2.9B
Q4 24	$10.2B	$4.5B	$2.3B
Q1 25	$10.5B	$5.3B	$3.3B
Q2 25	$11.1B	$5.8B	$3.8B
Q3 25	$11.5B	$5.3B	$3.2B
Q4 25	$12.1B	$5.5B	$3.0B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	12.8x	97.5x
Q2 23	12.8x	96.5x
Q3 23	12.5x	90.5x
Q4 23	12.1x	75.7x
Q1 24	11.7x	63.7x
Q2 24	11.3x	57.7x
Q3 24	10.9x	52.6x
Q4 24	10.5x	47.0x
Q1 25	10.2x	44.2x
Q2 25	9.8x	40.0x
Q3 25	9.4x	39.3x
Q4 25	9.1x	37.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$2.2B	$2.1B
Q2 23	$1.4B	$1.3B
Q3 23	$2.0B	$1.9B
Q4 23	$1.7B	$1.6B
Q1 24	$2.2B	$2.1B
Q2 24	$1.3B	$1.2B
Q3 24	$2.3B	$2.2B
Q4 24	$1.5B	$1.4B
Q1 25	$2.8B	$2.7B
Q2 25	$2.4B	$2.3B
Q3 25	$2.8B	$2.7B
Q4 25	$2.1B	$1.9B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$62M
Q2 23	$101M
Q3 23	$104M
Q4 23	$82M
Q1 24	$76M
Q2 24	$78M
Q3 24	$127M
Q4 24	$159M
Q1 25	$128M
Q2 25	$156M
Q3 25	$165M
Q4 25	$239M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+3.7%	+9.3%
Q2 23	+2.7%	-0.5%
Q3 23	+7.8%	+3.6%
Q4 23	+12.5%	+0.5%
Q1 24	+14.8%	+4.5%
Q2 24	+16.8%	+9.4%
Q3 24	+15.0%	+4.4%
Q4 24	+16.0%	+8.7%
Q1 25	+12.5%	+6.8%
Q2 25	+15.9%	+5.0%
Q3 25	+17.2%	+19.5%
Q4 25	+17.6%	+14.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$99M	1.2%
Q2 23	$78M	1.0%
Q3 23	$80M	0.9%
Q4 23	$83M	0.9%
Q1 24	$76M	0.8%
Q2 24	$69M	0.7%
Q3 24	$66M	0.7%
Q4 24	$62M	0.6%
Q1 25	$72M	0.7%
Q2 25	$81M	0.7%
Q3 25	$81M	0.7%
Q4 25	$135M	1.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$687M	$401M	$555M
Q2 23	$658M	$401M	$627M
Q3 23	$657M	$479M	$559M
Q4 23	$673M	$439M	$917M
Q1 24	$702M	$404M	$654M
Q2 24	$711M	$427M	$644M
Q3 24	$735M	$417M	$643M
Q4 24	$777M	$454M	$976M
Q1 25	$823M	$421M	$688M
Q2 25	$825M	$441M	$713M
Q3 25	$854M	$458M	$786M
Q4 25	$890M	$568M	$1.1B

Revenue Segments

Quarter	Domestic Dvd	Streaming
Q1 23	$32M	$8.1B
Q2 23	$29M	$8.2B
Q3 23	$22M	$8.5B
Q4 23	—	$8.8B
Q1 24	—	$9.4B
Q2 24	—	$9.6B
Q3 24	—	$9.8B

Revenue by Geography

Quarter	Asia Pacific	Emea	Latin America	United States And Canada
Q1 23	$934M	$2.5B	$1.1B	$3.6B
Q2 23	$919M	$2.6B	$1.1B	$3.6B
Q3 23	$948M	$2.7B	$1.1B	$3.7B
Q4 23	$963M	$2.8B	$1.2B	$3.9B
Q1 24	$1.0B	$3.0B	$1.2B	$4.2B
Q2 24	$1.1B	$3.0B	$1.2B	$4.3B
Q3 24	$1.1B	$3.1B	$1.2B	$4.3B
Q4 24	$1.2B	$3.3B	$1.2B	$4.5B
Q1 25	$1.3B	$3.4B	$1.3B	$4.6B
Q2 25	$1.3B	$3.5B	$1.3B	$4.9B
Q3 25	$1.4B	$3.7B	$1.4B	$5.1B
Q4 25	$1.4B	$3.9B	$1.4B	$5.3B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$6.7B	$1.1B	$7.8B
Q2 23	$7.7B	$914M	$8.6B
Q3 23	$7.4B	$514M	$7.9B
Q4 23	$7.1B	$21M	$7.1B
Q1 24	$7.0B	$21M	$7.0B
Q2 24	$6.6B	$31M	$6.7B
Q3 24	$7.5B	$1.8B	$9.2B
Q4 24	$7.8B	$1.8B	$9.6B
Q1 25	$7.2B	$1.2B	$8.4B
Q2 25	$8.2B	$213M	$8.4B
Q3 25	$9.3B	$37M	$9.3B
Q4 25	$9.0B	$29M	$9.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	4.52B	+0.2%
Q2 23	4.52B	-0.2%
Q3 23	4.50B	-0.3%
Q4 23	4.49B	-0.1%
Q1 24	4.42B	-1.7%
Q2 24	4.40B	-0.4%
Q3 24	4.38B	-0.4%
Q4 24	4.38B	-0.0%
Q1 25	4.37B	-0.2%
Q2 25	4.35B	-0.5%
Q3 25	4.34B	-0.2%
Q4 25	4.32B	-0.5%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$3M	2K
FY 15	$2M	4K
FY 16	$2M	5K
FY 17	$2M	6K
FY 18	$2M	7K
FY 19	$2M	9K
FY 20	$3M	9K
FY 21	$3M	11K
FY 22	$2M	13K
FY 23	$3M	13K
FY 24	$3M	14K
FY 25	$3M	16K