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Netflix, Inc.

NFLX Communication Services Entertainment

Netflix, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $45.2 billion, up 15.9% from fiscal 2024.

Revenue
+11.9%
EPS
+48.3%
Free cash flow
+8.38%
Total debt
−12.5%

Quarter to September 2026, against a year earlier

65.50 0.89 −1.34%
Market cap
$269.2B
P/E
18.6×
Fwd P/E
17.3×
Dividend yield
—
F-score
7/9
Altman Z
10.96
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Reportable Segment

Every year since 2010 →

Insider Decisions last twelve months

Sold, $m 277.49
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 4 6 2 2 5 2 — 5 2 1 3
Insider Ownership 0.11%

Capital & Financial Ratios $m

Size
Market Cap 269,210.00
Revenue ttm 49,734.64
Net income ttm 14,766.65
Free cash flow ttm 11,375.06
Net debt Q 4,434.65
Valuation
P/E 18.61
Forward P/E 17.30
Price / sales 5.45
Forward P/S Powerpack
Price / FCF 25.66
Price / book 9.25 (above 6: high)
Financial health
Current ratio Q 1.07
Debt / equity Q 0.43 (at or below 0.5: strong)
Interest coverage Q 24.14
Growth
Revenue growth Q +11.85% (above 0%: growing)
Operating income growth Q +37.26% (above 0%: growing)
EPS, this year +41.66% (at or above 15%: strong)
EPS, next year A +4.90%
Revenue, next year A +13.15% (at or above 10%: strong)
EPS, past 5 yrs +33.00% (at or above 15%: strong)
EPS, next 5 yrs A +20.91% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.5×, against a ten-year median of 8.1×; over the ten years it ranged from 2.8× in 2022 to 13.8× in 2025.
P/E against its own 10 years 2.49%
10-year low 10-year high
P/S against its own 10 years 14.81%
10-year low 10-year high
P/B against its own 10 years 15.36%
10-year low 10-year high
EV/Sales against its own 10 years 14.63%
10-year low 10-year high
EV/FCF against its own 10 years 0.70%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 7,138 9,584 9,062 8,223
Receivables — — — —
Inventory — — — —
Other 2,780 3,517 3,958 4,999
9,918 13,100 13,020 13,222
2023 2024 2025 Q'26
Payables 747 900 901 860
ST’ Debt — — — —
Other 4,466 4,394 4,085 3,885
8,861 10,755 10,981 12,301

Compound Annual Growth %

10y 5y 3y
Sales 20.89% 12.57% 12.64%
Cash Flow 0.00% 33.13% 71.10%
Earnings 56.75% 31.80% 34.71%
Book Value 28.18% 19.19% 8.60%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.82 Actual 0.87

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.55 0.56 Beat by 0.01
Q1 FY26 0.76 0.70 Miss by 0.06
Q2 FY26 0.79 0.80 Beat by 0.01
Q3 FY26 0.82 0.87 Beat by 0.05
Q4 FY26 0.68 — Reports 19 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.23 0.80 0.87 — —
’25 0.66 0.72 0.59 0.56 2.53
’24 0.53 0.49 0.54 0.43 1.98
’23 0.29 0.33 0.37 0.21 1.20
’22 0.35 0.32 0.31 0.01 1.00
’21 0.38 0.30 0.32 0.13 1.12
’20 0.16 0.16 0.17 0.12 0.61
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 12,250 12,560 12,874 — —
’25 10,543 11,079 11,510 12,051 45,183
’24 9,370 9,559 9,825 10,247 39,001
’23 8,162 8,187 8,542 8,833 33,723
’22 7,868 7,970 7,926 7,852 31,616
’21 7,163 7,342 7,483 7,709 29,698
’20 5,768 6,148 6,436 6,644 24,996
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 5,290 1,744 3,162 — —
’25 2,789 2,423 2,825 2,112 10,149
’24 2,213 1,291 2,321 1,537 7,361
’23 2,179 1,440 1,992 1,663 7,274
’22 923 103 557 444 2,026
’21 777 (64) 82 (403) 393
’20 260 1,041 1,264 (138) 2,427
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 5,094 1,525 2,884 — —
’25 2,661 2,267 2,660 1,872 9,461
’24 2,137 1,213 2,194 1,378 6,922
’23 2,117 1,339 1,888 1,581 6,926
’22 802 13 472 332 1,619
’21 696 (174) (85) (1,358) (920)
’20 162 899 1,154 (286) 1,929
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 9.2% a year for ten years.

Implied
9.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 8,831 11,693 15,794 20,156 24,996 29,698 31,616 33,723 39,001 45,183 49,735 +19.9% 51,124 56,601 62,183 +11.2%
Gross margin, % 29.14 31.30 36.89 38.28 38.89 41.64 39.37 41.54 46.06 48.49 50.68 +19.4 pt
EBT 261 485 1,226 2,062 3,199 5,840 5,264 6,205 9,966 12,723 17,700 +54.0%
EBT margin, % 2.95 4.15 7.77 10.23 12.80 19.67 16.65 18.40 25.55 28.16 35.59 +25.2 pt
Net income 187 559 1,211 1,867 2,761 5,116 4,492 5,408 8,712 10,981 14,767 +57.3%
Per share, $
Per share, $ Revenue 2.06 2.71 3.63 4.60 5.67 6.70 7.11 7.64 9.08 10.63 12.03 +20.0%
Earnings 0.04 0.13 0.28 0.43 0.63 1.16 1.01 1.23 2.03 2.58 3.52 +57.2%
Cash flow (0.34) (0.41) (0.62) (0.66) 0.55 0.09 0.46 1.65 1.71 2.39 2.98 n/m
Capex (0.04) (0.04) (0.04) (0.06) (0.11) (0.30) (0.09) (0.08) (0.10) (0.16) (0.23) +15.8%
Free cash flow (0.39) (0.45) (0.66) (0.72) 0.44 (0.21) 0.36 1.57 1.61 2.23 2.75 n/m
Book value 0.62 0.83 1.20 1.73 2.51 3.58 4.67 4.66 5.76 6.26 7.08 +29.2%
Shares, m 4,288 4,319 4,354 4,378 4,409 4,432 4,447 4,416 4,295 4,250 4,199 (0.1%)
Valuation, ×
Valuation, × P/E 289.77 155.89 96.30 75.78 86.37 52.20 29.21 38.31 43.95 36.33 18.61 90.4
P/S 6.19 7.43 7.38 7.03 9.54 8.99 4.15 6.13 9.82 8.82 5.45 7.5
P/B 20.40 24.25 22.25 18.68 21.55 16.84 6.31 10.05 15.47 14.97 9.25 17.1
EV/Sales 6.38 7.74 7.79 7.51 9.84 9.28 4.41 6.34 9.92 8.92 5.53 7.8
EV/FCF (33.94) (44.79) (42.52) (47.59) 130.31 (289.70) 174.55 35.03 63.43 46.62 26.08 (0.9)
Cash, $m
Cash, $m Operating cash flow (1,474) (1,786) (2,680) (2,887) 2,427 393 2,026 7,274 7,361 10,149 12,308 n/m
Capex (185) (173) (174) (253) (498) (1,313) (408) (349) (440) (688) (933) +15.7%
Free cash flow (1,659) (1,959) (2,854) (3,140) 1,929 (920) 1,619 6,926 6,922 9,461 11,375 n/m
Balance, $m
Balance, $m Working capital 1,134 2,204 3,207 (677) 1,956 (419) 1,335 1,057 2,345 2,039 921 +6.7%
Net debt 1,631 3,677 6,566 9,741 7,604 8,665 8,295 7,006 4,215 4,402 4,435 +11.7%
Shareholders’ equity 2,680 3,582 5,239 7,582 11,065 15,849 20,777 20,588 24,744 26,615 29,286 +29.1%
Returns, %
Returns, % ROA 1.57 3.43 5.38 6.23 7.54 12.20 9.64 11.11 17.02 20.11 25.99 +18.5 pt
ROIC 5.51 7.22 8.50 9.40 15.35 15.79 12.11 15.75 22.48 26.85 28.85 +21.3 pt
ROE 7.61 17.85 27.46 29.12 29.62 38.02 24.53 26.15 38.43 42.76 53.46 +35.2 pt
People
People Employees 4,700 5,500 7,300 8,600 9,400 11,300 12,800 13,000 14,000 16,000 — +14.6%
Revenue/emp, $m 1.88 2.13 2.16 2.34 2.66 2.63 2.47 2.59 2.79 2.82 — +4.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Netflix is an entertainment service that offers TV series, films, games and live programming across genres and languages. Its members can play, pause and resume viewing, watch at different times and places, and change their plans.

The company was founded in 1997 and is headquartered in Los Gatos. Ted Sarandos and Greg Peters are co-Chief Executive Officers and Presidents.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Reportable Segment 45,183 100.00%
Gross margin 48.49%
Operating margin 29.49%
Pre-tax margin 28.16%

Revenue by segment since 2010

Netflix, Inc. vs peers in Entertainment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NFLX Netflix, Inc. $269.2B 18.6× 17.3× +11.85% (above 0%: growing) +48.33% (above 0%: growing) +8.38% (above 0%: growing) 52.78% 34.63%
DIS The Walt Disney Company $202.4B 24.2× 19.5× +6.76% (above 0%: growing) −47.95% (below 0%: shrinking) +62.63% (above 0%: growing) 40.17% 15.29% Compare
LYV Live Nation Entertainment, Inc. $42.7B — (loss-making) — (loss-making) +18.89% (above 0%: growing) +135.14% (above 0%: growing) −131.90% (below 0%: shrinking) 0.00% 8.83% Compare
SKYD Skydance Corporation $41.1B — (loss-making) 9.3× +0.93% (above 0%: growing) −82.61% (below 0%: shrinking) +126.32% (above 0%: growing) 35.73% 6.87% Compare
TKO TKO Group Holdings, Inc. $35.8B 63.1× 40.7× +18.24% (above 0%: growing) +13.33% (above 0%: growing) −6.77% (below 0%: shrinking) 64.05% 27.78% Compare
FWONA Liberty Media Corporation - Liberty Formula One Series A $27.0B 95.8× — +24.06% (above 0%: growing) −98.69% (below 0%: shrinking) +35.16% (above 0%: growing) 20.97% 0.00% Compare
FOX Fox Corporation $26.9B 12.6× 10.6× +22.28% (above 0%: growing) +72.21% (above 0%: growing) +314.96% (above 0%: growing) 48.30% 33.32% Compare
FOXA Fox Corporation $26.8B 14.2× 10.6× +22.28% (above 0%: growing) +72.21% (above 0%: growing) +314.96% (above 0%: growing) 48.30% 33.32% Compare
FWONK Liberty Media Corporation - Liberty Formula One Series C $26.5B 102× 89.9× +24.06% (above 0%: growing) −98.69% (below 0%: shrinking) +35.16% (above 0%: growing) 20.97% 0.00% Compare
Median of peers $31.4B 43.6× 15.1× +20.59% −17.31% +48.90% 37.95% 12.06%

All 48 Entertainment stocks →

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Wolfe Research Oct 26, 2026 Downgrade Outperform → Hold —
Argus Oct 22, 2026 Target cut Buy 120.00 → 95.00
Pivotal Research Oct 22, 2026 Target cut Hold 70.00 → 65.00
Bank of America Oct 22, 2026 Target cut Buy 105.00 → 90.00
Goldman Sachs Oct 22, 2026 Target cut — —
Barclays Oct 22, 2026 Target cut — —
BMO Oct 21, 2026 Target cut Outperform 135.00 → 125.00
UBS Oct 21, 2026 Reiterated Buy —
JPMorgan Oct 21, 2026 Reiterated Outperform —
Rosenblatt Oct 21, 2026 Target cut Hold 75.00 → 71.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 81.44%
Held by the ten largest 41.24%
Holder Shares Stake Change
Vanguard 394.40m 9.47% +806.99k
BlackRock 348.77m 8.38% +2.52m
State Street 180.13m 4.33% +8.47m
Capital Group 160.52m 3.85% −10.91m
Fidelity (FMR) 135.94m 3.26% −68.71m
Invesco 135.42m 3.25% +3.96m
Geode Capital Management 110.31m 2.65% +6.78m
Morgan Stanley 99.72m 2.39% +705.25k
T. Rowe Price 93.93m 2.26% −12.70m
Norges Bank 57.95m 1.39% +57.95m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 16 April 2026

Ownership

Directors and executive officers, together 1.24%
The Vanguard Group, Inc. 8.65%
BlackRock, Inc. 7.34%
FMR LLC 5.29%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Netflix, Inc. (NFLX) Latest News

1 Nov

Impact 3 · · Simply Wall St.
Impact 3 · · Barchart

31 Oct

Impact 3 · · TheStreet
Impact 3 · · TIKR
Impact 3 · · The Motley Fool

29 Oct

Impact 4 · · The Motley Fool
Impact 3 · · TIKR

28 Oct

Impact 4 · · TheStreet
Impact 4 · · Zacks
Impact 4 · · The Motley Fool

27 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Fortune
Impact 4 ·
Impact 3 · · Trefis

26 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · TIKR
Impact 3 · · The Motley Fool
Impact 3 · · 24/7 Wall St.
Impact 3 · · TIKR
Impact 3 · · The Motley Fool
Impact 3 · · Zacks
Impact 3 · · Zacks

25 Oct

Impact 4 · · The Motley Fool
Impact 4 · · TIKR
Impact 4 · · The Motley Fool
Impact 3 · · The Motley Fool

24 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · TIKR
Impact 3 · · TheStreet
Impact 3 · · The Motley Fool

NFLX metrics, ten years each

stockrow.com/NFLX · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com