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. In the quarter to June 2026, revenue grew 13.4%, EPS grew 10.2%, free cash flow fell 32.7% and total debt fell 18.2%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; revenue growth for ten consecutive years, operating cash flow growth for three.
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Netflix, Inc. (NFLX) Free cash flow margin
Netflix, Inc.'s free cash flow margin over the twelve months to 30 June 2026 was 23.1%, up 2.1 percentage points from fiscal 2025 (20.9%). Over the past ten years it has ranged from −18.8% (fiscal 2016) to 20.9% (fiscal 2025) — the current reading is the highest in ten years. That is above the Entertainment industry median of 1.61% and above the Communication Services sector median of 1.09%.
Free cash flow margin, annual
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Annual newest first
| Period | Free cash flow margin | Change (points) |
|---|---|---|
| FY2025 | 20.9% | 3.19 |
| FY2024 | 17.8% | (2.79) |
| FY2023 | 20.5% | 15.42 |
| FY2022 | 5.12% | 8.22 |
| FY2021 | −3.10% | (10.82) |
| FY2020 | 7.72% | 23.30 |
| FY2019 | −15.6% | 2.49 |
| FY2018 | −18.1% | (1.31) |
| FY2017 | −16.8% | 2.02 |
| FY2016 | −18.8% | (5.23) |
Against its own ten years
Free cash flow margin against peers
| Company | Free cash flow margin |
|---|---|
| TKO TKO Group Holdings, Inc. compare | 31.6% |
| FWONK Liberty Media Corporation - Liberty Formula One Series C compare | 24.5% |
| FWONA Liberty Media Corporation - Liberty Formula One Series A compare | 24.5% |
| NFLX Netflix, Inc. | 23.1% |
| ROKU Roku, Inc. compare | 13.6% |
| FOX Fox Corporation compare | 8.57% |
| FOXA Fox Corporation compare | 8.57% |
| DIS The Walt Disney Company compare | 8.39% |
| LYV Live Nation Entertainment, Inc. compare | 5.34% |
| Entertainment industry median | 1.61% |
| Communication Services sector median | 1.09% |
| Market median | 0.00% |
What Free cash flow margin is
Free Cash Flow Margin tells an investor how much of each sale turns into cash the company keeps after paying for investment in its assets.
(Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)) ÷ Revenue
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- Revenue
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- Free cash flow
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- Operating margin
- Net margin
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- P/B ratio
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