Netflix, Inc. (NFLX) Cash Flow Statement
Where NFLX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $10.15B +37.9% vs 2024
- Capital expenditures
- $688.2M 1.5% of revenue
- Free cash flow
- $9.46B 20.9% margin
- Returned to shareholders
- $9.13B 96% of free cash flow
- Change in cash
- $1.23B cash at year-end $9.04B
Cash from operations
$10.15B
Capital expenditures
−$688.2M
Investments (net)
+$1.75B
Share buybacks (net)
−$9.13B
Net borrowing (repayment)
−$1.83B
Shares issued
+$667.0M
Other financing
−$52.0M
Currency & other
+$369.3M
Change in cash
$1.23B
Drawn to scale: where the cash came from and how it was used. Hover for values.
NFLX operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NFLX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$1.47B2016 | $10.15B2025 | — | |
| Capital expenditures | $184.8M2016 | $688.2M2025 | +15.7%/yr | |
| Free cash flow | −$1.66B2016 | $9.46B2025 | — | |
| Free cash flow margin | −18.8%2016 | 20.9%2025 | +39.7 pts | |
| Operating cash flow / net income | −7.902016 | 0.922025 | +8.82 | |
| Stock-based compensation | $173.7M2016 | $368.4M2025 | +8.7%/yr | |
| Dividends paid | $02016 | $02017 | — | |
| Share buybacks (net) | $02016 | $9.13B2025 | — | |
| Capex / revenue | 2.1%2016 | 1.5%2025 | −0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NFLX cash flow by activity
OperatingInvestingFinancingChange in cash
NFLX net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NFLX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $10.98B | $8.71B | $5.41B | $4.49B | $5.12B | $2.76B | $1.87B | $1.21B | $558.9M | $186.7M |
| Depreciation & amortization | $16.76B | $15.63B | $14.55B | $14.36B | $12.44B | $10.92B | $9.32B | $7.66B | $6.33B | $4.92B |
| Stock-based compensation | $368.4M | $272.6M | $339.4M | $575.5M | $403.2M | $415.2M | $405.4M | $320.7M | $182.2M | $173.7M |
| Change in working capital | −$456.2M | −$33.1M | −$116.1M | −$758.1M | −$242.0M | −$31.9M | $43.0M | $293.8M | $59.0M | $192.4M |
| Other non-cash items | −$17.50B | −$17.22B | −$12.91B | −$16.65B | −$17.32B | −$11.64B | −$14.52B | −$12.16B | −$8.92B | −$6.95B |
| Cash from operating activities | $10.15B | $7.36B | $7.27B | $2.03B | $392.6M | $2.43B | −$2.89B | −$2.68B | −$1.79B | −$1.47B |
| Investing activities | ||||||||||
| Capital expenditures | −$688.2M | −$439.5M | −$348.6M | −$407.7M | −$524.6M | −$497.9M | −$253.0M | −$212.5M | −$227.0M | −$184.8M |
| Investments (net) | $1.75B | −$2.18B | $541.8M | −$2.08B | −$1.34B | −$505.4M | −$387.1M | −$339.1M | $342.9M | $422.7M |
| Acquisitions & other investing | −$17.2M | $439.5M | $348.6M | $407.7M | $524.6M | $497.9M | $253.0M | $212.5M | −$81.5M | −$188.1M |
| Cash from investing activities | $1.04B | −$2.18B | $541.8M | −$2.08B | −$1.34B | −$505.4M | −$387.1M | −$339.1M | $34.3M | $49.8M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | −$9.13B | −$6.26B | −$6.05B | $35.7M | −$600.0M | $235.4M | $72.5M | $124.5M | $88.4M | $37.0M |
| Net borrowing (repayment) | −$1.83B | $1.39B | $0 | −$700.0M | −$500.0M | $1.00B | $4.43B | $3.93B | $2.99B | $989.3M |
| Shares issued | $667.0M | $832.9M | $170.0M | $35.7M | $174.4M | $235.4M | $72.5M | $124.5M | $0 | $0 |
| Other financing | −$52.0M | −$38.0M | −$75.4M | −$35.7M | −$224.2M | −$235.4M | −$72.5M | −$126.5M | $255,000 | $65.4M |
| Cash from financing activities | −$10.35B | −$4.07B | −$5.95B | −$664.3M | −$1.15B | $1.24B | $4.51B | $4.05B | $3.08B | $1.09B |
| Summary | ||||||||||
| Net change in cash | $1.23B | $688.8M | $1.95B | −$884.5M | −$2.18B | $3.20B | $1.23B | $989.2M | $1.36B | −$341.8M |
| Cash at end of period | $9.04B | $7.81B | $7.12B | $5.17B | $6.06B | $8.24B | $5.04B | $3.81B | $2.82B | $1.47B |
| Free cash flow | $9.46B | $6.92B | $6.93B | $1.62B | −$132.0M | $1.93B | −$3.14B | −$2.89B | −$2.01B | −$1.66B |
| Free cash flow margin | 20.9% | 17.7% | 20.5% | 5.1% | −0.4% | 7.7% | −15.6% | −18.3% | −17.2% | −18.8% |
| Capex / revenue | 1.5% | 1.1% | 1.0% | 1.3% | 1.8% | 2.0% | 1.3% | 1.3% | 1.9% | 2.1% |
| Operating cash flow / net income | 0.92 | 0.85 | 1.35 | 0.45 | 0.08 | 0.88 | −1.55 | −2.21 | −3.20 | −7.90 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $3.40B | $5.28B | $2.42B | $2.55B | $3.13B | $2.89B | $1.87B | $2.36B | $2.15B | $2.33B | $937.8M | $1.68B |
| Depreciation & amortization | $4.41B | $4.32B | $4.85B | $4.09B | $3.91B | $3.90B | $4.24B | $3.78B | $3.85B | $3.76B | $3.84B | $3.66B |
| Stock-based compensation | $131.3M | $140.4M | $134.6M | $81.0M | $80.9M | $72.0M | $61.8M | $65.7M | $68.8M | $76.3M | $82.5M | $79.7M |
| Change in working capital | −$157.4M | $105.3M | −$252.4M | $575.8M | −$684.9M | −$94.7M | −$70.5M | $179.6M | −$247.2M | $105.0M | $59.0M | −$75.7M |
| Other non-cash items | −$6.04B | −$4.55B | −$5.04B | −$4.47B | −$4.01B | −$3.98B | −$4.56B | −$4.07B | −$4.53B | −$4.06B | −$3.26B | −$3.35B |
| Cash from operating activities | $1.74B | $5.29B | $2.11B | $2.83B | $2.42B | $2.79B | $1.54B | $2.32B | $1.29B | $2.21B | $1.66B | $1.99B |
| Investing activities | ||||||||||||
| Capital expenditures | −$218.6M | −$196.1M | −$239.3M | −$164.7M | −$155.9M | −$128.3M | −$158.7M | −$126.9M | −$78.3M | −$75.7M | −$81.6M | −$103.9M |
| Investments (net) | $0 | $0 | $0 | $43.9M | $768.7M | $485.7M | −$158.7M | −$1.87B | −$78.3M | −$75.7M | $411.6M | $296.1M |
| Acquisitions & other investing | $0 | −$585.7M | −$17.2M | $164.7M | $155.9M | $128.3M | $158.7M | $126.9M | $78.3M | $75.7M | $81.6M | $103.9M |
| Cash from investing activities | −$218.6M | −$781.9M | −$256.5M | $43.9M | $768.7M | $485.7M | −$158.7M | −$1.87B | −$78.3M | −$75.7M | $411.6M | $296.1M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$4.71B | −$1.27B | −$2.08B | −$1.86B | −$1.65B | −$3.54B | −$963.7M | −$1.70B | −$1.60B | −$2.00B | −$2.50B | −$2.50B |
| Net borrowing (repayment) | $0 | $0 | $0 | $0 | −$1.03B | −$800.0M | $0 | $1.79B | — | — | — | — |
| Shares issued | $60.0M | $49.3M | $76.1M | $70.2M | $169.1M | $351.6M | $302.0M | $143.2M | $118.8M | $268.9M | $51.4M | $57.8M |
| Other financing | −$4.67B | −$9.5M | −$73.9M | $49.6M | $15.8M | −$43.5M | −$17.0M | −$11.1M | −$8.1M | −$401.8M | −$3.7M | −$32.8M |
| Cash from financing activities | −$9.32B | −$1.23B | −$2.08B | −$1.74B | −$2.50B | −$4.03B | −$678.7M | $226.6M | −$1.49B | −$2.13B | −$2.45B | −$2.48B |
| Summary | ||||||||||||
| Net change in cash | −$7.98B | $3.23B | −$251.7M | $1.11B | $976.5M | −$603.3M | $348.3M | $832.0M | −$399.5M | −$91.9M | −$238.3M | −$309.4M |
| Cash at end of period | $4.29B | $12.27B | $9.04B | $9.29B | $8.18B | $7.20B | $7.81B | $7.46B | $6.36B | $7.03B | $7.12B | $7.36B |
| Free cash flow | $1.37B | $5.09B | $1.87B | $2.66B | $2.27B | $2.66B | $1.38B | $2.19B | $1.21B | $2.14B | $1.58B | $1.89B |
| Free cash flow margin | 10.9% | 41.6% | 15.5% | 23.1% | 20.5% | 25.2% | 13.5% | 22.3% | 12.7% | 22.8% | 17.9% | 22.1% |
| Capex / revenue | 1.7% | 1.6% | 2.0% | 1.4% | 1.4% | 1.2% | 1.5% | 1.3% | 0.8% | 0.8% | 0.9% | 1.2% |
| Operating cash flow / net income | 0.51 | 1.00 | 0.87 | 1.11 | 0.78 | 0.97 | 0.82 | 0.98 | 0.60 | 0.95 | 1.77 | 1.19 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NFLX cash generation
In fiscal 2025 (ended December 31, 2025), Netflix generated $10.1 billion of cash from operations (up 37.9%) and spent $688.2 million on capital expenditures, leaving free cash flow of $9.5 billion, 20.9% of revenue. It returned $9.1 billion to shareholders through dividends ($0) and net share buybacks ($9.1 billion). Cash and equivalents rose by $1.2 billion over the year.
Related: NFLX income statement, NFLX balance sheet. See the NFLX stock overview for the latest quote and news.
NFLX cash flow FAQ
What is Netflix's free cash flow?
Netflix's free cash flow was $9.5 billion in fiscal 2025: $10.1 billion of operating cash flow minus $688.2 million of capital expenditures It was $6.9 billion a year earlier..
How much cash does Netflix generate from operations?
Netflix generated $10.1 billion of cash from operating activities in fiscal 2025, 0.92 times its net income of $11.0 billion.
How much does Netflix spend on capital expenditures?
Netflix spent $688.2 million on capital expenditures in fiscal 2025, 1.5% of revenue, compared with $439.5 million the year before.
How much stock does Netflix buy back?
Netflix spent $9.1 billion on net share repurchases in fiscal 2025.