Netflix, Inc. (NFLX) Income Statement
NFLX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNFLX revenue and net income
Where NFLX's revenue goes
2025Each bar shows an amount and its share of revenue. NFLX kept 24.3% of revenue as net income.
NFLX profit margins
NFLX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +15.9% | +12.6% | +12.6% | +20.9% |
| Gross profit | +22.0% | +20.7% | +17.6% | +25.9% |
| Operating income | +27.9% | +33.2% | +23.8% | +45.9% |
| Net income | +26.1% | +34.7% | +31.8% | +56.7% |
| EPS (diluted) | +27.8% | +36.7% | +32.9% | +51.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NFLX quarterly EPS vs estimates
Netflix beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 20, 2026 (estimate $0.82).
NFLX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $45.18B | $39.00B | $33.72B | $31.62B | $29.70B | $25.00B | $20.16B | $15.79B | $11.69B | $8.83B |
| Cost of revenue | $23.28B | $21.04B | $19.72B | $19.17B | $17.33B | $15.28B | $12.44B | $9.97B | $7.66B | $6.03B |
| Gross profit | $21.91B | $17.96B | $14.01B | $12.45B | $12.37B | $9.72B | $7.72B | $5.83B | $4.03B | $2.80B |
| Research & development | $3.39B | $2.93B | $2.68B | $2.71B | $2.27B | $1.83B | $1.55B | $1.22B | $1.05B | $852.1M |
| Sales, general & admin | $5.19B | $4.62B | $4.38B | $4.10B | $3.90B | $3.30B | $3.57B | $3.00B | $2.14B | $1.57B |
| Total operating expenses | $8.58B | $7.54B | $7.05B | $6.81B | $6.17B | $5.13B | $5.11B | $4.22B | $3.19B | $2.42B |
| Operating income | $13.33B | $10.42B | $6.95B | $5.63B | $6.19B | $4.59B | $2.60B | $1.61B | $838.7M | $379.8M |
| Interest income | $604.1M | $266.8M | $748.6M | $337.3M | $411.2M | $1.39B | $84.0M | $41.7M | $115.2M | $30.8M |
| Interest expense | $776.5M | $718.7M | $699.8M | $706.2M | $765.6M | $1.39B | $626.0M | $420.5M | $353.4M | $150.1M |
| Income before taxes | $12.72B | $9.97B | $6.21B | $5.26B | $5.84B | $3.20B | $2.06B | $1.23B | $485.3M | $260.5M |
| Income taxes | $1.74B | $1.25B | −$797.4M | $772.0M | $723.9M | $438.0M | $195.3M | $15.2M | −$73.6M | $73.8M |
| Net income | $10.98B | $8.71B | $5.41B | $4.49B | $5.12B | $2.76B | $1.87B | $1.21B | $558.9M | $186.7M |
| EBITDA | $30.25B | $24.88B | $21.51B | $20.33B | $19.04B | $15.51B | $12.01B | $9.26B | $7.11B | $5.34B |
| EPS (diluted) | $2.53 | $1.98 | $1.20 | $0.99 | $1.13 | $0.61 | $0.42 | $0.27 | $0.13 | $0.05 |
| Gross margin | 48.5% | 46.1% | 41.5% | 39.4% | 41.6% | 38.9% | 38.3% | 36.9% | 34.5% | 31.7% |
| Operating margin | 29.5% | 26.7% | 20.6% | 17.8% | 20.9% | 18.3% | 12.9% | 10.2% | 7.2% | 4.3% |
| Net margin | 24.3% | 22.3% | 16.0% | 14.2% | 17.2% | 11.0% | 9.3% | 7.7% | 4.8% | 2.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.56B | $12.25B | $12.05B | $11.51B | $11.08B | $10.54B | $10.25B | $9.82B | $9.56B | $9.37B | $8.83B | $8.54B |
| Cost of revenue | $6.04B | $5.89B | $6.52B | $6.16B | $5.33B | $5.26B | $5.77B | $5.12B | $5.17B | $4.98B | $5.31B | $4.93B |
| Gross profit | $6.52B | $6.36B | $5.53B | $5.35B | $5.75B | $5.28B | $4.48B | $4.70B | $4.39B | $4.39B | $3.53B | $3.61B |
| Research & development | $1.01B | $959.7M | $890.3M | $853.6M | $824.7M | $822.8M | $776.5M | $735.1M | $711.3M | $702.5M | $673.3M | $657.2M |
| Sales, general & admin | $1.32B | $1.44B | $1.68B | $1.24B | $1.15B | $1.11B | $1.43B | $1.06B | $1.07B | $1.06B | $1.36B | $1.04B |
| Total operating expenses | $2.33B | $2.40B | $2.57B | $2.10B | $1.98B | $1.93B | $2.21B | $1.80B | $1.78B | $1.76B | $2.03B | $1.69B |
| Operating income | $4.19B | $3.96B | $2.96B | $3.25B | $3.77B | $3.35B | $2.27B | $2.91B | $2.60B | $2.63B | $1.50B | $1.92B |
| Interest income | $51.7M | $2.85B | $188.9M | $36.5M | $143.0M | $50.9M | $54.1M | — | $79.0M | $155.4M | — | $7.3M |
| Interest expense | $175.7M | $262.1M | $234.4M | $175.3M | $182.6M | $184.2M | $192.6M | $206.5M | $168.0M | $173.3M | $224.0M | $175.6M |
| Income before taxes | $4.07B | $6.55B | $2.77B | $3.11B | $3.63B | $3.21B | $2.13B | $2.70B | $2.51B | $2.61B | $1.15B | $1.91B |
| Income taxes | $667.2M | $1.26B | $349.2M | $562.5M | $506.3M | $323.4M | $265.7M | $339.4M | $366.6M | $282.4M | $210.3M | $231.6M |
| 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 |
| EBITDA | $4.24B | $11.13B | $7.85B | $7.37B | $7.73B | $7.30B | $6.18B | $6.69B | $6.53B | $6.55B | $5.34B | $5.58B |
| EPS (diluted) | $0.80 | $1.23 | $0.56 | $0.59 | $0.72 | $0.66 | $0.43 | $0.54 | $0.49 | $0.52 | $0.21 | $0.37 |
| Gross margin | 51.9% | 51.9% | 45.9% | 46.4% | 51.9% | 50.1% | 43.7% | 47.9% | 45.9% | 46.9% | 39.9% | 42.3% |
| Operating margin | 33.4% | 32.3% | 24.5% | 28.2% | 34.1% | 31.7% | 22.2% | 29.6% | 27.2% | 28.1% | 16.9% | 22.4% |
| Net margin | 27.1% | 43.1% | 20.1% | 22.1% | 28.2% | 27.4% | 18.2% | 24.1% | 22.5% | 24.9% | 10.6% | 19.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NFLX's financial statements (latest annual report filed January 23, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NFLX financial results
In fiscal year 2025 (ended December 31, 2025), Netflix reported revenue of $45.2 billion, up 15.9% from the year before. It had net income of $11.0 billion (up 26.1%), a net profit margin of 24.3%. Diluted earnings per share came to $2.53. Over five years revenue grew at an average rate of 12.6% a year.
See the NFLX stock overview for the latest quote and news, or the NFLX chart for price history and technical indicators.
NFLX income statement FAQ
What is Netflix's annual revenue?
Netflix reported total revenue of $45.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 15.9% from $39.0 billion the previous year.
Is Netflix profitable?
Yes. Netflix reported net income of $11.0 billion in fiscal 2025, a net profit margin of 24.3%; its operating margin was 29.5%.
What is Netflix's gross margin?
Netflix's gross margin was 48.5% in fiscal 2025: for every $100 of revenue, Netflix kept $48 after the direct cost of its products and services.
How much does Netflix spend on research and development?
Netflix spent $3.4 billion on research and development in fiscal 2025, 7.5% of revenue.
How fast is Netflix growing?
Revenue grew 12.6% a year on average over the last five fiscal years, from $25.0 billion to $45.2 billion.
What are Netflix's earnings per share?
Netflix earned $2.53 per diluted share in fiscal 2025, compared with $1.98 a year earlier.
When will Netflix report its next earnings?
Netflix is expected to report results for the quarter ending September 30, 2026 on October 20, 2026 after the market closes.
When does Netflix's fiscal year end?
Netflix's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on January 23, 2026.