Los Gatos, CA · Founded 1997 · 16,000 employees
Netflix generated $45.2B in revenue for fiscal year 2025, a +15.9% year-over-year change. Gross margin was 48.5%. Net income reached $11.0B.
Netflix's blowout quarter is a mirage created by a one-time $2.8B termination fee; the underlying business faces restricted visibility and a massive $11.8B short-term cash demand for content that exceeds its recurring cash generation. Headline: strong top-line and operating margin, but headline earnings are misleading. Netflix reported 16% revenue growth to $12.25B and an improved operating margin of 32.3%, driven by international expansion and price increases. However, reported net income and EPS were materially inflated by a one-time $2.8B termination fee related to the terminated WBD transaction; excluding that item, underlying net income and EPS would have declined year-over-year.
| Fiscal Year | Revenue | YoY Growth | Gross Margin | Op. Margin | Net Income | EPS |
|---|---|---|---|---|---|---|
| FY2025 | $45.2B | +15.9% | 48.5% | 29.5% | $11.0B | $2.53 |
| FY2024 | $39.0B | +15.6% | 46.1% | 26.7% | $8.7B | $19.83 |
| FY2023 | $33.7B | +6.7% | 41.5% | 20.6% | $5.4B | $12.03 |
| FY2022 | $31.6B | +6.5% | 39.4% | 17.8% | $4.5B | $9.95 |
| FY2021 | $29.7B | +18.8% | 41.6% | 20.9% | $5.1B | $11.24 |
| FY2020 | $25.0B | +24.0% | 38.9% | 18.3% | $2.8B | $6.08 |
| FY2019 | $20.2B | +27.6% | 38.3% | 12.9% | $1.9B | $4.13 |
| FY2018 | $15.8B | — | 36.9% | 10.2% | $1.2B | $2.68 |
| Fiscal Year | Operating Cash Flow | Capital Expenditures | Free Cash Flow | Investing | Financing |
|---|---|---|---|---|---|
| FY2025 | $10.1B | $-688.2M | $9.5B | $1.0B | $-10.3B |
| FY2024 | $7.4B | $-439.5M | $6.9B | $-2.2B | $-4.1B |
| FY2023 | $7.3B | $-348.6M | $6.9B | $541.8M | $-6.0B |
| FY2022 | $2.0B | $-407.7M | $1.6B | $-2.1B | $-664.3M |
| FY2021 | $392.6M | $-524.6M | $-158.9M | $-1.3B | $-1.1B |
| FY2020 | $2.4B | $-497.9M | $1.9B | $-505.4M | $1.2B |
| FY2019 | $-2.9B | $-253.0M | $-3.3B | $-387.1M | $4.5B |
| FY2018 | $-2.7B | $-173.9M | $-3.0B | $-339.1M | $4.0B |
| Fiscal Year | Total Assets | Total Liabilities | Total Equity | Cash | Total Debt |
|---|---|---|---|---|---|
| FY2025 | $55.6B | $29.0B | $26.6B | $9.0B | $14.5B |
| FY2024 | $53.6B | $28.9B | $24.7B | $7.8B | $15.6B |
| FY2023 | $48.7B | $28.1B | $20.6B | $7.1B | $14.5B |
| FY2022 | $48.6B | $27.8B | $20.8B | $5.1B | $14.4B |
| FY2021 | $44.6B | $28.7B | $15.8B | $6.0B | $15.4B |
| FY2020 | $39.3B | $28.2B | $11.1B | $8.2B | $16.3B |
| FY2019 | $34.0B | $26.4B | $7.6B | $5.0B | $14.8B |
| FY2018 | $26.0B | $20.7B | $5.2B | $3.8B | $0 |
Netflix generated $45.2B in revenue for fiscal year 2025. That represents a +15.9% change from $39.0B in fiscal year 2024.
Yes, Netflix is profitable. The company reported net income of $11.0B in fiscal year 2025, representing a net profit margin of 24.3%. In the prior fiscal year 2024, net income was $8.7B.
Netflix's gross margin for fiscal year 2025 was 48.5%, calculated from gross profit of $21.9B on revenue of $45.2B. Over the past 5 years, gross margins have ranged between 39% and 48%.
Netflix employs approximately 16,000 people worldwide. The company is headquartered in Los Gatos, CA and was founded in 1997.
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