Earnings quality
Compare earnings and operating cash flow for earnings quality.
Netflix, Inc.
Ticker NFLX · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-01-23 · Period end 2025-12-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 29.5%; equity ratio is 47.9%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin29.5%
Equity ratio47.9%
Last priceUSD 66.39
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
Netflix, Inc. is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel 408-540-3700 · As of filing date 2026-01-23
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $39.0B | $45.2B |
| Cost of sales* | $36.4B | $42.7B |
| Gross profit | $2.6B | $2.5B |
| Operating profit | $10.4B | $13.3B |
| Income tax | $1.3B | $1.7B |
| Net income | $8.7B | $11.0B |
| Basic EPS | — | — |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $7.8B | $9.0B |
| Current assets | $13.1B | $13.0B |
| Non-current assets* | $40.5B | $42.6B |
| Total assets | $53.6B | $55.6B |
| Current liabilities | $10.8B | $11.0B |
| Non-current liabilities* | $18.1B | $18.0B |
| Total liabilities | $28.9B | $29.0B |
| Stockholders’ equity | $24.7B | $26.6B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | $7.4B | $10.1B |
| Investing cash flow | -$2.2B | $1.0B |
| Financing cash flow | -$4.1B | -$10.3B |
| Cash at end of period | $7.8B | $9.0B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $29.7B | $31.6B | $33.7B | $39.0B | $45.2B | |
| Operating profit | $6.2B | $5.6B | $7.0B | $10.4B | $13.3B | |
| Net income | $5.1B | $4.5B | $5.4B | $8.7B | $11.0B | |
| Total assets | $44.6B | $48.6B | $48.7B | $53.6B | $55.6B | |
| Cash & equivalents | $6.0B | $5.1B | $7.1B | $7.8B | $9.0B | |
| Stockholders’ equity | $15.8B | $20.8B | $20.6B | $24.7B | $26.6B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from $39.0B to $45.2B (▲ +15.9%). Operating profit went from $10.4B to $13.3B (▲ +27.9%).
Operating cash flow was $10.1B (prior $7.4B), with cash on the balance sheet at $9.0B versus $7.8B.
Liquidity & leverage
Cash moved from $7.8B to $9.0B; current liabilities $11.0B.
Capital buffer
Stockholders’ equity moved from $24.7B to $26.6B.
Was this page helpful?
Source: SEC EDGAR 0001065280-26-000034
(Netflix, Inc.), period end 2025-12-31.