Netflix (NFLX) revenue and profit, from its SEC filings
Every figure below is as Netflix, Inc. filed it with the U.S. Securities and Exchange Commission in its annual (10-K) and quarterly (10-Q) reports. Latest filing: 10-Q filed July 17, 2026.
In short
Netflix is a subscription streaming service. Almost all of its revenue is membership fees, with advertising growing since it added a cheaper plan with ads in late 2022.
Its biggest cost is content: it pays for films and series up front and spreads that cost over the years it expects them to be watched, which is why its cash flow and its profit can look very different.
Revenue went from $29.7B in fiscal 2021 to $45.2B in fiscal 2025 — growth of 11.1% a year on average.
In fiscal 2025 it was 15.9% higher than the year before.
Netflix kept 24.3% of its revenue as net profit in fiscal 2025, against 17.2% in fiscal 2021.
Free cash flow — operating cash flow minus capital expenditure — was $9.46B, less than its net income.
In its latest quarter (Q2 FY2026, to June 30, 2026) revenue was $12.6B, 13.4% more than a year earlier.
Revenue and profit by year
| Period | Revenue | Gross profit | Operating income | Net income | Net margin | Free cash flow | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|
| FY2025 to December 31, 2025 | $45.2B | $21.9B | $13.3B | $11.0B | 24.3% | $9.46B | $14.5B | $9.03B |
| FY2024 to December 31, 2024 | $39.0B | $18.0B | $10.4B | $8.71B | 22.3% | $6.92B | $15.6B | $7.80B |
| FY2023 to December 31, 2023 | $33.7B | $14.0B | $6.95B | $5.41B | 16.0% | $6.93B | $14.5B | $7.12B |
| FY2022 to December 31, 2022 | $31.6B | $12.4B | $5.63B | $4.49B | 14.2% | $1.62B | $14.4B | $5.15B |
| FY2021 to December 31, 2021 | $29.7B | $12.4B | $6.19B | $5.12B | 17.2% | −$132M | $15.4B | $6.03B |
The latest quarters
| Period | Revenue | Gross profit | Operating income | Net income | Net margin | Free cash flow | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|
| Q2 FY2026 to June 30, 2026 | $12.6B | $6.52B | $4.19B | $3.40B | 27.1% | $1.53B | $14.3B | $9.10B |
| Q1 FY2026 to March 31, 2026 | $12.2B | $6.36B | $3.96B | $5.28B | 43.1% | $5.09B | $14.4B | $12.3B |
| Q4 FY2025 to December 31, 2025 | $12.1B | $5.53B | $2.96B | $2.42B | 20.1% | $1.87B | $14.5B | $9.03B |
| Q3 FY2025 to September 30, 2025 | $11.5B | $5.35B | $3.25B | $2.55B | 22.1% | $2.66B | $14.5B | $9.29B |
| Q2 FY2025 to June 30, 2025 | $11.1B | $5.75B | $3.77B | $3.13B | 28.2% | $2.27B | $14.5B | $8.18B |
A quarter is taken as filed where the report states it; otherwise it is the year-to-date figure minus the one before it, which is how the fourth quarter (never filed on its own) is found.
What to watch in Netflix's statements
- Free cash flow against net income, the clearest sign of how content spending is running.
- Operating income against revenue — how much of each subscription dollar is left after content and marketing.
- Debt, which it took on in earlier years to fund its content library.
How to read these figures
- Revenue vs profit — why the top line and the bottom line tell different stories.
- Reading an earnings report — where these figures come from each quarter.
- How to read a company — what to look at first.
- P/E and its traps — and why this page shows no P/E: it needs the share price, which our licences keep inside the app.
Source: the company's filings with the U.S. Securities and Exchange Commission (EDGAR). Free cash flow is operating cash flow minus capital expenditure; total debt adds long-term debt (current and non-current), commercial paper and short-term borrowings, each as filed. A dash means the company did not file that line for the period. No share price, market value or estimate appears here: those are licensed market data, shown to members in the app.
Other companies
Questions
What was Netflix's revenue in fiscal 2025?
Netflix reported revenue of $45.2B for fiscal 2025, the year that ended on December 31, 2025, in its annual report (10-K) filed with the SEC.
Is Netflix profitable?
Yes. It reported net income of $11.0B in fiscal 2025, a net margin of 24.3% — 24 cents kept as profit from every dollar of revenue.
Has Netflix made a profit every year?
In each of the 5 fiscal years shown (fiscal 2021 to 2025), it reported a net profit.
What is Netflix's profit margin?
In fiscal 2025 its gross margin was 48.5% (revenue minus the direct cost of what it sold) and its net margin 24.3% (what was left after every cost, interest and tax).
How much debt does Netflix have?
At the end of fiscal 2025 it reported $14.5B of debt — long-term debt, including the part due within a year, plus commercial paper and short-term borrowings as filed — against $9.03B of cash and cash equivalents.
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