NFLXNasdaqServices-Video Tape RentalFiscal year ends December 31
NETFLIX INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Oct 21, 2026
$69.85−0.68 (-0.96%)
Close on Oct 19, 2026
- Market cap
- $297.65B
- P/E (TTM)
- 22.0
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
48.5%+9.6 pts over 5 years
Operating margin
29.5%+11.2 pts over 5 years
Net margin
24.3%+13.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| 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% | +36.5% | +33.0% | +56.9% | |
| Free cash flow | +36.7% | +80.1% | +37.4% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 7.6% | 29.6% | 42.8% | |
| Return on assets | 1.6% | 7.5% | 20.1% | |
| Current ratio | 1.25 | 1.25 | 1.19 | |
| Debt to equity | 1.26 | 1.47 | 0.54 | |
| Net debt to EBITDA | 4.34× | 1.72× | 0.40× | |
| Interest coverage | 2.5× | 6.0× | 17.2× | |
| Capex to revenue | 1.2% | 2.0% | 1.5% | |
| Diluted shares | 4.39B | 4.54B | 4.34B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Netflix generated $27.20B from operations and spent $24.44B on capital expenditure, dividends and share buybacks. 10% of that went back into the business.
Generated
$27.20B
Used
$24.44B
Capital expenditure$2.41B10%Dividends$00%Share buybacks$22.04B90%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin24.3%
×Asset turnover0.83×
×Equity multiplier2.13×
=Return on equity, FY202542.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 24.3% | 0.83× | 2.13× | 42.8% |
| FY2024 | 22.3% | 0.76× | 2.26× | 38.4% |
| FY2023 | 16.0% | 0.69× | 2.35× | 26.1% |
| FY2022 | 14.2% | 0.68× | 2.54× | 24.5% |
| FY2021 | 17.2% | 0.71× | 3.12× | 38.0% |
| FY2020 | 11.0% | 0.68× | 3.93× | 29.6% |
| FY2019 | 9.3% | 0.67× | 4.68× | 29.1% |
| FY2018 | 7.7% | 0.70× | 5.10× | 27.5% |
| FY2017 | 4.8% | 0.72× | 5.21× | 17.9% |
| FY2016 | 2.1% | 0.74× | 4.85× | 7.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$10.98B
- Cash generatingOperating cash flow above zero$10.15B
- Return on assets improvedROA up on the prior year17.9% → 20.5%
- Earnings backed by cashOperating cash flow above net income$10.15B vs $10.98B
- Less leverageLong-term debt to assets fell25.7% → 24.2%
- Better liquidityCurrent ratio rose1.22 → 1.19
- No dilutionShare count did not rise4.39B → 4.34B
- Gross margin improvedGross margin up on the prior year46.06% → 48.49%
- More efficientAsset turnover rose0.80 → 0.84