Netflix Inc (NFLX) operating KPIs
NFLXNasdaqServices-Video Tape RentalFiscal year ends December 31
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Oct 21, 2026Score 21/3028% below fair value
$62.08+0.03 (+0.05%)
Close on Oct 30, 2026Market cap $258.50BP/E 19.5Yield –
KPIs
Operating metrics that drive Netflix's business · fiscal year ends December 31
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| Add to chart | Metric | Q3 2026 2026-09-30 | Q2 2026 2026-06-30 | Q1 2026 2026-03-31 | Q4 2025 2025-12-31 | Q3 2025 2025-09-30 | Q2 2025 2025-06-30 | Q1 2025 2025-03-31 | Q4 2024 2024-12-31 | Q3 2024 2024-09-30 | Q2 2024 2024-06-30 | Q1 2024 2024-03-31 | Q4 2023 2023-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
UCAN (US & Canada) revenue($M)10 | 5,628 | 5,432 | 5,245 | 5,339 | 5,072 | 4,929 | 4,617 | 4,517 | 4,323 | 4,296 | 4,224 | 3,931 | |
Revenue growth y/y, as reported (stated)(%) | 11.0% | 10.0% | 14.0% | 18.0% | 17.0% | 15.0% | 9.0% | 15.0% | 16.0% | 19.0% | 17.0% | ||
Revenue growth y/y, constant currency (stated)(%) | 11.0% | 10.0% | 14.0% | 18.0% | 17.0% | 15.0% | 9.0% | 15.0% | 16.0% | 19.0% | 17.0% | ||
Revenue at constant currency, excluding hedging (non-GAAP, published)($M) | 5,628 | 5,424 | 5,225 | 5,337 | 5,071 | 4,931 | 4,626 | 4,515 | 4,327 | 4,295 | 4,223 | ||
Hedging gains (losses) included in revenue($M) | -7.90 | -3.30 | -0.50 | -6.60 | -2.20 | -6.40 | -14.6 | -5.60 | -3.30 | -3.20 | 0.80 | ||
Paid memberships at end of period — to Q4 2024(M) | 89.6 | 84.8 | 84.1 | 82.7 | 80.1 | ||||||||
Paid net membership additions — to Q4 2024(M) | 4.82 | 0.69 | 1.45 | 2.53 | 2.81 | ||||||||
Average paying memberships — to Q4 2024(M) | 87.2 | 84.5 | 83.4 | 81.4 | 78.7 | ||||||||
Average monthly revenue per paying membership (ARM) — to Q4 2024($) | 17.26 | 17.06 | 17.17 | 17.30 | 16.64 | ||||||||
ARM growth y/y, as reported (stated) — to Q4 2024(%) | 4.0% | 5.0% | 7.0% | 7.0% | 3.0% | ||||||||
ARM growth y/y, constant currency (stated) — to Q4 2024(%) | 4.0% | 5.0% | 7.0% | 7.0% | 3.0% | ||||||||
EMEA revenue($M)10 | 4,107 | 4,034 | 3,998 | 3,873 | 3,699 | 3,538 | 3,405 | 3,288 | 3,134 | 3,008 | 2,958 | 2,784 | |
Revenue growth y/y, as reported (stated)(%) | 11.0% | 14.0% | 17.0% | 18.0% | 18.0% | 18.0% | 15.0% | 18.0% | 16.0% | 17.0% | 17.0% | ||
Revenue growth y/y, constant currency (stated)(%) | 9.0% | 11.0% | 12.0% | 15.0% | 15.0% | 16.0% | 16.0% | 16.0% | 17.0% | 19.0% | 17.0% | ||
Revenue at constant currency, excluding hedging (non-GAAP, published)($M) | 4,147 | 3,961 | 3,693 | 3,761 | 3,613 | 3,458 | 3,446 | 3,229 | 3,163 | 3,054 | 2,947 | ||
Hedging gains (losses) included in revenue($M) | 17 | 58.5 | 114 | 87.4 | 114 | 42 | -105 | -12.8 | -1.90 | -15.3 | 4.70 | ||
Paid memberships at end of period — to Q4 2024(M) | 101 | 96.1 | 94.0 | 91.7 | 88.8 | ||||||||
Paid net membership additions — to Q4 2024(M) | 5 | 2.17 | 2.23 | 2.92 | 5.05 | ||||||||
Average paying memberships — to Q4 2024(M) | 98.6 | 95.1 | 92.9 | 90.3 | 86.3 | ||||||||
Average monthly revenue per paying membership (ARM) — to Q4 2024($) | 11.11 | 10.99 | 10.80 | 10.92 | 10.75 | ||||||||
ARM growth y/y, as reported (stated) — to Q4 2024(%) | 3.0% | 0.0% | -1.0% | 0.0% | 3.0% | ||||||||
ARM growth y/y, constant currency (stated) — to Q4 2024(%) | 1.0% | 1.0% | 1.0% | 0.0% | -1.0% | ||||||||
LATAM (Latin America) revenue($M)10 | 1,603 | 1,584 | 1,497 | 1,418 | 1,371 | 1,307 | 1,262 | 1,230 | 1,241 | 1,204 | 1,165 | 1,156 | |
Revenue growth y/y, as reported (stated)(%) | 17.0% | 21.0% | 19.0% | 15.0% | 10.0% | 9.0% | 8.0% | 6.0% | 9.0% | 12.0% | 9.0% | ||
Revenue growth y/y, constant currency (stated)(%) | 12.0% | 16.0% | 18.0% | 20.0% | 20.0% | 23.0% | 27.0% | 35.0% | 46.0% | 44.0% | 31.0% | ||
Revenue at constant currency, excluding hedging (non-GAAP, published)($M) | 1,562 | 1,528 | 1,468 | 1,445 | 1,451 | 1,482 | 1,491 | 1,558 | 1,663 | 1,547 | 1,404 | ||
Hedging gains (losses) included in revenue($M) | 12.8 | 11.5 | 31.3 | 27.7 | 26.3 | 14 | -13.9 | -28.3 | -34.7 | -1.80 | 6.30 | ||
Paid memberships at end of period — to Q4 2024(M) | 53.3 | 49.2 | 49.3 | 47.7 | 46 | ||||||||
Paid net membership additions — to Q4 2024(M) | 4.15 | -0.07 | 1.53 | 1.72 | 2.35 | ||||||||
Average paying memberships — to Q4 2024(M) | 51.3 | 49.2 | 48.5 | 46.9 | 44.8 | ||||||||
Average monthly revenue per paying membership (ARM) — to Q4 2024($) | 8 | 8.40 | 8.28 | 8.29 | 8.60 | ||||||||
ARM growth y/y, as reported (stated) — to Q4 2024(%) | -7.0% | -5.0% | -3.0% | -4.0% | 4.0% | ||||||||
ARM growth y/y, constant currency (stated) — to Q4 2024(%) | 18.0% | 27.0% | 24.0% | 16.0% | 16.0% | ||||||||
APAC (Asia-Pacific) revenue($M)10 | 1,537 | 1,511 | 1,509 | 1,421 | 1,369 | 1,305 | 1,259 | 1,212 | 1,128 | 1,052 | 1,023 | 963 | |
Revenue growth y/y, as reported (stated)(%) | 12.0% | 16.0% | 20.0% | 17.0% | 21.0% | 24.0% | 23.0% | 26.0% | 19.0% | 14.0% | 10.0% | ||
Revenue growth y/y, constant currency (stated)(%) | 15.0% | 18.0% | 19.0% | 19.0% | 20.0% | 23.0% | 26.0% | 24.0% | 21.0% | 19.0% | 14.0% | ||
Revenue at constant currency, excluding hedging (non-GAAP, published)($M) | 1,566 | 1,520 | 1,456 | 1,430 | 1,346 | 1,277 | 1,290 | 1,192 | 1,148 | 1,094 | 1,068 | ||
Hedging gains (losses) included in revenue($M) | -21.2 | -19.1 | -12 | -19.3 | -8.30 | -12.3 | -31.1 | -7.10 | -8.40 | -13 | -0.50 | ||
Paid memberships at end of period — to Q4 2024(M) | 57.5 | 52.6 | 50.3 | 47.5 | 45.3 | ||||||||
Paid net membership additions — to Q4 2024(M) | 4.94 | 2.28 | 2.83 | 2.16 | 2.91 | ||||||||
Average paying memberships — to Q4 2024(M) | 55.1 | 51.5 | 48.9 | 46.4 | 43.9 | ||||||||
Average monthly revenue per paying membership (ARM) — to Q4 2024($) | 7.34 | 7.31 | 7.17 | 7.35 | 7.31 | ||||||||
ARM growth y/y, as reported (stated) — to Q4 2024(%) | 0.0% | -4.0% | -6.0% | -8.0% | -5.0% | ||||||||
ARM growth y/y, constant currency (stated) — to Q4 2024(%) | -1.0% | -2.0% | -3.0% | -4.0% | -4.0% | ||||||||
Global paid memberships — to Q4 2024(M)2 | 302 | 283 | 278 | 270 | 260 | ||||||||
Paid memberships growth y/y (stated)(%) | 15.9% | 14.4% | 16.5% | 16.0% | 12.8% | ||||||||
Paid net membership additions(M) | 18.9 | 5.07 | 8.05 | 9.33 | 13.1 | ||||||||
Total revenue growth y/y, F/X neutral (stated)(%) | 11.0% | 12.0% | 14.0% | 17.0% | 17.0% | 17.0% | 16.0% | 19.0% | |||||
Cash spent on content (additions to content assets)($M)3 | 5,160 | 4,928 | 4,847 | 5,057 | 4,654 | 3,836 | 3,550 | 4,429 | 4,016 | 4,049 | 3,729 | 3,529 | |
Content amortization (expense)($M)2 | 4,236 | 4,311 | 4,218 | 4,764 | 4,003 | 3,832 | 3,823 | 4,162 | 3,700 | 3,770 | 3,671 | 3,754 | |
Licensed content($M) | 2,271 | 2,261 | 2,286 | 2,451 | 2,254 | 2,010 | 1,999 | 2,155 | 1,814 | 1,885 | 1,835 | 1,865 | |
Produced content (originals)($M) | 1,964 | 2,050 | 1,932 | 2,313 | 1,749 | 1,822 | 1,825 | 2,006 | 1,886 | 1,885 | 1,836 | 1,889 | |
Change in content liabilities (cash flow)($M) | 93.5 | -182 | 45.2 | -9.80 | 24.3 | -214 | -411 | -140 | -83.6 | -367 | -189 | 49.1 | |
Expected annual cash content spend ÷ amortization (guidance, x)(×) | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | ||||||||
Content obligations (signed, total)($M)8 | 25,223 | 25,107 | 24,139 | 24,039 | 20,941 | 20,967 | 21,791 | 23,249 | 22,698 | 23,310 | 24,195 | 21,713 | |
of which not yet on the balance sheet (titles not yet available)($M) | 19,600 | 19,600 | 18,500 | 18,400 | 15,200 | 15,300 | 16,000 | 17,000 | 16,300 | 16,900 | 17,400 | 14,600 | |
of which current content liabilities($M) | 3,885 | 3,867 | 4,052 | 4,085 | 4,103 | 4,092 | 4,129 | 4,394 | 4,490 | 4,391 | 4,436 | 4,467 | |
of which non-current content liabilities($M) | 1,723 | 1,626 | 1,627 | 1,580 | 1,592 | 1,606 | 1,697 | 1,781 | 1,918 | 2,029 | 2,371 | 2,578 | |
Payments due within one year($M) | 11,777 | 11,940 | 11,779 | 11,528 | 11,268 | 10,843 | 10,977 | 11,425 | 11,811 | 11,457 | 11,066 | 10,329 | |
Due after one year through three years($M) | 9,896 | 9,547 | 8,612 | 8,376 | 6,982 | 7,180 | 7,553 | 8,114 | 8,062 | 8,592 | 9,378 | 8,784 | |
Due after three years through five years($M) | 3,028 | 2,997 | 2,826 | 3,042 | 2,111 | 2,273 | 2,521 | 2,810 | 2,278 | 2,529 | 2,820 | 2,016 | |
Due after five years($M) | 523 | 623 | 923 | 1,094 | 581 | 671 | 740 | 901 | 547 | 732 | 931 | 584 | |
Unknown future title obligations, next three years — low end (estimate)($M)1 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |
High end($M) | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | |
Content assets, net($M)2 | 34,606 | 33,838 | 33,376 | 32,778 | 32,640 | 32,089 | 32,041 | 32,453 | 32,175 | 31,927 | 31,662 | 31,658 | |
Licensed content, net($M) | 12,508 | 12,230 | 12,268 | 12,139 | 12,182 | 12,273 | 12,393 | 12,422 | 12,308 | 12,359 | 12,550 | 12,723 | |
Produced content, net($M)3 | 22,097 | 21,608 | 21,108 | 20,640 | 20,458 | 19,816 | 19,648 | 20,030 | 19,868 | 19,569 | 19,113 | 18,935 | |
Released, less amortization($M) | 10,370 | 10,488 | 10,312 | 10,687 | 9,906 | 10,090 | 10,367 | 10,152 | 10,025 | 10,034 | 9,918 | 9,843 | |
In production($M) | 10,906 | 10,313 | 10,007 | 9,211 | 9,815 | 8,930 | 8,652 | 9,317 | 9,198 | 8,811 | 8,243 | 8,248 | |
In development and pre-production($M) | 822 | 807 | 790 | 742 | 737 | 796 | 629 | 561 | 645 | 725 | 952 | 845 | |
Next-quarter revenue forecast($M)6 | 13,442 | 12,860 | 12,574 | 12,157 | 11,960 | 11,526 | 11,035 | 10,416 | 10,128 | 9,727 | 9,491 | 9,240 | |
Forecast revenue growth y/y(%) | 11.5% | 11.7% | 13.5% | 15.3% | 16.7% | 17.3% | 15.4% | 11.2% | 14.7% | 13.9% | 15.9% | 13.2% | |
Forecast revenue growth y/y, F/X neutral (stated)(%) | 11.0% | 11.0% | 12.0% | 16.0% | 17.0% | 17.0% | 14.0% | ||||||
Forecast operating income($M) | 3,500 | 4,268 | 4,105 | 3,906 | 2,860 | 3,625 | 3,675 | 2,940 | 2,190 | 2,730 | 2,520 | 2,420 | |
Forecast operating margin(%) | 26.0% | 33.2% | 32.6% | 32.1% | 23.9% | 31.5% | 33.3% | 28.2% | 21.6% | 28.1% | 26.6% | 26.2% | |
Forecast net income($M) | 2,787 | 3,452 | 3,327 | 3,264 | 2,355 | 2,979 | 3,055 | 2,440 | 1,847 | 2,237 | 2,063 | 1,976 | |
Forecast diluted EPS (post 10-for-1 split, from the Q4 2025 letter)($) | 0.67 | 0.82 | 0.78 | 0.76 | |||||||||
Full-year revenue forecast, low end (latest each quarter)($M)1 | 51,100 | 51,000 | 50,700 | 50,700 | 45,100 | 44,800 | 43,500 | 43,500 | |||||
High end($M) | 51,100 | 51,400 | 51,700 | 51,700 | 45,100 | 45,200 | 44,500 | 44,500 | |||||
Full-year operating margin target (F/X rates as of January 1)(%) | 31.4% | 31.5% | 31.5% | 31.5% | 29.0% | 29.5% | 29.0% | 29.0% | |||||
Full-year free cash flow forecast($M) | 12,000 | 12,500 | 12,500 | 11,000 | 9,000 | 8,000 | 8,000 | ||||||
Advertising revenue for the year (forecast, latest each quarter)($M) | 2,700 | 3,000 | 3,000 | 3,000 | |||||||||
Remaining share repurchase authorization($M) | 22,300 | 27,100 | 6,800 | 8,000 | 10,100 | 12,000 | 13,600 | 17,100 | 3,100 | 4,800 | 6,400 | 8,400 | |
Revenue($M)4 | 12,560 | 12,250 | 12,051 | 11,510 | 11,079 | 10,543 | 10,247 | 9,825 | 9,559 | 9,370 | 8,833 | ||
Cost of revenues (mostly content amortization)($M) | 6,037 | 5,888 | 6,523 | 6,164 | 5,325 | 5,263 | 5,767 | 5,120 | 5,174 | 4,977 | 5,308 | ||
Operating income($M) | 4,193 | 3,957 | 2,957 | 3,248 | 3,775 | 3,347 | 2,273 | 2,910 | 2,603 | 2,633 | 1,496 | ||
Sales & marketing($M) | 824 | 842 | 1,113 | 786 | 713 | 688 | 976 | 643 | 644 | 654 | |||
Technology & development($M) | 1,008 | 960 | 890 | 854 | 825 | 823 | 777 | 735 | 711 | 703 | 673 | ||
Purchases of property & equipment (cash flow)($M) | 219 | 196 | 239 | 165 | 156 | 128 | 159 | 127 | 78.3 | 75.7 | 81.6 | ||
1 metric has no data in the last 12 quarters — .
Italic numbers are calculated by StockData from reported figures (hover for the formula). Numbers with a dotted underline are read from the text of earnings releases and presentations; hover to see the exact sentence. Tick a row to add it to the chart above (up to 8 lines).
Methodology and excluded metrics
- Netflix's latest reported quarter is Q3 2026.
- Regional revenue, constant-currency growth, hedging and (to Q4 2024) memberships and ARM come from the “Website Financials” workbook Netflix publishes each quarter; each quarter uses the latest workbook that covers it. Netflix prints quarterly figures (including Q4) in its cash flow statement, so content spend and amortization are not derived.
- Netflix stopped reporting quarterly paid memberships and ARM after Q4 2024; these legacy rows stop there.
- Content obligations and content assets by type come from the XBRL notes of the 10-Q / 10-K.
- All figures are as published by Netflix; no ratios, totals or estimates are added. The only arithmetic is splitting reported totals into quarters: Q4 = full year − nine months (licensed / produced content amortization) and quarterly cash flow = year-to-date − previous year-to-date in the database group (shown in italics, with the formula).
- U.S. GAAP filings have no parent-only statements and Netflix has no separately reporting subsidiary, so there is no consolidated − parent split. The Warner Bros. acquisition (agreed December 2025) was terminated in Q1 2026 (Netflix received a $2.8 billion termination fee).
- A metric is shown only when the three most recent quarters all have data; annual-only metrics need the two latest years. Rows from the database and the ESG report are checked against their own latest period.
Not shown because recent periods are missing (11)
- Members & revenue by region (key metric) › Total revenue growth y/y, F/X neutral (stated) › Increase in subscription revenue vs year-ago quarter ($, stated)
- Members & revenue by region (key metric) › Total revenue growth y/y, F/X neutral (stated) › Increase in advertising revenue vs year-ago quarter ($, stated)
- Content investment & contracted pipeline (key metric) › Cash spent on content (additions to content assets) › Expected full-year content amortization growth (guidance)
- Content investment & contracted pipeline (key metric) › Cash spent on content (additions to content assets) › Expected full-year cash content spend (guidance)
- Company outlook › Full-year revenue forecast, low end (latest each quarter) › Implied revenue growth y/y (stated)
- Company outlook › Full-year revenue forecast, low end (latest each quarter) › Revenue growth y/y, F/X neutral (stated)
- Company outlook › Full-year operating margin target (F/X rates as of January 1) › Full-year operating margin forecast at current F/X rates
- Advertising & engagement › Countries with the ads plan
- Advertising & engagement › View hours growth y/y, July–December (stated) › Total view hours, July–December (billions)
- Advertising & engagement › Share of US TV time (Nielsen, stated)
- Capital return › Shares repurchased in the quarter (millions, stated)
Data updated 2026-10-23.
Every KPI on its own page
Full history, chart, sources and a citation for each metric
Members & revenue by region (key metric)
Content investment & contracted pipeline (key metric)
- Cash spent on content (additions to content assets) ($M)35 periods
- Content obligations (signed, total) ($M)45 periods
- Content assets, net ($M)31 periods
- Licensed content: amortization expected next 12 months (10-K) ($M)7 periods
- Released produced content: amortization expected next 12 months (10-K) ($M)7 periods