Company file · NFLX
Netflix
Netflix's revenue grew 16% in 2025, with growth in every region
Revenues rose 15.9% to $45.2B, and net income rose 26.1% to $11.0B. The US and Canada were 44% of revenue; Asia-Pacific grew fastest, at 21.3%.
Key facts
Netflix (Nasdaq: NFLX) reported revenues of $45.2B for fiscal 2025, the year ended Dec 31, 2025, up 15.9% from fiscal 2024. Net income was $11.0B, up 26.1%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $12.9B, up 11.8% from the same quarter a year earlier, and net income was $3.7B. The largest piece by region was US & Canada, at 44% of fiscal 2025 revenues. Sources: 10-K for fiscal 2025 (filed Jan 23, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026).
Source: 10-K FY2025, filed Jan 23, 2026
Source: 10-Q filed Apr 17, 2026 · 10-Q filed Jul 17, 2026 · 10-Q filed Oct 21, 2026
How it makes money
By region, FY2025
- LineAmountSharevs FY2024
- US & Canada$20.0B44%+15.0%
- EMEA$14.5B32%+17.2%
- Latin America$5.4B12%+10.7%
- Asia-Pacific$5.4B12%+21.3%
Source: 10-K FY2025, XBRL breakdown
The US and Canada brought in $20.0B in 2025, 44% of revenues. EMEA was 32%, Latin America 12% and Asia-Pacific 12%.
Source: 10-K FY2025
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Netflix 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026
By region
Source: Netflix 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026
The bull case and the bear case
The bull case
- Revenues grew 15.9% in 2025 to $45.2B, and net income rose 26.1% to $11.0B. 10-K, FY2025
- Operating cash flow rose 37.9% in 2025 to $10.1B. 10-K, FY2025
- Revenues in the quarter ended Sep 30, 2026 were $12.9B, up 11.8% on a year earlier, and net income rose 43.9% to $3.7B. 10-Q, quarter ended Sep 30, 2026
- Asia-Pacific revenues rose 21.3% in 2025 and EMEA 17.2%. 10-K, FY2025
The bear case
- Latin America grew 10.7% in 2025, the slowest of the four regions. 10-K, FY2025
- Revenue growth slowed to 11.8% in the quarter ended Sep 30, 2026, from 15.9% for 2025. 10-Q, quarter ended Sep 30, 2026
- The 10-K warns that its advertising offering is subject to risks and uncertainties, and that it competes with many other forms of entertainment for viewers' time. 10-K, Item 1A
- It also has large commitments to pay for content, which the 10-K notes it must make whether or not members sign up as expected. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Netflix runs a subscription streaming service with films, series, games and some live programming, offered with and without ads in more than 190 countries.
Netflix earns almost all of its revenue from monthly membership fees, with plans that differ by price, video quality and whether they include ads. A growing part comes from advertising on its ad-supported plans. It licenses and produces content, much of it original.
It reports revenue by four regions: the US and Canada, Europe, Middle East and Africa (EMEA), Latin America, and Asia-Pacific. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Netflix's latest 10-K. Read the original for the full list.
- Members and competitionIt needs to keep attracting and retaining members against other streamers, TV, games and social media.
- Content costsContent commitments are large and long-term, and shows and films may not draw enough viewers.
- AdvertisingIts ad business is newer and depends on advertiser demand and measurement.
- PricingPrice increases can lead some members to cancel.
- InternationalMost members are outside the US, so currency moves and local rules affect results.
- TechnologyService outages or cyberattacks could disrupt streaming and hurt its reputation.
- Legal and taxContent regulation, intellectual property claims and taxes in many countries can raise costs.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenues | $33.7B | $39.0B | $45.2B |
| Net income | $5.4B | $8.7B | $11.0B |
| Operating cash flow | $7.3B | $7.4B | $10.1B |
| Cash & equivalents (year end) | $7.1B | $7.8B | $9.0B |
| Total debt (year end) | $14.5B | $15.6B | $14.5B |
| Diluted shares | 4.49B | 4.39B | 4.34B |
- Revenues: Streaming membership fees plus a growing amount of advertising.
- Net income: Profit after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term plus long-term debt (senior notes), at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Netflix did a ten-for-one stock split in November 2025; share counts are on a post-split basis as reported.
- Total debt is short-term borrowings plus current and long-term debt at carrying value, as tagged in the filing.
Recent filings
Latest filings
- Oct 204:01 PM ET
8-K
Netflix files an 8-K on quarterly results
Netflix filed a Form 8-K on Oct 20, 2026 at 4:01 PM ET under Item 2.02 (Results of Operations and Financial Condition).
- Oct 26:13 PM ET
Form 4
Netflix director Jay C. Hoag reports an award of 921 Non-Qualified stock option (right to buy)s
The filing reports 921 Non-Qualified stock option (right to buy)s in a grant or award (code A).
- Oct 24:06 PM ET
Form 4
Netflix director Elinor Mertz reports an award of 922 Non-Qualified stock option (right to buy)s
The filing reports 922 Non-Qualified stock option (right to buy)s in a grant or award (code A).
- Oct 24:05 PM ET
Form 4
Netflix director Susan E. Rice reports an award of 921 Non-Qualified stock option (right to buy)s
The filing reports 921 Non-Qualified stock option (right to buy)s in a grant or award (code A).
- Oct 24:05 PM ET
Form 4
Netflix director Richard N. Barton reports an award of 921 Non-Qualified stock option (right to buy)s
The filing reports 921 Non-Qualified stock option (right to buy)s in a grant or award (code A).
Common questions about Netflix
How does Netflix make money?
Netflix's revenues were $45.2B in fiscal 2025. The US and Canada brought in $20.0B in 2025, 44% of revenues. EMEA was 32%, Latin America 12% and Asia-Pacific 12%. Source: 10-K for fiscal 2025, filed Jan 23, 2026.
What was Netflix's revenue in fiscal 2025?
$45.2B of revenues for the fiscal year ended Dec 31, 2025, up 15.9% from $39.0B in fiscal 2024. Fiscal 2023 was $33.7B. Source: 10-K for fiscal 2025, filed Jan 23, 2026.
Is Netflix profitable?
Netflix reported net income of $11.0B for fiscal 2025, up 26.1% from $8.7B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $3.7B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Jan 23, 2026.
What did Netflix report in its latest quarterly filing?
Revenue was $12.9B in the quarter ended Sep 30, 2026, up 11.8% from $11.5B a year earlier. Net income was $3.7B, up 43.9% from $2.5B. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026.
How much cash and debt does Netflix have?
Netflix had $8.2B in cash and cash equivalents and $15.1B of total debt on Sep 30, 2026. Total debt here is short-term plus long-term debt (senior notes), at carrying value. Source: 10-Q filed Oct 21, 2026.
What are the main risks Netflix lists?
Netflix's 10-K for fiscal 2025, filed Jan 23, 2026, lists its risk factors in Item 1A. We group them into 7 areas: Members and competition; content costs; advertising; pricing; international; technology; legal and tax. The first: It needs to keep attracting and retaining members against other streamers, TV, games and social media. Source: 10-K, Item 1A Risk Factors.
Where do these Netflix numbers come from?
From Netflix's own SEC filings: the 10-K for fiscal 2025 (filed Jan 23, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in NFLX
- The editor holds no position in Netflix (NFLX). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell NFLX from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold NFLX, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| NetflixNFLX | FY2025 | $45.2B | +15.9% | $11.0B |
| DisneyDIS | FY2025 | $94.4B | +3.4% | $12.4B |
| Meta | FY2025 | $201.0B | +22.2% | $60.5B |
| AlphabetGOOGL | FY2025 | $402.8B | +15.1% | $132.2B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.