Netflix, Inc. (NFLX) financials

NASDAQ · Communication Services · Entertainment · 16,000 employees · CEO Theodore A. Sarandos

Price: $62.08 +0.05%
Market cap: $258B
Enterprise value: $265B
Last report: Q3 '26 filed 2026-10-21
Next report: 2027-01-19 EPS est. $0.68

Revenue (TTM)$49.7B+14.7% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)31.3%+2.2 pp vs a year agoOperating income $15.6B

Net income (TTM)$14.8B+41.6% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$11.4B+26.9% vs a year agoCapex $933M

Diluted EPS (TTM)$3.46+44.2% vs a year agoSum of the last 4 quarters

Net cash-$6.91B-34.5% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $258B
Revenue: $49.7B
Revenue growth: +13%
Profit margin: 29.7%
P/E: 17.6×
P/S: 5.2×
EV / EBITDA: 7.3×
Free cash flow: $11.4B
Net income: $14.8B
Revenue estimate: $51.1B
Earnings: 2027-01-19
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-20): revenue in line, EPS beat by 6.1%Revenue $12.9B vs $12.9B expected (0.0%); EPS $0.87 vs $0.82 (+6.1%).
Revenue growth slowing: 11.8% year on yearQ3 '26 revenue $12.9B, against an average of 16.1% over the four quarters before.
Operating margin 31.3% (TTM), +2.2 pp on a year agoOperating income grew 23.1% while revenue grew 14.7%.
12.1% of pre-tax profit is non-operatingPre-tax income $17.7B vs operating income $15.6B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
Capex 1.9% of revenue (a year ago 1.4%)$933M invested in the last 4 quarters (+53.5% on a year earlier). Free cash flow $11.4B = 77.0% of net income.
Returned $12.9B to shareholders = 113.1% of free cash flowBuybacks $12.9B (a year earlier $8.01B), dividends $0, stock-based pay $540M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count down 3.3% in a year4.2B diluted shares in Q3 '26, 4.34B a year earlier.
Net debt $6.91BCash + short-term investments $8.22B, debt incl. leases $15.1B; a year ago net debt $5.14B.
Reportable Segment: revenue +11.8%, margin 34.6% (was 28.2%)Fastest-growing reported segment in Q3 '26: operating income $4.46B on revenue $12.9B (from the segment note of the filing).

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$12.9B	$11.5B	+11.8%
Gross margin	52.8%	46.4%	+6.3 pp
Operating income	$4.46B	$3.25B	+37.3%
Operating margin	34.6%	28.2%	+6.4 pp
Net income	$3.66B	$2.55B	+43.9%
Diluted EPS	$0.87	$0.59	+47.5%
Operating cash flow	$3.16B	$2.83B	+11.9%
Capex	$279M	$165M	+69.2%
Free cash flow	$2.88B	$2.66B	+8.4%
R&D	$1.03B	$854M	+21.0%
Stock-based compensation	$134M	$81M	+65.1%

Reported vs consensus

2026-10-20

	Actual	Consensus	vs consensus
Revenue	$12.9B	$12.9B	0.0%
EPS (as estimated)	$0.87	$0.82	+6.1%

From the report of 2026-10-20 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '24	y/y	Share	TTM	TTM y/y	12 quarters
Streaming revenues	$9.82B	+15.3%	100.0%	$37.6B	+15.2%

Revenue by region

share of total

Segment	Q3 '24	y/y	Share	TTM	TTM y/y
United States And Canada	$5.63B	+11.0%	43.7%	$21.6B	+13.1%
EMEA	$4.11B	+11.0%	31.9%	$16B	+14.9%
Latin America	$1.6B	+16.9%	12.4%	$6.1B	+18.0%
Asia Pacific	$1.54B	+12.3%	11.9%	$5.98B	+16.2%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Reportable Segment	$12.9B	+11.8%	$4.46B	+37.3%	34.6%	28.2%	$15.6B

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $12.3B
Capex: -$933M
Buybacks: -$12.9B
Dividends: $0
Acquisitions: -$586M
Net debt issued: $993M
Stock-based compensation: $540M
Free cash flow: $11.4B
Returned to shareholders / FCF: 113.1%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	17.6×	40.2×	29.2× – 51.9×
EV / EBITDA	7.3×	12.0×	6.9× – 14.9×
EV / Sales	5.3×	7.9×	4.4× – 10.1×
Price / FCF	22.7×	52.3× 4 of 5 years	31.0× – 81.0×
Price / Book	8.8×	12.8×	6.3× – 16.8×
FCF yield	4.4%	1.7%	-0.0% – 3.2%
Return on invested capital	26.6%	17.4%	11.8% – 25.2%
Return on equity	50.4%	31.3%	21.6% – 41.3%

Analysts

Consensus target $86.21 (+38.9%)
range $57.00 – $141.00 · rating Buy

Strong buy0

Buy62

Hold31

Sell7

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$51.1B	+13.2%	$3.58	+41.7%	17.3×	29
FY2027	$56.6B	+10.6%	$3.76	+4.9%	16.5×	34
FY2028	$62.1B	+9.7%	$4.47	+18.9%	13.9×	31
FY2029	$67.6B	+8.9%	$5.35	+19.7%	11.6×	24
FY2030	$72.8B	+7.6%	$6.31	+18.0%	9.8×	14

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 241 figures Netflix, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$860M	$793M	+8.4%	$901M	$900M	+0.1%
Accounts Receivable, Held-for-sale	$2.06B	$1.69B	+22.0%	$2.03B	$1.34B	+52.1%
Accrued Liabilities, Current	$3.3B	$3.11B	+6.1%	$3.22B	$2.16B	+49.4%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$1.27B	$1.05B	+21.7%	$1.1B	$918M	+19.5%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$9.45M	-$719M	+98.7%	-$580M	$362M	-260.3%
Advertising Expense	–	–	–	$2B	$1.78B	+12.5%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	9.23M	296K	+3,017.6%	818K	2.43M	-66.4%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	–	–	–	$368M	$273M	+35.2%
Assets	$58.7B	$54.9B	+6.8%	$55.6B	$53.6B	+3.7%
Assets, Current	$13.2B	$13B	+2.0%	$13B	$13.1B	-0.6%
Cash and Cash Equivalents, at Carrying Value	$8.19B	$9.29B	-11.8%	$9.03B	$7.8B	+15.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$8.2B	$9.29B	-11.8%	$9.04B	$7.81B	+15.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$905M	$1.11B	-181.5%	$1.23B	$689M	+78.8%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	49.9B	4.99B	+900.0%	49.9B	49.9B	0.0%
Common Stock, Shares, Issued	4.11B	424M	+869.1%	4.22B	4.28B	-1.3%
Common Stock, Shares, Outstanding	4.11B	424M	+869.1%	4.22B	4.28B	-1.3%
Common Stock, Value, Issued	$7.9B	$7.08B	+11.6%	$7.29B	$6.25B	+16.5%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$3.75B	$2.73B	+37.3%	$10B	$9.3B	+8.0%
Contract with Customer, Liability, Current	$1.78B	$1.72B	+3.2%	$1.78B	$1.52B	+16.8%
Cost of Revenue	$6.08B	$6.16B	-1.4%	$23.3B	$21B	+10.6%
Current Federal Tax Expense (Benefit)	–	–	–	$1.32B	$1.09B	+20.4%
Current Foreign Tax Expense (Benefit)	–	–	–	$562M	$537M	+4.6%
Current Income Tax Expense (Benefit)	–	–	–	$2.19B	$1.85B	+18.7%
Current State and Local Tax Expense (Benefit)	–	–	–	$312M	$215M	+45.2%
Debt Instrument, Face Amount	$15.3B	$14.5B	+5.6%	$14.5B	$15.7B	-7.2%
Debt Issuance Costs, Net	$59M	$59M	0.0%	$56M	$70M	-20.0%
Debt Securities, Available-for-sale	$8.23B	$9.33B	-11.8%	$9.07B	$9.59B	-5.4%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$0	$0	–	$0	$3.26M	-100.0%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$0	$0	–	$0	$0	–
Debt Securities, Available-for-sale, Amortized Cost	$8.23B	$9.33B	-11.8%	$9.07B	$9.58B	-5.4%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$155M	-$521M	+70.1%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$260M	-$29.2M	-789.9%
Deferred Income Tax Expense (Benefit)	–	–	–	-$449M	-$591M	+24.1%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$34.1M	-$41.7M	+18.2%
Deferred Tax Assets, Derivative Instruments	$116M2025-12-31	$0	–	$116M	$0	–
Deferred Tax Assets, Gross	$3.32B2025-12-31	$3.06B	+8.7%	$3.32B	$3.06B	+8.7%
Deferred Tax Assets, in Process Research and Development	$969M2025-12-31	$1.08B	-9.9%	$969M	$1.08B	-9.9%
Deferred Tax Assets, Net	$1.95B2025-12-31	$1.18B	+66.0%	$1.95B	$1.18B	+66.0%
Deferred Tax Assets, Net of Valuation Allowance	$2.7B2025-12-31	$2.52B	+7.5%	$2.7B	$2.52B	+7.5%
Deferred Tax Assets, Operating Loss Carryforwards	$836M2025-12-31	$834M	+0.1%	$836M	$834M	+0.1%
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	$1.02B2025-12-31	$943M	+8.0%	$1.02B	$943M	+8.0%
Deferred Tax Assets, Other	$29.4M2025-12-31	$18.2M	+61.7%	$29.4M	$18.2M	+61.7%
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	$48M2025-12-31	$41M	+17.1%	$48M	$41M	+17.1%
Deferred Tax Assets, Tax Credit Carryforwards, Research	$823M2025-12-31	$694M	+18.6%	$823M	$694M	+18.6%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$439M2025-12-31	$441M	-0.5%	$439M	$441M	-0.5%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	$371M2025-12-31	$152M	+143.6%	$371M	$152M	+143.6%
Deferred Tax Assets, Valuation Allowance	$618M2025-12-31	$540M	+14.3%	$618M	$540M	+14.3%
Deferred Tax Liabilities, Derivatives	$02025-12-31	$220M	-100.0%	$0	$220M	-100.0%
Deferred Tax Liabilities, Gross	$750M2025-12-31	$1.34B	-44.0%	$750M	$1.34B	-44.0%
Deferred Tax Liabilities, Leasing Arrangements	$448M2025-12-31	$450M	-0.3%	$448M	$450M	-0.3%
Deferred Tax Liabilities, Other	$7.14M2025-12-31	$15.4M	-53.5%	$7.14M	$15.4M	-53.5%
Deferred Tax Liabilities, Property, Plant and Equipment	$32.8M2025-12-31	$371M	-91.2%	$32.8M	$371M	-91.2%
Defined Contribution Plan, Employer Discretionary Contribution Amount	–	–	–	$144M	$128M	+12.5%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	–	–	–	80.0%	80.0%	0.0%
Depreciation, Depletion and Amortization	$107M	$87.3M	+22.6%	$333M	$329M	+1.4%
Derivative Asset	$681M	$298M	+128.9%	$285M	$1B	-71.6%
Derivative Asset, Fair Value, Amount Offset Against Collateral	$182M	$6.25M	+2,819.7%	$2.81M	$685M	-99.6%
Derivative Asset, Fair Value, Gross Asset	$681M	$298M	+128.9%	$285M	$1B	-71.6%
Derivative Asset, Fair Value, Gross Liability	$0	$0	–	$0	$0	–

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01