Netflix, Inc. (NFLX)财务
NASDAQ · Communication Services · Entertainment · 员工16,000人 · CEO Theodore A. Sarandos
- 股价
- $62.08 +0.05%
- 市值
- $2580亿
- 企业价值
- $2650亿
- 最近财报
- Q3 '26 2026-10-21提交
- 下次财报
- 2027-01-19 EPS预期 $0.68
营收(TTM)$497亿+14.7% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)31.3%+2.2 百分点 对比去年同期营业利润 $156亿
净利润(TTM)$148亿+41.6% 对比去年同期税后,含营业外收益
自由现金流(TTM)$114亿+26.9% 对比去年同期资本支出 $9.33亿
稀释EPS(TTM)$3.46+44.2% 对比去年同期最近4个季度之和
净现金-$69.1亿-34.5% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $2580亿 EV $2650亿
- 营收
- $497亿 过去12个月
- 营收增速
- +13% FY2026年一致预期
- 净利润率
- 29.7% 净利润 / 营收,TTM
- P/E
- 17.6× 预期 17.3×(FY2026)
- P/S
- 5.2× 股价 / 营收,TTM
- EV / EBITDA
- 7.3× TTM
- 自由现金流
- $114亿 过去12个月
- 净利润
- $148亿 过去12个月
- 营收预期
- $511亿 FY2026年一致预期
- 盈利
- 2027-01-19 营收预期 $134亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-20):营收符合预期,EPS 超预期6.1%营收$129亿,预期$129亿(0.0%);EPS $0.87,预期$0.82(+6.1%)。
- 营收增长放缓:同比11.8%Q3 '26营收$129亿,此前四个季度的平均值为16.1%。
- 营业利润率31.3%(TTM),较去年同期+2.2 百分点营收增长14.7%,营业利润增长23.1%。
- 税前利润的12.1%来自营业外收益税前利润$177亿,营业利润$156亿(TTM)。股权投资收益等一次性项目推高了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的1.9%(去年为1.4%)最近4个季度投入$9.33亿(同比+53.5%)。自由现金流$114亿,相当于净利润的77.0%。
- 股东回报$129亿 = 自由现金流的113.1%回购$129亿(去年为$80.1亿),股息$0,股权激励$5.4亿(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少3.3%Q3 '26稀释股数42亿,一年前为43.4亿。
- 净债务 $69.1亿现金 + 短期投资 $82.2亿,含租赁债务 $151亿;一年前净债务 $51.4亿。
- Reportable Segment:营收+11.8%,利润率34.6%(此前为28.2%)Q3 '26增长最快的披露分部:营收$129亿,营业利润$44.6亿(来自财报的分部附注)。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $129亿 | $115亿 | +11.8% |
| 毛利率 | 52.8% | 46.4% | +6.3 百分点 |
| 营业利润 | $44.6亿 | $32.5亿 | +37.3% |
| 营业利润率 | 34.6% | 28.2% | +6.4 百分点 |
| 净利润 | $36.6亿 | $25.5亿 | +43.9% |
| 稀释EPS | $0.87 | $0.59 | +47.5% |
| 经营现金流 | $31.6亿 | $28.3亿 | +11.9% |
| 资本支出 | $2.79亿 | $1.65亿 | +69.2% |
| 自由现金流 | $28.8亿 | $26.6亿 | +8.4% |
| R&D | $10.3亿 | $8.54亿 | +21.0% |
| 股权激励费用 | $1.34亿 | $8100万 | +65.1% |
实际 vs 一致预期
2026-10-20| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $129亿 | $129亿 | 0.0% |
| EPS(一致预期口径) | $0.87 | $0.82 | +6.1% |
来自2026-10-20发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '24 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Streaming revenues | $98.2亿 | +15.3% | 100.0% | $376亿 | +15.2% |
按地区划分的营收
占总额比例| 分部 | Q3 '24 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States And Canada | $56.3亿 | +11.0% | 43.7% | $216亿 | +13.1% | |
| EMEA | $41.1亿 | +11.0% | 31.9% | $160亿 | +14.9% | |
| Latin America | $16亿 | +16.9% | 12.4% | $61亿 | +18.0% | |
| Asia Pacific | $15.4亿 | +12.3% | 11.9% | $59.8亿 | +16.2% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Reportable Segment | $129亿 | +11.8% | $44.6亿 | +37.3% | 34.6% | 28.2% | $156亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $123亿
- 资本支出
- -$9.33亿
- 股票回购
- -$129亿
- 股息
- $0
- 收购
- -$5.86亿
- 债务净发行
- $9.93亿
- 股权激励费用
- $5.4亿
- 自由现金流
- $114亿
- 股东回报 / FCF
- 113.1%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 17.6× | 40.2× | 29.2× – 51.9× |
| EV / EBITDA | 7.3× | 12.0× | 6.9× – 14.9× |
| EV / 营收 | 5.3× | 7.9× | 4.4× – 10.1× |
| 股价 / FCF | 22.7× | 52.3× 5年中的4年 | 31.0× – 81.0× |
| 股价 / 净资产 | 8.8× | 12.8× | 6.3× – 16.8× |
| FCF收益率 | 4.4% | 1.7% | -0.0% – 3.2% |
| 投入资本回报率 | 26.6% | 17.4% | 11.8% – 25.2% |
| 净资产收益率 | 50.4% | 31.3% | 21.6% – 41.3% |
分析师
一致目标价 $86.21 (+38.9%)
区间 $57.00 – $141.00 · 评级 Buy
强烈买入0
买入62
持有31
卖出7
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $511亿 | +13.2% | $3.58 | +41.7% | 17.3× | 29 |
| FY2027 | $566亿 | +10.6% | $3.76 | +4.9% | 16.5× | 34 |
| FY2028 | $621亿 | +9.7% | $4.47 | +18.9% | 13.9× | 31 |
| FY2029 | $676亿 | +8.9% | $5.35 | +19.7% | 11.6× | 24 |
| FY2030 | $728亿 | +7.6% | $6.31 | +18.0% | 9.8× | 14 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Netflix, Inc.在近期10-Q / 10-K文件中标记的全部241项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $8.6亿 | $7.93亿 | +8.4% | $9.01亿 | $9亿 | +0.1% |
| Accounts Receivable, Held-for-sale | $20.6亿 | $16.9亿 | +22.0% | $20.3亿 | $13.4亿 | +52.1% |
| Accrued Liabilities, Current | $33亿 | $31.1亿 | +6.1% | $32.2亿 | $21.6亿 | +49.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $12.7亿 | $10.5亿 | +21.7% | $11亿 | $9.18亿 | +19.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$945万 | -$7.19亿 | +98.7% | -$5.8亿 | $3.62亿 | -260.3% |
| Advertising Expense | – | – | – | $20亿 | $17.8亿 | +12.5% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 923万 | 29.6万 | +3,017.6% | 81.8万 | 243万 | -66.4% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | – | – | – | $3.68亿 | $2.73亿 | +35.2% |
| Assets | $587亿 | $549亿 | +6.8% | $556亿 | $536亿 | +3.7% |
| Assets, Current | $132亿 | $130亿 | +2.0% | $130亿 | $131亿 | -0.6% |
| Cash and Cash Equivalents, at Carrying Value | $81.9亿 | $92.9亿 | -11.8% | $90.3亿 | $78亿 | +15.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $82亿 | $92.9亿 | -11.8% | $90.4亿 | $78.1亿 | +15.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$9.05亿 | $11.1亿 | -181.5% | $12.3亿 | $6.89亿 | +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 | 499亿 | 49.9亿 | +900.0% | 499亿 | 499亿 | 0.0% |
| Common Stock, Shares, Issued | 41.1亿 | 4.24亿 | +869.1% | 42.2亿 | 42.8亿 | -1.3% |
| Common Stock, Shares, Outstanding | 41.1亿 | 4.24亿 | +869.1% | 42.2亿 | 42.8亿 | -1.3% |
| Common Stock, Value, Issued | $79亿 | $70.8亿 | +11.6% | $72.9亿 | $62.5亿 | +16.5% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $37.5亿 | $27.3亿 | +37.3% | $100亿 | $93亿 | +8.0% |
| Contract with Customer, Liability, Current | $17.8亿 | $17.2亿 | +3.2% | $17.8亿 | $15.2亿 | +16.8% |
| Cost of Revenue | $60.8亿 | $61.6亿 | -1.4% | $233亿 | $210亿 | +10.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | $13.2亿 | $10.9亿 | +20.4% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $5.62亿 | $5.37亿 | +4.6% |
| Current Income Tax Expense (Benefit) | – | – | – | $21.9亿 | $18.5亿 | +18.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $3.12亿 | $2.15亿 | +45.2% |
| Debt Instrument, Face Amount | $153亿 | $145亿 | +5.6% | $145亿 | $157亿 | -7.2% |
| Debt Issuance Costs, Net | $5900万 | $5900万 | 0.0% | $5600万 | $7000万 | -20.0% |
| Debt Securities, Available-for-sale | $82.3亿 | $93.3亿 | -11.8% | $90.7亿 | $95.9亿 | -5.4% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $0 | $0 | – | $0 | $326万 | -100.0% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Amortized Cost | $82.3亿 | $93.3亿 | -11.8% | $90.7亿 | $95.8亿 | -5.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1.55亿 | -$5.21亿 | +70.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$2.6亿 | -$2920万 | -789.9% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$4.49亿 | -$5.91亿 | +24.1% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$3410万 | -$4170万 | +18.2% |
| Deferred Tax Assets, Derivative Instruments | $1.16亿2025-12-31 | $0 | – | $1.16亿 | $0 | – |
| Deferred Tax Assets, Gross | $33.2亿2025-12-31 | $30.6亿 | +8.7% | $33.2亿 | $30.6亿 | +8.7% |
| Deferred Tax Assets, in Process Research and Development | $9.69亿2025-12-31 | $10.8亿 | -9.9% | $9.69亿 | $10.8亿 | -9.9% |
| Deferred Tax Assets, Net | $19.5亿2025-12-31 | $11.8亿 | +66.0% | $19.5亿 | $11.8亿 | +66.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $27亿2025-12-31 | $25.2亿 | +7.5% | $27亿 | $25.2亿 | +7.5% |
| Deferred Tax Assets, Operating Loss Carryforwards | $8.36亿2025-12-31 | $8.34亿 | +0.1% | $8.36亿 | $8.34亿 | +0.1% |
| Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $10.2亿2025-12-31 | $9.43亿 | +8.0% | $10.2亿 | $9.43亿 | +8.0% |
| Deferred Tax Assets, Other | $2940万2025-12-31 | $1820万 | +61.7% | $2940万 | $1820万 | +61.7% |
| Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $4800万2025-12-31 | $4100万 | +17.1% | $4800万 | $4100万 | +17.1% |
| Deferred Tax Assets, Tax Credit Carryforwards, Research | $8.23亿2025-12-31 | $6.94亿 | +18.6% | $8.23亿 | $6.94亿 | +18.6% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $4.39亿2025-12-31 | $4.41亿 | -0.5% | $4.39亿 | $4.41亿 | -0.5% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $3.71亿2025-12-31 | $1.52亿 | +143.6% | $3.71亿 | $1.52亿 | +143.6% |
| Deferred Tax Assets, Valuation Allowance | $6.18亿2025-12-31 | $5.4亿 | +14.3% | $6.18亿 | $5.4亿 | +14.3% |
| Deferred Tax Liabilities, Derivatives | $02025-12-31 | $2.2亿 | -100.0% | $0 | $2.2亿 | -100.0% |
| Deferred Tax Liabilities, Gross | $7.5亿2025-12-31 | $13.4亿 | -44.0% | $7.5亿 | $13.4亿 | -44.0% |
| Deferred Tax Liabilities, Leasing Arrangements | $4.48亿2025-12-31 | $4.5亿 | -0.3% | $4.48亿 | $4.5亿 | -0.3% |
| Deferred Tax Liabilities, Other | $714万2025-12-31 | $1540万 | -53.5% | $714万 | $1540万 | -53.5% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $3280万2025-12-31 | $3.71亿 | -91.2% | $3280万 | $3.71亿 | -91.2% |
| Defined Contribution Plan, Employer Discretionary Contribution Amount | – | – | – | $1.44亿 | $1.28亿 | +12.5% |
| Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | – | – | – | 80.0% | 80.0% | 0.0% |
| Depreciation, Depletion and Amortization | $1.07亿 | $8730万 | +22.6% | $3.33亿 | $3.29亿 | +1.4% |
| Derivative Asset | $6.81亿 | $2.98亿 | +128.9% | $2.85亿 | $10亿 | -71.6% |
| Derivative Asset, Fair Value, Amount Offset Against Collateral | $1.82亿 | $625万 | +2,819.7% | $281万 | $6.85亿 | -99.6% |
| Derivative Asset, Fair Value, Gross Asset | $6.81亿 | $2.98亿 | +128.9% | $2.85亿 | $10亿 | -71.6% |
| Derivative Asset, Fair Value, Gross Liability | $0 | $0 | – | $0 | $0 | – |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01