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Nasdaq · Technology

Netflix Inc. (NFLX)

As-reported financials and SEC filings for Netflix Inc. The latest annual period is FY2025. The latest reported quarter is Q3 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Netflix Inc.

Netflix Inc provides entertainment services that include streaming TV series, films, games, and live programming across various genres and languages. The company offers subscription plans that allow members to watch content on demand and aims to serve a global audience. Its revenues primarily come from monthly membership fees for streaming content.

Snapshot

Revenue
$45.18B
Revenue growth (YoY)
15.9%
Net income
$10.98B
Diluted EPS
$2.53
Gross margin
48.5%
Operating margin
29.5%
Net margin
24.3%
FCF margin
20.9%
ROE
41.3%
net income / fiscal-year-end equity
P/E
19.0×
trailing when available, otherwise FY EPS
Market cap
$274.20B
Long-term debt / equity
0.51×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Netflix

  • Revenue grew 15.9% to $45.2B in FY2025, in line with the 15.6% the year before.
  • Operating margin is 29.5% in FY2025, +8.6 pp against 20.9% in FY2021.
  • Most recent quarter Q3 FY2026: revenue $12.9B, up 11.8% from Q3 FY2025.
  • Free cash flow was $9.5B in FY2025, 20.9% of revenue.
  • Net income rose 26.1% to $11.0B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Netflix’s fundamentals sit among the 628 Technology companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin48.5%
48th percentile of 512
Operating margin29.5%
93rd percentile of 564
Net margin24.3%
89th percentile of 577
FCF margin20.9%
75th percentile of 545
Revenue growth (YoY)+15.9%
65th percentile of 619
ROE41.3%
93rd percentile of 547
P/E19.0×
32nd percentile of 319
Long-term debt / equity0.51×
61st percentile of 281
Short interest2.09d
28th percentile of 625

Netflix’s operating margin of 29.5% ranks in the 93rd percentile of the 564 Technology companies reporting it. Netflix’s return on equity of 41.3% ranks in the 93rd percentile of the 547 Technology companies reporting it. Netflix’s net margin of 24.3% ranks in the 89th percentile of the 577 Technology companies reporting it.

No reported insider purchases (code P) in the last 90 days; 10 insider sales totaling $13.2M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 10 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
10
+6 quant / multi-strat
Initiated / added
9
2 new, 7 added
Reduced / exited
11
6 trimmed, 5 exited
Combined position
$4.17B
reported long value
InvestorAs ofPosition valueSharesChange
Pershing Square Capital ManagementQ2 2026$934.0M13.1MNew
Harris Associates (Oakmark)Q2 2026$786.5M11.0MAdded
Citadel AdvisorsquantQ2 2026$631.3M8.8MAdded
Renaissance TechnologiesquantQ2 2026$484.7M6.8MAdded
Sands Capital ManagementQ2 2026$381.0M5.3MReduced
Coatue ManagementQ2 2026$336.3M4.7MReduced
AQR Capital ManagementquantQ2 2026$180.6M2.5MReduced
D. E. ShawquantQ2 2026$177.9M2.5MAdded
Millennium ManagementquantQ2 2026$125.7M1.8MReduced
Two Sigma InvestmentsquantQ2 2026$56.1M786.2KAdded
Gotham Asset ManagementQ2 2026$44.2M618.8KAdded
ARK Investment ManagementQ2 2026$16.1M224.9KAdded
Polen Capital ManagementQ2 2026$4.9M68.1KReduced
Soros Fund ManagementQ2 2026$3.3M46.5KReduced
Markel GroupQ2 2026$2.9M40.0KNew
Ruane Cunniff (Sequoia)Q2 2026$577,6978.1KHeld

No longer held by: Bridgewater Associates (as of Q2 2026), Hound Partners (as of Q2 2026), Point72 Asset Management (as of Q2 2026), Tiger Global Management (as of Q2 2026), Whale Rock Capital Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
10
$13.2M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-09-10
Richard N. BartonDirectorSell720$75.27$54K
2026-09-09
filed 2026-09-10
Richard N. BartonDirectorSell720$76.26$55K
2026-09-08
filed 2026-09-09
Richard N. BartonDirectorSell720$77.60$56K
2026-08-10
Spencer Adam NeumannChief Financial OfficerSell9.2K$75.79$701K
2026-08-06
Gregory K. PetersCo-CEOSell27.3K$73.54$2.0M
2026-08-05
filed 2026-08-06
Richard N. BartonDirectorSell2.2K$75.10$162K
2026-08-04
Theodore A. SarandosCo-CEOSell27.3K$73.35$2.0M
2026-08-04
David A. HymanChief Legal OfficerSell5.7K$72.85$417K
2026-08-03
filed 2026-08-04
Theodore A. SarandosCo-CEOSell81.9K$72.90$6.0M
2026-08-03
filed 2026-08-04
Theodore A. SarandosCo-CEOSell24.0K$73.48$1.8M
2026-06-17
filed 2026-06-18
Bradford L. SmithDirectorSell22.2K$77.21$1.7M
2026-06-17
filed 2026-06-18
Bradford L. SmithDirectorSell13.8K$78.01$1.1M

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
82.2M
settled 2026-09-30
Change vs prior
-12.7%
vs previous settlement
Days to cover
2.09
at avg daily volume
Avg daily volume
39.3M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-3082.2M-12.7%2.09
2026-09-1594.2M+3.0%3.60
2026-08-3191.5M+1.1%3.31
2026-08-1490.5M-1.8%3.04
2026-07-3192.2M-7.6%1.64
2026-07-1599.7M-4.2%2.55
2026-06-30104.1M+3.1%1.76
2026-06-15101.0M-0.5%2.78

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$45.18B$39.00B$33.72B$31.62B$29.70B
Gross profit
Operating income$13.33B$10.42B$6.95B$5.63B$6.19B
Pre-tax income$12.72B$9.97B$6.21B$5.26B$5.84B
Net income$10.98B$8.71B$5.41B$4.49B$5.12B
Diluted EPS$2.53$1.98$1.20

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$10.15B$7.36B$7.27B$2.03B$392.6M
Capital expenditure$688.2M$439.5M$348.6M$407.7M$524.6M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q3 FY2026$12.87B11.8%$3.66B$0.87
Q2 FY2026$12.56B13.4%$3.40B$0.80
Q1 FY2026$12.25B16.2%$5.28B$1.23
Q4 FY202517.6%
Q3 FY2025$11.51B17.2%$2.55B$0.59
Q2 FY2025$11.08B15.9%$3.13B$0.72
Q1 FY2025$10.54B12.5%$2.89B$0.66
Q4 FY202416.0%—

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorTechnology
SIC industryServices-Video Tape Rental
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ3 FY2026 (ended September 30, 2026)
Oldest indexed filing2023
SEC CIK1065280

Selected SEC filings

10-K2026-01-23
View on EDGAR →
10-K2025-01-27
View on EDGAR →
10-Q2026-10-21
View on EDGAR →
10-Q2026-07-17
View on EDGAR →
10-Q2026-04-17
View on EDGAR →
10-Q2025-10-22
View on EDGAR →
8-K2026-10-20
View on EDGAR →
8-K2026-07-30
View on EDGAR →

Largest Technology peers

All Technology companies →

NFLX head to head

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.