Netflix (NFLX) Financials

$931.28 +12.99 (+1.41%)

As of 04/14/2025 04:00 PM Eastern

Annual Income Statements for Netflix

This table shows Netflix's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	123	187	559	1,211	1,867	2,761	5,116	4,492	5,408	8,712
Consolidated Net Income / (Loss)	123	187	559	1,211	1,867	2,761	5,116	4,492	5,408	8,712
Net Income / (Loss) Continuing Operations	123	187	559	1,211	1,867	2,761	5,116	4,492	5,408	8,712
Total Pre-Tax Income	142	261	485	1,226	2,062	3,199	5,840	5,264	6,205	9,966
Total Operating Income	306	380	839	1,605	2,604	4,585	6,195	5,633	6,954	10,418
Total Gross Profit	2,188	2,573	3,660	5,827	7,716	9,720	12,365	12,447	14,008	17,963
Total Revenue	6,780	8,831	11,693	15,794	20,156	24,996	29,698	31,616	33,723	39,001
Operating Revenue	6,780	8,831	11,693	15,794	20,156	24,996	29,698	31,616	33,723	39,001
Total Cost of Revenue	4,591	6,257	8,033	9,968	12,440	15,276	17,333	19,168	19,715	21,038
Operating Cost of Revenue	4,591	6,257	8,033	9,968	12,440	15,276	17,333	19,168	19,715	21,038
Total Operating Expenses	1,882	2,193	2,821	4,222	5,112	5,134	6,171	6,814	7,054	7,545
Selling, General & Admin Expense	407	316	431	630	914	1,076	1,352	1,573	1,720	1,702
Marketing Expense	824	1,098	1,436	2,369	2,652	2,228	2,545	2,531	2,658	2,918
Research & Development Expense	651	780	954	1,222	1,545	1,830	2,274	2,711	2,676	2,925
Total Other Income / (Expense), net	-164	-119	-353	-379	-542	-1,386	-354	-369	-749	-452
Interest Expense	133	150	238	420	626	767	766	706	700	719
Other Income / (Expense), net	-31	31	-115	42	84	-618	411	337	-49	267
Income Tax Expense	19	74	-74	15	195	438	724	772	797	1,254
Basic Earnings per Share	$0.29	$0.44	$1.29	$2.78	$4.26	$6.26	$11.55	$10.10	$12.25	$20.28
Weighted Average Basic Shares Outstanding	425.89M	428.82M	431.89M	435.37M	437.80M	440.92M	443.16M	444.70M	441.57M	429.52M
Diluted Earnings per Share	$0.28	$0.43	$1.25	$2.68	$4.13	$6.08	$11.24	$9.95	$12.03	$19.83
Weighted Average Diluted Shares Outstanding	436.46M	438.65M	446.81M	451.24M	451.77M	454.21M	455.37M	451.29M	449.50M	439.26M
Weighted Average Basic & Diluted Shares Outstanding	422.90M	-6.22B	433.30M	435.70M	438.81M	442.90M	443.96M	445.35M	432.76M	427.76M

This table shows Netflix's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	1,441	1,398	55	1,305	1,488	1,677	938	2,332	2,147	2,364	1,869
Consolidated Net Income / (Loss)	1,441	1,398	55	1,305	1,488	1,677	938	2,332	2,147	2,364	1,869
Net Income / (Loss) Continuing Operations	1,441	1,398	55	1,305	1,488	1,677	938	2,332	2,147	2,364	1,869
Total Pre-Tax Income	1,623	1,622	39	1,469	1,679	1,909	1,148	2,615	2,514	2,703	2,134
Total Operating Income	1,578	1,533	550	1,714	1,827	1,916	1,496	2,633	2,603	2,909	2,273
Total Gross Profit	3,279	3,137	2,448	3,358	3,514	3,611	3,525	4,393	4,385	4,705	4,479
Total Revenue	7,970	7,926	7,852	8,162	8,187	8,542	8,833	9,370	9,559	9,825	10,247
Operating Revenue	7,970	7,926	7,852	8,162	8,187	8,542	8,833	9,370	9,559	9,825	10,247
Total Cost of Revenue	4,691	4,789	5,404	4,804	4,673	4,931	5,307	4,977	5,174	5,120	5,767
Operating Cost of Revenue	4,691	4,789	5,404	4,804	4,673	4,931	5,307	4,977	5,174	5,120	5,767
Total Operating Expenses	1,701	1,604	1,898	1,644	1,687	1,694	2,029	1,761	1,782	1,795	2,206
Selling, General & Admin Expense	409	373	392	401	401	479	439	404	427	417	454
Marketing Expense	575	568	832	555	627	559	917	654	644	643	976
Research & Development Expense	717	663	674	687	658	657	673	702	711	735	777
Total Other Income / (Expense), net	45	89	-511	-245	-148	-7.35	-348	-18	-89	-207	-138
Interest Expense	175	173	171	174	175	176	175	173	168	185	193
Other Income / (Expense), net	220	261	-340	-71	27	168	-173	155	79	-22	54
Income Tax Expense	182	224	-16	164	192	232	210	282	367	339	266
Basic Earnings per Share	$3.24	$3.14	$0.12	$2.93	$3.35	$3.80	$2.17	$5.40	$4.99	$5.52	$4.37
Weighted Average Basic Shares Outstanding	444.56M	444.88M	444.70M	445.24M	443.88M	441.54M	441.57M	432.09M	430.07M	428.24M	429.52M
Diluted Earnings per Share	$3.20	$3.10	$0.12	$2.88	$3.29	$3.73	$2.13	$5.28	$4.88	$5.40	$4.27
Weighted Average Diluted Shares Outstanding	450.17M	450.34M	451.29M	452.42M	451.57M	450.01M	449.50M	441.65M	439.74M	437.90M	439.26M
Weighted Average Basic & Diluted Shares Outstanding	444.71M	445.02M	445.35M	444.54M	443.15M	437.68M	432.76M	430.96M	429.16M	427.46M	427.76M

This table details how cash moves in and out of Netflix's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	696	-342	1,355	1,029	1,231	3,195	-2,184	-885	1,948	689
Net Cash From Operating Activities	-749	-1,474	-1,786	-2,680	-2,887	2,427	393	2,026	7,274	7,361
Net Cash From Continuing Operating Activities	-749	-1,474	-1,786	-2,680	-2,887	2,427	393	2,026	7,274	7,361
Net Income / (Loss) Continuing Operations	123	187	559	1,211	1,867	2,761	5,116	4,492	5,408	8,712
Consolidated Net Income / (Loss)	123	187	559	1,211	1,867	2,761	5,116	4,492	5,408	8,712
Depreciation Expense	62	58	72	83	104	116	208	337	357	329
Amortization Expense	3,485	4,867	6,198	7,532	9,216	10,807	12,230	14,026	14,197	15,302
Non-Cash Adjustments To Reconcile Net Income	-5,696	-8,504	-9,574	-12,715	-13,329	-10,538	-17,353	-16,083	-11,527	-15,578
Changes in Operating Assets and Liabilities, net	1,277	1,918	959	1,208	-745	-719	190	-745	-1,161	-1,403
Net Cash From Investing Activities	-179	50	34	-339	-387	-505	-1,340	-2,076	542	-2,182
Net Cash From Continuing Investing Activities	-179	50	34	-339	-387	-505	-1,340	-2,076	542	-2,182
Purchase of Property, Plant & Equipment	-91	-108	-173	-174	-253	-498	-525	-408	-349	-440
Acquisitions	-78	-77	-	-	0.00	0.00	-788	-757	0.00	0.00
Purchase of Investments	-372	-187	-75	-	-	0.00	0.00	-911	-505	-1,742
Sale and/or Maturity of Investments	364	423	343	-	-	-	0.00	0.00	1,395	0.00
Net Cash From Financing Activities	1,640	1,092	3,077	4,049	4,506	1,237	-1,150	-664	-5,951	-4,074
Net Cash From Continuing Financing Activities	1,640	1,092	3,077	4,049	4,506	1,237	-1,150	-664	-5,951	-4,074
Repayment of Debt	-18	-10	-32	-38	-36	-7.56	-500	-700	-75	-430
Repurchase of Common Equity	-	-	-	-	0.00	0.00	-600	0.00	-6,045	-6,264
Issuance of Debt	1,500	1,000	3,021	3,962	4,469	1,009	-	0.00	0.00	1,794
Other Financing Activities, net	80	65	-	-	-	235	-50	36	170	825
Effect of Exchange Rate Changes	-16	-9.17	-	-	-	-	-87	-	-	-416
Cash Interest Paid	112	139	213	376	599	763	763	702	685	675
Cash Income Taxes Paid	28	27	114	131	401	292	509	812	1,155	1,642

This table details how cash moves in and out of Netflix's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-190	296	-970	1,567	928	-309	-238	-92	-400	832	348
Net Cash From Operating Activities	103	557	444	2,179	1,440	1,992	1,663	2,213	1,291	2,321	1,537
Net Cash From Continuing Operating Activities	103	557	444	2,179	1,440	1,992	1,663	2,213	1,291	2,321	1,537
Net Income / (Loss) Continuing Operations	1,441	1,398	55	1,305	1,488	1,677	938	2,332	2,147	2,364	1,869
Consolidated Net Income / (Loss)	1,441	1,398	55	1,305	1,488	1,677	938	2,332	2,147	2,364	1,869
Depreciation Expense	84	85	93	90	89	91	87	87	81	81	80
Amortization Expense	3,261	3,654	3,945	3,460	3,410	3,573	3,754	3,671	3,770	3,700	4,162
Non-Cash Adjustments To Reconcile Net Income	-4,636	-4,677	-3,246	-2,159	-3,455	-2,861	-3,052	-3,686	-3,884	-3,718	-4,290
Changes in Operating Assets and Liabilities, net	-47	96	-404	-518	-92	-488	-63	-191	-823	-105	-283
Net Cash From Investing Activities	-159	-85	-1,587	-264	98	296	412	-76	-78	-1,869	-159
Net Cash From Continuing Investing Activities	-159	-85	-1,587	-264	98	296	412	-76	-78	-1,869	-159
Purchase of Property, Plant & Equipment	-90	-85	-112	-62	-101	-104	-82	-76	-78	-127	-159
Net Cash From Financing Activities	11	4.11	6.71	-374	-649	-2,475	-2,452	-2,133	-1,489	227	-679
Net Cash From Continuing Financing Activities	11	4.11	6.71	-374	-649	-2,475	-2,452	-2,133	-1,489	227	-679
Repayment of Debt	-	-	-	0.00	-39	-33	-3.70	-400	-6.25	-9.08	-14
Repurchase of Common Equity	-	-	-	-400	-645	-2,500	-2,500	-2,000	-1,600	-1,700	-964
Other Financing Activities, net	11	4.11	6.71	26	35	58	51	267	117	141	299

This table presents Netflix's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	10,203	13,587	19,013	25,974	33,976	39,280	44,585	48,595	48,732	53,630
Total Current Assets	5,432	5,720	7,670	9,694	6,179	9,762	8,070	9,266	9,918	13,100
Cash & Equivalents	1,809	1,468	2,823	3,794	5,018	8,206	6,028	5,147	7,117	7,805
Short-Term Investments	501	266	-	-	-	-	0.00	911	21	1,779
Other Current Assets	3,121	3,987	4,847	5,900	1,160	1,556	2,042	3,208	2,780	3,517
Plant, Property, & Equipment, net	173	250	319	418	565	960	1,323	1,398	1,491	1,594
Total Noncurrent Assets	4,598	7,616	11,023	15,862	27,232	28,559	35,191	37,930	37,322	38,936
Other Noncurrent Operating Assets	4,598	7,616	11,023	15,862	27,232	28,559	35,191	37,930	37,322	38,936
Total Liabilities & Shareholders' Equity	10,203	13,587	19,013	25,974	33,976	39,280	44,585	48,595	48,732	53,630
Total Liabilities	7,979	10,907	15,431	20,736	26,394	28,215	28,735	27,817	28,144	28,887
Total Current Liabilities	3,530	4,587	5,466	6,487	6,856	7,806	8,489	7,931	8,861	10,755
Short-Term Debt	-	-	-	-	0.00	500	700	0.00	400	1,784
Accounts Payable	253	313	360	563	674	656	837	672	747	900
Accrued Expenses	140	198	315	482	843	1,102	1,449	1,515	1,804	2,157
Current Deferred Revenue	347	443	619	761	925	1,118	1,209	1,265	1,443	1,521
Other Current Liabilities	2,789	3,633	4,173	4,682	4,414	4,430	4,293	4,480	4,466	4,394
Total Noncurrent Liabilities	4,450	6,320	9,964	14,248	19,538	20,409	20,246	19,886	19,283	18,131
Long-Term Debt	2,371	3,364	6,499	10,360	14,759	15,809	14,693	14,353	14,143	13,798
Other Noncurrent Operating Liabilities	2,078	2,956	3,465	3,888	4,779	4,600	5,553	5,533	5,140	4,333
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,223	2,680	3,582	5,239	7,582	11,065	15,849	20,777	20,588	24,744
Total Preferred & Common Equity	2,223	2,680	3,582	5,239	7,582	11,065	15,849	20,777	20,588	24,744
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,223	2,680	3,582	5,239	7,582	11,065	15,849	20,777	20,588	24,744
Common Stock	1,325	1,600	1,871	2,316	2,794	3,448	4,025	4,638	5,145	6,252
Retained Earnings	942	1,129	1,731	2,942	4,812	7,573	12,689	17,181	22,589	31,301
Treasury Stock	-	-	-	-	-	0.00	-824	-824	-6,922	-13,172
Accumulated Other Comprehensive Income / (Loss)	-43	-49	-21	-20	-24	44	-40	-217	-224	362

This table presents Netflix's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	46,351	47,562	48,595	49,490	50,817	49,502	48,732	48,828	49,099	52,282	53,630
Total Current Assets	7,841	8,817	9,266	10,483	11,506	10,779	9,918	9,921	9,616	12,129	13,100
Cash & Equivalents	5,819	6,114	5,147	6,715	7,663	7,353	7,117	7,025	6,625	7,457	7,805
Short-Term Investments	-	-	911	1,113	914	514	21	21	31	1,767	1,779
Other Current Assets	2,021	2,703	3,208	2,655	2,929	2,912	2,780	2,876	2,960	2,905	3,517
Plant, Property, & Equipment, net	1,362	1,373	1,398	1,413	1,472	1,498	1,491	1,501	1,511	1,568	1,594
Total Noncurrent Assets	37,148	37,373	37,930	37,595	37,839	37,224	37,322	37,405	37,972	38,585	38,936
Other Noncurrent Operating Assets	37,148	37,373	37,930	37,595	37,839	37,224	37,322	37,405	37,972	38,585	38,936
Total Liabilities & Shareholders' Equity	46,351	47,562	48,595	49,490	50,817	49,502	48,732	48,828	49,099	52,282	53,630
Total Liabilities	27,275	27,034	27,817	27,662	27,985	27,394	28,144	27,462	26,986	29,561	28,887
Total Current Liabilities	7,500	7,766	7,931	8,316	8,676	8,339	8,861	9,289	10,140	10,707	10,755
Short-Term Debt	0.00	0.00	0.00	399	399	400	400	799	1,800	1,820	1,784
Accounts Payable	504	560	672	592	615	534	747	607	599	642	900
Accrued Expenses	1,596	1,804	1,515	1,718	1,909	1,839	1,804	1,977	1,876	2,242	2,157
Current Deferred Revenue	1,225	1,176	1,265	1,262	1,312	1,306	1,443	1,469	1,474	1,513	1,521
Other Current Liabilities	4,175	4,226	4,480	4,345	4,440	4,260	4,466	4,436	4,391	4,490	4,394
Total Noncurrent Liabilities	19,775	19,268	19,886	19,346	19,309	19,055	19,283	18,173	16,846	18,854	18,131
Long-Term Debt	14,233	13,888	14,353	14,038	14,070	13,901	14,143	13,217	12,180	14,161	13,798
Other Noncurrent Operating Liabilities	5,542	5,380	5,533	5,308	5,239	5,155	5,140	4,956	4,666	4,693	4,333
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	19,076	20,528	20,777	21,828	22,832	22,108	20,588	21,365	22,113	22,721	24,744
Total Preferred & Common Equity	19,076	20,528	20,777	21,828	22,832	22,108	20,588	21,365	22,113	22,721	24,744
Preferred Stock	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Total Common Equity	19,076	20,528	20,777	21,828	22,832	22,108	20,588	21,365	22,113	22,721	24,744
Common Stock	4,317	4,474	4,638	4,762	4,874	5,011	5,145	5,490	5,680	5,888	6,252
Retained Earnings	15,728	17,126	17,181	18,486	19,974	21,651	22,589	24,921	27,069	29,432	31,301
Treasury Stock	-824	-824	-824	-1,229	-1,877	-4,400	-6,922	-8,934	-10,547	-12,255	-13,172
Accumulated Other Comprehensive Income / (Loss)	-144	-248	-217	-192	-139	-156	-224	-112	-89	-345	362

This table displays calculated financial ratios and metrics derived from Netflix's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	23.16%	30.26%	32.41%	35.08%	27.62%	24.01%	18.81%	6.46%	6.67%	15.65%
EBITDA Growth	20.13%	39.62%	31.07%	32.44%	29.65%	24.00%	27.91%	6.77%	5.54%	22.62%
EBIT Growth	-31.28%	49.53%	76.20%	127.63%	63.23%	47.56%	66.52%	-9.62%	15.66%	54.73%
NOPAT Growth	-14.03%	2.95%	254.90%	64.13%	48.72%	67.87%	37.12%	-11.42%	26.08%	50.27%
Net Income Growth	-54.03%	52.22%	199.41%	116.71%	54.13%	47.91%	85.28%	-12.20%	20.39%	61.09%
EPS Growth	-54.84%	53.57%	190.70%	114.40%	54.10%	47.22%	84.87%	-11.48%	20.90%	64.84%
Operating Cash Flow Growth	-4,646.74%	-96.68%	-21.16%	-50.09%	-7.72%	184.06%	-83.82%	416.10%	259.00%	1.20%
Free Cash Flow Firm Growth	-355.03%	-98.28%	-13.01%	-49.34%	-6.78%	166.81%	-129.31%	253.33%	652.21%	-10.94%
Invested Capital Growth	101.23%	88.71%	68.40%	62.63%	46.75%	10.65%	31.54%	15.30%	-3.71%	9.82%
Revenue Q/Q Growth	5.26%	8.00%	7.43%	6.05%	6.78%	4.94%	3.72%	0.45%	3.00%	3.76%
EBITDA Q/Q Growth	6.36%	9.11%	5.96%	4.53%	5.65%	5.55%	4.54%	-1.44%	4.46%	5.64%
EBIT Q/Q Growth	-0.98%	23.34%	11.18%	2.59%	3.03%	10.49%	0.56%	-8.16%	19.22%	10.37%
NOPAT Q/Q Growth	-12.99%	11.51%	30.45%	-4.90%	43.50%	-1.98%	-4.45%	-3.69%	13.61%	9.01%
Net Income Q/Q Growth	-24.68%	14.45%	26.98%	-4.08%	32.04%	-1.60%	1.29%	-10.95%	19.50%	11.96%
EPS Q/Q Growth	-26.32%	13.16%	22.55%	-3.94%	31.95%	-1.94%	1.35%	-10.84%	20.06%	12.10%
Operating Cash Flow Q/Q Growth	-37.98%	-26.90%	3.73%	-38.64%	-8.53%	120.09%	-40.35%	71.84%	20.13%	-1.68%
Free Cash Flow Firm Q/Q Growth	-27.14%	-29.17%	8.63%	-38.21%	-7.86%	134.18%	-260.13%	3,220.60%	40.07%	-14.27%
Invested Capital Q/Q Growth	16.67%	21.09%	12.19%	14.84%	16.64%	6.56%	8.30%	2.72%	-1.92%	4.29%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	32.27%	29.14%	31.30%	36.89%	38.28%	38.89%	41.64%	39.37%	41.54%	46.06%
EBITDA Margin	56.37%	60.42%	59.81%	58.64%	59.57%	59.57%	64.13%	64.31%	63.63%	67.47%
Operating Margin	4.51%	4.30%	7.17%	10.16%	12.92%	18.34%	20.86%	17.82%	20.62%	26.71%
EBIT Margin	4.05%	4.65%	6.19%	10.43%	13.34%	15.87%	22.24%	18.88%	20.48%	27.40%
Profit (Net Income) Margin	1.81%	2.11%	4.78%	7.67%	9.26%	11.05%	17.23%	14.21%	16.04%	22.34%
Tax Burden Percent	86.44%	71.66%	115.17%	98.76%	90.53%	86.31%	87.61%	85.33%	87.15%	87.42%
Interest Burden Percent	51.67%	63.44%	67.08%	74.47%	76.71%	80.65%	88.41%	88.17%	89.87%	93.27%
Effective Tax Rate	13.56%	28.34%	-15.17%	1.24%	9.47%	13.69%	12.39%	14.67%	12.85%	12.58%
Return on Invested Capital (ROIC)	15.46%	8.25%	16.70%	16.63%	16.19%	21.69%	24.45%	17.71%	21.24%	31.01%
ROIC Less NNEP Spread (ROIC-NNEP)	58.27%	-1.85%	1.36%	9.33%	10.17%	8.28%	20.90%	14.14%	12.93%	25.11%
Return on Net Nonoperating Assets (RNNOA)	-9.45%	-0.64%	1.15%	10.83%	12.93%	7.93%	13.56%	6.82%	4.91%	7.43%
Return on Equity (ROE)	6.01%	7.61%	17.85%	27.46%	29.12%	29.62%	38.02%	24.53%	26.15%	38.43%
Cash Return on Invested Capital (CROIC)	-51.75%	-53.20%	-34.27%	-31.06%	-21.71%	11.57%	-2.79%	3.50%	25.02%	21.65%
Operating Return on Assets (OROA)	3.18%	3.45%	4.44%	7.32%	8.97%	10.83%	15.75%	12.81%	14.19%	20.88%
Return on Assets (ROA)	1.42%	1.57%	3.43%	5.38%	6.23%	7.54%	12.20%	9.64%	11.11%	17.02%
Return on Common Equity (ROCE)	6.01%	7.61%	17.85%	27.46%	29.12%	29.62%	38.02%	24.53%	26.15%	38.43%
Return on Equity Simple (ROE_SIMPLE)	5.52%	6.97%	15.60%	23.12%	24.62%	24.96%	32.28%	21.62%	26.27%	35.21%
Net Operating Profit after Tax (NOPAT)	264	272	966	1,585	2,358	3,958	5,427	4,807	6,060	9,107
NOPAT Margin	3.90%	3.08%	8.26%	10.04%	11.70%	15.83%	18.27%	15.20%	17.97%	23.35%
Net Nonoperating Expense Percent (NNEP)	-42.81%	10.11%	15.34%	7.30%	6.02%	13.41%	3.55%	3.57%	8.31%	5.89%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	13.68%	17.25%	22.58%
Cost of Revenue to Revenue	67.73%	70.86%	68.70%	63.11%	61.72%	61.11%	58.36%	60.63%	58.46%	53.94%
SG&A Expenses to Revenue	6.01%	3.57%	3.69%	3.99%	4.54%	4.31%	4.55%	4.98%	5.10%	4.36%
R&D to Revenue	9.60%	8.84%	8.16%	7.74%	7.67%	7.32%	7.66%	8.58%	7.93%	7.50%
Operating Expenses to Revenue	27.76%	24.84%	24.13%	26.73%	25.36%	20.54%	20.78%	21.55%	20.92%	19.35%
Earnings before Interest and Taxes (EBIT)	275	411	724	1,647	2,688	3,967	6,606	5,970	6,905	10,684
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,822	5,336	6,993	9,262	12,008	14,889	19,045	20,333	21,460	26,315
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	21.99	19.83	23.19	22.28	18.70	21.59	16.84	6.32	10.35	15.40
Price to Tangible Book Value (P/TBV)	21.99	19.83	23.19	22.28	18.70	21.59	16.84	6.32	10.35	15.40
Price to Revenue (P/Rev)	7.21	6.02	7.10	7.39	7.04	9.56	8.99	4.15	6.32	9.77
Price to Earnings (P/E)	398.60	284.60	148.62	96.37	75.96	86.51	52.16	29.21	39.40	43.73
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.25%	0.35%	0.67%	1.04%	1.32%	1.16%	1.92%	3.42%	2.54%	2.29%
Enterprise Value to Invested Capital (EV/IC)	21.43	12.70	11.95	10.44	8.75	12.89	10.95	4.80	7.88	12.59
Enterprise Value to Revenue (EV/Rev)	7.22	6.20	7.42	7.81	7.52	9.88	9.30	4.41	6.54	9.92
Enterprise Value to EBITDA (EV/EBITDA)	12.81	10.26	12.40	13.31	12.62	16.59	14.50	6.86	10.28	14.71
Enterprise Value to EBIT (EV/EBIT)	178.24	133.36	119.89	74.86	56.37	62.26	41.81	23.37	31.93	36.22
Enterprise Value to NOPAT (EV/NOPAT)	185.16	201.20	89.81	77.77	64.28	62.41	50.90	29.03	36.38	42.50
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	101.77	703.54	68.86	30.31	52.57
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	116.95	0.00	147.01	30.89	60.87
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.07	1.26	1.81	1.98	1.95	1.47	0.97	0.69	0.71	0.63
Long-Term Debt to Equity	1.07	1.26	1.81	1.98	1.95	1.43	0.93	0.69	0.69	0.56
Financial Leverage	-0.16	0.34	0.85	1.16	1.27	0.96	0.65	0.48	0.38	0.30
Leverage Ratio	4.23	4.85	5.21	5.10	4.68	3.93	3.12	2.54	2.35	2.26
Compound Leverage Factor	2.18	3.08	3.49	3.80	3.59	3.17	2.75	2.24	2.11	2.11
Debt to Total Capital	51.61%	55.66%	64.47%	66.42%	66.06%	59.58%	49.27%	40.86%	41.40%	38.64%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	1.83%	2.24%	0.00%	1.14%	4.43%
Long-Term Debt to Total Capital	51.61%	55.66%	64.47%	66.42%	66.06%	57.75%	47.03%	40.86%	40.26%	34.22%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	48.39%	44.34%	35.53%	33.58%	33.94%	40.42%	50.73%	59.14%	58.60%	61.36%
Debt to EBITDA	0.62	0.63	0.93	1.12	1.23	1.10	0.81	0.71	0.68	0.59
Net Debt to EBITDA	0.02	0.31	0.53	0.71	0.81	0.54	0.49	0.41	0.35	0.23
Long-Term Debt to EBITDA	0.62	0.63	0.93	1.12	1.23	1.06	0.77	0.71	0.66	0.52
Debt to NOPAT	8.97	12.36	6.73	6.54	6.26	4.12	2.84	2.99	2.40	1.71
Net Debt to NOPAT	0.23	5.99	3.81	4.14	4.13	2.05	1.73	1.73	1.22	0.66
Long-Term Debt to NOPAT	8.97	12.36	6.73	6.54	6.26	3.99	2.71	2.99	2.33	1.52
Altman Z-Score	4.78	3.89	4.24	4.50	4.25	6.38	7.11	4.41	6.38	10.17
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.54	1.25	1.40	1.49	0.90	1.25	0.95	1.17	1.12	1.22
Quick Ratio	0.65	0.38	0.52	0.58	0.73	1.05	0.71	0.76	0.81	0.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-885	-1,754	-1,982	-2,960	-3,161	2,112	-619	949	7,139	6,358
Operating Cash Flow to CapEx	-821.32%	-1,369.20%	-1,030.54%	-1,540.98%	-1,141.08%	487.44%	74.84%	496.96%	2,087.01%	1,674.80%
Free Cash Flow to Firm to Interest Expense	-6.67	-11.69	-8.32	-7.04	-5.05	2.75	-0.81	1.34	10.20	8.85
Operating Cash Flow to Interest Expense	-5.65	-9.82	-7.50	-6.37	-4.61	3.16	0.51	2.87	10.39	10.24
Operating Cash Flow Less CapEx to Interest Expense	-6.33	-10.54	-8.23	-6.79	-5.02	2.51	-0.17	2.29	9.90	9.63
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.79	0.74	0.72	0.70	0.67	0.68	0.71	0.68	0.69	0.76
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	41.94	41.67	41.04	42.82	40.99	32.77	26.01	23.23	23.34	25.28
Accounts Payable Turnover	20.18	22.10	23.89	21.61	20.11	22.96	23.21	25.41	27.79	25.54
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	18.09	16.52	15.28	16.89	18.15	15.90	15.73	14.37	13.13	14.29
Cash Conversion Cycle (CCC)	-18.09	-16.52	-15.28	-16.89	-18.15	-15.90	-15.73	-14.37	-13.13	-14.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,284	4,310	7,259	11,804	17,323	19,169	25,214	29,072	27,994	30,743
Invested Capital Turnover	3.97	2.68	2.02	1.66	1.38	1.37	1.34	1.16	1.18	1.33
Increase / (Decrease) in Invested Capital	1,149	2,026	2,948	4,546	5,519	1,846	6,046	3,858	-1,078	2,749
Enterprise Value (EV)	48,945	54,759	86,744	123,288	151,546	246,995	276,217	139,522	220,503	387,001
Market Capitalization	48,885	53,128	83,067	116,723	141,805	238,892	266,852	131,228	213,097	381,002
Book Value per Share	$5.20	$6.24	$8.28	$12.01	$17.30	$25.05	$35.78	$46.69	$47.04	$57.89
Tangible Book Value per Share	$5.20	$6.24	$8.28	$12.01	$17.30	$25.05	$35.78	$46.69	$47.04	$57.89
Total Capital	4,595	6,044	10,081	15,599	22,341	27,374	31,242	35,130	35,132	40,326
Total Debt	2,371	3,364	6,499	10,360	14,759	16,309	15,393	14,353	14,543	15,583
Total Long-Term Debt	2,371	3,364	6,499	10,360	14,759	15,809	14,693	14,353	14,143	13,798
Net Debt	61	1,631	3,677	6,566	9,741	8,103	9,365	8,295	7,405	5,999
Capital Expenditures (CapEx)	91	108	173	174	253	498	525	408	349	440
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-408	-600	-619	-588	-5,696	-5,750	-5,747	-4,723	-5,681	-5,454
Debt-free Net Working Capital (DFNWC)	1,902	1,134	2,204	3,207	-677	2,456	281	1,335	1,457	4,129
Net Working Capital (NWC)	1,902	1,134	2,204	3,207	-677	1,956	-419	1,335	1,057	2,345
Net Nonoperating Expense (NNE)	142	85	407	374	491	1,196	310	315	652	395
Net Nonoperating Obligations (NNO)	61	1,631	3,677	6,566	9,741	8,103	9,365	8,295	7,405	5,999
Total Depreciation and Amortization (D&A)	3,547	4,925	6,270	7,615	9,320	10,923	12,439	14,363	14,554	15,630
Debt-free, Cash-free Net Working Capital to Revenue	-6.03%	-6.80%	-5.30%	-3.72%	-28.26%	-23.00%	-19.35%	-14.94%	-16.84%	-13.99%
Debt-free Net Working Capital to Revenue	28.06%	12.84%	18.85%	20.30%	-3.36%	9.82%	0.95%	4.22%	4.32%	10.59%
Net Working Capital to Revenue	28.06%	12.84%	18.85%	20.30%	-3.36%	7.82%	-1.41%	4.22%	3.14%	6.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.29	$0.44	$0.00	$0.00	$4.26	$6.26	$11.55	$10.10	$12.25	$20.28
Adjusted Weighted Average Basic Shares Outstanding	425.89M	428.82M	0.00	0.00	437.80M	440.92M	443.16M	444.70M	441.57M	429.52M
Adjusted Diluted Earnings per Share	$0.28	$0.43	$0.00	$0.00	$4.13	$6.08	$11.24	$9.95	$12.03	$19.83
Adjusted Weighted Average Diluted Shares Outstanding	436.46M	438.65M	0.00	0.00	451.77M	454.21M	455.37M	451.29M	449.50M	439.26M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	428.08M	430.41M	0.00	0.00	438.81M	442.90M	443.96M	445.35M	432.76M	427.76M
Normalized Net Operating Profit after Tax (NOPAT)	264	272	587	1,585	2,358	3,958	5,427	4,807	6,060	9,107
Normalized NOPAT Margin	3.90%	3.08%	5.02%	10.04%	11.70%	15.83%	18.27%	15.20%	17.97%	23.35%
Pre Tax Income Margin	2.09%	2.95%	4.15%	7.77%	10.23%	12.80%	19.67%	16.65%	18.40%	25.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.07	2.74	3.04	3.92	4.29	5.17	8.63	8.45	9.87	14.87
NOPAT to Interest Expense	1.99	1.81	4.05	3.77	3.77	5.16	7.09	6.81	8.66	12.67
EBIT Less CapEx to Interest Expense	1.38	2.02	2.31	3.50	3.89	4.52	7.94	7.88	9.37	14.25
NOPAT Less CapEx to Interest Expense	1.30	1.10	3.33	3.36	3.36	4.51	6.40	6.23	8.16	12.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.73%	0.00%	111.79%	71.90%

This table displays calculated financial ratios and metrics derived from Netflix's official financial filings.

Metric	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.56%	5.91%	1.85%	3.73%	2.72%	7.77%	12.49%	14.81%	16.76%	15.02%	16.00%
EBITDA Growth	11.08%	13.28%	-6.54%	-3.97%	4.09%	3.89%	21.56%	26.04%	22.03%	16.00%	27.19%
EBIT Growth	0.75%	-3.08%	-71.64%	-24.19%	3.09%	16.17%	530.36%	69.67%	44.64%	38.53%	75.83%
NOPAT Growth	-10.67%	-13.69%	10.94%	-4.26%	15.51%	27.41%	58.12%	54.16%	37.36%	51.09%	62.83%
Net Income Growth	6.50%	-3.51%	-90.90%	-18.30%	3.24%	19.97%	1,596.40%	78.70%	44.35%	40.90%	99.25%
EPS Growth	7.74%	-2.82%	-90.98%	-18.41%	2.81%	20.32%	1,675.00%	83.33%	48.33%	44.77%	100.47%
Operating Cash Flow Growth	261.15%	575.91%	210.06%	136.09%	1,301.69%	257.81%	274.67%	1.55%	-10.37%	16.50%	-7.58%
Free Cash Flow Firm Growth	-101.84%	1.65%	42.33%	80.97%	108.77%	139.08%	174.57%	390.00%	293.91%	11.11%	-133.00%
Invested Capital Growth	26.61%	21.57%	15.30%	9.08%	4.49%	0.84%	-3.71%	-0.36%	2.48%	3.29%	9.82%
Revenue Q/Q Growth	1.30%	-0.56%	-0.93%	3.94%	0.32%	4.33%	3.41%	6.09%	2.02%	2.78%	4.29%
EBITDA Q/Q Growth	-4.90%	7.58%	-23.22%	22.25%	3.08%	7.38%	-10.17%	26.76%	-0.20%	2.07%	-1.50%
EBIT Q/Q Growth	-17.02%	-0.23%	-88.30%	682.66%	12.84%	12.43%	-36.52%	110.67%	-3.80%	7.68%	-19.42%
NOPAT Q/Q Growth	-11.93%	-5.68%	-41.52%	97.09%	6.26%	4.03%	-27.43%	92.15%	-5.32%	14.43%	-21.79%
Net Income Q/Q Growth	-9.80%	-2.96%	-96.05%	2,260.76%	13.98%	12.76%	-44.09%	148.68%	-7.93%	10.07%	-20.94%
EPS Q/Q Growth	-9.35%	-3.13%	-96.13%	2,300.00%	14.24%	13.37%	-42.90%	147.89%	-7.58%	10.66%	-20.93%
Operating Cash Flow Q/Q Growth	-88.87%	441.91%	-20.29%	390.86%	-33.90%	38.33%	-16.53%	33.04%	-41.66%	79.81%	-33.79%
Free Cash Flow Firm Q/Q Growth	1.41%	15.46%	16.62%	72.61%	145.40%	276.87%	59.10%	6.52%	-38.33%	6.30%	-147.25%
Invested Capital Q/Q Growth	5.45%	2.96%	2.72%	-2.18%	1.01%	-0.64%	-1.92%	1.22%	3.89%	0.14%	4.29%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.15%	39.58%	31.18%	41.14%	42.92%	42.27%	39.91%	46.89%	45.87%	47.89%	43.71%
EBITDA Margin	64.53%	69.81%	54.10%	63.63%	65.39%	67.30%	58.46%	69.86%	68.34%	67.87%	64.10%
Operating Margin	19.80%	19.34%	7.00%	21.00%	22.32%	22.44%	16.94%	28.09%	27.23%	29.61%	22.18%
EBIT Margin	22.57%	22.64%	2.67%	20.13%	22.65%	24.41%	14.98%	29.75%	28.05%	29.39%	22.71%
Profit (Net Income) Margin	18.08%	17.64%	0.70%	15.99%	18.17%	19.64%	10.62%	24.89%	22.46%	24.06%	18.24%
Tax Burden Percent	88.78%	86.21%	140.54%	88.85%	88.58%	87.87%	81.68%	89.20%	85.42%	87.44%	87.55%
Interest Burden Percent	90.24%	90.38%	18.74%	89.40%	90.57%	91.58%	86.76%	93.78%	93.74%	93.60%	91.72%
Effective Tax Rate	11.22%	13.79%	-40.54%	11.15%	11.42%	12.13%	18.32%	10.80%	14.58%	12.56%	12.45%
Return on Invested Capital (ROIC)	22.18%	20.35%	11.46%	21.85%	22.60%	22.71%	16.35%	30.84%	29.04%	33.55%	25.79%
ROIC Less NNEP Spread (ROIC-NNEP)	22.66%	21.32%	3.34%	18.97%	20.77%	22.62%	12.73%	30.60%	27.89%	30.81%	23.98%
Return on Net Nonoperating Assets (RNNOA)	11.19%	9.36%	1.61%	7.29%	7.09%	7.54%	4.83%	9.62%	8.20%	9.07%	7.09%
Return on Equity (ROE)	33.36%	29.71%	13.07%	29.14%	29.69%	30.25%	21.18%	40.46%	37.24%	42.62%	32.88%
Cash Return on Invested Capital (CROIC)	-2.34%	-0.12%	3.50%	8.74%	13.27%	17.93%	25.02%	24.64%	23.33%	25.57%	21.65%
Operating Return on Assets (OROA)	16.04%	15.78%	1.81%	13.55%	14.98%	16.47%	10.38%	21.14%	20.39%	21.71%	17.30%
Return on Assets (ROA)	12.85%	12.30%	0.48%	10.76%	12.01%	13.25%	7.36%	17.69%	16.32%	17.77%	13.90%
Return on Common Equity (ROCE)	33.36%	29.71%	13.07%	29.14%	29.69%	30.25%	21.18%	40.46%	37.24%	42.62%	32.88%
Return on Equity Simple (ROE_SIMPLE)	26.71%	24.57%	0.00%	19.24%	18.60%	20.47%	0.00%	30.12%	32.08%	34.25%	0.00%
Net Operating Profit after Tax (NOPAT)	1,401	1,322	773	1,523	1,619	1,684	1,222	2,348	2,223	2,544	1,990
NOPAT Margin	17.58%	16.68%	9.84%	18.66%	19.77%	19.71%	13.84%	25.06%	23.26%	25.89%	19.42%
Net Nonoperating Expense Percent (NNEP)	-0.49%	-0.97%	8.13%	2.88%	1.83%	0.09%	3.62%	0.24%	1.15%	2.74%	1.81%
Return On Investment Capital (ROIC_SIMPLE)	-	-	2.20%	-	-	-	3.48%	-	-	-	4.93%
Cost of Revenue to Revenue	58.85%	60.42%	68.82%	58.86%	57.08%	57.73%	60.09%	53.11%	54.13%	52.11%	56.29%
SG&A Expenses to Revenue	5.14%	4.71%	5.00%	4.91%	4.90%	5.60%	4.97%	4.31%	4.47%	4.25%	4.43%
R&D to Revenue	8.99%	8.36%	8.58%	8.42%	8.04%	7.69%	7.62%	7.50%	7.44%	7.48%	7.58%
Operating Expenses to Revenue	21.34%	20.24%	24.17%	20.14%	20.60%	19.84%	22.97%	18.79%	18.65%	18.27%	21.53%
Earnings before Interest and Taxes (EBIT)	1,799	1,794	210	1,643	1,854	2,085	1,323	2,788	2,682	2,888	2,327
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,143	5,533	4,248	5,193	5,354	5,749	5,164	6,546	6,533	6,668	6,568
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.07	5.10	6.32	7.05	8.58	7.57	10.35	12.44	13.15	13.40	15.40
Price to Tangible Book Value (P/TBV)	4.07	5.10	6.32	7.05	8.58	7.57	10.35	12.44	13.15	13.40	15.40
Price to Revenue (P/Rev)	2.50	3.33	4.15	4.82	6.10	5.11	6.32	7.61	8.01	8.10	9.77
Price to Earnings (P/E)	15.25	20.76	29.21	36.64	46.11	36.98	39.40	41.31	40.99	39.12	43.73
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	6.56%	4.82%	3.42%	2.73%	2.17%	2.70%	2.54%	2.42%	2.44%	2.56%	2.29%
Enterprise Value to Invested Capital (EV/IC)	3.13	3.97	4.80	5.64	7.02	6.09	7.88	9.63	10.13	10.56	12.59
Enterprise Value to Revenue (EV/Rev)	2.77	3.57	4.41	5.03	6.28	5.31	6.54	7.81	8.21	8.28	9.92
Enterprise Value to EBITDA (EV/EBITDA)	4.31	5.45	6.86	7.98	9.92	8.46	10.28	11.96	12.43	12.49	14.71
Enterprise Value to EBIT (EV/EBIT)	13.13	17.30	23.37	29.47	36.66	30.00	31.93	33.89	33.59	32.14	36.22
Enterprise Value to NOPAT (EV/NOPAT)	16.55	22.54	29.03	33.79	40.62	32.57	36.38	39.58	39.78	37.25	42.50
Enterprise Value to Operating Cash Flow (EV/OCF)	122.19	95.39	68.86	48.89	43.66	28.70	30.31	37.33	41.65	41.56	52.57
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	147.01	67.39	54.06	34.10	30.89	39.01	43.96	41.95	60.87
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.75	0.68	0.69	0.66	0.63	0.65	0.71	0.66	0.63	0.70	0.63
Long-Term Debt to Equity	0.75	0.68	0.69	0.64	0.62	0.63	0.69	0.62	0.55	0.62	0.56
Financial Leverage	0.49	0.44	0.48	0.38	0.34	0.33	0.38	0.31	0.29	0.29	0.30
Leverage Ratio	2.65	2.52	2.54	2.41	2.32	2.28	2.35	2.28	2.22	2.27	2.26
Compound Leverage Factor	2.39	2.28	0.48	2.15	2.10	2.08	2.04	2.13	2.08	2.13	2.07
Debt to Total Capital	42.73%	40.35%	40.86%	39.81%	38.79%	39.28%	41.40%	39.61%	38.73%	41.29%	38.64%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	1.10%	1.07%	1.10%	1.14%	2.26%	4.99%	4.70%	4.43%
Long-Term Debt to Total Capital	42.73%	40.35%	40.86%	38.71%	37.72%	38.18%	40.26%	37.36%	33.75%	36.59%	34.22%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	57.27%	59.65%	59.14%	60.19%	61.21%	60.72%	58.60%	60.39%	61.27%	58.71%	61.36%
Debt to EBITDA	0.71	0.67	0.71	0.72	0.71	0.70	0.68	0.61	0.58	0.64	0.59
Net Debt to EBITDA	0.42	0.38	0.41	0.33	0.29	0.31	0.35	0.31	0.31	0.27	0.23
Long-Term Debt to EBITDA	0.71	0.67	0.71	0.70	0.69	0.68	0.66	0.58	0.51	0.57	0.52
Debt to NOPAT	2.74	2.78	2.99	3.04	2.91	2.68	2.40	2.03	1.87	1.91	1.71
Net Debt to NOPAT	1.62	1.56	1.73	1.39	1.19	1.21	1.22	1.01	0.98	0.81	0.66
Long-Term Debt to NOPAT	2.74	2.78	2.99	2.96	2.83	2.61	2.33	1.92	1.63	1.70	1.52
Altman Z-Score	2.99	3.64	4.02	4.67	5.57	5.14	6.00	7.44	8.15	7.90	9.65
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.05	1.14	1.17	1.26	1.33	1.29	1.12	1.07	0.95	1.13	1.22
Quick Ratio	0.78	0.79	0.76	0.94	0.99	0.94	0.81	0.76	0.66	0.86	0.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,376	-3,700	-3,085	-845	384	1,446	2,300	2,450	1,511	1,607	-759
Operating Cash Flow to CapEx	114.14%	655.38%	397.75%	3,513.02%	1,426.37%	1,917.00%	2,037.21%	2,922.21%	1,648.87%	1,829.61%	968.59%
Free Cash Flow to Firm to Interest Expense	-24.94	-21.44	-18.08	-4.85	2.19	8.24	13.13	14.14	9.00	8.69	-3.94
Operating Cash Flow to Interest Expense	0.59	3.23	2.60	12.50	8.24	11.35	9.49	12.77	7.68	12.56	7.98
Operating Cash Flow Less CapEx to Interest Expense	0.07	2.73	1.95	12.15	7.66	10.76	9.03	12.33	7.22	11.87	7.16
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.71	0.70	0.68	0.67	0.66	0.67	0.69	0.71	0.73	0.74	0.76
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	25.13	24.28	23.23	22.82	22.67	22.81	23.34	23.97	24.34	24.51	25.28
Accounts Payable Turnover	32.69	31.59	25.41	32.56	35.14	36.20	27.79	33.17	33.59	34.99	25.54
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	11.17	11.55	14.37	11.21	10.39	10.08	13.13	11.01	10.87	10.43	14.29
Cash Conversion Cycle (CCC)	-11.17	-11.55	-14.37	-11.21	-10.39	-10.08	-13.13	-11.01	-10.87	-10.43	-14.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	27,490	28,303	29,072	28,438	28,725	28,541	27,994	28,336	29,437	29,478	30,743
Invested Capital Turnover	1.26	1.22	1.16	1.17	1.14	1.15	1.18	1.23	1.25	1.30	1.33
Increase / (Decrease) in Invested Capital	5,777	5,021	3,858	2,368	1,235	238	-1,078	-102	712	938	2,749
Enterprise Value (EV)	86,104	112,476	139,522	160,468	201,707	173,765	220,503	272,786	298,174	311,151	387,001
Market Capitalization	77,690	104,701	131,228	153,858	195,814	167,332	213,097	265,816	290,850	304,394	381,002
Book Value per Share	$42.94	$46.16	$46.69	$49.01	$51.36	$49.89	$47.04	$49.45	$51.31	$52.94	$57.89
Tangible Book Value per Share	$42.94	$46.16	$46.69	$49.01	$51.36	$49.89	$47.04	$49.45	$51.31	$52.94	$57.89
Total Capital	33,309	34,416	35,130	36,265	37,302	36,408	35,132	35,381	36,093	38,702	40,326
Total Debt	14,233	13,888	14,353	14,437	14,470	14,300	14,543	14,016	13,980	15,981	15,583
Total Long-Term Debt	14,233	13,888	14,353	14,038	14,070	13,901	14,143	13,217	12,180	14,161	13,798
Net Debt	8,414	7,774	8,295	6,610	5,893	6,433	7,405	6,970	7,324	6,757	5,999
Capital Expenditures (CapEx)	90	85	112	62	101	104	82	76	78	127	159
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5,479	-5,063	-4,723	-5,262	-5,347	-5,027	-5,681	-5,615	-5,380	-5,982	-5,454
Debt-free Net Working Capital (DFNWC)	341	1,051	1,335	2,566	3,230	2,840	1,457	1,431	1,276	3,242	4,129
Net Working Capital (NWC)	341	1,051	1,335	2,167	2,831	2,441	1,057	632	-524	1,422	2,345
Net Nonoperating Expense (NNE)	-40	-77	718	218	131	6.45	284	16	76	181	121
Net Nonoperating Obligations (NNO)	8,414	7,774	8,295	6,610	5,893	6,433	7,405	6,970	7,324	6,757	5,999
Total Depreciation and Amortization (D&A)	3,345	3,739	4,038	3,550	3,499	3,664	3,841	3,758	3,851	3,780	4,241
Debt-free, Cash-free Net Working Capital to Revenue	-17.66%	-16.09%	-14.94%	-16.49%	-16.64%	-15.35%	-16.84%	-16.07%	-14.82%	-15.91%	-13.99%
Debt-free Net Working Capital to Revenue	1.10%	3.34%	4.22%	8.04%	10.05%	8.67%	4.32%	4.10%	3.51%	8.63%	10.59%
Net Working Capital to Revenue	1.10%	3.34%	4.22%	6.79%	8.81%	7.45%	3.14%	1.81%	-1.44%	3.78%	6.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.24	$3.14	$0.12	$2.93	$3.35	$3.80	$2.17	$5.40	$4.99	$5.52	$4.37
Adjusted Weighted Average Basic Shares Outstanding	444.56M	444.88M	444.70M	445.24M	443.88M	441.54M	441.57M	432.09M	430.07M	428.24M	429.52M
Adjusted Diluted Earnings per Share	$3.20	$3.10	$0.12	$2.88	$3.29	$3.73	$2.13	$5.28	$4.88	$5.40	$4.27
Adjusted Weighted Average Diluted Shares Outstanding	450.17M	450.34M	451.29M	452.42M	451.57M	450.01M	449.50M	441.65M	439.74M	437.90M	439.26M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	444.71M	445.02M	445.35M	444.54M	443.15M	437.68M	432.76M	430.96M	429.16M	427.46M	427.76M
Normalized Net Operating Profit after Tax (NOPAT)	1,401	1,322	385	1,523	1,619	1,684	1,222	2,348	2,223	2,544	1,990
Normalized NOPAT Margin	17.58%	16.68%	4.90%	18.66%	19.77%	19.71%	13.84%	25.06%	23.26%	25.89%	19.42%
Pre Tax Income Margin	20.36%	20.46%	0.50%	18.00%	20.51%	22.35%	13.00%	27.90%	26.30%	27.51%	20.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.25	10.40	1.23	9.43	10.61	11.87	7.55	16.09	15.96	15.62	12.08
NOPAT to Interest Expense	7.99	7.66	4.53	8.74	9.26	9.59	6.97	13.55	13.24	13.76	10.33
EBIT Less CapEx to Interest Expense	9.74	9.91	0.58	9.07	10.03	11.28	7.09	15.65	15.50	14.94	11.26
NOPAT Less CapEx to Interest Expense	7.47	7.17	3.88	8.39	8.68	9.00	6.51	13.11	12.77	13.08	9.51
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	1.96%	0.00%	0.00%	9.53%	24.62%	78.34%	111.79%	118.81%	121.22%	100.25%	71.90%

Frequently Asked Questions About Netflix's Financials

When does Netflix's fiscal year end?

According to the most recent income statement we have on file, Netflix's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Netflix's net income changed over the last 9 years?

Netflix's net income appears to be on an upward trend, with a most recent value of $8.71 billion in 2024, rising from $122.64 million in 2015. The previous period was $5.41 billion in 2023.

What is Netflix's operating income?

Netflix's total operating income in 2024 was $10.42 billion, based on the following breakdown:

Total Gross Profit: $17.96 billion
Total Operating Expenses: $7.54 billion

How has Netflix revenue changed over the last 9 years?

Over the last 9 years, Netflix's total revenue changed from $6.78 billion in 2015 to $39.00 billion in 2024, a change of 475.3%.

How much debt does Netflix have?

Netflix's total liabilities were at $28.89 billion at the end of 2024, a 2.6% increase from 2023, and a 262.0% increase since 2015.

How much cash does Netflix have?

In the past 9 years, Netflix's cash and equivalents has ranged from $1.47 billion in 2016 to $8.21 billion in 2020, and is currently $7.80 billion as of their latest financial filing in 2024.

How has Netflix's book value per share changed over the last 9 years?

Over the last 9 years, Netflix's book value per share changed from 5.20 in 2015 to 57.89 in 2024, a change of 1,012.7%.

Remove Ads

Related Companies

This page (NASDAQ:NFLX) was last updated on 4/15/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Netflix (NFLX) Financials

Frequently Asked Questions About Netflix's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Netflix (NFLX) Financials

Annual Income Statements for Netflix

Quarterly Income Statements for Netflix

Annual Cash Flow Statements for Netflix

Quarterly Cash Flow Statements for Netflix

Annual Balance Sheets for Netflix

Quarterly Balance Sheets for Netflix

Annual Metrics and Ratios for Netflix

Quarterly Metrics and Ratios for Netflix

Frequently Asked Questions About Netflix's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools