Analysis of Revenues
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Revenues as Reported
Netflix Inc., income statement, revenues
US$ in thousands
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Revenue performance demonstrates consistent growth across all reported geographic segments between 2021 and 2025. The rate of growth, however, varies significantly by region. Streaming revenues, representing the aggregate of these segments, exhibit a robust upward trajectory throughout the period.
- United States and Canada (UCAN)
- UCAN revenue increased steadily from US$12,972,100 thousand in 2021 to US$19,957,152 thousand in 2025. While growth is consistent, the rate of increase accelerates in later years, with a more substantial jump between 2023 and 2024, and again between 2024 and 2025. This suggests a potential maturation of the market combined with successful strategies to capture additional subscribers or increase average revenue per user.
- Europe, Middle East, and Africa (EMEA)
- EMEA revenue shows a consistent, though comparatively modest, growth pattern. Starting at US$9,699,819 thousand in 2021, it reaches US$14,514,646 thousand in 2025. The growth rate appears relatively stable across the five-year period, indicating a steady expansion within this region. The increase from 2023 to 2024 is notably larger than previous yearly increases.
- Latin America (LATAM)
- LATAM revenue demonstrates consistent growth, increasing from US$3,576,976 thousand in 2021 to US$5,357,521 thousand in 2025. The growth rate is relatively stable, although slightly lower than that observed in UCAN and EMEA. This suggests a developing market with consistent, but not explosive, expansion.
- Asia-Pacific (APAC)
- APAC revenue exhibits a similar growth pattern to LATAM, rising from US$3,266,601 thousand in 2021 to US$5,353,717 thousand in 2025. The growth rate is consistent, and comparable to that of LATAM, indicating a similar stage of market development. The increase between 2023 and 2024 is more pronounced than in prior years.
- Streaming Revenues (Aggregate)
- Aggregate streaming revenues show a strong upward trend, increasing from US$29,515,496 thousand in 2021 to US$45,183,036 thousand in 2025. The rate of growth accelerates over time, with a significant increase between 2023 and 2024, and continuing into 2025. This acceleration suggests increasing market penetration and/or successful pricing and product strategies. The overall growth is driven by contributions from all geographic segments.
In summary, the revenue performance indicates a healthy and growing business. While all regions contribute to overall growth, UCAN demonstrates the highest absolute revenue and accelerating growth in the later years of the period. EMEA, LATAM, and APAC exhibit consistent, albeit varying, growth rates, suggesting differing levels of market maturity and potential.