Common-Size Income Statement
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Netflix Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Cost of Revenues
- The cost of revenues as a percentage of total revenues exhibits considerable fluctuation over the analyzed periods, ranging approximately from -49.92% to -68.82%. Lower values (less negative) indicate periods of improved cost efficiency. Notably, several quarters in 2020 and 2021 show an increasing cost trend, peaking close to -68%, followed by a general declining trend toward the end of the timeline, reaching around -49.92% by March 31, 2025. This trend suggests an overall improvement in controlling the costs associated with generating revenues.
- Gross Profit Margin
- Gross profit margin as a percentage of revenues inversely mirrors the cost of revenues trend and ranges from approximately 31.18% to 50.08%. Initial quarters show a margin around 37-40%, with peaks in the mid-40s, followed by some dips around late 2021 and 2022, but subsequently recovering and showing an upward trajectory into early 2025. The peak at 50.08% in March 2025 reflects strong gross profitability improvements.
- Sales and Marketing Expenses
- Sales and marketing expenses relative to revenues fluctuate between roughly -6.53% and -11.48%. There are evident spikes corresponding to certain quarters, notably nearing -11.48% in December 2020 and other end-year periods, indicating periodic increased investments in sales and marketing. The data trend suggests a commitment to controlling these expenses over time while maintaining sufficient investment in growth initiatives.
- Technology and Development Expenses
- Technology and development costs remain relatively stable across periods, hovering within a narrow band of about -7.05% to -8.99% of revenues. Slight increases are noted around mid-2022, but generally, the expenses show consistency indicative of steady investment in product and technological capability supporting revenue generation.
- General and Administrative Expenses
- General and administrative costs show minor variation, ranging from roughly -4.0% to -5.6%. Some peaks occur around late 2021 and 2023, with a tendency toward moderate control in the most recent periods, signifying typical overhead cost behavior aligned with operational scale and governance.
- Operating Income
- Operating income as a percentage of revenues displays notable volatility, ranging approximately from 7% to 31.75%. The highest profitability corresponds with quarters where cost control measures were effective and gross margins were strong. Particularly, peaks near or above 28%-31% are observed toward late 2024 and early 2025. Conversely, some quarters, such as late 2020 and late 2022, show significant dips signaling periods of compressed operating profitability.
- Interest Expense
- Interest expense trends demonstrate a steady decline as a percentage of revenues, from around -3.19% in early 2020 to approximately -1.75% by March 2025. This suggests effective debt management or refinancing strategies resulting in reduced financing costs over time.
- Interest and Other Income (Expense)
- This line item exhibits considerable volatility, alternating between positive and negative contributions ranging from approximately -4.33% to 3.76%. Such fluctuation indicates variable investment income, costs, or non-operating financial activities affecting the overall financial results intermittently.
- Other Income (Expense)
- Other income and expenses similarly demonstrate variability, with values generally oscillating close to zero but occasionally reaching negative peaks near -6.5%. This suggests sporadic non-recurring or irregular gains or losses impacting the income statement.
- Income Before Income Taxes
- Income before taxes follows operating income trends, fluctuating between low points around 7% to highs above 30%. Strong pre-tax earnings in many quarters, especially in 2024 and early 2025, highlight periods of robust profitability after all operating and financing costs.
- Provision for Income Taxes
- Tax provisions relative to revenues vary widely with some quarters showing negative provisions implying tax benefits or credits, and others positive indicating tax expenses. The values range between roughly -5.13% to 0.73%, reflecting changes in tax rates, deferred tax assets/liabilities, or tax planning activities.
- Net Income
- Net income margin ranges from approximately 0.7% to 27.42%, mirroring the trends in operating and pre-tax income but moderated by tax effects and other income/expenses. Strong net income margins above 20% in multiple recent quarters indicate profitable operations, while dips below 10% coincide with quarters of elevated costs or expenses.