Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Netflix Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Revenues	11,510,307)	11,079,166)	10,542,801)	10,246,513)	9,824,703)	9,559,310)	9,370,440)	8,832,825)	8,541,668)	8,187,301)	8,161,503)	7,852,053)	7,925,589)	7,970,141)	7,867,767)	7,709,318)	7,483,467)	7,341,777)	7,163,282)	6,644,442)	6,435,637)	6,148,286)	5,767,691)
Cost of revenues	(6,164,250)	(5,325,311)	(5,263,147)	(5,767,364)	(5,119,884)	(5,174,143)	(4,977,073)	(5,307,485)	(4,930,788)	(4,673,470)	(4,803,625)	(5,404,160)	(4,788,665)	(4,690,755)	(4,284,705)	(5,239,575)	(4,206,589)	(4,018,008)	(3,868,511)	(4,165,160)	(3,867,751)	(3,643,707)	(3,599,701)
Gross profit	5,346,057)	5,753,855)	5,279,654)	4,479,149)	4,704,819)	4,385,167)	4,393,367)	3,525,340)	3,610,880)	3,513,831)	3,357,878)	2,447,893)	3,136,924)	3,279,386)	3,583,062)	2,469,743)	3,276,878)	3,323,769)	3,294,771)	2,479,282)	2,567,886)	2,504,579)	2,167,990)
Sales and marketing	(786,295)	(713,265)	(688,370)	(976,204)	(642,926)	(644,084)	(654,340)	(916,617)	(558,736)	(627,168)	(555,362)	(831,610)	(567,954)	(574,960)	(555,978)	(792,713)	(635,948)	(603,973)	(512,512)	(762,565)	(527,597)	(434,370)	(503,830)
Technology and development	(853,584)	(824,683)	(822,823)	(776,505)	(735,063)	(711,254)	(702,473)	(673,341)	(657,159)	(657,983)	(687,275)	(673,926)	(662,739)	(716,846)	(657,530)	(647,470)	(563,887)	(537,321)	(525,207)	(486,936)	(453,802)	(435,045)	(453,817)
General and administrative	(457,931)	(441,213)	(421,462)	(453,674)	(417,353)	(426,992)	(404,020)	(439,273)	(478,591)	(401,497)	(400,924)	(392,453)	(373,213)	(409,297)	(397,928)	(397,790)	(321,790)	(334,845)	(297,196)	(275,539)	(271,624)	(277,236)	(252,087)
Operating income	3,248,247)	3,774,694)	3,346,999)	2,272,766)	2,909,477)	2,602,837)	2,632,534)	1,496,109)	1,916,394)	1,827,183)	1,714,317)	549,904)	1,533,018)	1,578,283)	1,971,626)	631,770)	1,755,253)	1,847,630)	1,959,856)	954,242)	1,314,863)	1,357,928)	958,256)
Interest expense	(175,294)	(182,649)	(184,172)	(192,603)	(184,830)	(167,986)	(173,314)	(175,212)	(175,563)	(174,812)	(174,239)	(170,603)	(172,575)	(175,455)	(187,579)	(189,429)	(190,429)	(191,322)	(194,440)	(197,186)	(197,079)	(189,151)	(184,083)
Interest and other income (expense)	36,457)	39,630)	50,899)	54,105)	(21,693)	79,005)	155,359)	(172,747)	168,218)	26,961)	(71,204)	(339,965)	261,404)	220,226)	195,645)	108,512)	96,135)	(62,519)	269,086)	(250,639)	(256,324)	(133,175)	21,697)
Other income (expense)	(138,837)	(143,019)	(133,273)	(138,498)	(206,523)	(88,981)	(17,955)	(347,959)	(7,345)	(147,851)	(245,443)	(510,568)	88,829)	44,771)	8,066)	(80,917)	(94,294)	(253,841)	74,646)	(447,825)	(453,403)	(322,326)	(162,386)
Income before income taxes	3,109,410)	3,631,675)	3,213,726)	2,134,268)	2,702,954)	2,513,856)	2,614,579)	1,148,150)	1,909,049)	1,679,332)	1,468,874)	39,336)	1,621,847)	1,623,054)	1,979,692)	550,853)	1,660,959)	1,593,789)	2,034,502)	506,417)	861,460)	1,035,602)	795,870)
Provision for income taxes	(562,494)	(506,262)	(323,375)	(265,661)	(339,445)	(366,550)	(282,370)	(210,312)	(231,627)	(191,722)	(163,754)	15,948)	(223,605)	(182,103)	(382,245)	56,576)	(211,888)	(240,776)	(327,787)	35,739)	(71,484)	(315,406)	(86,803)
Net income	2,546,916)	3,125,413)	2,890,351)	1,868,607)	2,363,509)	2,147,306)	2,332,209)	937,838)	1,677,422)	1,487,610)	1,305,120)	55,284)	1,398,242)	1,440,951)	1,597,447)	607,429)	1,449,071)	1,353,013)	1,706,715)	542,156)	789,976)	720,196)	709,067)

The financial data exhibits distinct patterns and trends across several key metrics over multiple quarters.

Revenues

Revenues demonstrate a consistent upward trajectory over the entire period. Starting at approximately $5.8 billion in the first quarter of 2020, revenues steadily increase each quarter, reaching over $11.5 billion by the fourth quarter of 2025. This indicates ongoing growth in sales and market demand.

Cost of Revenues

The cost of revenues fluctuates but generally trends upward in line with the growth in revenues. However, the magnitude of this cost shows some volatility, with notable spikes in specific quarters such as Q4 2020 and Q4 2022, which may reflect increased content acquisition or production costs. Despite these fluctuations, costs remain a significant portion of revenues.

Gross Profit

Gross profit mirrors the trends of revenues and costs, with initial growth up to Q2 2021 followed by a decline in late 2021 and parts of 2022. However, from early 2023 onwards, gross profit increases sharply, peaking in Q1 2025 before a slight decline in subsequent quarters. This pattern reflects both revenue growth and cost control efforts impacting profitability at the gross level.

Operating Expenses

Operating expenses subdivided into sales and marketing, technology and development, and general and administrative expenses, show diverse behaviors:

Sales and Marketing: Expenses in sales and marketing fluctuate but tend to increase over time, with occasional large spikes in Q4 periods suggesting seasonal campaigns or increased promotional activities.
Technology and Development: These costs increase gradually, signaling ongoing investment in platform and service improvements.
General and Administrative: G&A expenses remain relatively stable with moderate increases, likely reflecting scaling operational management costs.

Operating Income

Operating income exhibits significant volatility. Initially rising until mid-2021, it drops sharply in Q4 2021 and Q4 2022, with partial recoveries afterward. The peaks in operating income correspond with periods of higher gross profit and controlled operating expenses, while declines coincide with elevated costs.

Interest Expense and Other Income/Expense

Interest expense remains relatively stable with a slight decreasing trend, indicating consistent debt levels or refinancing at favorable terms. Other income and expense lines are volatile, showing substantial swings that impact pre-tax income unpredictably.

Income Before Taxes and Net Income

Income before income taxes generally follows operating income trends, with notable decreases aligning with operating income downturns. Net income results reflect this behavior but also demonstrate strong recovery and growth phases, particularly in 2023 and 2024. The provision for income taxes varies widely, sometimes being a negative figure, which influences net income differently across periods.

Overall, the company exhibits solid revenue growth supported by expanding gross profits. Operating expenses increase but at a rate that allows profitability to be maintained, albeit with quarter-to-quarter fluctuations. Volatility in operating income and net income are influenced by varying costs, investment in development, and unusual items in other income/expense.

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Netflix Inc. (NASDAQ:NFLX)

Income Statement Quarterly Data

Income Statement
Quarterly Data