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:	Mar 31, 2026	Dec 31, 2025	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
Revenues	12,249,757)	12,050,762)	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)
Cost of revenues	(5,888,238)	(6,522,621)	(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)
Gross profit	6,361,519)	5,528,141)	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)
Sales and marketing	(842,217)	(1,113,376)	(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)
Technology and development	(959,696)	(890,300)	(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)
General and administrative	(602,609)	(567,802)	(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)
Operating income	3,956,997)	2,956,663)	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)
Interest expense	(262,077)	(234,395)	(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)
Interest and other income (expense)	2,852,166)	45,473)	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)
Other income (expense)	2,590,089)	(188,922)	(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)
Income before income taxes	6,547,086)	2,767,741)	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)
Provision for income taxes	(1,264,295)	(349,220)	(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)
Net income	5,282,791)	2,418,521)	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)

The financial performance, as indicated by the income statement, demonstrates a period of fluctuation followed by substantial growth. Revenues generally increased over the observed period, though not consistently. Cost of revenues exhibited a corresponding increase, impacting gross profit. Operating income showed significant variability, and net income followed a similar pattern, with a particularly large increase in the final period.

Revenue Trend: Revenues experienced moderate growth from March 2021 through December 2021, increasing from US$7,163,282 thousand to US$7,852,053 thousand. A slight dip occurred in the first half of 2022, followed by a period of more consistent growth, accelerating significantly from March 2024 onwards. Revenues reached US$12,249,757 thousand in March 2026, representing a substantial increase compared to earlier periods.
Gross Profit Analysis: Gross profit mirrored the revenue trend, peaking in the earlier periods and experiencing a significant decline in December 2021. It then recovered and demonstrated consistent growth from March 2022 through December 2023. The final period showed a marked increase in gross profit, reaching US$6,361,519 thousand in March 2026. The relationship between revenue and cost of revenue appears to be a key driver of these fluctuations.
Operating Income Volatility: Operating income exhibited considerable volatility. A substantial decrease was observed in December 2021, followed by recovery in 2022. From March 2024, operating income increased significantly, reaching US$3,956,997 thousand in March 2026. This suggests improved operational efficiency or a shift in cost structure during this period.
Expense Management: Sales and marketing expenses remained relatively stable for the first several quarters, then increased notably in December 2021 and again in December 2023. Technology and development expenses consistently increased throughout the observed period. General and administrative expenses also showed a gradual increase, with a more pronounced rise in the later quarters. These expense trends suggest a continued investment in growth and innovation.
Net Income Performance: Net income followed the pattern of operating income, with a significant drop in December 2021 and subsequent recovery. The most dramatic increase in net income occurred in the final period, reaching US$5,282,791 thousand in March 2026. This was driven by the combination of increased revenues, improved operating income, and a substantial positive impact from other income in the final period.
Interest and Other Income/Expense: Interest expense remained relatively consistent. However, "Interest and other income (expense)" and "Other income (expense)" showed significant fluctuations, with a particularly large positive impact from "Other income (expense)" in the final period, contributing substantially to the overall net income increase. The nature of these "Other" items warrants further investigation.

In summary, the observed period demonstrates a period of initial stability, followed by volatility, and culminating in substantial growth. The significant increase in revenues and net income in the final periods suggests a successful strategic shift or favorable market conditions. However, the fluctuations in operating income and the impact of "Other" income items require further scrutiny to understand the underlying drivers of performance.

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Netflix Inc. (NASDAQ:NFLX)

Income Statement Quarterly Data

Income Statement
Quarterly Data