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.
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- Balance Sheet: Assets
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
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Netflix Inc., consolidated income statement (quarterly data)
US$ in thousands
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).
- Revenues
- The revenues show a general upward trend from March 2020 to March 2025. Starting at approximately $5.77 billion in March 2020, revenues progressively increase with minor fluctuations, reaching over $10.5 billion by March 2025. This indicates steady growth in the company’s top line over the five-year period.
- Cost of Revenues
- Cost of revenues exhibits variability but generally trends upward over time, ranging from about $3.6 billion in early 2020 to around $5.3 billion by early 2025. Notable spikes occur in December quarters of 2020, 2022, and 2024, suggesting higher costs possibly related to seasonal factors or investment in content and delivery capabilities.
- Gross Profit
- Gross profit reflects the combined effect of revenues and cost of revenues. Initial fluctuations are noticeable with a peak in March 2021 of approximately $3.29 billion, followed by a decline towards the end of 2020 and 2022, coinciding with elevated costs. From 2023 onwards, gross profit recovers and displays a strong upward trend, reaching approximately $5.3 billion in March 2025, signifying improved operational efficiency or pricing power.
- Sales and Marketing Expenses
- Sales and marketing expenses fluctuate over the periods, with spikes notably in the fourth quarters of 2020, 2022, and 2024, where expenses approach or exceed $900 million. These periodic increases may correspond to strategic campaigns or product launches. Otherwise, expenses range between $400 million and $700 million, showing ongoing investment in user acquisition and brand promotion.
- Technology and Development Expenses
- Technology and development costs gradually increase over the period, starting at around $450 million and rising steadily to over $820 million by the end of the observed timeframe. This reflects sustained investment in platform development, content delivery, and technological innovation.
- General and Administrative Expenses
- General and administrative expenses remain relatively stable, fluctuating mostly between $250 million and $480 million per quarter. A slight upward trend is visible towards 2023 and 2024, indicative of incremental overhead related to corporate activities.
- Operating Income
- Operating income is volatile, with strong peaks in March 2021 ($1.96 billion) and significant troughs in December quarters of 2020, 2021, and 2022, coinciding with elevated costs. Notably, operating income reaches an all-time high in March 2025 at approximately $3.35 billion, suggesting enhanced profitability despite the increased costs and expenses.
- Interest Expense
- Interest expenses remain relatively consistent across the observed periods, ranging close to $170 million to $190 million per quarter, indicating stable debt servicing costs without significant changes in financing structure.
- Interest and Other Income (Expense)
- This financial item is characterized by substantial volatility, alternating between positive and negative values. Periods of notable income, such as March 2021 and early 2022, suggest gains from investments or other non-operational activities, whereas downturns like December 2022 indicate losses, reflecting the unpredictable nature of these items.
- Other Income (Expense)
- Other income and expense similarly demonstrate fluctuations, with significant negative values in several quarters (e.g., December 2022 and following periods), which impact overall profitability. Occasional positive values in early 2021 and early 2022 suggest sporadic favorable one-off items or adjustments.
- Income Before Income Taxes
- Income before income taxes mirrors the pattern of operating income and other income/expense items, showing peaks in early quarters such as March 2021 and March 2025, with interim decreases during some year-end quarters. This reflects underlying operational performance coupled with volatility from non-operating activities.
- Provision for Income Taxes
- The provision for income taxes is variable and includes some negative and positive figures, implying tax benefits or expenses fluctuating with earnings volatility and possibly tax planning strategies. Negative provisions in some quarters like December 2020, and positive in others, indicate the effect of deferred taxes or adjustments.
- Net Income
- Net income demonstrates strong growth overall, starting near $709 million in March 2020, with notable increases corresponding to peaks in revenues and operating income. Despite some quarters showing compressed profits due to elevated expenses and other costs, the net income reaches nearly $2.9 billion by March 2025, highlighting improving profitability and operational effectiveness over time.