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:	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	11,079,166)	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	(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	5,753,855)	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	(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	(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	(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	3,774,694)	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	(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)	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)	(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	3,631,675)	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	(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	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)

Revenues: Revenues demonstrated a generally upward trajectory from March 2020 through June 2025, increasing from approximately $5,768,691 thousand to over $11,079,166 thousand. However, certain quarters exhibited slight fluctuations, such as a minor revenue dip in the third quarter of 2022, followed by sustained growth through to 2025. This overall trend indicates a steady increase in the company's top-line performance over the analyzed period.
Cost of Revenues: The cost of revenues fluctuated notably with some quarters showing sharp increases, such as in December 2020 and December 2022 where costs surged significantly. Despite these spikes, the cost of revenues generally increased in line with revenue growth, rising from approximately $3,599,701 thousand to $5,325,311 thousand by June 2025. The variability suggests periods of increased operational expenses or content acquisition costs impacting gross margins.
Gross Profit: Gross profit reflected notable volatility over time, moving from about $2,167,990 thousand in early 2020 to a high of approximately $5,753,855 thousand in June 2025. While it showed significant gains corresponding with revenue growth, some quarters experienced steep declines (notably in late 2020 and late 2022), indicating that cost management pressures affected profitability intermittently. Nonetheless, the long-term trend is a marked improvement in gross profitability.
Sales and Marketing Expenses: Sales and marketing expenses were subject to fluctuations, with several quarters showing notable increases, such as December 2020 and December 2022, where expenses reached elevated levels near $900,000 thousand. Overall, these expenses tended to rise over the period, aligned with business growth and competitive positioning efforts, standing near $713,265 thousand by mid-2025. The pattern suggests ongoing investment in customer acquisition and brand presence with episodic intensifications.
Technology and Development Expenses: Technology and development costs steadily increased throughout the period, starting at approximately $453,817 thousand and rising to above $824,683 thousand by mid-2025. This consistent rise reflects substantial reinvestment into platform enhancement and innovation, with a steady increase in spending indicative of a focus on maintaining technological competitiveness.
General and Administrative Expenses: General and administrative expenses showed moderate growth and some variability. From around $252,087 thousand initially, the figures increased to approximately $441,213 thousand by June 2025. Peaks occurred in certain quarters, which may correspond to scaling operations or organizational changes. The overall trend reveals controlled but upward pressure on these overhead costs.
Operating Income: Operating income was characterized by significant fluctuations, including pronounced dips in December 2020 and December 2022. Despite these fluctuations, the general trend was positive, with operating income increasing from just under $960,000 thousand in early 2020 to roughly $3,774,694 thousand by mid-2025. This indicates improved operational efficiency and profitability over time notwithstanding intermittent quarter-to-quarter volatility.
Interest Expense: Interest expense remained relatively stable throughout the analyzed periods, fluctuating modestly around $170,000 to $190,000 thousand. This stability suggests consistent debt servicing costs without significant new borrowing or debt repayment activities that would impact the expense materially.
Interest and Other Income (Expense): This line item showed inconsistent behavior, with notable swings between positive and negative values across individual quarters. For instance, substantial positive income was recorded in some quarters like March 2021 and March 2022, while significant negative figures appeared in quarters like December 2022. The volatility may be attributable to gains or losses from investments or foreign exchange variances, impacting the company's financial income unpredictably.
Other Income (Expense): Other income and expense experienced substantial negative movements in various quarters, especially in late 2020 and late 2022, with large negative values suggesting possible one-time charges or write-downs. The item does not follow a clear trend but indicates episodic financial impacts outside of core operations that affect net results.
Income Before Income Taxes: Income before income taxes showed considerable variability, with some highly profitable quarters (e.g., Q1 2021 and Q1 2025) contrasted against periods of reduced pre-tax income, notably in late 2020 and late 2022. Despite volatility, the overall pattern exhibited a growth trajectory aligning with operating income and revenue expansion, supporting increasing profitability before tax deductions.
Provision for Income Taxes: The provision for income taxes fluctuated between positive and negative amounts, indicating instances of tax benefits or adjustments, possibly due to deferred tax assets or losses. There is no consistent upward or downward trend, but spikes and dips correspond with fluctuations in pretax income.
Net Income: Net income echoed the overall pattern of pre-tax income and operating income, exhibiting substantial growth from $709,067 thousand in early 2020 to over $3,125,413 thousand by mid-2025. There were intermittent declines and periods of reduced profitability, particularly in late 2020 and late 2022, but the broad trend confirms strengthening bottom-line performance over the examined timeframe.

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Netflix Inc. (NASDAQ:NFLX)

Income Statement Quarterly Data

Income Statement
Quarterly Data