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: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
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Netflix Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
Revenues demonstrate a generally increasing trend over the observed period, beginning at US$7.16 billion in March 2021 and reaching US$12.05 billion by September 2025. While growth was consistent through much of 2023, the rate of revenue increase appears to accelerate in 2024 and 2025. Cost of revenues also increased over the period, though not consistently, and experienced a significant jump in late 2021 and again in late 2022 and 2024. Consequently, gross profit fluctuated, mirroring the revenue and cost of revenue trends, but ultimately showed an overall upward trajectory, reaching US$5.53 billion in December 2025.
Operating income exhibited considerable volatility. After a strong start, it experienced a substantial decline in late 2021, followed by recovery in 2022. A similar pattern occurred in 2023, with a subsequent strong rebound and sustained growth through 2025, peaking at US$3.77 billion in June 2025. Sales and marketing expenses, technology and development expenses, and general and administrative expenses all increased over the period, contributing to the fluctuations in operating income. Notably, sales and marketing expenses saw a significant increase in late 2021 and again in late 2023. Technology and development expenses consistently increased, while general and administrative expenses also showed a steady rise, particularly in the later periods.
Net income followed a similar pattern to operating income, with a significant drop in late 2021, recovery in 2022, and strong growth in 2024 and 2025, culminating in US$2.42 billion in December 2025. Interest expense remained relatively stable throughout the period, with minor fluctuations. Interest and other income (expense) showed significant variability, with notable negative impacts in June 2021 and December 2022, and positive impacts in earlier periods. Other income (expense) also demonstrated substantial fluctuations, with significant negative impacts in June 2021 and December 2023.
- Gross Profit Margin
- The gross profit margin experienced considerable fluctuation. It began at approximately 46.0% in March 2021, decreased to a low of 31.8% in December 2021, recovered to around 41.5% in June 2022, and then decreased again to 38.2% in December 2022. The margin then improved significantly, reaching 43.8% in December 2025, indicating improved cost management or pricing power in recent periods.
- Operating Margin
- The operating margin demonstrated significant volatility. It started at 27.4% in March 2021, plummeted to 8.2% in December 2021, recovered to 24.7% in March 2022, and then fell again to 6.4% in December 2022. The margin then exhibited a strong upward trend, reaching 31.3% in June 2025, suggesting improved operational efficiency and cost control.
- Net Profit Margin
- The net profit margin mirrored the trends in operating margin, experiencing substantial fluctuations. It began at 23.8% in March 2021, decreased to 9.6% in December 2021, recovered to 18.2% in March 2022, and then declined to 5.7% in December 2022. The margin then improved considerably, reaching 20.1% in December 2025, indicating improved overall profitability.
In summary, the period was characterized by revenue growth, fluctuating costs, and significant volatility in profitability metrics. While challenges were evident in late 2021 and 2022, the latter part of the observed period demonstrates a positive trend in revenue, gross profit, and net income, coupled with improving profit margins.