Selected Financial Data
since 2005
Income Statement
Netflix Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenues | Operating income | Net income |
|---|---|---|---|
| Dec 31, 2025 | 45,183,036) | 13,326,603) | 10,981,201) |
| Dec 31, 2024 | 39,000,966) | 10,417,614) | 8,711,631) |
| Dec 31, 2023 | 33,723,297) | 6,954,003) | 5,407,990) |
| Dec 31, 2022 | 31,615,550) | 5,632,831) | 4,491,924) |
| Dec 31, 2021 | 29,697,844) | 6,194,509) | 5,116,228) |
| Dec 31, 2020 | 24,996,056) | 4,585,289) | 2,761,395) |
| Dec 31, 2019 | 20,156,447) | 2,604,254) | 1,866,916) |
| Dec 31, 2018 | 15,794,341) | 1,605,226) | 1,211,242) |
| Dec 31, 2017 | 11,692,713) | 838,679) | 558,929) |
| Dec 31, 2016 | 8,830,669) | 379,793) | 186,678) |
| Dec 31, 2015 | 6,779,511) | 305,826) | 122,641) |
| Dec 31, 2014 | 5,504,656) | 402,648) | 266,799) |
| Dec 31, 2013 | 4,374,562) | 228,347) | 112,403) |
| Dec 31, 2012 | 3,609,282) | 49,992) | 17,152) |
| Dec 31, 2011 | 3,204,577) | 376,068) | 226,126) |
| Dec 31, 2010 | 2,162,625) | 283,641) | 160,853) |
| Dec 31, 2009 | 1,670,269) | 191,939) | 115,860) |
| Dec 31, 2008 | 1,364,661) | 121,506) | 83,026) |
| Dec 31, 2007 | 1,205,340) | 91,161) | 66,952) |
| Dec 31, 2006 | 996,660) | 64,414) | 49,082) |
| Dec 31, 2005 | 682,213) | 2,989) | 42,027) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance, as indicated by the income statement items, demonstrates a significant evolution over the period examined. Revenues experienced consistent growth from 2005 through 2025, albeit with some fluctuations in the rate of increase. Operating income exhibited a more volatile pattern, while net income showed substantial variation throughout the analyzed timeframe.
- Revenue Growth
- Revenues increased steadily from $682.213 million in 2005 to $45.183 billion in 2025. The growth rate accelerated notably between 2010 and 2020, indicating a period of rapid expansion. While growth continued after 2020, the rate of increase slowed compared to the prior decade. A slight deceleration in revenue growth is observed between 2022 and 2023, followed by a recovery in 2024 and 2025.
- Operating Income Trend
- Operating income initially showed strong growth, rising from $2.989 million in 2005 to $1.605 billion in 2018. However, a significant decline occurred in 2019, followed by a substantial increase in 2020 and 2021. A decrease in operating income is observed in 2022, before recovering in 2023 and continuing to grow in 2024 and 2025. This suggests potential fluctuations in operational efficiency or increased operating expenses during certain periods.
- Net Income Volatility
- Net income demonstrated considerable variability. It grew from $42.027 million in 2005 to a peak of $5.116 billion in 2021. A notable decrease occurred in 2022, followed by a recovery and continued growth in 2023, 2024 and 2025. The fluctuations in net income were not always directly proportional to revenue changes, indicating that factors beyond revenue, such as cost of revenue, operating expenses, and potentially tax rates, significantly impacted profitability.
The period between 2015 and 2021 represents a phase of particularly strong growth in both operating income and net income. The subsequent decline in 2022, followed by recovery, suggests a potential shift in the company’s operating environment or strategic priorities. Overall, the income statement reflects a company that has experienced substantial growth and evolving profitability dynamics over the analyzed period.
Balance Sheet: Assets
Netflix Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2025 | 13,020,191) | 55,596,993) |
| Dec 31, 2024 | 13,100,379) | 53,630,374) |
| Dec 31, 2023 | 9,918,133) | 48,731,992) |
| Dec 31, 2022 | 9,266,473) | 48,594,768) |
| Dec 31, 2021 | 8,069,825) | 44,584,663) |
| Dec 31, 2020 | 9,761,580) | 39,280,359) |
| Dec 31, 2019 | 6,178,504) | 33,975,712) |
| Dec 31, 2018 | 9,694,135) | 25,974,400) |
| Dec 31, 2017 | 7,669,974) | 19,012,742) |
| Dec 31, 2016 | 5,720,291) | 13,586,610) |
| Dec 31, 2015 | 5,431,840) | 10,202,871) |
| Dec 31, 2014 | 3,940,469) | 7,056,651) |
| Dec 31, 2013 | 3,058,763) | 5,412,563) |
| Dec 31, 2012 | 2,240,791) | 3,967,890) |
| Dec 31, 2011 | 1,830,857) | 3,069,196) |
| Dec 31, 2010 | 640,967) | 982,067) |
| Dec 31, 2009 | 411,013) | 679,734) |
| Dec 31, 2008 | 361,447) | 617,946) |
| Dec 31, 2007 | 416,532) | 647,020) |
| Dec 31, 2006 | 428,418) | 608,779) |
| Dec 31, 2005 | 243,691) | 364,681) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The company’s total assets exhibited a consistent upward trajectory over the period from 2005 to 2025, although the rate of growth varied significantly. Current assets mirrored this overall trend, demonstrating substantial increases, particularly in the latter half of the analyzed timeframe. A detailed examination reveals distinct phases of asset accumulation.
- Early Growth (2005-2009)
- From 2005 to 2009, total assets increased from US$364.681 million to US$679.734 million, representing a compound annual growth rate of approximately 15.1%. Current assets followed a similar pattern, rising from US$243.691 million to US$411.013 million. This period suggests a phase of initial expansion and investment.
- Accelerated Expansion (2010-2015)
- The period between 2010 and 2015 witnessed a marked acceleration in asset growth. Total assets more than doubled, increasing from US$982.067 million to US$10.202.871 million. Current assets experienced an even more dramatic surge, growing from US$640.967 million to US$5.431.840 million. This substantial increase likely reflects significant investments in content libraries and infrastructure to support a rapidly expanding subscriber base.
- Continued Growth & Fluctuations (2016-2019)
- From 2016 to 2019, asset growth continued, but with some fluctuations. Total assets rose from US$13.586.610 million to US$33.975.712 million. Current assets peaked in 2017 at US$7.669.974 million, then decreased in 2018 and 2019 to US$6.178.504 million. This suggests a potential shift in asset allocation or a period of consolidation following rapid expansion.
- Recent Trends (2020-2025)
- Between 2020 and 2025, total assets increased from US$39.280.359 million to US$55.596.993 million. Current assets experienced a notable increase in 2021 to US$8.069.825 million, followed by a slight decrease in 2022, and then a substantial increase to US$13.100.379 million in 2023. The most recent year, 2025, shows a slight decrease in current assets to US$13.020.191 million. This period indicates continued investment, with potential adjustments in working capital management.
Overall, the asset base of the company has grown considerably over the two decades examined. The most significant growth occurred between 2010 and 2015, coinciding with the company’s transition to a major content producer and global streaming service. While growth has continued in subsequent years, the rate has varied, suggesting evolving strategies and investment priorities.
Balance Sheet: Liabilities and Stockholders’ Equity
Netflix Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2025 | 10,980,930) | 28,981,505) | 14,462,836) | 26,615,488) |
| Dec 31, 2024 | 10,755,400) | 28,886,807) | 15,582,804) | 24,743,567) |
| Dec 31, 2023 | 8,860,655) | 28,143,679) | 14,543,261) | 20,588,313) |
| Dec 31, 2022 | 7,930,974) | 27,817,367) | 14,353,076) | 20,777,401) |
| Dec 31, 2021 | 8,488,966) | 28,735,415) | 15,392,895) | 15,849,248) |
| Dec 31, 2020 | 7,805,785) | 28,215,119) | 16,308,973) | 11,065,240) |
| Dec 31, 2019 | 6,855,696) | 26,393,555) | 14,759,260) | 7,582,157) |
| Dec 31, 2018 | 6,487,320) | 20,735,635) | 10,360,058) | 5,238,765) |
| Dec 31, 2017 | 5,466,312) | 15,430,786) | 6,499,432) | 3,581,956) |
| Dec 31, 2016 | 4,586,657) | 10,906,810) | 3,364,311) | 2,679,800) |
| Dec 31, 2015 | 3,529,624) | 7,979,445) | 2,371,362) | 2,223,426) |
| Dec 31, 2014 | 2,663,154) | 5,198,943) | 900,000) | 1,857,708) |
| Dec 31, 2013 | 2,154,203) | 4,079,002) | 500,000) | 1,333,561) |
| Dec 31, 2012 | 1,675,926) | 3,223,217) | 400,000) | 744,673) |
| Dec 31, 2011 | 1,225,055) | 2,426,386) | 400,000) | 642,810) |
| Dec 31, 2010 | 388,579) | 691,903) | 200,000) | 290,164) |
| Dec 31, 2009 | 226,369) | 480,591) | 200,000) | 199,143) |
| Dec 31, 2008 | 216,017) | 270,791) | —) | 347,155) |
| Dec 31, 2007 | 212,576) | 216,271) | —) | 430,749) |
| Dec 31, 2006 | 193,447) | 194,568) | —) | 414,211) |
| Dec 31, 2005 | 137,587) | 138,429) | —) | 226,252) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The liabilities and stockholders’ equity of the company demonstrate significant changes over the period from 2005 to 2025. Current liabilities exhibited a generally increasing trend, with particularly substantial growth beginning in 2010. Total liabilities mirrored this pattern, experiencing exponential growth from 2009 onwards, accelerating significantly after 2015. Total debt, initially absent from the reporting until 2009, also shows a marked upward trajectory, becoming a substantial component of total liabilities. Stockholders’ equity, while fluctuating in the earlier years, generally increased from 2010, though the rate of increase slowed in more recent years.
- Current Liabilities
- Current liabilities increased from $137.587 million in 2005 to $10.755 million in 2023, and then to $10.980 million in 2024, and $10.755 million in 2025. The most dramatic increases occurred between 2010 and 2016, suggesting a shift in the company’s short-term financing strategies or operational needs. The growth rate appears to moderate in the later years, but remains consistently high.
- Total Liabilities
- Total liabilities grew from $138.429 million in 2005 to $28.981 million in 2024 and $28.886 million in 2025. The period from 2009 to 2018 saw the most substantial growth, indicating a reliance on debt financing to fund expansion or operations. While growth continues after 2018, it appears to stabilize somewhat in the most recent reporting periods.
- Total Debt
- Total debt began at $200,000 thousand in 2009 and increased to $15.582 million in 2023, then decreased to $14.462 million in 2024 and $14.543 million in 2025. The substantial increase in debt from 2009 onwards coincides with the company’s period of rapid growth and international expansion. The debt levels have stabilized in the most recent years, but remain a significant portion of the overall liabilities.
- Stockholders’ Equity
- Stockholders’ equity increased from $226.252 million in 2005 to $26.615 million in 2024 and $24.743 million in 2025. While generally increasing, the rate of growth slowed considerably after 2019. This could be attributed to share repurchases, dividend payments, or a decrease in retained earnings relative to liability growth.
The increasing trend in liabilities, particularly total debt, suggests a growing reliance on external financing. While stockholders’ equity has also increased, the rate of growth has not kept pace with the growth in liabilities in recent years. This shift in the capital structure warrants further investigation to assess the company’s long-term financial sustainability and risk profile.
Cash Flow Statement
Netflix Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2025 | 10,149,273) | 1,041,688) | (10,345,623) |
| Dec 31, 2024 | 7,361,364) | (2,181,784) | (4,074,427) |
| Dec 31, 2023 | 7,274,301) | 541,751) | (5,950,803) |
| Dec 31, 2022 | 2,026,257) | (2,076,392) | (664,254) |
| Dec 31, 2021 | 392,610) | (1,339,853) | (1,149,776) |
| Dec 31, 2020 | 2,427,077) | (505,354) | 1,237,311) |
| Dec 31, 2019 | (2,887,322) | (387,064) | 4,505,662) |
| Dec 31, 2018 | (2,680,479) | (339,120) | 4,048,527) |
| Dec 31, 2017 | (1,785,948) | 34,329) | 3,076,990) |
| Dec 31, 2016 | (1,473,984) | 49,765) | 1,091,630) |
| Dec 31, 2015 | (749,439) | (179,192) | 1,640,277) |
| Dec 31, 2014 | 16,483) | (42,866) | 541,712) |
| Dec 31, 2013 | 97,831) | (255,968) | 476,264) |
| Dec 31, 2012 | 22,765) | (245,919) | 5,589) |
| Dec 31, 2011 | 317,712) | (265,814) | 261,656) |
| Dec 31, 2010 | 276,401) | (116,081) | (100,045) |
| Dec 31, 2009 | 325,063) | (246,079) | (84,641) |
| Dec 31, 2008 | 284,037) | (144,960) | (176,635) |
| Dec 31, 2007 | 291,823) | (450,813) | (64,001) |
| Dec 31, 2006 | 247,862) | (185,869) | 126,181) |
| Dec 31, 2005 | 162,977) | (138,718) | 13,314) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow statement reveals significant fluctuations across the observed period. Initially, operating activities generated substantial positive cash flow, but this trend reversed in the mid-2010s before recovering strongly in later years. Investing activities consistently utilized cash, though the magnitude varied considerably. Financing activities demonstrated a more erratic pattern, shifting between providing and using cash depending on the period.
- Operating Activities
- From 2005 to 2009, net cash provided by operating activities exhibited a generally increasing trend, peaking at US$325.063 million in 2009. A sharp decline occurred in 2012, reaching a low of US$22.765 million, followed by a period of modest recovery. However, 2015 and 2016 witnessed substantial negative cash flow from operations, reaching lows of -US$749.439 million and -US$1,473.984 million respectively. A dramatic turnaround began in 2017, with cash flow from operations becoming positive again and accelerating significantly through 2023, peaking at US$10,149.273 million. A slight decrease was observed in 2024 and 2025, but remained at a high level.
- Investing Activities
- Net cash used in investing activities was consistently negative throughout the period, indicating ongoing investments. The largest cash outflow occurred in 2007 at -US$450.813 million. Outflows remained substantial through 2014, before decreasing in 2015 and 2016. A significant increase in cash outflow was observed in 2021 and 2022, reaching -US$2,076.392 million in 2022. A positive cash flow was observed in 2023 and 2024, but a large outflow was observed in 2025.
- Financing Activities
- Financing activities displayed the most volatile pattern. Positive cash flow was observed in several periods, notably 2006, 2011, 2013, 2014, 2015, 2016, 2017, 2018 and 2019, suggesting periods of capital raising. Conversely, significant negative cash flow occurred in 2008, 2009, 2010, and particularly in 2023, 2024 and 2025, indicating debt repayment or shareholder returns. The largest negative cash flow from financing activities was observed in 2025 at -US$10,345.623 million.
The period from 2015 to 2017 represents a critical transition. The substantial negative operating cash flow during these years coincided with increased financing activity, potentially indicating a reliance on external funding to support investments. The subsequent recovery in operating cash flow, beginning in 2017, suggests a strengthening of the core business and a reduced need for external financing. The large positive operating cash flow in the later years, coupled with significant outflows in investing and financing activities, suggests a period of substantial investment and potential shareholder returns or debt reduction.
Per Share Data
Netflix Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2025 | 2.58 | 2.53 | 0.00 |
| Dec 31, 2024 | 2.03 | 1.98 | 0.00 |
| Dec 31, 2023 | 1.23 | 1.20 | 0.00 |
| Dec 31, 2022 | 1.01 | 1.00 | 0.00 |
| Dec 31, 2021 | 1.16 | 1.12 | 0.00 |
| Dec 31, 2020 | 0.63 | 0.61 | 0.00 |
| Dec 31, 2019 | 0.43 | 0.41 | 0.00 |
| Dec 31, 2018 | 0.28 | 0.27 | 0.00 |
| Dec 31, 2017 | 0.13 | 0.13 | 0.00 |
| Dec 31, 2016 | 0.04 | 0.04 | 0.00 |
| Dec 31, 2015 | 0.03 | 0.03 | 0.00 |
| Dec 31, 2014 | 0.06 | 0.06 | 0.00 |
| Dec 31, 2013 | 0.03 | 0.03 | 0.00 |
| Dec 31, 2012 | 0.00 | 0.00 | 0.00 |
| Dec 31, 2011 | 0.06 | 0.06 | 0.00 |
| Dec 31, 2010 | 0.04 | 0.04 | 0.00 |
| Dec 31, 2009 | 0.03 | 0.03 | 0.00 |
| Dec 31, 2008 | 0.02 | 0.02 | 0.00 |
| Dec 31, 2007 | 0.01 | 0.01 | 0.00 |
| Dec 31, 2006 | 0.01 | 0.01 | 0.00 |
| Dec 31, 2005 | 0.01 | 0.01 | 0.00 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share earnings figures demonstrate a significant evolution over the observed period. Initially, basic and diluted earnings per share remained consistently low, at approximately $0.01, from 2005 through 2007. A modest increase was then noted, reaching $0.04 by 2010 for both basic and diluted earnings per share.
- Earnings Per Share Trend
- From 2011 through 2015, earnings per share experienced fluctuations, remaining relatively stable around the $0.03 to $0.06 range. However, a clear upward trend commenced in 2016, with basic earnings per share reaching $0.13 and accelerating to $0.28 in 2017, $0.43 in 2018, and $0.63 in 2019. This growth continued into 2020, with basic earnings per share reaching $1.16, followed by a slight decrease to $1.01 in 2021. Further increases were observed in 2022 and 2023, reaching $1.23 and $2.03 respectively, before climbing to $2.58 in 2025. Diluted earnings per share mirrored this pattern, consistently remaining slightly below basic earnings per share.
Dividend payments, as indicated by the dividend per share figure, were not distributed throughout the analyzed timeframe. The field remained consistently empty, suggesting the company did not issue dividends to shareholders during this period. This suggests a reinvestment strategy focused on internal growth rather than direct returns to investors.
- Dividend Policy
- The absence of dividend payments throughout the period suggests a consistent capital allocation strategy prioritizing reinvestment in the business. This could be for purposes such as content acquisition, technological development, or market expansion. The lack of dividends does not necessarily indicate a negative financial position, but rather a different approach to shareholder value creation.
The substantial increase in earnings per share, particularly from 2016 onwards, indicates a period of significant profitability growth. The consistent difference between basic and diluted earnings per share suggests the presence of potentially dilutive securities, though the impact appears relatively contained. The continued absence of dividends reinforces the company’s focus on reinvesting earnings for future growth.