Streaming entertainment service offering TV series, films, and original content to subscribers through internet-connected devices.MoreShow less
Profile & Fundamentals
Netflix (NFLX.NASDAQ) Profile & Fundamentals
Review Netflix reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.
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Company and Market Context
Netflix: Company Profile & Ownership
Netflix, Inc. provides entertainment services worldwide. The company offers television (TV) series, documentaries, feature films, games, and live programming across various genres and languages. It also provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, TV set-top boxes, and mobile devices. Netflix, Inc. was incorporated in 1997 and is headquartered in Los Gatos, California.
Company profile record
Netflix Inc
Common Stock · Communication Services · Movies & Entertainment
Company
- Company / asset
- Netflix Inc
- Security type
- Common Stock
- Sector
- Communication Services
- Industry
- Movies & Entertainment
- HQ
- 🇺🇸 United States
- Head office
- 121 Albright Way, Los Gatos, CA, United States, 95032
Leadership & scale
- Chief executive
- Mr. Theodore A. Sarandos
- CEO year born
- 1965
- Full-time employees
- 16K
- Fiscal year end
- December
- IPO date
- 2002-05-23
Fundamentals snapshot
- Market Cap
- USD 265.4B
- P/E
- 18.0x
- Revenue (Q3 26)
- USD 12.9B
- Profit (Q3 26)
- USD 3.7B
- Dividend Yield
- --
- Revenue (FY 25)
- USD 45.2B
- Shares in public float
- 4.1B
- Insider ownership
- 0.58%
Reporting & identifiers
- Symbol
- NFLX.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US64110L1061
- Asset ID
- equity_7feda97e-a991-555f-ad42-7f3dce5dbc6d
Netflix: Ownership
Shares Outstanding
Latest: 4.2B | Max: 4.6B | Min: 4.2B
Latest reported ownership snapshot
Float Shares
97.19%
4.1B latest reported shares
Insider Ownership
0.58%
Latest reported insider stake
Short Float
0.02%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 4,481,420,000 |
| 2018-01-01 | 4,511,160,000 |
| 2019-01-01 | 4,513,670,000 |
| 2020-01-01 | 4,552,830,000 |
| 2021-01-01 | 4,557,950,000 |
| 2022-01-01 | 4,516,490,000 |
| 2023-01-01 | 4,494,980,000 |
| 2024-01-01 | 4,377,860,000 |
| 2025-01-01 | 4,317,144,000 |
| 2026-01-01 | 4,195,127,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 348,770,600 | 8.49% | 2026-06-30 |
| Vanguard Capital Management, LLC | 275,026,936 | 6.7% | 2026-06-30 |
| State Street Corp | 180,129,582 | 4.39% | 2026-06-30 |
| FMR Inc | 135,937,268 | 3.31% | 2026-06-30 |
| Amvescap Plc. | 135,419,167 | 3.3% | 2026-06-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 132,181,793 | 3.22% | 2026-09-30 |
| Geode Capital Management, LLC | 110,312,736 | 2.69% | 2026-06-30 |
| Vanguard 500 Index Investor | 109,346,575 | 2.66% | 2026-09-30 |
| Morgan Stanley - Brokerage Accounts | 99,723,374 | 2.43% | 2026-06-30 |
| T. Rowe Price Associates, Inc. | 93,578,816 | 2.28% | 2026-06-30 |
| Capital World Investors | 87,336,163 | 2.13% | 2026-06-30 |
| Invesco QQQ Trust | 86,623,529 | 2.11% | 2026-10-30 |
| Vanguard Portfolio Management, LLC | 75,056,512 | 1.83% | 2026-06-30 |
| Capital Research Global Investors | 68,701,246 | 1.67% | 2026-06-30 |
| NORGES BANK | 57,951,405 | 1.41% | 2026-06-30 |
Netflix: Earnings, Profitability & Valuation
Latest Financials Filed On
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The company's financial results show a decisive transformation from cash-burning subscriber expansion into a highly lucrative profit engine. For fiscal 2025, revenue grew nearly 16% to $45.2 billion, while operating income climbed 28% to $13.33 billion. Trailing revenue reached $48.4 billion through mid-2026, driven by higher subscription prices and rapid adoption of the ad-supported tier. However, headline numbers require careful reading. A massive profit spike in early 2026 was boosted by a one-off $2.8 billion fee received after walking away from the Warner Bros. acquisition. Underlying operating progress is steady rather than explosive, with trailing free cash flow near $11 billion proving that the core business self-funds its entire operation.
The company's financial results show a decisive transformation from cash-burning subscriber expansion into a highly lucrative profit engine. For fiscal 2025, revenue grew nearly 16% to $45.2 billion, while operating income climbed 28% to $13.33 billion. Trailing revenue reached $48.4 billion through mid-2026, driven by higher subscription prices and rapid adoption of the ad-supported tier. However, headline numbers require careful reading. A massive profit spike in early 2026 was boosted by a one-off $2.8 billion fee received after walking away from the Warner Bros. acquisition. Underlying operating progress is steady rather than explosive, with trailing free cash flow near $11 billion proving that the core business self-funds its entire operation.
Revenue, Net Income, and Free Cash Flow
Latest: USD 45.2B | Max: USD 45.2B | Min: USD -3.1B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 37x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability margins have expanded substantially, climbing from under 18% in 2022 to 29.5% in 2025, with recent quarters surpassing 33%. This widening margin reflects structural operating leverage: fixed costs to produce shows are spread across more than 300 million paying households worldwide, allowing extra revenue from price hikes to drop straight to the bottom line. Looking ahead, high-margin programmatic advertising should support further margin gains toward 34%. However, rising costs for live sports rights and international currency fluctuations will prevent margins from expanding indefinitely, making careful spending execution vital for future profit growth.
Profitability margins have expanded substantially, climbing from under 18% in 2022 to 29.5% in 2025, with recent quarters surpassing 33%. This widening margin reflects structural operating leverage: fixed costs to produce shows are spread across more than 300 million paying households worldwide, allowing extra revenue from price hikes to drop straight to the bottom line. Looking ahead, high-margin programmatic advertising should support further margin gains toward 34%. However, rising costs for live sports rights and international currency fluctuations will prevent margins from expanding indefinitely, making careful spending execution vital for future profit growth.
Profitability Margins
Latest: 48.5% | Max: 48.5% | Min: 2.1%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
48.5%
Gross profit / revenue
Operating Margin
29.5%
Operating income / revenue
Net Margin
24.3%
Net income / revenue
FCF Margin
20.9%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 8,830,669,000 | 186,678,000 | -1,658,814,000 |
| 2017-12-31 | 11,692,713,000 | 558,929,000 | -2,012,970,000 |
| 2018-12-31 | 15,794,341,000 | 1,211,242,000 | -2,893,011,000 |
| 2019-12-31 | 20,156,447,000 | 1,866,916,000 | -3,140,357,000 |
| 2020-12-31 | 24,996,056,000 | 2,761,395,000 | 1,929,154,000 |
| 2021-12-31 | 29,697,844,000 | 5,116,228,000 | -131,975,000 |
| 2022-12-31 | 31,615,550,000 | 4,491,924,000 | 1,618,528,000 |
| 2023-12-31 | 33,723,297,000 | 5,407,990,000 | 6,925,749,000 |
| 2024-12-31 | 39,000,966,000 | 8,711,631,000 | 6,921,826,000 |
| 2025-12-31 | 45,183,036,000 | 10,981,201,000 | 9,461,053,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 36.9 | Trailing four quarters |
| 2024-12-31 | 447.9 | Trailing four quarters |
| 2023-12-31 | 404.7 | Trailing four quarters |
| 2022-12-31 | 296.5 | Annual net income |
| 2021-12-31 | 536.7 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 31.72 | 4.3 | 2.11 | -18.78 |
| 2017-12-31 | 34.49 | 7.17 | 4.78 | -17.22 |
| 2018-12-31 | 36.89 | 10.16 | 7.67 | -18.32 |
| 2019-12-31 | 38.28 | 12.92 | 9.26 | -15.58 |
| 2020-12-31 | 38.89 | 18.34 | 11.05 | 7.72 |
| 2021-12-31 | 41.64 | 20.86 | 17.23 | -0.44 |
| 2022-12-31 | 39.37 | 17.82 | 14.21 | 5.12 |
| 2023-12-31 | 41.54 | 20.62 | 16.04 | 20.54 |
| 2024-12-31 | 46.06 | 26.71 | 22.34 | 17.75 |
| 2025-12-31 | 48.49 | 29.49 | 24.3 | 20.94 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-10.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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