NetflixNFLX

NetflixNFLX

Revenue: is the business selling more than it used to?

$45.2B+16% YoYFY 2025

→Revenue reached $45.2B in 2025, compounding +13% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $48.4B, ahead of the last full year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

Net income: how much of that revenue becomes profit?

$11.0B+26% YoYFY 2025

→Net income was $11.0B in 2025, compounding +35% a year over three years. Earnings per share moved +33% over the last twelve months. Trailing twelve-month profit stands at $13.6B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

How fast is it growing, year by year?

+15.9%revenue growth, FY 2025

→Revenue grew +16% in 2025 against a five-year average of +13%. Earnings grew faster (+26%), so each new dollar of sales is arriving more profitably. 2013's +555% earnings rebound off a collapsed base sits off the axis.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

Revenue per share: is your slice growing as fast as the company?

$10.40revenue per share, FY 2025

→Revenue per share reached $10.40 in 2025, compounding +14% a year against +13% for NFLX as a whole. Buybacks added roughly 1.4 points to your per-share result. Free cash flow per share stands at $2.18.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

Free cash flow: what is left in real cash after everything?

$9.5B+37% YoYFY 2025

→Free cash flow was $9.5B in 2025, compounding +80% a year since 2022. That is the most cash the business has ever thrown off in a year. The trailing twelve months stand at $11.2B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

How much of every sales dollar ends up as free cash?

→21 cents of every sales dollar became free cash in 2025, up 16 points since 2022 - the best conversion in its filed history.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is research and development, at 8% of revenue (capital spending 2%, stock compensation 1%).

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in 4 of the last 5 years, most recently +28% against +16%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin widened 12 points to 29% since 2022. After everything, 24 cents of each sales dollar reaches net profit.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

What does it earn on the money it uses?

→ROE of 45% and ROCE of 30% sit close together, so the returns come from the business itself rather than from borrowing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

What has the market paid for NFLX over time?

24.9xP/E today

→At 24.9x earnings, the market is paying 66% less than NFLX's own 11-year median of 73.5x. Pessimism is priced in - the question is whether it is deserved. Today's multiple is the lowest in the charted history.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

What cash return does the business throw off per dollar of market value?

3.4%FCF yield today

→Every dollar of market value currently buys 3.4% of annual free cash flow, less than its 11-year median of -0.1% - you are paying up for the same cash.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

Could it handle its debt if things went wrong?

→Debt of $14.3B sits against $9.1B of cash, or 0.5x shareholders' equity. Earnings cover the interest bill 17 times over, so the debt is comfortably serviced.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

Is the company's own capital growing?

→The company's own capital grew from $20.6B in 2023 to $30.2B (+46%). The business is building book value rather than consuming it.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

How much goes back, and how much leaks out as stock comp?

→Shareholders received $9.1B in buybacks in 2025. Stock compensation issued $368M of new shares in the same year, offsetting 4% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

How fast is your ownership being diluted - or concentrated?

→The share count shrank 1.1% in 2025, averaging 1.3% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

Does NFLX earn more on its capital than that capital costs?

→NFLX earns 29.9% on the capital it employs, well above the 10% most investors treat as the cost of capital. It was 13.9% in 2022, so the trend is up, and the pace is picking up. That is the highest in NFLX's filed history.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

NFLX has issued or retired shares - did shareholders end up better off?

→NFLX issued +14% more shares from 2011 to 2025, but revenue per share still rose +1135%. The dilution bought more growth than it cost existing holders.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

NetflixNFLX

Are the people running it buying or selling?

→Insiders sold $16M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 37 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30