Netflix (NFLX) FY2019 results: revenue $20.2 billion, up 27.6% on the year
Netflix Inc. (NFLX) reported revenue of $20.2 billion for fiscal 2019, the year ended 31 December 2019, up 27.6% on the year before. Net income was $1.9 billion, up 54.1%, and diluted earnings per share $0.41. The figures are the company's own, from the 10-K it filed with the SEC on 29 January 2020.
Revenue
$20.2 billion
+27.6% on the year
FY2012FY2019
Operating margin
12.9%
10.2% a year earlier
FY2012FY2019
Net income
$1.9 billion
+54.1% on the year
FY2012FY2019
Diluted EPS
$0.41
+54.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
20,156
15,794
11,693
+27.6%
Cost of revenue
12,440
9,968
8,033
+24.8%
Gross profit
7,716
5,827
3,660
+32.4%
Gross margin
38.3%
36.9%
31.3%
Research and development
1,673
1,218
981
+37.4%
Operating income
2,604
1,605
839
+62.2%
Operating margin
12.9%
10.2%
7.2%
Interest expense
626
420
238
+48.9%
Pre-tax income
2,062
1,226
485
+68.1%
Income tax
195
15.2
-73.6
+1,183.6%
Effective tax rate
9.5%
1.2%
-15.2%
Net income
1,867
1,211
559
+54.1%
Net margin
9.3%
7.7%
4.8%
Diluted EPS
$0.41
$0.27
$0.12
+54.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
-2,887
-2,680
-1,786
Capital expenditure
253
174
173
+45.5%
Free cash flow
-3,140
-2,854
-1,959
Free cash flow margin
-15.6%
-18.1%
-16.8%
Cash from investing
-387
-339
34.3
Cash from financing
4,506
4,049
3,077
+11.3%
Depreciation and amortisation
104
83.2
71.9
+24.6%
Share-based compensation
405
321
182
+26.4%
Buybacks
0.0
n/a
n/a
Diluted shares, weighted
4,518m
4,512m
4,468m
+0.1%
Shares outstanding at period end
4,388m
4,366m
4,334m
+0.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
7,582
5,239
3,582
+44.7%
Short-term borrowings
0.0
n/a
n/a
Debt
20,723
14,873
9,049
+39.3%
Operating lease liabilities
1,423
n/a
n/a
Other liabilities
4,248
5,862
6,382
-27.5%
Total liabilities and equity
33,976
25,974
19,013
+30.8%
Fixed assets
565
418
319
+35.1%
Investments
n/a
n/a
0.0
Cash and equivalents
5,018
3,794
2,823
+32.3%
Other assets
28,392
21,762
15,871
+30.5%
Total assets
33,976
25,974
19,013
+30.8%
10-K for the year ended 31 December 2019, filed 29 January 2020: the filing.