Netflix (NFLX) FY2020 results: revenue $25.0 billion, up 24.0% on the year
Netflix Inc. (NFLX) reported revenue of $25.0 billion for fiscal 2020, the year ended 31 December 2020, up 24.0% on the year before. Net income was $2.8 billion, up 47.9%, and diluted earnings per share $0.61. The figures are the company's own, from the 10-K it filed with the SEC on 28 January 2021.
Revenue
$25.0 billion
+24.0% on the year
FY2013FY2020
Operating margin
18.3%
12.9% a year earlier
FY2013FY2020
Net income
$2.8 billion
+47.9% on the year
FY2013FY2020
Diluted EPS
$0.61
+47.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
24,996
20,156
15,794
+24.0%
Cost of revenue
15,276
12,440
9,968
+22.8%
Gross profit
9,720
7,716
5,827
+26.0%
Gross margin
38.9%
38.3%
36.9%
Research and development
1,830
1,673
1,218
+9.4%
Operating income
4,585
2,604
1,605
+76.1%
Operating margin
18.3%
12.9%
10.2%
Interest expense
767
626
420
+22.6%
Pre-tax income
3,199
2,062
1,226
+55.1%
Income tax
438
195
15.2
+124.2%
Effective tax rate
13.7%
9.5%
1.2%
Net income
2,761
1,867
1,211
+47.9%
Net margin
11.0%
9.3%
7.7%
Diluted EPS
$0.61
$0.41
$0.27
+47.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,427
-2,887
-2,680
Capital expenditure
498
253
174
+96.8%
Free cash flow
1,929
-3,140
-2,854
Free cash flow margin
7.7%
-15.6%
-18.1%
Cash from investing
-505
-387
-339
Cash from financing
1,237
4,506
4,049
-72.5%
Depreciation and amortisation
116
104
83.2
+11.7%
Share-based compensation
415
405
321
+2.4%
Buybacks
0.0
0.0
n/a
Diluted shares, weighted
4,542m
4,518m
4,512m
+0.5%
Shares outstanding at period end
4,429m
4,388m
4,366m
+0.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
11,065
7,582
5,239
+45.9%
Short-term borrowings
500
0.0
n/a
Debt
21,857
20,723
14,873
+5.5%
Operating lease liabilities
1,946
1,423
n/a
+36.8%
Other liabilities
3,913
4,248
5,862
-7.9%
Total liabilities and equity
39,280
33,976
25,974
+15.6%
Fixed assets
960
565
418
+69.9%
Cash and equivalents
8,206
5,018
3,794
+63.5%
Other assets
30,115
28,392
21,762
+6.1%
Total assets
39,280
33,976
25,974
+15.6%
10-K for the year ended 31 December 2020, filed 28 January 2021: the filing.