greeksoup/ stock research
Stock research / United States / NFLX / FY2021

Netflix (NFLX) FY2021 results: revenue $29.7 billion, up 18.8% on the year

Netflix Inc. (NFLX) reported revenue of $29.7 billion for fiscal 2021, the year ended 31 December 2021, up 18.8% on the year before. Net income was $5.1 billion, up 85.3%, and diluted earnings per share $1.12. The figures are the company's own, from the 10-K it filed with the SEC on 27 January 2022.

Revenue
$29.7 billion
+18.8% on the year
FY2014FY2021
Operating margin
20.9%
18.3% a year earlier
FY2014FY2021
Net income
$5.1 billion
+85.3% on the year
FY2014FY2021
Diluted EPS
$1.12
+84.9% on the year
FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ millionFY2021FY2020FY2019On the yearLast 8 years
Revenue29,69824,99620,156+18.8%
Cost of revenue17,33315,27612,440+13.5%
Gross profit12,3659,7207,716+27.2%
Gross margin41.6%38.9%38.3%
Research and development2,2741,8301,673+24.3%
Operating income6,1954,5852,604+35.1%
Operating margin20.9%18.3%12.9%
Interest expense766767626-0.2%
Pre-tax income5,8403,1992,062+82.5%
Income tax724438195+65.3%
Effective tax rate12.4%13.7%9.5%
Net income5,1162,7611,867+85.3%
Net margin17.2%11.0%9.3%
Diluted EPS$1.12$0.61$0.41+84.9%
$ 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

$ millionFY2021FY2020FY2019On the yearLast 8 years
Operating cash flow3932,427-2,887-83.8%
Capital expenditure525498253+5.4%
Free cash flow-1321,929-3,140
Free cash flow margin-0.4%7.7%-15.6%
Cash from investing-1,340-505-387
Cash from financing-1,1501,2374,506
Depreciation and amortisation208116104+80.1%
Share-based compensation403415405-2.9%
Buybacks6000.00.0
Diluted shares, weighted4,554m4,542m4,518m+0.3%
Shares outstanding at period end4,440m4,429m4,388m+0.2%

Balance sheet

$ millionFY2021FY2020FY2019On the yearLast 8 years
Shareholders' equity15,84911,0657,582+43.2%
Short-term borrowingsn/a5000.0
Debt15,39321,85720,723-29.6%
Operating lease liabilities2,4081,9461,423+23.8%
Other liabilities10,9343,9134,248+179.5%
Total liabilities and equity44,58539,28033,976+13.5%
Fixed assets1,323960565+37.8%
Investments0.0n/an/a
Cash and equivalents6,0288,2065,018-26.5%
Other assets37,23330,11528,392+23.6%
Total assets44,58539,28033,976+13.5%

10-K for the year ended 31 December 2021, filed 27 January 2022: the filing.