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Netflix (NFLX) FY2022 results: revenue $31.6 billion, up 6.5% on the year

Netflix Inc. (NFLX) reported revenue of $31.6 billion for fiscal 2022, the year ended 31 December 2022, up 6.5% on the year before. Net income was $4.5 billion, down 12.2%, and diluted earnings per share $0.99. The figures are the company's own, from the 10-K it filed with the SEC on 26 January 2023.

Revenue
$31.6 billion
+6.5% on the year
FY2015FY2022
Operating margin
17.8%
20.9% a year earlier
FY2015FY2022
Net income
$4.5 billion
-12.2% on the year
FY2015FY2022
Diluted EPS
$0.99
-11.5% on the year
FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ millionFY2022FY2021FY2020On the yearLast 8 years
Revenue31,61629,69824,996+6.5%
Cost of revenue19,16817,33315,276+10.6%
Gross profit12,44712,3659,720+0.7%
Gross margin39.4%41.6%38.9%
Research and development2,7112,2741,830+19.2%
Operating income5,6336,1954,585-9.1%
Operating margin17.8%20.9%18.3%
Interest expense706766767-7.8%
Pre-tax income5,2645,8403,199-9.9%
Income tax772724438+6.6%
Effective tax rate14.7%12.4%13.7%
Net income4,4925,1162,761-12.2%
Net margin14.2%17.2%11.0%
Diluted EPS$0.99$1.12$0.61-11.5%
$ 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

$ millionFY2022FY2021FY2020On the yearLast 8 years
Operating cash flow2,0263932,427+416.1%
Capital expenditure408525498-22.3%
Free cash flow1,619-1321,929
Free cash flow margin5.1%-0.4%7.7%
Cash from investing-2,076-1,340-505
Cash from financing-664-1,1501,237
Depreciation and amortisation337208116+61.5%
Share-based compensation575403415+42.7%
Buybacks0.06000.0
Diluted shares, weighted4,513m4,554m4,542m-0.9%
Shares outstanding at period end4,453m4,440m4,429m+0.3%

Balance sheet

$ millionFY2022FY2021FY2020On the yearLast 8 years
Shareholders' equity20,77715,84911,065+31.1%
Short-term borrowings0.0n/a500
Debt14,35315,39321,857-6.8%
Operating lease liabilities2,2232,4081,946-7.7%
Other liabilities11,24210,9343,913+2.8%
Total liabilities and equity48,59544,58539,280+9.0%
Fixed assets1,3981,323960+5.7%
Investments9110.0n/a
Cash and equivalents5,1476,0288,206-14.6%
Other assets41,13837,23330,115+10.5%
Total assets48,59544,58539,280+9.0%

10-K for the year ended 31 December 2022, filed 26 January 2023: the filing.