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Netflix (NFLX) Q4 FY2025 earnings: revenue $12.1 billion, up 17.6% on the year

Netflix Inc. (NFLX) reported revenue of $12.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 17.6% on the same quarter a year earlier. Net income was $2.4 billion, up 29.4% on the year, and diluted earnings per share $0.56. The figures are the company's own, from the 10-K it filed with the SEC on 23 January 2026.

Revenue
$12.1 billion
+17.6% on the year · +4.7% on the quarter
Q1 FY2024Q4 FY2025
Operating margin
24.5%
22.2% a year earlier
Q1 FY2024Q4 FY2025
Net income
$2.4 billion
+29.4% on the year · -5.0% on the quarter
Q1 FY2024Q4 FY2025
Diluted EPS
$0.56
+31.1% on the year · -4.6% on the quarter
Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

  • Full-year revenue and margin rose: Full-year 2025 revenue was $45.2B, up 16% year over year (17% F/X neutral), and operating margin reached 29.5%, up three points.
  • Q4 revenue up 18% year over year: Q4 revenue was $12.05B, up 18% reported and 17% F/X neutral, with growth attributed to membership, pricing and ad revenue.
  • Viewing hours rose 2% in H2: Members watched 96 billion hours in the second half of 2025, up 2% year over year, after 1% growth in the first half.
Read the earnings call summary

Income statement (profit and loss)

$ millionQ4 FY2025Q3 FY2025Q4 FY2024On the quarterOn the yearLast 8 quarters
Revenue12,05111,51010,247+4.7%+17.6%
Cost of revenue6,5236,1645,767+5.8%+13.1%
Gross profit5,5285,3464,479+3.4%+23.4%
Gross margin45.9%46.4%43.7%
Research and development890854777+4.3%+14.7%
Operating income2,9573,2482,273-9.0%+30.1%
Operating margin24.5%28.2%22.2%
Interest expense234175193+33.7%+21.7%
Pre-tax income2,7683,1092,134-11.0%+29.7%
Income tax349562266-37.9%+31.5%
Effective tax rate12.6%18.1%12.4%
Net income2,4192,5471,869-5.0%+29.4%
Net margin20.1%22.1%18.2%
Diluted EPS$0.56$0.59$0.43-4.6%+31.1%
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free 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

$ millionQ4 FY2025Q3 FY2025Q4 FY2024On the quarterOn the yearLast 8 quarters
Operating cash flow2,1122,8251,537-25.3%+37.4%
Capital expenditure239165159+45.3%+50.8%
Free cash flow1,8722,6601,378-29.6%+35.8%
Free cash flow margin15.5%23.1%13.5%
Cash from investing-25743.9-159
Cash from financing-2,077-1,737-679
Depreciation and amortisation86.087.379.5-1.5%+8.1%
Share-based compensation13581.061.8+66.2%+117.7%
Buybacks2,0801,857964+12.0%+115.8%
Diluted shares, weighted4,317m4,340m4,378m-0.5%-1.4%
Shares outstanding at period end4,222m4,237m4,278m-0.4%-1.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ4 FY2025Q3 FY2025Q4 FY2024On the quarterOn the yearLast 8 quarters
Shareholders' equity26,61525,95424,744+2.5%+7.6%
Short-term borrowingsn/a0.0n/a
Debt14,46314,46315,583-0.0%-7.2%
Operating lease liabilities2,0532,1631,984-5.1%+3.5%
Other liabilities12,46612,35511,320+0.9%+10.1%
Total liabilities and equity55,59754,93553,630+1.2%+3.7%
Fixed assets2,0041,8381,594+9.1%+25.8%
Intangible assets32,77832,64032,452+0.4%+1.0%
Investments28.737.11,779-22.7%-98.4%
Cash and equivalents9,0349,2877,805-2.7%+15.7%
Other assets11,75211,13310,000+5.6%+17.5%
Total assets55,59754,93553,630+1.2%+3.7%

Questions

What was Netflix's revenue in Q4 FY2025?

Netflix (NFLX) reported revenue of $12.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 17.6% on the same quarter a year earlier.

How much did Netflix earn in Q4 FY2025?

Net income for Q4 FY2025 was $2.4 billion, up 29.4% on the year, and diluted earnings per share $0.56.

When did Netflix report Q4 FY2025 results?

Netflix filed its 10-K for the year that ended with the quarter on 23 January 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue7,7097,8687,9707,9267,8528,1628,1878,5428,8339,3709,5599,82510,24710,54311,07911,51012,05112,25012,56012,874
Cost of revenue5,2404,2854,6914,7895,4044,8044,6734,9315,3074,9775,1745,1205,7675,2635,3256,1646,5235,8886,0376,079
Gross profit2,4703,5833,2793,1372,4483,3583,5143,6113,5254,3934,3854,7054,4795,2805,7545,3465,5286,3626,5236,795
Gross margin32%46%41%40%31%41%43%42%40%47%46%48%44%50%52%46%46%52%52%53%
R&Dn/a6587176636746876586576737027117357778238258548909601,0081,033
Operating income6321,9721,5781,5335501,7141,8271,9161,4962,6332,6032,9092,2733,3473,7753,2482,9573,9574,1934,459
Operating margin8%25%20%19%7%21%22%22%17%28%27%30%22%32%34%28%25%32%33%35%
Interest expense189188175173171174175176175173168185193184183175234262176185
Pre-tax income5511,9801,6231,62239.31,4691,6791,9091,1482,6152,5142,7032,1343,2143,6323,1092,7686,5474,0694,317
Tax rate-10%19%11%14%-41%11%11%12%18%11%15%13%12%10%14%18%13%19%16%15%
Net income6071,5971,4411,39855.31,3051,4881,6779382,3322,1472,3641,8692,8903,1252,5472,4195,2833,4013,664
Net margin8%20%18%18%1%16%18%20%11%25%22%24%18%27%28%22%20%43%27%28%
Diluted EPS$0.13$0.35$0.32$0.31$0.01$0.29$0.33$0.37$0.21$0.53$0.49$0.54$0.43$0.66$0.72$0.59$0.56$1.23$0.80$0.87
Operating cash flow-4039231035574442,1791,4401,9921,6632,2131,2912,3211,5372,7892,4232,8252,1125,2901,7443,162
Capital expenditure16612190.085.011262.010110481.675.778.3127159128156165239196219279
Free cash flow-56980212.74723322,1171,3391,8881,5812,1371,2132,1941,3782,6612,2672,6601,8725,0941,5252,884
Buybacksn/a0.00.00.00.04006452,5002,5002,0001,6001,7009643,5361,6541,8572,0801,2714,7144,797
Shares outstanding4,440m4,443m4,447m4,450m4,453m4,445m4,431m4,377m4,328m4,310m4,292m4,275m4,278m4,257m4,249m4,237m4,222m4,213m4,164m4,106m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 23 January 2026: the filing.