Netflix, Inc.
NFLXNASDAQ
$66.95
Last price · USD
- Market cap
- $289.0B
- P/E
- 26.5x
- EV / EBITDA
- 9.7x
- P/S
- 6.4x
- FCF yield
- 3.3%
- Div. yield
- 0.00%
Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.
Netflix, Inc. cash flow statement
Annual · USD millions except per-share data · 32 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | 10,981 | 8,712 | 5,408 | 4,492 | 5,116 | +21.0% | |
| Depreciation & amortization | 16,756 | 15,630 | 14,554 | 14,363 | 12,439 | +7.7% | |
| Deferred income tax | (442) | (591) | (459) | (167) | 200 | — | |
| Stock-based compensation | 368 | 273 | 339 | 575 | 403 | -2.2% | |
| Change in working capital | (456) | (33) | (116) | (758) | (242) | — | |
| Accounts payables | (8) | 121 | 94 | (159) | 145 | — | |
| Other working capital | (448) | (154) | (210) | (600) | (387) | — | |
| Other non-cash items | (17,058) | (16,630) | (12,452) | (16,479) | (17,523) | — | |
| Net cash from operating activities | 10,149 | 7,361 | 7,274 | 2,026 | 393 | +125.5% | |
| Operating cash flow | 10,149 | 7,361 | 7,274 | 2,026 | 393 | +125.5% | |
| Investing activities | |||||||
| Investments in PP&E | (688) | (440) | (349) | (408) | (525) | — | |
| Capital expenditure | (688) | (440) | (349) | (408) | (525) | — | |
| Acquisitions, net | (17) | 0 | 0 | (757) | (788) | — | |
| Purchases of investments | (170) | (1,742) | (505) | (911) | 0 | — | |
| Sales / maturities of investments | 1,917 | 0 | 1,395 | 757 | 0 | — | |
| Other investing activities | 0 | 0 | 0 | (757) | (27) | — | |
| Net cash from investing activities | 1,042 | (2,182) | 542 | (2,076) | (1,340) | — | |
| Financing activities | |||||||
| Net debt issuance | (1,833) | 1,394 | 0 | (700) | (500) | — | |
| Long-term net debt issuance | (1,833) | 1,394 | 0 | (700) | (500) | — | |
| Net stock issuance | (8,460) | (5,431) | (5,875) | 36 | (426) | — | |
| Common stock issuance | 667 | 833 | 170 | 36 | 174 | +39.8% | |
| Common stock repurchased | (9,127) | (6,264) | (6,045) | 0 | (600) | — | |
| Net common stock issuance | (8,460) | (5,431) | (5,875) | 36 | (426) | — | |
| Other financing activities | (52) | (38) | (75) | 0 | (224) | — | |
| Net cash from financing activities | (10,346) | (4,074) | (5,951) | (664) | (1,150) | — | |
| Cash summary | |||||||
| Effect of forex changes on cash | 387 | (416) | 83 | (170) | (87) | — | |
| Net change in cash | 1,232 | 689 | 1,948 | (885) | (2,184) | — | |
| Cash at beginning of period | 7,807 | 7,119 | 5,171 | 6,055 | 8,239 | -1.3% | |
| Cash at end of period | 9,039 | 7,807 | 7,119 | 5,171 | 6,055 | +10.5% | |
| Free cash flow | 9,461 | 6,922 | 6,926 | 1,619 | (132) | — | |
| Income taxes paid | 0 | 1,642 | 1,155 | 812 | 509 | — | |
| Interest paid | 719 | 675 | 685 | 702 | 763 | -1.5% | |