Short answer
Netflix (NFLX) filed its fiscal 2025 10-K annual report with the SEC on Jan 23, 2026. It reported revenue of $45.2B (+15.9% year over year) and net income of $11.0B.
- Top risk flagged: EU member state levies and financial obligations under European law impacting streaming service costs
FY2025 key financial metrics · XBRL
- Revenue
- $45.2B
- +15.9% YoY
- Net income
- $11.0B
- +26.1% YoY
- Operating margin
- 29.5%
- +2.8 pp YoY
- EPS (diluted)
- $2.53
- −87.2% YoY
- ROE
- 41.3%
- +6.1 pp YoY
- Operating cash flow
- $10.1B
- +37.9% YoY
Source: XBRL data from the Netflix (NFLX) FY2025 10-K on SEC EDGAR. USD.
Netflix FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business streaming entertainment services globally with TV series, films, games, live programming, and ad-supported plans
- Updated "Netflix Culture Memo" in 2024 emphasizing inclusive, top-of-market personalized employee compensation
- Employee base 16,000 full-time as of Dec 31, 2025, with 68% in US/Canada, expanded global workforce diversity focus
- Facing increased regulatory restrictions, including cultural content quotas and ownership limits in various countries
- Single operating segment with revenue mainly from monthly subscriptions; enhanced user interface to boost member engagement
Management Discussion & Analysis
- Revenue $45.2B in 2025, up 16% ($6.2B) YoY driven by membership growth, price increases, and advertising
- Operating income $13.3B, +28% YoY; operating margin 29.5% vs 26.7% in 2024 and 20.6% in 2023
- Best segment: EMEA streaming revenue $14.5B, +17% YoY; worst segment: LATAM $5.36B, +11% YoY
- Cash from ops $10.1B, +38% YoY; stock repurchases $9.1B; debt repayment $1.8B; cash down $518M
- WBD acquisition planned, $72B equity value, $82.7B enterprise value, closing in 12-18 months, regulatory risk noted
Risk Factors
- EU member state levies and financial obligations under European law impacting streaming service costs
- Macroeconomic inflation causing slower membership growth in highly penetrated countries, risking margin and liquidity pressure
- Dependency on third-party device partners with 1-3 year agreements, risking service access if not renewed on acceptable terms
- Competitive threat from streaming services using generative AI to offer superior content discovery and consumer engagement
- Substantial indebtedness and streaming content obligations risking cash flow sufficiency to service debt and other liabilities
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