At a glance
Netflix Inc is worth $255.99B, about 25 times its fiscal 2025 earnings. Revenue grew 15.9% to $45.18B in fiscal 2025, with 24.3% kept as profit; over 5 years it has grown 12.6% a year. It pays no dividend; it spent $22.04B buying back its shares over FY2021–FY2025. The stock returned −44.3% over the past year with dividends reinvested and −1.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 22.6% in the 2020 crash (S&P 500: 33.7%) and 72.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 22 months after the lows.
The business in plain English
Netflix sells subscriptions to a streaming entertainment service. It offers TV series, films, games and live programming across many genres and languages. Members can watch as much as they like, whenever and wherever they want, and can change their plan at any time. Netflix offers a range of plans, including a lower-priced one that shows ads.
Most revenue comes from monthly membership fees. Advertising, consumer products and live experiences add to that. Netflix reports as one operating segment, so it does not break out revenue by business line. In fiscal 2025, which ended December 31, 2025, revenue was $45.2 billion, up 15.9% from the year before. Operating margin, the share of revenue left after operating costs, was 29.5%. In the quarter ended September 30, 2026, revenue rose 11.8% from a year earlier to $12.9 billion.
Netflix aims to grow worldwide while meeting an operating margin target. It makes large, long-term commitments to licensed and original content. It competes for viewers' free time with traditional TV, other streamers (including pirate sites), video games, user-generated video platforms and social media. It also competes with rivals to obtain content. At the end of 2025, about 68% of its roughly 16,000 full-time employees worked in the US and Canada.
Price history
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NFLX -44.3% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $12.87B, up 11.8% from a year earlier, and net income was $3.66B (+43.9%).
- For fiscal 2025, revenue was $45.18B (+15.9% year over year; +12.6% a year from FY2020 to FY2025) with a 24.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +12.6% good |
|---|---|
| Operating margin | 29.5% good |
| Free cash flow margin | 20.9% good |
| Return on equity (FY2025) | 41.3% good |
| Return on assets (FY2025) | 19.8% good |
| Net cash (cash minus debt) | $-6.91B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $25.00B | $2.76B | $1.93B |
| FY2021 | $29.70B | $5.12B | $-132.0M |
| FY2022 | $31.62B | $4.49B | $1.62B |
| FY2023 | $33.72B | $5.41B | $6.93B |
| FY2024 | $39.00B | $8.71B | $6.92B |
| FY2025 | $45.18B | $10.98B | $9.46B |
Valuation snapshot
| Market value | $255.99B |
|---|---|
| P/E ratio | 24.6 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Netflix’s market value went from $53.13B at the end of 2016 to $255.99B on Nov 2, 2026, about 4.8 times as much; since the end of 2025 it is down 35%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $255.99B | -35.3% |
| 2025 | $395.87B | +3.8% |
| 2024 | $381.27B | +78.9% |
| 2023 | $213.10B | +62.4% |
| 2022 | $131.23B | -50.9% |
| 2021 | $267.46B | +11.7% |
| 2020 | $239.49B | +68.7% |
| 2019 | $141.98B | +21.5% |
| 2018 | $116.86B | +40.7% |
| 2017 | $83.07B | +56.4% |
| 2016 | $53.13B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NFLX price data to Nov 2, 2026 | -33.5% | -44.3% | +13.6% | -1.7% | +17.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -33.5% |
| 2025 | +5.2% |
| 2024 | +83.1% |
| 2023 | +65.1% |
| 2022 | -51.0% |
| 2021 | +11.4% |
| 2020 | +67.1% |
| 2019 | +20.9% |
| 2018 | +39.4% |
| 2017 | +55.1% |
| 2016 | +8.2% |
| 2015 | +134.4% |
| 2014 | -7.2% |
| 2013 | +297.6% |
| 2012 | +33.6% |
| 2011 | -60.6% |
| 2010 | +218.9% |
| 2009 | +84.3% |
| 2008 | +12.3% |
| 2007 | +2.9% |
| 2006 | -4.4% |
| 2005 | +119.5% |
| 2004 | -54.9% |
| 2003 | +396.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 68.9% over that stretch · deepest drop along the way 55.9%, back to its old high 4.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 6.7% over that stretch · deepest drop along the way 22.6%, back to its old high 0.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 63% over that stretch · deepest drop along the way 72.1%, back to its old high 21.6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 7 sales ($2.0M), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 26, 2026 | Bradford L Smith Director | sell (plan) | $761K |
| Aug 10, 2026 | Spencer Adam Neumann Chief Financial Officer | sell | $701K |
| Oct 26, 2026 | Bradford L Smith Director | sell (plan) | $274K |
| Oct 26, 2026 | Bradford L Smith Director | sell (plan) | $116K |
| Sep 8, 2026 | Richard N Barton Director | sell (plan) | $56K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
| FMR LLC | 3.3% | Jun 30, 2026 |
ETFs with the most weight in NFLX
| FDN First Trust Dow Jones Internet Index Fund | 9.55% |
| FDND FT Vest Dow Jones Internet & Target Income ETF | 9.35% |
| GGME Invesco Next Gen Media and Gaming ETF | 8.95% |
| ATFV Alger 35 ETF | 7.81% |
| GK AdvisorShares Gerber Kawasaki ETF | 7.38% |
| XLC Communication Services Select Sector SPDR Fund | 6.43% |
| LSGR Natixis Loomis Sayles Focused Growth ETF | 6.02% |
| CGGR Capital Group Growth ETF | 5.96% |
What could go wrong
- Slower member growth in mature markets. Netflix must keep adding members to replace cancellations. Growth is slower in countries it has served for years. Other streamers, TV, video games, user-generated video sites and social media compete for viewers' free time.
- Content costs stay fixed if growth stalls. Netflix commits to shows and films well in advance, and those costs are largely fixed. If member growth disappoints, it may not be able to cut spending or raise prices fast enough to protect margins.
- The WBD deal may falter or disappoint. In its annual report filed January 23, 2026, Netflix warned that the WBD transaction might not close on the planned timing or terms, or at all. It could also disrupt operations or miss its expected benefits.
- Price and plan changes could drive members away. Netflix has changed prices, added a cheaper plan with ads and enforced limits on sharing accounts outside a household. Members may not welcome such moves, which could hurt sign-ups, retention and revenue.
- Sizable debt and content obligations. As of September 30, 2026, Netflix had about $15.1 billion of debt against $8.2 billion of cash and investments. It also owes long-term payments for content. This could strain its finances if cash flow weakens.
- Local rules can add costs and limits. Some countries are extending media laws to cover streamers, adding investment obligations, special fees and catalog quotas. Some also limit ownership rights or review content, making operations costlier or more restrictive.
Recent events
- Quarterly results released
- Executive or board change
- Other company announcement
- Quarterly results released
- Shareholder vote results; Other company announcement
- Other company announcement
- Quarterly results released; Executive or board change
- Major agreement ended
- Quarterly results released
- Major agreement signed; Investor presentation or announcement
For income and retirement investors
Netflix paid no dividends from fiscal 2021 through fiscal 2025 and had no dividend yield as of October 30, 2026. For income investors, that means no cash payments. Any return comes from changes in the share price, and raising cash means trimming the holding. Netflix returns cash through buybacks instead, repurchasing about $22.0 billion of its shares from fiscal 2021 to 2025, including $9.1 billion in fiscal 2025. Adjusted for a 10-for-1 stock split, its share count fell 7.5% between December 31, 2021, and September 30, 2026.
The shares have swung sharply in downturns. During the 2022 stock market slump they fell 72.1% between January and May 2022 and did not regain their peak until February 27, 2024. They dropped 55.9% during the 2008 crisis and 22.6% in the 2020 COVID crash, recovering within months both times. As of October 30, 2026, the shares were down 33.8% year to date. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Netflix make money?
Mostly from monthly membership fees. Netflix sells subscriptions to its streaming service, which offers TV series, films, games and live programming in many languages. It also earns money from advertising on its lower-priced ad-supported plan, and it is expanding into consumer products and live experiences. Netflix reports as a single operating segment. In fiscal 2025, which ended December 31, 2025, revenue was $45.2 billion, up 15.9%, and net income was $11.0 billion.
Does Netflix pay a dividend?
No. Netflix paid no dividends from fiscal 2021 through fiscal 2025 and had no dividend yield as of October 30, 2026. It returns cash through share repurchases (buybacks) instead, spending about $22.0 billion over those five years, including $9.1 billion in fiscal 2025. Buybacks can raise each remaining share's slice of profits, but they pay shareholders nothing directly. An investor who wants income from Netflix would have to trim their holding to raise cash.
How much has Netflix stock dropped in the past year?
As of October 30, 2026, Netflix shares were down 43% over the past year and 33.8% year to date. At the worst point, they were 46.4% below their highest level in that period. The fall came even as the business grew: revenue for the quarter ended September 30, 2026, rose 11.8% from a year earlier, and net income rose 43.9%. Over the 10 years to October 30, 2026, the share price still gained about 17.2% a year.
What is Netflix's P/E ratio?
About 24.5 as of October 30, 2026. That figure uses the share price on that day and fiscal 2025 diluted earnings of $2.53 per share, adjusted for a 10-for-1 stock split. Diluted earnings also count the extra shares that stock options could add. The price-to-earnings ratio shows how many dollars investors pay for each dollar of yearly profit. On that date, Netflix's total stock market value was about $254.9 billion. Because the ratio uses fiscal 2025 earnings, it does not reflect profit changes since then.
Did Netflix split its stock?
Yes. Netflix completed a 10-for-1 stock split by January 2026, so each existing share became ten. A split does not change the company's total value or the size of an investor's stake. It only lowers the price of each share. Per-share figures for earlier years are adjusted to match. On that basis, diluted earnings per share rose from about $0.61 in fiscal 2020 to $2.53 in fiscal 2025.