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Netflix (NFLX) stock

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NASDAQ: NFLX Nasdaq Movies & Entertainment Next results ~January 19, 2027

B Fundamentals grade

Netflix is a US-listed company in the movies & entertainment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$83

Cash-flow model

Base case. Range ~$62–$110 across our lower- and higher-growth cases (9.8%–19.8% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 25% below our base value.

Price used: $62.34, November 2, 2026

Netflix valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Netflix files

10-Q filed October 21: Netflix

Netflix posted revenue of $49.7bn for the twelve months to September 2026, up 14.7% on a year earlier. That pace eased from 16.0% a quarter earlier. Margins improved on both counts: free cash flow reached 22.9% from 20.7%, while operating margin widened to 31.3% from 29.1%. On the back of this, the fundamentals grade lifts from C+ to B. Our model value is little changed at $82.23 a share, against a price of $67.05. The rating stays Hold. At that price, the market is pricing in roughly 10.8% a year of cash-flow growth over five years, close to the 10.9% a year revenue growth already delivered.

Source: 10-Q filed October 21, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Netflix stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $48.4bn, up 16.0% on a year earlier, slower than 16.7% a quarter earlier. Free-cash-flow margin rose to 23.1% from 20.4% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $81.39 a share, against a share price of $69.62. At that price, our model says the market is pricing in about 12.3% a year of cash-flow growth for five years, faster than the 10.2% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 19, 2027 (estimated)

Netflix's trailing-twelve-month revenue grew 14.7% year on year, with a free-cash-flow margin of 22.9%. Where it stands out: operating margin of 31.3% ranks 1 of 24 movies & entertainment companies we cover.

Our discounted-cash-flow model values the business at ~$83 per share in the base case (~$62–$110 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Gross margin expanding: TTM gross margin reached 50.7%, up 2.6pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $62.34 is 33% below our value per share of $83.
  • High operating margin. 31.3% of revenue is left as operating profit, against a median of 3.0% for movies & entertainment companies we cover.
  • Strong cash generation. 22.9% of revenue turned into free cash flow, against a median of 7.1% for movies & entertainment companies we cover.

Things to watch

  • Insiders selling. 8 insiders sold $358M of stock over the past 365 days and none bought (95% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 77% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed October 21, 2026
Earnings per share
$0.87 against an average estimate of $0.82: beat by 5.8%
Revenue
$12.87bn, up 11.8% on a year earlier
Share reaction
-6.9% in the first session after the results on October 20, 2026, against +0.9% for the S&P 500
Guidance given
revenue $51.1bn (full year 2026); operating margin 31.5% (2026)
Next report
January 19, 2027; average EPS estimate $0.68

Netflix's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.4%
  • 1 week-2.4%
  • 1 month-7.0%
  • This year-33.5%
  • 1 year-44.3%
  • 5 years-9.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$49.7B
Operating margin
31.3%
Net margin
29.7%
EPS (TTM, diluted)
$3.46

Growth

Revenue growth
+14.7%
Change in growth rate
−1.4 pts

Cash

Free cash flow (TTM)
$11.4B
FCF margin
22.9%
Stock pay % of revenue
1.1%

Earnings

Last results
October 20, 2026
Next results (est.)
January 19, 2027

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Our research
  3. Results

    Netflix posts Q3 revenue of $12.9B and updates 2026 outlook

    Netflix reported third-quarter revenue of $12.9B, up 12% year over year, with operating margin at 34.6%. The company said full-year 2026 revenue is now expected to be $51.1B, slightly below prior guidance due to slower ad product rollout. It also noted that recent headcount reductions will impact fourth-quarter margins.

    SEC 8-KRead source ↗
  4. Guidance
  5. Results
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Leadership
  10. Announcement
  11. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Netflix valuation models and calculator

What the price is pricing in

The share price implies about 8.8% a year of cash-flow growth for five years.That is close to the 10.9% a year revenue growth Netflix has delivered.

  • Priced in8.8%
  • Last 12 months14.7%
  • 3 years a year15.0%
  • 5 years a year10.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($61.98, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$83
Price used
$61.98close November 3, 2026
Implied change
▲ +34%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Netflix's free cash flow after stock-based pay with after-tax interest added back ($10.7B, FY2026 Q3 TTM), growing 12% and 13.2% in the next two years (forecasts, guidance and its record), then back to 14.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$62–~$110 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Netflix's free cash flow after stock-based pay ( $10.7B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Netflix as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.91 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$83 ~$62–$110 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$84 ~$59–$140 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$68 ~$48–$100 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$39 ~$33–$47 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$71 ~$39–$84 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Netflix with Movies & Entertainment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +10%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $36$49$67$91$121$161
8.5% $27$37$50$67$88$117
10% $22$29$39$52$69$90

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$11.44$12.38$19.20$26.77$32.36$54.07$60.24$29.49$48.69$89.13$93.76$62.34
Market value$49.9bn$54.3bn$85.8bn$120.8bn$146.2bn$245.6bn$274.3bn$133.1bn$218.9bn$391.5bn$407.3bn$266.1bn
+ Net debt (− = net cash)$562m$1.9bn$6.2bn$11.1bn$15.7bn$14.2bn$9.4bn$9.2bn$7.4bn$7.8bn$5.4bn$6.9bn
Enterprise value$50.5bn$56.2bn$92.0bn$131.9bn$161.9bn$259.8bn$283.7bn$142.3bn$226.3bn$399.3bn$412.7bn$273.0bn
Multiples
Price / sales 7.4x6.1x7.3x7.6x7.3x9.8x9.2x4.2x6.5x10.0x9.0x5.3x
Price / earnings n/mn/m153.5x99.7x78.3x88.9x53.6x29.6x40.5x44.9x37.1x18.0x
Price / free cash flow —————127.3x—82.2x31.6x56.6x43.0x23.4x
EV / EBITDA 137.1x128.5x101.0x78.1x59.8x55.3x44.3x23.8x31.0x37.2x30.2x17.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

58 /100

Moderate moat

How hard Netflix's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 16 / 20

    Net income has been a median 9.9% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 39.6%, moving by 5.5 percentage points (standard deviation) across 10 years.

  • Durability 11 / 20

    Operating margin has been a median 18.3%; its worst year was 6.9%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 7 of 10 years, at a median 2.5% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 5.5% over five years; stock-based pay has been a median 1.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (64 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 19, 2027, after the close. Analysts expect revenue of $13.4bn and EPS of $0.68 (range $0.66 to $0.71) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.58 +42% $51.1bn +13%
Next $3.77 +5% $56.6bn +11%

Next year's EPS estimate has moved −1.2% in 90 days, across 44 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.1% on 90 days ago. In the last 30 days, 2 analysts raised Netflix's forecast and 3 cut it.

Consensus EPS forecast Netflix, last 90 days
$3.50 $3.60 $3.70 $3.80 $3.90 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.58 Current fiscal year, 60 days ago: $3.58 Current fiscal year, 30 days ago: $3.58 Current fiscal year, 7 days ago: $3.58 Current fiscal year, Now: $3.58 $3.58 Next fiscal year, 90 days ago: $3.81 Next fiscal year, 60 days ago: $3.82 Next fiscal year, 30 days ago: $3.81 Next fiscal year, 7 days ago: $3.80 Next fiscal year, Now: $3.77 $3.77

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.58$3.81
60 days ago $3.58$3.82
30 days ago $3.58$3.81
7 days ago $3.58$3.80
Now $3.58$3.77

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.82 $0.87 +5.8%
Jun 2026 $0.79 $0.80 +1.5%
Mar 2026 $1.25 $1.23 −1.4%
Dec 2025 $0.55 $0.56 +1.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 20, 2026
  • revenue full year 2026 about $51.1bn Lowered
    “Our guidance for Q4 means that for the full year 2026 we expect revenue of $51.1B, or growth of 13% (+12% on a F/X neutral basis).” source
  • revenue Q4 about $13.4bn
    “In Q4, we expect revenue of $13.4 billion, which represents year over year growth of 12% (or 11% F/X neutral) driven by growth in memberships, pricing, and ad revenue.” source
  • Diluted EPS Q4'26 Forecast about $0.67
    “Diluted EPS $ 0.59 $ 0.56 $ 1.23 $ 0.80 $ 0.87 $ 0.67” source
  • operating margin 2026 about 31.5%
    “We anticipate an operating margin of 31.5% for 2026 (31.4% based on F/X rates as of January 1, 2026) vs. 29.5% in 2025.” source
  • operating margin Q4 about 26%
    “We project a Q4 operating margin of 26.0% which includes ~120 basis points negative impact associated with our recently announced headcount reductions, and compares with 24.5% in the year ago quarter.” source
  • ad revenue · advertising 2026 about $2.7bn Lowered
    “This is 0.2% below the mid-point of our prior 2026 revenue forecast range - while subscription revenue growth has outperformed our expectations, we currently expect 2026 ad revenue of ~$2.7B vs. approximately $3B previously (due to slightly slower than expected rollout of some ad product capabilities).” source
Show 5 more items
  • FCF forecast 2026 about $12bn Non-GAAP Lowered
    “We have adjusted our expected 2026 FCF forecast to approximately $12.0B (vs. our prior projection of $12.5B) due primarily to the expected closing of a real estate transaction in Q4.” source
  • annual cash content spend to amortization ratio annual about 1.1 Maintained
    “We continue to expect an annual cash content spend to amortization ratio of ~1.1x.” source
  • annual operating income growth 2026 about 20% growth
    “Our forecast implies annual operating income growth of 20%+ for 2026.” source
  • Operating Income Q4'26 Forecast about $3,500m
    “Operating Income $ 3,248 $ 2,957 $ 3,957 $ 4,193 $ 4,459 $ 3,500” source
  • Net Income Q4'26 Forecast about $2,787m
    “Net Income $ 2,547 $ 2,419 $ 5,283 $ 3,401 $ 3,664 $ 2,787” source

How earlier guidance turned out

  • Diluted EPS, Q3'26 Forecast guided about $0.82 Above range: $0.87
  • Net Income, Q3'26 Forecast guided about $3,452m Above range: $3,664m
  • Operating Income, Q3'26 Forecast guided about $4,268m Above range: $4,459m
  • operating margin, Q3 guided about 33.2% Above range: 34.632119%
  • Revenue, Q3'26 Forecast guided about $12,860m Within range: $12,874m
  • operating margin, Q2 guided about 32.6% Above range: 33.380818%
  • Diluted EPS, Q1'26 Forecast guided about $0.76 Above range: $1.23
  • Net Income, Q1'26 Forecast guided about $3,264m Above range: $5,283m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Netflix's revenue by +12.0% next year and +13.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+11.1%, weight 58%) , management guidance (+11.0%, weight 18%) and the company's own record (+14.8%, weight 24%) . How the weights are set.

Analyst recommendations

51 analysts, Oct 2026
Buy3365%
Hold1631%
Sell24%

Monthly trend

  1. Oct 20267261651
  2. Sep 20267281551
  3. Aug 20267281651
  4. Jul 20267291551

Counts of recommendations published by analysts covering Netflix, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.1%
of tradable shares
Days to cover
2.31
at average volume
Short interest, 1 month
−9%
to October 15, 2026
Held by institutions
85%
of shares
Held by insiders
0.6%
of shares
Employees
16,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −44.3%

$111.89 on October 31, 2025 to $62.34

ThenNowEffect
Revenue (last 12 months) $41.7bn $48.4bn +16.0%
Net margin 24.6% 28.2% +14.8%
P/E multiple 47.8x 19.7x −58.8%
Share count 4374m 4304m +1.6%

Biggest factor: p/e multiple.

Last 3 years +44.2%

$43.24 on November 3, 2023 to $62.34

ThenNowEffect
Revenue (last 12 months) $32.1bn $48.4bn +50.6%
Net margin 13.2% 28.2% +113.5%
P/E multiple 46.0x 19.7x −57.2%
Share count 4515m 4304m +4.9%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NFLX+11%−51%+65%+83%+5%−34%
Industry peers (median)−7%−42%+4%+24%+6%+24%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NFLX42%42%58%83%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NFLX−17%−72%−28%−13%−31%−43%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 76% from November 17, 2021 to May 11, 2022. Getting back needed a 316% gain, reached on August 20, 2024, 832 days after the low.

Price behaviour

52-week range
$61.99 – $115.75
From 52-week high
−46.1%
vs 50-day average
−13.8%
vs 200-day average
−23.5%
Volatility (1 year)
36%
Beta vs S&P 500
0.19

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±7.2%
After a week
4 up, 8 down
typical move ±9.3%
After a month
7 up, 4 down
typical move ±12.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 20, 2026 −6.9% +0.9% −10.5% —
July 16, 2026 −6.4% −1.5% −6.5% +6.1%
April 16, 2026 −9.7% +1.5% −13.8% −19.2%
January 20, 2026 −3.0% −0.9% −2.7% −12.5%
October 21, 2025 −9.9% −0.5% −11.0% −11.2%
July 17, 2025 −3.3% +0.5% −5.6% −0.9%
April 17, 2025 +2.7% −2.2% +14.5% +23.9%
January 21, 2025 +11.2% +1.5% +13.3% +19.4%
October 17, 2024 +8.8% +0.4% +7.5% +17.4%
July 18, 2024 −2.2% −1.4% −2.1% +4.1%
April 18, 2024 −9.6% −1.1% −8.0% +1.2%
January 23, 2024 +12.2% +0.4% +15.9% +21.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Netflix’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.01× the last 60 days’ realised volatility , richer than 22% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

NFLX Netflix Grade B $62.51

Own 100 shares, sell the $2,660 call expiring December 18, 2026 (46 days) for $3.50 a share — $350 per contract.

Previous session · Bid $3.50, ask $4.00, quoted Mon 2 Nov, 17:31 New York time with NFLX at $62.51. Option prices move with the shares: check the live chain at your broker before trading.

  • If NFLX ends below $2,660: you keep your shares and the $350 — 5.6% extra on the position, 44.4% a year at that pace.
  • If it ends above $2,660: your shares are sold at $2,660, a total return of 4161.3% including the premium — at or above our value of ~$83.
$260.1k $0 −$1.2k Break-even $59.01 Price $62.51 Our value $83.00
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$350
Annualised
44.4%
Break-even
$59.01
Max gain
$260,099.5
Chance of selling
~12%

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Netflix in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Netflix
$30B $35B $40B $45B $50B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $33.7B Revenue (TTM), FY24 Q1: $34.9B Revenue (TTM), FY24 Q2: $36.3B Revenue (TTM), FY24 Q3: $37.6B Revenue (TTM), FY24 Q4: $39B Revenue (TTM), FY25 Q1: $40.2B Revenue (TTM), FY25 Q2: $41.7B Revenue (TTM), FY25 Q3: $43.4B Revenue (TTM), FY25 Q4: $45.2B Revenue (TTM), FY26 Q1: $46.9B Revenue (TTM), FY26 Q2: $48.4B Revenue (TTM), FY26 Q3: $49.7B $49.7B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $33.7B
FY24 Q1 $34.9B
FY24 Q2 $36.3B
FY24 Q3 $37.6B
FY24 Q4 $39B
FY25 Q1 $40.2B
FY25 Q2 $41.7B
FY25 Q3 $43.4B
FY25 Q4 $45.2B
FY26 Q1 $46.9B
FY26 Q2 $48.4B
FY26 Q3 $49.7B
Revenue growth, TTM YoY Netflix
5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 6.7% Revenue growth, TTM YoY, FY24 Q1: 9.5% Revenue growth, TTM YoY, FY24 Q2: 13.0% Revenue growth, TTM YoY, FY24 Q3: 14.8% Revenue growth, TTM YoY, FY24 Q4: 15.6% Revenue growth, TTM YoY, FY25 Q1: 15.0% Revenue growth, TTM YoY, FY25 Q2: 14.8% Revenue growth, TTM YoY, FY25 Q3: 15.4% Revenue growth, TTM YoY, FY25 Q4: 15.9% Revenue growth, TTM YoY, FY26 Q1: 16.7% Revenue growth, TTM YoY, FY26 Q2: 16.0% Revenue growth, TTM YoY, FY26 Q3: 14.7% 14.7%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 6.7%
FY24 Q1 9.5%
FY24 Q2 13.0%
FY24 Q3 14.8%
FY24 Q4 15.6%
FY25 Q1 15.0%
FY25 Q2 14.8%
FY25 Q3 15.4%
FY25 Q4 15.9%
FY26 Q1 16.7%
FY26 Q2 16.0%
FY26 Q3 14.7%
Operating margin (TTM) Netflix
20% 25% 30% 35% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 20.6% Operating margin (TTM), FY24 Q1: 22.5% Operating margin (TTM), FY24 Q2: 23.8% Operating margin (TTM), FY24 Q3: 25.6% Operating margin (TTM), FY24 Q4: 26.7% Operating margin (TTM), FY25 Q1: 27.7% Operating margin (TTM), FY25 Q2: 29.5% Operating margin (TTM), FY25 Q3: 29.1% Operating margin (TTM), FY25 Q4: 29.5% Operating margin (TTM), FY26 Q1: 29.7% Operating margin (TTM), FY26 Q2: 29.7% Operating margin (TTM), FY26 Q3: 31.3% 31.3%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 20.6%
FY24 Q1 22.5%
FY24 Q2 23.8%
FY24 Q3 25.6%
FY24 Q4 26.7%
FY25 Q1 27.7%
FY25 Q2 29.5%
FY25 Q3 29.1%
FY25 Q4 29.5%
FY26 Q1 29.7%
FY26 Q2 29.7%
FY26 Q3 31.3%
FCF margin (TTM) Netflix
16% 18% 20% 22% 24% 26% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 20.5% FCF margin (TTM), FY24 Q1: 19.9% FCF margin (TTM), FY24 Q2: 18.8% FCF margin (TTM), FY24 Q3: 19.0% FCF margin (TTM), FY24 Q4: 17.7% FCF margin (TTM), FY25 Q1: 18.5% FCF margin (TTM), FY25 Q2: 20.4% FCF margin (TTM), FY25 Q3: 20.7% FCF margin (TTM), FY25 Q4: 20.9% FCF margin (TTM), FY26 Q1: 25.4% FCF margin (TTM), FY26 Q2: 23.1% FCF margin (TTM), FY26 Q3: 22.9% 22.9%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 20.5%
FY24 Q1 19.9%
FY24 Q2 18.8%
FY24 Q3 19.0%
FY24 Q4 17.7%
FY25 Q1 18.5%
FY25 Q2 20.4%
FY25 Q3 20.7%
FY25 Q4 20.9%
FY26 Q1 25.4%
FY26 Q2 23.1%
FY26 Q3 22.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Netflix took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $45.2B
  2. Cost of revenue $23.3B · 51.5%
  3. Gross profit $21.9B · 48.5%
  4. Research and development $3.4B · 7.5%
  5. Selling, general and admin $5.2B · 11.5%
  6. Operating income $13.3B · 29.5%
  7. Income tax $1.7B · 3.9%
  8. Interest and other $604M · 1.3%
  9. Net income $11B · 24.3%

Shares of revenue. Source: Netflix's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1.7 2.2 3.2 3.6 4.4 5.5 6.8 8.8 11.7 15.8 20.2 25.0 29.7 31.6 33.7 39.0 45.2 49.7
Gross profit 0.6 0.8 1.2 1.0 1.3 1.8 2.2 2.6 3.7 5.8 7.7 9.7 12.4 12.4 14.0 18.0 21.9 25.2
EBITDA 0.2 0.3 0.4 0.1 0.3 0.5 0.4 0.4 0.9 1.7 2.7 4.7 6.4 6.0 7.3 10.7 13.7 16.0
Operating income 0.2 0.3 0.4 0.0 0.2 0.4 0.3 0.4 0.8 1.6 2.6 4.6 6.2 5.6 7.0 10.4 13.3 15.6
Net income 0.1 0.2 0.2 0.0 0.1 0.3 0.1 0.2 0.6 1.2 1.9 2.8 5.1 4.5 5.4 8.7 11.0 14.8
Diluted EPS $0.03 $0.04 $0.06 $0.00 $0.03 $0.06 $0.03 $0.04 $0.13 $0.27 $0.41 $0.61 $1.12 $0.99 $1.20 $1.98 $2.53 $3.46
Growth (year on year)
Revenue +22.4% +29.5% +48.2% +12.6% +21.2% +25.8% +23.2% +30.3% +32.4% +35.1% +27.6% +24.0% +18.8% +6.5% +6.7% +15.6% +15.9% +14.7%
EBITDA +49.4% +39.9% +30.5% −77.3% +189.9% +65.0% −19.4% +18.8% +108.2% +85.4% +60.4% +73.6% +36.2% −6.8% +22.5% +47.0% +27.1% +23.0%
Operating income +58.0% +47.8% +32.6% −86.7% — +76.3% −24.0% +24.2% +120.8% +91.4% +62.2% +76.1% +35.1% −9.1% +23.5% +49.8% +27.9% +23.1%
Net income +39.5% +38.8% +40.6% −92.4% — +137.4% −54.0% — +199.4% +116.7% +54.1% +47.9% +85.3% −12.2% +20.4% +61.1% +26.1% +41.6%
Diluted EPS +50.0% +49.5% +40.5% −93.0% — +138.5% −54.8% — +190.7% +114.4% +54.1% +47.2% +84.9% −11.5% +20.6% +65.0% +27.8% —
Margins
Gross margin 35.4% 37.2% 36.3% 26.5% 28.7% 31.8% 32.3% 29.1% 31.3% 36.9% 38.3% 38.9% 41.6% 39.4% 41.5% 46.1% 48.5% 50.7%
EBITDA margin 13.8% 14.9% 13.1% 2.6% 6.3% 8.3% 5.4% 5.0% 7.8% 10.7% 13.4% 18.8% 21.6% 18.9% 21.7% 27.6% 30.2% 32.1%
Operating margin 11.5% 13.1% 11.7% 1.4% 5.2% 7.3% 4.5% 4.3% 7.2% 10.2% 12.9% 18.3% 20.9% 17.8% 20.6% 26.7% 29.5% 31.3%
Net margin 6.9% 7.4% 7.1% 0.5% 2.6% 4.8% 1.8% 2.1% 4.8% 7.7% 9.3% 11.0% 17.2% 14.2% 16.0% 22.3% 24.3% 29.7%
Free-cash-flow margin 16.7% 11.2% 8.4% −0.5% 1.0% −1.0% −12.4% −17.9% −16.8% −18.1% −15.6% 7.7% −0.4% 5.1% 20.5% 17.7% 20.9% 22.9%
Cash flow
Cash from operations 0.3 0.3 0.3 0.0 0.1 0.0 −0.7 −1.5 −1.8 −2.7 −2.9 2.4 0.4 2.0 7.3 7.4 10.1 12.3
Capital spending 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.5 0.5 0.4 0.3 0.4 0.7 0.9
Free cash flow 0.3 0.2 0.3 −0.0 0.0 −0.1 −0.8 −1.6 −2.0 −2.9 −3.1 1.9 −0.1 1.6 6.9 6.9 9.5 11.4
Stock-based pay 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.4 0.4 0.4 0.6 0.3 0.3 0.4 0.5
Free cash flow after stock pay 0.3 0.2 0.2 −0.1 −0.0 −0.2 −1.0 −1.8 −2.1 −3.2 −3.5 1.5 −0.5 1.0 6.6 6.6 9.1 10.8
Balance sheet
Cash 0.1 0.2 0.5 0.3 0.6 1.1 1.8 1.5 2.8 3.8 5.0 8.2 6.0 5.1 7.1 7.8 9.0 8.2
Total debt 0.2 0.0 0.0 0.2 0.5 0.9 2.4 3.4 9.0 14.9 20.7 22.4 15.4 14.4 14.5 15.6 14.5 15.1
Net debt (negative = net cash) 0.1 −0.2 −0.5 −0.1 −0.1 −0.2 0.6 1.9 6.2 11.1 15.7 14.2 9.4 9.2 7.4 7.8 5.4 6.9
Diluted shares 4,089m 3,801m 3,806m 4,123m 4,253m 4,319m 4,365m 4,387m 4,468m 4,512m 4,518m 4,542m 4,554m 4,513m 4,495m 4,393m 4,344m 4,268m
Returned to shareholders
Buybacks 0.3 0.2 0.2 0.0 0.0 — — — — — 0.0 0.0 0.6 0.0 6.0 6.3 9.1 12.9
Total returned 0.3 0.2 0.2 0.0 0.0 — — — — — 0.0 0.0 0.6 0.0 6.0 6.3 9.1 12.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $58.7bn
Short-term assets $13.2bnLonger-term assets $45.5bn
What it owes, and who funded it · $58.7bn
Short-term liabilities $12.3bnLonger-term liabilities $17.1bnShareholders' equity $29.3bn
  • Short-term assets cover short-term liabilities $13.2bn of assets due within a year against $12.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $13.2bn short-term assets against $17.1bn of longer-dated liabilities.
  • More cash than debt $8.2bn of cash against $15.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 52% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 83% to 52% over five years.
  • A year's operating cash flow covers at least 20% of debt $12.3bn of operating cash flow against $15.1bn of debt.
  • Operating profit covers interest at least five times over Operating income of $15.6bn against $857m of interest.

From Netflix's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$12.9B
Returned to shareholders
113%
of free cash flow
Buybacks, last 3 fiscal years
$21.4B
Total shareholder yield
5.0%
dividends 0.0% + buybacks 5.0% of market value
R&D spending
7.8%
of revenue

Competitors: side by side with peers

Closest by revenue in movies & entertainment
Last 12 months unless stated NFLX LYV DIS WMG ROKU TKO Median
Revenue, last 12 months $49.7bn $26.3bn $98.9bn $7.3bn $5.5bn $5.3bn $1.1bn
Revenue growth, last 12 months 14.7% 10.8% 4.6% 12.9% 21.1% 5.1% 8.5%
Revenue growth, 3-year average 15.0% 11.0% 4.0% 7.1% 17.8% 63.0% 7.1%
Revenue growth, latest quarter 11.8% 9.4% 6.8% 10.4% 24.1% 18.2% 11.3%
Gross margin 50.7% — — 45.8% 45.3% — 33.2%
Operating margin 31.3% 3.0% 18.4% 13.7% 7.8% 18.8% 2.5%
Operating margin, 3-year average 28.7% 3.8% 17.9% 12.8% −0.6% 11.0% −0.6%
Net margin 29.7% 0.5% 8.7% 9.2% 9.3% 4.3% 0.5%
Cash from operations / revenue 24.7% 9.9% 17.2% 12.9% 14.7% 33.9% 9.9%
Free-cash-flow margin 22.9% 5.3% 8.4% 11.4% 14.6% 23.9% 5.3%
Free-cash-flow margin, 3-year average 20.8% 4.1% 9.8% 10.4% 9.4% 10.5% 6.1%
Stock pay / revenue 1.1% 0.6% 1.5% 1.2% 5.8% 2.5% 1.5%
Change in share count −0.2% 0.2% −2.0% — 3.2% — 1.6%

Median of all 25 companies we cover in movies & entertainment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 movies & entertainment companies
Measure Company Peer median Rank
Revenue growth Growth 14.7% 8.5% 6 of 25
Change in growth rate Growth -1.4pp +0.7pp 15 of 25
Gross margin Profitability 50.7% 45.3% 3 of 10
Operating margin Profitability 31.3% 3.0% 1 of 24
Net margin Profitability 29.7% 0.5% 1 of 25
Free-cash-flow margin Cash generation 22.9% 7.1% 5 of 24
Stock pay as % of revenue Cash generation 1.1% 1.5% 10 of 25
Long-term debt as % of assets Balance sheet 21.6% 21.6% 10 of 19

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$243B
Institutions reporting
3,343
Shares held vs prior quarter
▼ 0.5%
Positions opened / closed
153 / 389

Top buyers and sellers, Q2 2026: 1,632 institutions bought and 1,754 sold ; the biggest buyer was Pershing Square Inc (+13.1M shares) and the biggest seller FMR LLC (−68.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $24.9B 348.8M 10.2% ▲ 0.7%
Vanguard Capital Management LLC $19.6B 275.0M 8.1% ▲ 0.2%
State Street Corp $12.9B 180.1M 5.3% ▲ 4.9%
FMR LLC $9.7B 135.9M 4.0% ▼ 33.6%
Invesco Ltd. $9.7B 135.4M 4.0% ▲ 3.0%
Geode Capital Management, LLC $7.8B 110.3M 3.2% ▲ 6.6%
Morgan Stanley $7.1B 99.7M 2.9% ▲ 0.7%
Price T Rowe Associates Inc $6.7B 93.6M 2.7% ▼ 5.5%
Capital World Investors $6.2B 87.3M 2.6% ▼ 11.9%
Vanguard Portfolio Management LLC $5.4B 75.1M 2.2% ▼ 0.5%
Capital Research Global Investors $4.9B 68.7M 2.0% ▲ 1.0%
Norges Bank $4.1B 58.0M 1.7% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Netflix's complete shareholder register. Values are as reported by the filers ; 20 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $358M 102 trades by 8 insiders · 95% under pre-set plans
Net ▼ $358M net selling
Insider Date Trade Shares Price Value
Smith Bradford L Director October 26, 2026 Sell pre-set plan 4,200 $65.14 $273,578
Smith Bradford L Director October 26, 2026 Sell pre-set plan 1,800 $64.61 $116,298
Smith Bradford L Director October 26, 2026 Sell pre-set plan 11,980 $63.55 $761,317
Barton Richard N Director September 10, 2026 Sell pre-set plan 720 $75.27 $54,194
Barton Richard N Director September 9, 2026 Sell pre-set plan 720 $76.26 $54,907
Barton Richard N Director September 8, 2026 Sell pre-set plan 720 $77.60 $55,872
Neumann Spencer Adam Chief Financial Officer August 10, 2026 Sell 9,248 $75.79 $700,907
Peters Gregory K Co-CEO August 6, 2026 Sell 27,312 $73.54 $2M
Barton Richard N Director August 5, 2026 Sell pre-set plan 2,160 $75.10 $162,216
Sarandos Theodore A Co-CEO August 4, 2026 Sell pre-set plan 27,312 $73.35 $2M
Hyman David A Chief Legal Officer August 4, 2026 Sell 5,723 $72.85 $416,899
Sarandos Theodore A Co-CEO August 3, 2026 Sell pre-set plan 23,959 $73.48 $1.8M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 144 trades and filings

In the last 12 months, 5 members of Congress disclosed 13 purchases and 3 sales of Netflix shares.

  • Cleo Fields(D-LA 6):Purchase, $1,001 - $15,000, traded September 14, 2026, filed October 1, 2026
  • Byron Donalds(R-FL 19):Purchase, $1,001 - $15,000, traded August 12, 2026, filed September 15, 2026
  • Byron Donalds(R-FL 19):Purchase, $1,001 - $15,000, traded August 12, 2026, filed September 15, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 19, 2027 estimated from the company's past filing pattern, not announced

  • October 20, 2026
  • July 16, 2026
  • April 16, 2026
  • January 20, 2026
  • October 21, 2025
  • July 17, 2025

Recent SEC filings

Data status

When each part of this page on Netflix was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Netflix in brief

What does Netflix do?
Netflix is a US-listed company in the movies & entertainment industry. Its financial year ends in December.
What is Netflix's stock ticker?
Netflix trades under the ticker NFLX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Netflix's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Netflix reported revenue of $49.7B, 14.7% higher than a year earlier, according to its SEC filings.
What is Netflix's free cash flow?
Netflix's free-cash-flow margin is 22.9% of revenue over the trailing twelve months, ranking 5 of the 24 movies & entertainment companies we cover.
What is Netflix's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Netflix's free cash flow after stock-based pay gives ~$83 per share in the base case, and ~$62–$110 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Netflix's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Netflix's market cap?
On November 2, 2026, Netflix's market capitalisation was about $266B, with a price-to-earnings ratio of 18.0 and net debt of $6.9B. Market figures come from third-party market data and may be delayed.
How much debt does Netflix have?
Netflix's debt-to-equity ratio is 51.7%, from its latest balance sheet (82.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Netflix's competitors?
In our Movies & Entertainment peer group, the companies closest to Netflix are Live Nation Entertainment, The Walt Disney Company, Warner Music Group Corp., Roku, Inc and TKO Group Holdings. The side-by-side comparison below sets their revenue, margins and growth against Netflix's.
Are insiders buying or selling Netflix stock?
Over the last 12 months, Netflix's directors and officers reported 0 open-market purchases and 102 sales on Form 4. The insider trading page charts every trade.
When is Netflix's next earnings date?
Around January 19, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Netflix announces its own schedule.